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Our Financial System Under Emefiele Was Rotten, Says Tinubu

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President Bola Tinubu has finally revealed why he suspended Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele.

Tinubu made the disclosure during an interactive session with Nigerians resident in France and neighbouring European countries on the sidelines of the New Global Financing Pact Summit in the French capital, Paris.

The President said the nation’s financial system under the suspended Emefiele was rotten.

He noted that several Nigerians resident abroad were unable to send money to their relatives because of the multiple exchange rates, saying all that have become a thing of the past.

“Then the financial system was rotten. Few people making bags of our money and then you yourself, you stopped sending money home to our poor parents. Several windows… but that is gone now, is gone.

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Dele Momodu Maiden Leadership Lecture Holds on Thursday

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By Eric Elezuo

All is set for the inaugural Dele Momodu Leadership Lecture, an intelligent discourse on the state of the nation, with special emphasis on the power sector.

The event, the first in the series, is scheduled to hold on Thursday, May 16, 2024, at the Nigerian Institute of International Affairs (NIIA), and under the chairmanship of the Former President of the Republic of Ghana, Dr. John Dramani Mahama.

The guest lecturer is the former Minister of Power and Chairman,  Geometric Power Limited, Engr. Bartholomew Nnaji, and will be speaking on the theme: The Politics of Energy and the Way Forward.

A gathering of intellectuals, for the discovery of innovative ideas and exchange of progressive knowledge under a Non Partisan atmosphere, the Dele Momodu Leadership Lecture, promises indepth analysis as well as provision of solution to the unending power crisis in the nation.

Among dignitaries expected at the intelligent discourse are former President Olusegun Obasanjo; former Vice President, Alhaji Atiku Abubakar; Chairman, Globacom Group, Dr. Mike Adenuga Jr.; Minister of Power, Chief Adebayo Adelabu; Osun State governor, Senator Ademola Adeleke; Abia State governor, Dr. Alex Otti; former governor of Kano State, Senator Rabiu Kwankwaso; Presidential Candidate of the Labour Party in the 2023 election, Mr. Peter Obi; President, Dangote Group, Alhaji Aliko Dangote; Chairman, BUA Group, Alhaji Abdulsamad Rabiu; Oyo State governor, Engr Seyi Makinde, HRM the Ooni of Ife, HRH, the Emir of Kano, the HRH, the Sultan of Sokoto, HRM the Obi of Onitsha; A-list industrialists, members of executive and legislative councils among others.

The event also coincides with the 64h birthday of the convener, Aare Dele Momodu.

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How Previous Govt Shared N10bn Abia Airport Fund – Gov Otti

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By Eric Elezuo

The coming of Dr. Alex Otti as the governor of Abia State since May 2023 has continued to generate discourse in the political cycle as a result of the vote of confidence he has received across party, regional and ethnic divides.

Otti’s landmark achievements in less than a year in office, especially in infrastructural development in the commercial city of Aba, seems to have catapulted him to the highest echelon of administrative excellence in the state, dwarfing the 24 years experience of administrations of the Peoples Democratic Party (PDP). Otti is of the Labour Party.

Among his activities as governor include the exposure of grey areas in previous administration, especially as concerns his immediate predecessor, Mr. Okezie Ikpeazu.

Otti had alleged while making a presentation at the Johns Hopkins University School of Advanced International Studies. Washington DC, United States that a forensic audit revealed how the immediate past government of Abia State released some funds to some contractors to handle the construction of a state-owned airport and other infrastructure believed not to be in existence.

But Ikpeazu denied through his spokesman, Onyebuchi Ememanka, tagging the report as a tissue of lies, intricately woven by a spin doctor to deceive his audience. He also said that Otti has deep hatred for him, and has targeted him for attacks.

The statement reads in part, “Our attention has been drawn to trending reports of a speech delivered by the Governor of Abia State, Dr Alex Otti at a forum somewhere in the United States of America, wherein he made certain allegations against his predecessor in office, Dr. Okezie Ikpeazu, bothering on financial malfeasance.

“Ever since leaving office as Governor of Abia State for two consecutive terms, Dr Okezie Ikpeazu has carried himself with the dignity his present situation in life demands and has, as a matter of personal policy, avoided any confrontation with the present Governor and his administration.

“At best, what Dr. Ikpeazu has authorized are clarifications whenever the current administration seeks to misinform the public about what transpired during the last administration. Clear instances of these abound and a few of them shall be highlighted later in this release…”

Most other loyalists of the former as well as PDP apologists, including a group that called itself Centre for Reform and Public Advocacy, have also criticized Otti for his statement.

In a letter signed by a member of the group’s board of directors, Ukpai Ukairo, they demanded “A copy of the Forensic Audit Report which Governor Alex Otti, the Executive Governor of Abia State referred to and relied upon in his Town Hall Meeting in the United States of America to allege that His Excellency, Victor Okezie Ikpeazu’s administration paid billions of Naira for an airport and to un-named contractors…”

It is imperative to note that Mr. Ukairo has been the Legal Adviser of the South East PDP.

But the Abia State governor, has again said he will soon make public the forensic audit report which indicted his predecessor, of diverting billions of state funds meant for projects to individual company accounts.

He also said the immediate past administration transferred the said N10 billion airport funds into 32 different company accounts before it was shared, adding that the money had already been transferred out of the state government account before they approached the Abia State House of Assembly for approval.

The governor’s clarification came on the heels of the previous statement in the US, and the reactions that followed, This was during his monthly media chat, tagged “Governor Alex Otti Speaks to Abians” held at Government House Umuahia on Thursday.

While noting that the denial of the former governor was not unexpected, Otti pointed out that it was reported in the media, that instead of denying spending the fund, they then claimed that they used it for road construction which is against the evidence available.

According to the governor, the management of the company (FEROTEX Construction Company) has admitted that the company never applied to be awarded the aborted airport project under the past administration

He maintained, however, that when the report would eventually be published, the rest of the work would be handled by security agencies, insisting also that his interest is for the money to be refunded rather than taking anyone to jail.

“The immediate past governor’s denial is not unexpected. When it was announced, they went to the media abusing the government and saying that the government lied.

“It is a report by KPMG which says that they diverted the money into roads. In the bank statement on the 26th of September 2020 when people were dealing with COVID-19, a debit went into the state account for N10 billion and it was payment for an 80 per cent contract of the Abia airport.

“It’s true and incontrovertible. The statement is there, the report is there. By the way, the report will be published very soon.

“But I can assure you that as reported by the media, it’s KPMG that did the forensic audit.

“So, clearly something went wrong. Our engagement with the company that received the money gives the impression that the company was deceived. The Managing Director of the company said that he told them that he had never built an airport before and that it is not his area of competence neither did he apply to them to construct an airport.”

Otti’s mention of the company involved in the audit puts to rest the claim that the governor was witchhunting his predecessor. And again, the procedural sharing of the amount also revealed that something actually went wrong with the said N10 billion.

The following days will reveal more even as pro-Ikpeazu group will seek more ways to defend their principal.

“It’s very simple; all those defending the theft of the N10 billion participating in the looting otherwise they won’t have a moral ground to defend illegality. They should all be investigated,” an analyst told The Boss.

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Midoil Undertakes Inspection Tour of SereneCity Estate, Refinery Sites with Stakeholders

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By Eric Elezuo

In furtherance of the great efforts to see to the realization of the Midoil Refinery and Serenecity Estate Projects, the Midoil Refining and Petrochemicals Company Limited management under the leadership of the Executive Chairman, Chief (Mrs.) Elizabeth Omolara Akintonde, led a team of consultants, contractors and stakeholders including UNILAG Consult, on a familiarisation and inspection tour of the projects sites on Friday May 10, 2024.

The inspection, which drew together every stakeholder in the project, was specifically organised to avail the in-coming civil contractors for the perimeter fencing of the 364 hectares of land as well as UNILAG Consult, represented by the Managing Director, Prof Mohammed Usman, the opportunity to view first hand the land allotted for the 100,000 bpd Modular Refinery location.

The Familiarisation Inspection commenced from SereneCity on-going Perimeter Fencing at Ererufu & Mogo Olowu Communities immediately after a short prayer by Very Rev. Johnson OOlaniyi of Methodist Church, Palm Avenue, Mushin.

The team of Midoil Consultants led by the Consulting Architect, Surveyor, Quantity Surveyor, Civil Engineers, Structural Engineers, Mechanical/Electrical Engineers, and Security Experts thoroughly inspected and deliberated on works done so far on the SereneCity Fencing and site clearing.

The Team thereafter proceeded to Sekungba Community, the location for the proposed Refinery, making a brief stop-over at the residence of the Baale of Sekungba to pay homage to the 99 years old Chief Solomon Omotayo before proceeding to the old Ejinrin Jetty for inspection and deliberation.

The Refinery site at Ejirin/Sekungba was also inspected. Deliberations were also held on the location of the pillars of the proposed entrance to the Refinery project from the Ketu/Ejirin main road.

The Team returned to Ererufu Town Hall where lunch was served with a closing prayer by the Very Reverend Johnson.

Next Site Inspection was tentatively scheduled for Saturday June 1, 2024 when more works would have been completed on the fencing by the contractors.

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