Governor Babajide Sanwo-Olu, on Monday, signed the Lagos State 2019 Appropriation Bill into law.
More details shortly…
President Muhammadu Buhari on Monday approved the establishment of state and local government police.
He also approved the dismissal of 37 police officers as recommended by the National Human Rights Commission Presidential Special Panel on SARS Reforms.
This was contained in the statement by the Executive Secretary, National Human Rights Commission and Chairman Presidential Panel on SARS Reform, Anthony Ojukwu, during the submission of report of the Presidential Panel on the reform of Special Anti-Robbery Squad (SARS), of the Nigeria Police, at the Presidential Villa, Abuja.
The Panel according to Ojukwu received 113 complaints on alleged human rights violations from across the country and 22 memoranda on suggestions on how to reform and restructure SARS and the Nigeria Police in general.
He said, “At the end of its public hearing and having listened to complaints as well as defendants and their counsel, the Panel recommended thirty seven (37) Police ofﬁcers for dismissal from the force. Twenty four (24) were recommended for prosecution.
“The panel also directed the Inspector General of Police to unravel the identity of twenty two (22) ofﬁcers involved in the violation of the human rights of innocent Citizens.
“The police was directed to pay compensation of various sums in forty—ﬁve (45) complaints and tender public apologies in ﬁve (5) complaints and directed to obey court orders in ﬁve (5) matters.
“The Police was directed to immediately arrest and prosecute two (2) retired senior Police ofﬁcers found to have violated the rights of citizens (one for extra-judicial killing and the other for illegal takeover of Property of a suspect). The Panel also recovered two vehicles illegally auctioned by SARS Ofﬁcers and returned them to their owners.”
Some other key recommendations of the Panel include,” Signiﬁcant improvement in the funding, kitting and facilities of the Nigeria
Police Force; Strengthening Information and Communication Technology of the Force; Establishment of State and local government Police.”
Managing Director /Chief Executive Officer, Fidelity Bank Plc, Nnamdi Okonkwo, has described sport as a strong element in youth development.
Okonkwo stated this at the closing ceremony of the Anambra State U13/U17 Academicals which took place at St. Mary’s High School, Ifitedunu, Anambra State at the weekend.
He explained that Fidelity is pleased to partner with the state as a way of giving back to the society, stressing that through the initiative the bank also intends to curb youth restiveness by engaging them meaningfully.
“Since sport is a very strong element in youth development, we felt we needed to partner with the state to make sure we get this competition going strongly. You can see what happened here today and I think that it was really an international standard show they put up. We are proud to have supported that and we are looking forward to continuing this support,” he said.
Earlier, the Deputy Governor, Dr Nkem Okeke, who represented the governor, Chief Willie Obiano, said that the competition was a demonstration of the governor’s belief and commitment towards advancing the cause of the youths in the state.
According to him, engaging the youths in all forms of programmes, projects, sporting activities, skills acquisition are all part of youth development to keep them away from social vices.
“We’ve all had a wonderful day seeing these kids show their skills in football. You can see the enthusiasm of these kids,” Okeke said.
He commended Fidelity Bank Plc for sponsoring the tournament, noting that the presence of the MD/CEO of the bank at the finals showed the commitment of the bank to the initiative.
He called on other corporate organizations to take a cue from Fidelity and sponsor other events.
“It’s not just football that we play here. There are other games like basketball, tennis, whatever, they can be involved in organizing these and I know we have the players in Anambra,” he stated.
Meanwhile, Central School, Ekwulobia defeated Eri Primary School three goals to one to lift the U13 trophy and a cash prize of N500,000.
At the U17 category, Community Secondary school, Uga beat Metropolitan College, Onitsha 3-2 to win the trophy and cash prize of N1,000,000.
The National Agency for the Prohibition of Trafficking in Persons (NAPTIP), has arrested a 48-year-old pastor in Abuja, David Onyekachuku, for alleged rape and sexual exploitation of a 16-year-old orphan.
NAPTIP’s Head, Press and Public Relations Unit, Stella Nezan, disclosed this in a statement on Sunday in Abuja.
Nezan alleged that the suspect, a pastor in the Mountain of Fire and Miracle Church (MFM), Gwarinpa branch, impregnated his victim in the process, NAN reports.
She said that the suspect, who volunteered to provide shelter for the girl and deliver her from evil spirit after she had been accused of witchcraft, took advantage of the situation.
“NAPTIP operatives effected arrest of one pastor with MFM in Gwarimpa, Abuja, for rape, sexual molestation and impregnating a 16-year-old orphan.
“The suspect from Nsukka in Enugu State, was said to have volunteered to provide shelter and also conduct deliverance on the girl after she lost her parents and was accused of witchcraft.
“But he took advantage of the vulnerability of the innocent girl and repeatedly devoured her sexually,” she said.
Nezan said that the victim, a Junior Secondary School (JSS) student in Abuja had lived with the pastor, a widower, and his daughter for sometimes before the sexual exploitation started.
The suspect was said to have confessed to committing the crimes “only twice” and blamed it on the devil.
“The victim, a JSS2 student of one of the government schools in Abuja, suddenly dropped out of school and was in dire need of accommodation shortly after the death of her parents in 2018.
“Investigation revealed that the pastor was living with his daughter in the same compound with the victim’s deceased parents in Karmo, a suburb of Abuja, and volunteered to assist her in her education.
“According to the victim, after the first year of their living together, the pastor started making love advances toward her, an action she constantly resisted.
“She narrated that the first time the pastor raped her was in March, after her birthday outing,” Nezan said.
She added that the pastor continued to rape her afterwards and it resulted in pregnancy.
“During interrogation, the pastor confessed to sexually abusing the girl only twice and attributing the evil act to the devil,” she added.
Meanwhile, the Director General of NAPTIP, Ms Julie Okah-Donli, has described the action of the suspect as the highest form of wickedness against a fellow human being.
Okah-Donli promised that the case would be diligently prosecuted in order to secure justice for the victim.
Former Super Eagles captain, Austin Okocha, is embroiled in another round of legal battle.
A report in the Scottish Sun indicates that the former Nigerian international last Friday appeared in a court in Aberdeen over alleged money laundering charges.
According to the report in the Scottish tabloid, Okocha appeared in private at the Aberdeen Sheriff Court.
Witness’ account disclosed that Okocha wore a white trainer with smart black trousers, a white shirt and suit jacket on top of a puffer jacket to court.
The soccer legend, who represented Nigeria at three FIFA World Cup among other top competitions, is said to be facing a charge related to the alleged acquisition, use, and possession of criminal property, and another relating to allegedly concealing, disguising, converting and transferring criminal property.
Okocha’s appearance on Friday reports suggest is in connection to incidents alleged to have happened in the North-East in 2015 and the Police have been on the trail of the former Nigeria captain and six others since then.
Okocha is also facing a torrid time back in Nigeria where he is been accused of tax evasion and a bench warrant was recently issued for his arrest having failed to appear in the court despite numerous summons.
According to the government, Okocha has failed to appear in court since October 5, 2017, when the case first came up.
The government filed a three-count charge against Okocha on June 6, 2017, accusing him of: “Failure to furnish return of income for tax purposes with the Lagos State Internal Revenue Service contrary to Section 94 (1) of the Personal Income Tax Act Cap P8 Laws of the Federal Republic of Nigeria 2004 (As Amended).
“Failure to pay income tax contrary to Section 56(a) and (b) of the Lagos State Revenue Administration Law No. 8 of 2006.
“Failure to furnish return of Income for tax purposes with the Lagos State Internal Revenue Service contrary to Section 94(1) of the Personal Income Tax Act Cap P8 Laws of the Federal Republic of Nigeria 2004 (As Amended).”
Upon his retirement, Okocha has been into football punditry and he is an ambassador to several ranges of brands.
Calistus Obi, former acting director general of the Nigerian Maritime Administration and Safety Agency (NIMASA), has been sentenced to seven years imprisonment.
Mojisola Olatoregun of the federal high court in Lagos delivered the judgement on Monday.
The judge, however, gave him the option of paying an N42 million fine.
The Economic and Financial Crimes Commission (EFCC) had charged Obi to court on allegations of N136 million fraud.
Olatoregun had found him guilty of money laundering and converting the agency’s funds to personal use at a court sitting that held on May 23.
The EFCC had charged Obi to court alongside Dismass Alu Adoon, a former staff of NIMASA.
At one of the court sittings, Rotimi Oyedepo, the prosecuting counsel, had urged the court to impose the maximum punishment of 14 years imprisonment on Obi.
This, he said, would serve as a deterrent to other civil servants.
President Muhammadu Buhari had appointed Obi as the acting director general of NIMASA two months after he assumed office in 2015.
Patrick Akpobolokemi, Obi’s predecessor, had been fired after the president ordered the dissolution of boards and the sack of all heads of federal government parastatals.
Akpobolokemi is currently being prosecuted for corruption while in office.
Stanbic IBTC Holdings PLC, a member of Standard Bank Group, has partnered with Junior Achievement of Nigeria (JAN) to host the inaugural MoneyBee competition aimed at promoting financial literacy among secondary school pupils and in commemoration of this year Children’s Day celebration. Chief Executive, Stanbic IBTC Bank PLC, Dr. Demola Sogunle urged Nigerian students to acquire financial literacy skills as this would lead to their financial freedom early in life and equip for the future. He insisted that the imperativeness of financial literacy among students cannot be over emphasized.
According to him, ‘make sure that you learn something new in financial literacy for your personal growth. At Stanbic IBTC we have long identified education, a key pillar of our corporate social investment, as pivotal, along with financial literacy, to economic growth and development. Thus, we are always pleased to engage our future leaders to share financial literacy nuggets with them.
He went further to share some success nuggets that would help the students excel in life which include: acquiring good education, discipline, volunteering and continuous self-improvement.
According to him, ‘education is important: I know that at a young impressionable age, schooling or getting an education might seem like a difficult chore. Some people might even tell you that it is not important, believe me- It is. Education gives you a competitive chance in life and a good education can open you up to a life of ease. Take your education seriously and make learning a priority.
Education should not be limited to a schooling environment. Strive to take leanings from any environment you find yourself. Nothing you learn is wasted.
On discipline, Dr. Sogunle stated that discipline means self-control, which is a sign of inner strength and control of yourself, your actions and reactions. It gives you the power to stick to your decisions and follow them through, without changing your mind. If you must do things out of habit, make sure that the habit is one that you have built deliberately, is progressive and not destructive.
You should also identify good role models and learn from them. A good mentor will help you achieve your goals faster because you will learn from their previous mistakes.
Speaking on volunteering, he advised the students to sign up and take every good opportunity to volunteer- even for free. Volunteering / apprenticeship is a smart way to gain experience and learn life lessons. It opens you up to the realities of life and gives you an opportunity to build your network. Volunteering for a good cause boosts your resume and gives you confidence in what you would have achieved.
Conclusively, he told the students: Never Stop Moving Forward: Always seek to improve yourself. Life is a marathon not a sprint, you cannot afford to rest on your oars at any position you find yourself. You should keep moving, remain at whatever you are doing and keep in mind that continuous improvement is a sure way to being successful in life.
In a similar vein, the Country Head Human Capital, Stanbic IBTC Holdings PLC, Funke Amobi stated that the essence of organizing the programme is to up skill students in secondary schools on financial literacy as regards information regarding the financial service institutions such as banking, pensions, insurance etc. We are doing this by quiz and competition, which is the way to test knowledge. This is the maiden edition and it will be an annual event.
A total number of 23 schools participated in the competition and two schools, Heritage Global Academy, Lagos and Canterbury International High School, Lagos emerged joint first place winners. Educational Trust Account prizes worth one hundred thousand naira were given to each of the students who emerged first and second place winners while the third place winner were given Education Trust prize worth fifty thousand naira.
Fresh facts have emerged concerning the alleged infractions and false disclosures by Oando Plc which prompted the Securities and Exchange Commission (SEC) to mandate the oil firm’s Group Chief Executive Officer, Wale Tinubu, his deputy, Omamofe Boyo, and other board members to resign.
SEC had barred Tinubu and Boyo from being directors of public companies for a period of five years.
SEC recalled that following the receipts of two petitions from Dahiru Mangal and Ansbury Incorporated, the Commission in 2017 conducted an investigation into the activities of Oando Plc and observed certain infractions of securities laws by some members of the board of Oando Plc.
SEC noted that its findings were communicated to Tinubu through a letter dated July 10, 2017.
In the letter, the commission also noted that it engaged Deloitte and Touche to conduct a forensic audit of the activities of Oando Plc, through which findings were made.
SEC disclosed the infractions in a six-page letter dated May 31, 2019, which was addressed to the Chairman, Oando Plc, obtained by Sahara Reporters. The letter was signed by Mary Uduk, the acting Director-General of SEC.
According to the letter, the findings from the investigations revealed nine major infractions such as alleged corporate governance lapses, failure of internal controls and incidental issues arising from the sale of a subsidiary.
Others are suspected market abuse and insider dealings, related party transactions, payment of interim dividends despite liquidity constraints, false disclosure, non-disclosure of beneficial ownership and tax-related issues.
The letter partly read, “There were several corporate governance lapses stemming from poor Board oversight.
These include irregular approval of director’s remuneration, director’s participation in matters in which they had declared an interest, unjustified disbursements to directors and management of the company, failure of the audit committee to hold meetings with management, internal auditors and external auditors.
“Oando Plc failed to establish an effective system of internal controls as required under Section 61 of the ISA 2007, over its financial reporting thereby compromising the integrity of the company’s financial controls and reporting as revealed by the misstatements in the financial statement, a high number of related party transactions and unjustified disbursement to directors.
“In 2013, Oando Plc reported the sale of its subsidiary, Oando Exploration and Production Limited (OEPL), to Green Park Management Limited without obtaining the approval of the commission, (in violation of the provisions of the Investment and Securities Act (ISA) 2007) and the consent of the Minister of Petroleum (As required under the Petroleum Act,1969).
“In 2012, 2013 and 2014 and 2015, certain insiders of Oando PLC sold shares of the company during “close period” despite having knowledge of active closed periods by the company and contrary to the Rules of the NSE. The insiders include Ocean an Oil Investment Limited (OOIL – represented by Jubril Adewale Tinubu and Godwin Omamofe Boyo), Ocean and Oil Development partners (OODP – represented by Jubril Adewale Tinubu, Godwin Omamofe Boyo, Francesco Cuzzocera), and ECP African Fund II PC (a Company in which Nana Appiah-Korang wards Director).
The letter also detailed how the OODP, the major shareholder in Oando PLC represented by Jubril Adewale Tinubu, Godwin Omamofe Boyo and Francesco Cuzzocera authorized the sale of 1,210,000,000 units of OODP shares in Oando Plc valued at N21,455,909,256.
The trades purportedly took place between January and October 2015, preceding the release of the 2014 audited financial statements on October 23, 2015, in which Oando Plc declared an unprecedented loss of N183 billion.
SEC further noted that during this period, these representatives of OODP were insiders of Oando Plc and had access to material non-public information regarding the poor financial status of the company commencing December 2014, in violation of the provisions of the ISA 2007 regarding insider dealing.
This violation is being referred to the appropriate law enforcement agency, SEC says.
Oando PLC was also allegedly involved in several related party transactions linked to key Board members, particularly Jubril Adewale Tinubu and Godwin Omamofe.
According to SEC, some of the related party transactions were not disclosed in the 2012 and 2014 financial statements, adding that an impression was created in the 2013 and the 2015 financial statements that these disclosures had been accurately reported.
SEC also says Oando Plc failed to fully comply with the SEC Code of Corporate Governance for public companies.
Other infractions highlighted in the letter were that Alhaji Dahiru Baraú Mangal failed to disclose his substantial ownership in Oando Plc as required by CAMA.
Similarly, Oando allegedly Plc failed to notify the Nigeria Stock Exchange (NSE) of his shareholding of 5% and above as required by the rules of the NSE.
“This is being referred to the Corporate Affairs Commission (CAC) and the Nigerian Stock Exchange (NSE),” SEC notes in the letter.
There were also some tax-related issues mentioned in the letter. According to SEC, Oando Plc deducted an amount representing 24% of the dividend paid to shareholders in 2014 as withholding tax.
This exceeded the statutory requirement of 10% as required by the Compliance Income Tax Act (CITA).
Oando PLC also allegedly failed to comply with several tax laws such as Companies Income Tax Act, Value Added Tax Act etc.
Tinubu and Boyo have refuted SEC’s allegations.
In view of the above violations, SEC has since directed Oando Plc to pay the total sum of N417,692, 316 as fine.
Here is the breakdown below as contained in the letter obtained by Sahara Reporters.
“SEC has since directed Oando Plc to pay the total sum of N8,450,000 to the Commission (SEC) for publishing untrue statement in its 2012 Financial Statements, in violation of Rule 3 (4) of the SEC Rules and Regulations, made pursuant to the ISA 2007.
“ N7,850,000 to the Commission for publishing untrue statements in its 2013 Financial Statements, in violation of 3 (4) of the SEC Rules and Regulations, made pursuant to the ISA 2007.
“ N42,750,000 to the Commission, for non-disclosure of related party transactions in its 2012 Financial Statements, in violation of Rule 39 (1&7) of the SEC Rules and Regulations, 2013, made pursuant to the ISA 2007
“ N30,625,000 to the Commission, for non-disclosure of related party transactions and its 2014 Financial Statements, in violation of Rule 39 (1&7) of the SEC Rules and Regulations 2013, made pursuant to ISA 2007.”
SEC also ordered the directors of Oando Plc to immediately refund to Oando Plc, the total sum of N145,767,316, being remuneration and other benefits paid to them above the provisions of the Board Charter.
The letter further added, “In view of the gravity of the corporate governance lapse and internal control failures observed in the company, every person who sat on the Board of the company when the failures occurred to wit:
Oba Micheal Adetoun Gbadebo CFR
Mr Mobolaji Osunsanya
Mr Olufemi Adeyemo
Mr Oghogho Akpata
Chief. Sena Anthony
Mrs Ammuna Lawan Alli OON
“For certification of untrue statements of materials facts in the 2013, 2014 and 2015 financial statements of Oando Plc in violation of Section 60 (2 (b) (ii) of the ISA 2007, Mr. Jubril Adewale Tinubu (Group Chief Executive Officer) and Mr Olufemi Adeyemo (Chief Financial Officer) are ordered to the sum of N91,125,000 (each) to the commission.” (SaharaReporters)