Business

EFCC freezes Obanikoro’s daughter account over N1.2bn deals

Published

8 years ago

July 21, 2016

The Economic and Financial Crimes Commission has frozen an account linked to Shalewa Obanikoro, the daughter of a former Minister of State for Defence, Senator Musiliu Obanikoro.

According to EFCC investigators, about N1.2bn passed through the account which belongs to an oil firm.

Shalewa, who is a signatory to the account, was said to have personally mandated Fidelity Bank to transfer N800m from the account to another account within the bank.

A source in the anti-graft agency on Tuesday said, “We have frozen an account in which Obanikoro’s daughter is a signatory. She specifically mandated the bank to transfer N800m from the account to another account.

“We discovered that money was paid into the account at various times. The money came in N50m, N20m, N30m and various sums.

“She said the money was for oil and gas transactions. So, we have frozen the account as investigations continue. We want to know where the funds came from. At least N1.2bn has passed through the account.”

The EFCC was said to have made the discovery of Shalewa’s transactions when it was investigating the N4.7bn allegedly paid into the account of Obanikoro’s two sons – Babajide and Gbolahan.

The money, which was paid into the Diamond Bank of Sylvan McNamara, was allegedly shared among Obanikoro, the Ekiti State Governor, Ayodele Fayose; and the then governorship candidate of the Peoples Democratic Party in Osun State, Senator Iyiola Omisore.

While Omisore is in detention for allegedly receiving N1.3bn, five properties, allegedly belonging to Fayose, have been seized while his three Zenith Bank accounts have been frozen.

A house belonging to Obanikoro’s two sons in Ikoyi, Lagos, has also been seized. Obanikoro and his sons have, however, remained in the United States for the last 14 months.

The anti-graft agency had, last week, quizzed Shalewa and seized her passport to prevent her from travelling to the US.

“We seized her passport because we were told that she was planning on travelling soon. We had to prevent her from travelling since she is part of the investigation,” a detective said.

Apart from the N4.7bn arms scam rocking the Obanikoro family, MOB Integrated Services Ltd, a company headed by Obanikoro’s second son, Gbolahan, was implicated by the Aigboje Aig-Imoukhuede-led Presidential Committee on Verification and Reconciliation in 2012 over an alleged petroleum subsidy fraud.

The company was said to have made three transactions valued at N5,393,592,906.62. However, investigations revealed that the company only made one transaction valued at N3,261,263,992.52 verified as legitimate.

The difference of over N2bn was allegedly embezzled as MOB did not make the needed oil supply.

However, sources at the commission told our correspondent that after Obanikoro was appointed the Minister of State for Defence, the case was mysteriously suspended indefinitely.

The oil business linked to Obanikoro’s daughter has therefore opened a new dimension to the subsidy fraud case.

A source at the EFCC said, “Obanikoro’s case is very easy to investigate because unlike other politicians, he used his children to carry out most of his alleged crimes. Out of his four children, we have seen suspicious transactions in the accounts of three of them. There is no way these young guys will have billions in their accounts if they were not fronting for their father.”

Meanwhile, the EFCC on Tuesday grilled a former Senior Special Assistant on Public Affairs to ex-President Goodluck Jonathan, Dr. Doyin Okupe, for receiving N100m from the embattled former National Security Adviser, Col. Sambo Dasuki (retd.).

The EFCC, however, discovered that N15m was also transferred to Okupe from the account of Destra Investment Limited, a company owned by the immediate past National Publicity Secretary of the PDP, Chief Olisa Metuh, who is on trial for allegedly receiving N400m from Dasuki.

Ironically, Okupe is one of the defence witnesses in the case against Metuh.

A source at the EFCC said, “Okupe came again as usual and we grilled him over the funds he has openly confessed to receiving from Dasuki. He claims to have spent all the money but we keep making fresh discoveries.

“He received about N15m from Destra Investment Limited, owned by Metuh. Okupe is also one of Metuh’s defence witnesses. Okupe had appeared before the Federal High Court to defend Metuh and yet he (Okupe) has confessed to receiving money from Dasuki and he also collected N15m from Metuh.

“When we confronted him with evidence, he was shocked and could not respond.”

Okupe had, on May 19, 2016, told Justice Okon Abang that Metuh received N400m from Jonathan but argued that the fund could not have emanated from the ONSA.

While defending Metuh, Okupe had said, “I am surprised to hear that the Office of the National Security Adviser was used to distribute money for Jonathan’s presidential campaign. However, the President could also use his tremendous goodwill to source funds to assist his party or help to execute special programmes.

“Besides, as the candidate for election, the President has immense capacity to raise funds as a candidate. He did not use any government establishment as his pseudo-sponsor.”

It was learnt that Okupe risked being charged with conspiracy alongside Metuh depending on the outcome of investigations.

An EFCC investigator added, “With this new revelation, it is possible that Okupe knew that Metuh’s N400m emanated from the ONSA but went to court to defend Metuh in order to cover his tracks, having received N15m. We are still investigating the matter.”

Bank

Fidelity Bank Supports Improved Maternal Health in Lagos

Published

9 hours ago

January 9, 2025

Sahara Weekly

Fidelity Bank Supports Improved Maternal Health in Lagos

Leading Financial Institution, Fidelity Bank Plc, has donated maternity kits to 30 pregnant women at Mushin Primary Health Centre (PHC), Lagos.

The donation, organized by the Great Minds Inductees Class, was made possible through the Fidelity Helping Hands Program (FHHP), a Corporate Social Responsibility (CSR) initiative by Fidelity Bank Plc aimed at promoting staff involvement in community development.

Through the FHHP, staff across the bank’s business locations identify projects that benefit their immediate community and gather funds to implement them. The bank’s management then matches this contribution with an equivalent amount and allocates it for the chosen projects.

Speaking at the handing over ceremony, the Divisional Head, Brand and Communications Division, Fidelity Bank Plc, Dr Meksley Nwagboh, noted that, “The project was borne out of the need to support pregnant women by providing them with essential materials for a safe delivery.”

Nwagboh noted that, “Maternal mortality remains a significant public health challenge in Nigeria, with the country accounting for a substantial proportion of global maternal deaths. In fact, a 2023 United Nations report indicate that nearly 28.5% of global maternal deaths occur in Nigeria. This is an alarming statistic and as a bank given to improving the welfare of our host communities, we deemed it fit to support initiatives to address this challenge in the Mushin community with this donation.”

Appreciating the bank’s gesture, the Medical and Health Officer for Mushin Local Government Area, Dr. Kayode Odufuwa, noted that, “This intervention by Fidelity Bank will help reduce maternal mortality and encourage more women from less-privileged backgrounds to register for antenatal care.”

“On behalf of the Chairman of Mushin LGA, Mr. Emmanuel Bamgboye, we want to express our heartfelt gratitude to Fidelity Bank for extending its donation of maternity kits to pregnant women at this center. We appeal for continued collaboration with the Bank to further strengthen healthcare services within the area,” he stated.

On her part, the Apex Nurse and Deputy Director of Nursing Services in Mushin LGA, Mrs. Bolanle Odunlami, poured encomiums on Fidelity Bank for their generosity while noting that, “The donation is a much-needed relief for many mothers who are unable to afford essential delivery kits. Fidelity Bank has truly shown empathy by coming to the aid of our patients, and for that, we are extremely grateful,”.

One of the beneficiaries, Mrs. Mary Olusanya, expressed her heartfelt appreciation for the bank’s support. “I appreciate Fidelity Bank for helping us. Many pregnant women cannot afford these kits, but this donation ensures that we can have safe deliveries and better healthcare,” she said.

Ranked as one of the best banks in Nigeria, Fidelity Bank is a full-fledged customer commercial bank with over 8.3 million customers serviced across its 251 business offices in Nigeria and the United Kingdom, as well as on digital banking channels. The bank has won multiple local and international awards, including the Export Finance Bank of the Year at the 2023 BusinessDay Banks and Other Financial Institutions (BAFI) Awards, the Best Payment Solution Provider Nigeria 2023, and Best SME Bank Nigeria 2022 by the Global Banking and Finance Awards; Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence 2023; and Best Domestic Private Bank in Nigeria by the Euromoney Global Private Banking Awards 2023.

Business

EXPANDING FOOTPRINT – NIGERIA’S FIRSTBANK SETS SIGHTS ON ETHIOPIA, ANGOLA, CAMEROON

Published

11 hours ago

January 9, 2025

Sahara Weekly

EXPANDING FOOTPRINT – NIGERIA’S FIRSTBANK SETS SIGHTS ON ETHIOPIA, ANGOLA, CAMEROON

Building on its long-standing presence in sub-Saharan Africa, First Bank of Nigeria Limited is gearing up for its next growth phase as financial systems across the continent open up to new opportunities.

More than a decade after an acquisition spree that boosted its footprint in sub-Saharan Africa, First Bank of Nigeria Limited is looking to expand into several other countries, including Ethiopia, Angola and Cameroon.

“There are a number of large economies with large banking pools that are of interest to us because their financial markets are opening up,” Deputy Managing Director, Ini Ebong told The Africa Report in December on the sidelines of the Africa Financial Industry Summit (AFIS).

“So, you look at countries like Ethiopia and Angola. In francophone West Africa, we want to expand our presence in places like Côte d’Ivoire and Cameroon. The market opportunity is there, and we seek to continue to exploit it,” said Ebong.

Ethiopia, Africa’s second most populous country, is poised to partially open its banking sector to foreign banks following a vote by lawmakers in December. The new banking law, passed by a majority in parliament, allows foreign banks to open subsidiaries in Ethiopia. Foreign firms will only be allowed to own 49% of shares, according to the Ethiopian news magazine Addis Standard.

Speaking during a panel session at AFIS, Ethiopia’s central bank governor Mamo Mihretu said the country had been working on the legislation that would finally open the banking sector to foreign competition over the past one year.

After the ratification of the legislation by the parliament, the largest economy in East Africa is “open for business” for any banks looking to come into the country, according to Mihretu.

Previously the executive director in charge of treasury and international banking before his appointment in June 2024, Ebong said that there are growing opportunities in markets across the continent with the expansion of financial systems similar to “what we saw in the early 2000s in some of the larger African markets”. “We believe it is an opportune time to take part in the phase of growth that we see,” said Ebong.

‘Strong franchise’

FirstBank, which has been operating in Nigeria for 130 years, began establishing subsidiaries in other African markets in 2011, when it acquired Banque International de Credit, one of the leading banks in Democratic Republic of Congo.

In November 2013, it snapped up the subsidiaries of International Commercial Bank Financial Group Holdings AG (ICBFGH) in The Gambia, Sierra Leone, Ghana and Guinea. It went ahead to purchase ICB Senegal the following year, completing its acquisition of West African assets and operations of ICBFGH.

FirstBank also has a subsidiary in the United Kingdom with branches in London and Paris, France, as well as a representative office in Beijing, China. Its parent company FBNHoldings saw its pretax profit for the first nine months of 2024 soar to N610.86bn ($395m) from N267.88bn in the corresponding period a year earlier.

Fitch Ratings said in July last year that FirstBank, Nigeria’s third-largest lender, represented 10.7% of banking system assets at the end of 2023. “Its strong franchise supports a stable funding profile and low funding costs. Revenue diversification is significant, with non-interest income typically exceeding 40% of operating income,” it said.

Culled from The Africa Report

Business

ABRIDGED PROFILE OF CHINEDU NSOFOR (CEO, WORKWIS GROUP)

Published

3 days ago

January 7, 2025

Sahara Weekly

ABRIDGED PROFILE OF CHINEDU NSOFOR (CEO, WORKWIS GROUP)

Chinedu Nsofor is a Professional Social Worker, a Seasoned Technocrat, an International Development Expert, a Change Agent, a Media Guru/Wikipedian, and a Versatile Project Management Expert with a passion for developing and implementing programs and initiatives that touch lives and impact different segments of society, focusing on bringing about massive change, especially in Africa.

He holds an M.Sc. in Social Work, specializing in Industrial Social Welfare from the Ladoke Akintola University of Science and Technology, Ogbomosho, Oyo State, and a B.Sc. in Social Work from the University of Nigeria, Nsukka.

As a Media Guru/Wikipedian, he is the Founder/CEO of WORKWIS Media Ltd., a leading and reputable media outfit in Nigeria and Africa.

As an International Development Expert, he is currently the Country Director of Rapid Heal Nigeria, a leading wound and skincare treatment company with its global headquarters in Malaysia. Prior to assuming this role, he served as the Country Programs Director (Nigeria) and Africa Director of Asia Pacific Sports International, a reputable sports business and management firm headquartered in Malaysia, with branches in Singapore and other Asian countries.

As a versatile Project Management Expert, Chinedu has coordinated over 50 impactful programs at national, regional, and state levels in Nigeria, touching the lives of over 50,000 Nigerians. Some of these include:

Coordinator of the IMOFINTECH Program for 5,000 Imo youths, organized by the Imo State Government in partnership with Iwuanyanwu Foundation (October–December 2019).

Program Coordinator of safety training for ambulance drivers in Southeast Nigeria during COVID-19 (2021).

Coordinator of the Central Bank of Nigeria-Southeast Entrepreneurship Development Centre’s Program, Owerri Study Centre (2018).

Program Coordinator of the maiden edition of the Inter-secondary School Debate Competition for all secondary schools in Abuja (2018), organized by the Federal Road Safety Corps in partnership with Iwuanyanwu National Ambulance Foundation.

Coordinator of the 2017 Accident-Free Ember Month Program of the Federal Road Safety Corps (Owerri Safety Command) and Iwuanyanwu National Ambulance Foundation.

Program Coordinator of the Imo State and Ebonyi State Free Automobile Training Program, organized by Innoson Kiara Academy in partnership with Iwuanyanwu Foundation and the governments of Imo and Ebonyi States (2021).

Coordinator of the Free Physiotherapy Treatment Intervention Program for arthritis, neck pain, back pain, and waist pain patients in Ikeduru LGA, Imo State (December 3–4, 2021).

Co-coordinator of the Chartered Institute of Personnel Management Program, Abuja Study Centre (April–December 2015).

Co-coordinator of the 20-day NAPSAS/National Power Training Institute Program in Abuja (May 2015).

Co-coordinator of the National Power Training Institute of Nigeria (NAPTIN)/SURE-P TVET training for graduate engineers in Lagos (February–March 2015).

Coordinator of the second edition of the seven-day “Work While in School Conference” at UNN, attended by about 3,000 students, organized by the Work While in School Foundation in partnership with the Institute of African Studies, UNN.

Project Coordinator of the Global Impact Show organized by Great Minds International and powered by the Faculty of Social Sciences, UNN (2012).

As a student leader/Igwe of the Faculty of Social Sciences, UNN, he organized the Faculty’s New Yam Festival in 2010, an event attended by the Senior Special Assistant to the President on Special Duties and other national dignitaries.

Coordinator of the first “Work While in School Conference” at UNN (2011) for over 4,000 third-year students, organized by the Work While in School Foundation in collaboration with the Centre for Entrepreneurship and Development Research, UNN. This program is recorded as the largest student entrepreneurship conference in the history of UNN.

Coordinator of the seven-day African Education and ICT Conference, organized by WORKWIS Foundation and the Institute of African Studies, UNN (March 2010). The conference secured a renewal of the ₦5 million annual scholarship grant from the Dr. Sam Onyishi Foundation and attracted a ₦50 million donation to the university. Over 5,000 UNN students from seven faculties were trained in various skills.

Chinedu Nsofor is a man of integrity and deep spirituality, with a steadfast commitment to excellence in all his operations. His words are his bond, and his contributions consistently bring positive transformation to society.