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WHY I JOINED APC – UDUAGHAN

Published

6 years ago

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MOVING ON TO THE BIGGER PLAYING FIELD.

by Dr. Emmanuel Ewetan Uduaghan CON immediate past Governor of Delta State.

The toughest challenge for any leader in the Niger Delta since 1997 has been the issue of Peace and Security. For over 12 years, I was deeply involved in the management of the issues of the region, first as Secretary to State Government, SSG, and then as Governor of Delta State for 8 years. Strategically, we had ENGAGEMENT as our major tool. This involved government officials, with me in the forefront (sometimes personally going into the creeks without security at nocturnal hours), community leaders, traditional rulers, religious leaders, our youths, retired military officers, activists, etc. Of course, ensuring that Delta State Oil Producing Areas Development Commission, DESOPADEC, was active was also part of the engagement process.

ENCOURAGING INTERESTS, ACTIVITIES
Since the inception of the current All Progressives Congress, APC, administration at the federal level, there has been an encouraging interest and activities by President Muhammadu Buhari to bring a permanent solution to the Niger Delta crisis. This has pointed in a direction that is at once progressive and developmental.
Topmost in these activities are the ENGAGEMENT PROCESSES. Rather than using the military to harass our people, the Buhari administration has embarked on various engagement processes that have led to agreements and brought hope to the people of the Niger Delta. In the last years, Mr. President has personally engaged several regional leaders and youths. Senior officials of his administration also engaged many Niger Delta leaders and youths. Very significant is that Mr. President mandated the Vice President Prof Yemi Osibajo SAN, to visit virtually all the oil producing states, engaging various stakeholders. This is unprecedented in the history of the region. Such engagement processes have brought some measure of peace in the Niger Delta. Things can only get better.

Beyond the engagement processes, however, the Buhari administration has embarked on some infrastructural and human capital development activities in the region. In Delta State, the opening of a Maritime University; the setting up of a steering committee for the EPZ (GAS CITY), the plan for a deep sea port, the dredging of the Escravos-Warri River; the opening of the railway line to Delta Steel Company, the soon to be flagged off, by Mr. President, the Omadino-Escravos Road that will pass through many riverine communities; the various road construction works by the Niger Delta Development Commission (NDDC), the various TCN projects across the State are some of the positive activities in the region.

There are also various human capital development programmes especially the school feeding and the “social security net” that is making 5,000 Naira available to the poor, the continuation of the YouWin programme, the various SME programmes, and several other projects across the region have brought hope to the people.

Indeed, once Mr. President was able to set his priorities pursuant to creating an environment for peace in the region, it became incumbent on every well-meaning Niger Deltan and Nigerian to assist the process of building an economically prosperous nation.
In this era of partisan politics, it is necessary for the people of the Niger Delta, and Delta State in particular, to identify more with the Federal Government led by the APC. By so doing, we can push some of the agreements between our leaders and the Federal Government through, and also engage the government to do more. Politics is about interests. The Niger Delta is a major area of interest for me, because I staked my life going into the creeks severally without security and sometimes coming back at night negotiating peace. I will, therefore, give the strongest support to any President that shows commitment in the affairs of the Niger Delta. I call on, and enjoin, other well-meaning leaders in the region, who have very useful contributions to make, to come on board and join hands in helping this Federal Government to pursue a robust development agenda that would uplift our people. Whatever milestone that appears not to have been achieved yet is not for lack of efforts. Joining hands with and supporting the process will lead to a faster delivery on expectations.

It is in the pursuit of this noble objective that I’m offering myself to help drive a process that would give the lives of our people in the Niger Delta more meaning. President Muhammadu Buhari needs people who will join hands with him to uplift our people. From my political experience, you have to be well represented and actively so at the “board room” when decisions are being taken. Delta State must be well represented. Niger Delta must be well represented.

It is noteworthy to state that some organisations have been deeply involved in efforts to develop the Niger Delta and can always be relied on to collaborate with our President. It is also noteworthy to add that some previous administrations made significant efforts to develop the region. The current administration made such a significant impact in spite of the fact that apart from Edo State, President Buhari did not score the required 25% in the entire Niger Delta in the election that brought him into government in 2015. This speak volumes of his genuineness to uplift the Niger Delta. Such an administration should be encouraged by the people of the Niger Delta. We can never be sure of the genuiness of another person who becomes the President.

I have, therefore, after series of consultations and prayers, taken the decision to leave the PDP and join the APC. In doing this, I want to thank the numerous leaders, supporters and interest groups that have been urging me to remain in PDP. I am happy that after explaining some of the deeper issues to you, some of you that are politicians have agreed to join the APC in the near future. So I am going into APC as “John the Baptist” to the numerous Deltans that are coming in, soon – very soon.

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EFCC indicts Sirika, brother in new N19bn fraud

Published

4 days ago

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May 14, 2024

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The Economic and Financial Crimes Commission has charged former Minister of Aviation, Hadi Sirika, his brother, Ahmad Sirika; and his company – Enginos Nigeria Limited, with over N19.4bn fraud.

The sum is said to be for several aviation ministry contracts from the former minister to Enginos Nigeria Limited, owned by Sirika’s younger brother, Abubakar.

The Sirika brothers and Enginos Nigeria Limited will be arraigned before Justice Belgore of the Federal Capital Territory High Court, Garki, Abuja today (Tuesday).

It is the second criminal charge the EFCC will be filing against the ex-aviation minister.

He was last Thursday arraigned for N2.7bn fraud before the High Court of the Federal Capital Territory in Abuja.

Sirika was arraigned on six counts alongside his daughter, Fatimah; brother-in-law, Jalal Hamma, and Al-Buraq Investment Ltd.

The defendants pleaded not guilty while Justice Sylvanus Oriji granted them N100m bail each, with the condition that they must not travel out of the country until the end of the criminal case.

On Monday, EFCC insiders informed The PUNCH that the anti-graft agency had filed a second charge against the ex-minister, bordering on N19.4bn fraud.

In the copy of the fresh charges sighted by our correspondent on Monday, the EFCC alleged that Sirika, “while being the Minister of Aviation, on or about 18th August 2022, in Abuja, within the jurisdiction of this honourable court, did use your position to confer an unfair advantage upon Enginos Nigeria Limited, whose alter ego, Ahmad Abubakar Sirika, is your biological brother, by using your position to influence the award to him, the contract for the construction of a terminal building at Katsina Airport for the sum of N1,345,586,500.00.”

According to the EFCC, Sirika’s alleged action was a violation of Section 19 of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under the same section.

In another count, the EFCC alleged that “on or about 3rd of November, 2022, in Abuja,” Sirika used his position “to confer unfair advantage upon Enginos Nigeria Limited, whose alter ego, Ahmad Abubakar Sirika, is your biological brother, by using your position to influence the award to him, the contract for the establishment of Fire Truck Maintenance and Refurbishment Centre at Katsina Airport for the sum of N3,811,497,685.00.”

In another count, he was accused of corruptly awarding a N615,195,275.00 contract to his brother for the procurement and installation of lift and air conditioners and power generators for the Aviation House in Abuja.

Furthermore, the EFCC alleged that Sirika, between August 2022 and May 2023 in Abuja, “had possession of an aggregate sum of N2,337, 840,674.16, which sum you knew indirectly represented the proceeds of criminal conducts of Hadi Abubakar Sirika, who was the Minister of Aviation at the time.”

It was revealed that the ex-minister’s younger brother, Abubakar, was earlier arrested and detained by the EFCC in connection with N3,212,258,930.18 paid to his company, Enginos Nigerian Limited’s bank account by the former minister.

 

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Nigerian Bank chiefs obtain N549bn insider loans in five years

Published

5 days ago

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May 13, 2024

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Directors and key management personnel of Deposit Money Banks borrowed about N549bn from their financial institutions in five years.

This is according to The PUNCH analysis of the banks’ annual reports filed with the Nigerian Exchange Limited between 2019 and 2023.

However, the banks’ loans and advances to some directors and key management personnel as well as related party transactions dropped significantly in 2023.

These transactions dropped to N52.40bn for eight financial institutions compared to N111.31bn in 2022, indicating a 52.92 per cent decline in one year.

Financial institutions reviewed in the 2023 review include Access Holdings, Guaranty Trust Holding Company Plc, Zenith Bank Plc, United Bank for Africa, Fidelity Bank, Wema Bank, Stanbic IBTC Holding Plc and the FCMB Group.

This decline came amid the release of new corporate governance guidelines by the Central Bank of Nigeria which went into effect August 1, 2023.

In the circular dated July 13, 2023, and signed by Director, Financial Policy and Regulation Department, Chibuzo Efobi, the guidelines which imposed responsibilities on the bank board and the executive compliance officers, supersede other previous codes, circulars and related directives, according to the apex bank.

The CBN guidelines on related party transactions said, “Banks shall establish a policy concerning insider trading and related party transactions by directors, senior executives, and employees, as well as publish the policy or a summary of that policy on their website. 22.2 The policy shall contain appropriate standards and procedures to ensure it is effectively implemented. 22.3 In addition to the requirements in Section 22.2, there shall be an internal review mechanism carried out by the internal audit function of the bank, to assess the compliance and effectiveness of the policy.

“22.4 Any director whose facility or that of his/her related interests remains nonperforming in any financial institution for more than one year shall cease to be on the board of the bank and shall be blacklisted from sitting on the board of such bank and that of any other financial institution under the purview of the CBN. 22.5 No director-related loans and/or interest thereon shall be written off without the CBN’s prior approval.”

Leading the pack in terms of major decline in loans to related parties and entities controlled by key management personnel was Fidelity Bank Plc, which went from N92.31bn at the end of December 2022 to N2.09bn at the end of last year.

In footnotes, the bank however said that some of the related parties like A-Z Petroleum Limited, Dangote Group and Genesis Group as of 31 December 2022, had “exited the related party relationship post 2022 financial year in line with CBN requirement.”

In 2022, the total value of insider loans for 10 banks including Access Holdings, Guaranty Trust Holding Company Plc, Zenith Bank Plc, United Bank for Africa, Fidelity Bank, Wema Bank, Stanbic IBTC Holding Plc, FCMB Group, Unity Bank and Sterling Bank amounted to N131.04bn.

Fidelity Bank led the highest for the year, followed by Unity Bank at N17.32bn and UBA at N13.74bn.

In 2021, the loans to related parties of these financial institutions rose to N139.16bn with Fidelity Bank and UBA leading at N97.73bn and N15.28bn, respectively. GTCO trailed in third position with N6.859bn.

Between 2019 and 2020, a total of N226.6bn was disbursed as loans. In 2019, eleven banks borrowed its key management personnel a total sum of N29.65bn. The figure also includes loans to companies related to the directors.

An analysis showed that GTCO lent N155m, Zenith Bank (N1.76bn), UBA borrowed its directors N297m, Wema Bank (N5.2bn), Stanbic IBTC (N95m), FCMB (N4.8bn), Unity Bank(N7.14bn), Sterling Bank (N10.12bn) to related parties.

In 2020, the figure increased by 564 per cent or N167.32bn to N196.97bn.

Checks showed that Access Bank lent the highest with a total of N174bn to its directors and companies related to them. This was followed by Unity Bank with N7.55bn. Third on the list was Sterling Bank with N6.01bn.

Other banks including Fidelity borrowed its directors N986.2m, GTBank (N67.9m), Zenith Bank (N1.797bn), UBA (N206m), Wema Bank (N2.82bn), Stanbic IBTC (N332m), FCMB (N3.2bn), Unity Bank (N7.55bn), Sterling Bank (N6.01bn).

Commenting on the trend, the Chief Research Officer at InvestData Consulting, Ambrose Omordion said “In my language, they say, it is the yam that you know that you use to make pounded yam. If an organisation feels that the insider or director can pay the loans given to them, then there is no issue. It is when they do not pay that is where there would be issues.

“Like what is happening now in the economy, banks are not giving loans to ordinary companies unless those with names because of economic headwinds. If they give loans to the public and they are unable to repay, Non-Performing Loans will rise. If the banks offer to insiders that would pay, it is better for them.”

 

The Punch

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Court Orders Arrest of Ex-Naval Chief, Usman Jibrin Over Alleged N1.5billion Money Laundering Charges

Published

6 days ago

on

May 12, 2024

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Justice Inyang Ekwo of the Federal High Court, Abuja, has ordered the arrest of a former Chief of Naval Staff, Vice Admiral Usman Jibrin, and two other officers over N1.5 billion money laundering charge.

 

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) dragged the trio before the court over fraud N1.5bn allegations.

 

The court issued the arrest warrant after hearing a motion exparte marked FHC/ABJ/CR/158/2023 and filed by ICPC counsel, Osuobeni Ekoi Akponimisingha.

 

In the motion, the lawyer submitted that Usman Jibrin Oyibe, Adam Imam Yusuf, Brigadier General Ishaya Gangum Bauka (first to third defendants), were investigated for allegations of money laundering and making false statements regarding diversion of funds in their respective military and paramilitary institutions, into companies in which they allegedly had stake.

 

According to him, at the commencement of the investigation into the allegations, the defendants were released on administrative bail on self-recognition because of their status as serving and former public figures and has since then refused to show up for possible arraignment in court.

 

The Lawyer prayed the court for a bench warrant against the 1st, 2nd and 3rd Respondents (Vice Admiral Usman Jibrin Oyibe, Adam Imam Yusuf, and Brigadier General Ishaya Gamgum Bauka) in charge No. FHC/ABJ/CR/158/2023 which is pending before the court for the purpose of arresting and bringing them to court for their arraignment and trial.

 

Listed as first to sixth defendants in the 17-count charge are Usman Jibrin Oyibe, Adam Imam Yusuf, Brigadier General Ishaya Gangum Bauka, Lahab integrated & Multi Services Limited, Gate Coast Properties International Limited and Ummays Hummayd Energy Ltd

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