Connect with us

News

ICPC arraigns Federal Mortgage Bank ex-CEO ‘for diverting $65m housing fund’

Published

on

The Independent Corrupt Practices and other related offences Commission (ICPC) has arraigned Gimba Ya’u, former chief executive officer, of the Federal Mortgage Bank of Nigeria (FMBN), for allegedly diverting $65 million housing fund.

The money was for the construction of 962 units of residential houses at the Goodluck Jonathan Legacy City in Kubwa, a satellite town in Abuja.

Ya’u was arraigned alongside Bola Ogunsola, ex-FMBN director, and Tarry Rufus, managing director of T-Brend Fortunes Nigeria Limited, before Justice James Omotosho of the federal high court in Abuja, on Tuesday.

The ICPC, in a five-count charge marked FHC/ABJ/CR/333/24, accused the trio of contravening the public enterprises regulatory commission act and the money laundering (prevention and prohibition) act, 2022.

Advertisement

The ICPC accused Ya’u of authorising the payment of N3.78 billion to Good Earth Power Nigeria Limited, a contractor “lacking execution capacity”.

It added that the project remains incomplete “as of today thereby amounting to economic adversity for the bank and in violation of Section 68(1) of the public enterprise regulatory commission act, CAP P39, laws of the federation, 2004”.

The commission alleged that the project’s decade-long incompletion has incurred substantial financial losses for the bank.

The ICPC also accused the defendants of securing a N14 billion loan from Ecobank Nigeria PLC in 2012 for the project and mismanaging the funds.

Advertisement

One of the charges also detailed how the defendants allegedly converted N991 million into $3.55 million and “handed it in cash to Jason Rosamond, a foreign associate,” who is reportedly at large.

The defendants, however, pleaded not guilty when the charges were read to them.

Following their plea, Omotosho granted them bail on liberal terms and adjourned the trial to February 6, 2025.

Advertisement
Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Just in: Military Detains Investigative Journalist, Fisayo Soyombo

Published

on

Nigerian investigative journalist, Fisayo Soyombo, has been reportedly arrested and detained by the 6 Division of the Nigerian Army in Port Harcourt, Rivers State.

The arrest, which took place three days ago, was confirmed by the Foundation For Investigative Journalism (FIJ) on its official page on Friday morning.

It was gathered that Soyombo’s detention may be linked to his work exposing corruption and smugglers aided by Nigerian Customs Services.

The FIJ has called for his immediate release and raised the alarm over the increasing threats to press freedom in the country.

Advertisement

Soyombo, known for his investigative reporting on high-profile issues such as corruption, abuse of power, and human rights violations, has previously faced various threats and harassment.

“The 6 Division of the Nigerian Army in Port Harcourt has been detaining our founder ‘Fisayo Soyombo 3 days running. Journalism is not a crime,” FIJ said.

Earlier in November, the media had reported that Soyombo released more videos to establish his smuggling allegations involving Nigerian Customs Service (NCS) officers.

Fisayo, in a statement issued on his verified social media handles, had alleged that Nigerian customs officers had conspired with Adeyemi Habeeb Abdulganiy, an alleged multi-billionaire-naira smuggler better known as Abuga, to illegally pass about 2000 cars and smuggle in bags of rice into the country.

Advertisement

He had said the illegal operation was slated to take place on Sunday, 10th of November, 2024.

The journalist wrote: “All is set. Your men, working with Adeyemi Habeeb Abdulganiy, the multi-billionaire-smuggler better known as Abuga, are primed to pass more than 2,000 cars containing at least 65 bags of rice each from Bebe in the Benin Republic into Sango, Nigeria.

“Some of these cars will enter Sango from the toll gate by driving against traffic, consequently endangering lives, while some will gain entry into Sango through Ifo; others will use the Oju-Ore-Ota route.

“Road users in Sango can expect traffic congestion early tomorrow morning unless this post prompts an about-face from the actors. I understand as well that soldiers from the 192 battalion at Owode will be patrolling during the journey to prevent any resistance.

Advertisement

“So, @CustomsNG, just so you know, the people are watching; they will be hysterically laughing at you when you announce “seizure of one million bags of rice and 25 cartons of guns” later this week.”

However, the Nigerian Customs Service (NCS) National Public Relations Officer, Abdullahi Aliyu Maiwada, said that Fisayo’s claims were fictitious.

He had said it was illogical for anyone to believe their personnel were involved in the illegal operation.

In his another post, Fisayo had released two more videos to substantiate his smuggling allegations against the customs officers.

Advertisement

He said: “Since Maiwada considers my revelations ‘tales by moonlight’, I am supplying two more video evidence of smuggling-ready rice cars merely awaiting final clearance from rogue Customs officers.”

“If, after this, Maiwada still considers my revelations fictitious, I’m happy to share more videos with you. I’m just trying to be useful to you, so you can in turn be useful to Nigerians rather than your pockets,” the journalist added.

Continue Reading

News

NYSC Updates Redeployment Rules for Married Female Corps Members

Published

on

The National Youth Service Corps (NYSC) has announced a significant update to its redeployment policy for married female corps members. Going forward, changing one’s maiden name to the spouse’s name will no longer be a requirement for concessional deployment or relocation.

This was disclosed in a circular signed by the NYSC Director of Corps Mobilization, Abubakar Mohammed. The document, dated November 25, 2024, was addressed to state coordinators, Federal Capital Territory (FCT) coordinators, and other relevant officials.

Details of the New Policy
The circular, titled “Review of Criteria for Concessional Deployment/Relocation for Married Female Corps Members”, outlined the approved revisions to redeployment criteria.

Key directive:

Advertisement

Married female corps members seeking relocation will no longer need to adopt their spouse’s surname to qualify for redeployment.
The memo further emphasized that all other existing requirements for redeployment remain unchanged and must be adhered to.

Ensuring Compliance and Monitoring
The NYSC has mandated state and FCT coordinators to strictly comply with this updated directive. Directors in area offices have also been tasked with monitoring the policy’s implementation to ensure consistency nationwide.

Continue Reading

News

Protests alone won’t bring about tangible results — Osinbajo

Published

on

Ex- Vice President Yemi Osinbajo has urged that political action for social change in developing countries should extend beyond protests to achieve tangible results.

Osinbajo made the statement on Thursday, November 28, during the Technology, New Media, Citizens, and Governance Conference in Gbagada, Lagos.

Osinbajo highlighted the role of young Africans in leveraging social media for protests in Nigeria, Kenya, and Zambia, while emphasizing the need for strategic follow-up to protests.

Osinbajo noted the empowering nature of social media but called for self-regulation to ensure its positive impact in society.

Advertisement

“Social media is really empowering for all and it is non-discriminatory — the weak, the strong, the treacherous, the mischievous, and haters of every kind — have cover to speak their minds, speak truth to power, and insult,” he said.

“I think it is a critical medium, but we must find ways of self-regulation. In developing countries with fragile economies and widespread poverty, we don’t have the luxury of political action for its own sake.”

Osinbajo underscored the importance of aligning political actions with measurable outcomes, especially in societies where livelihoods are tied to daily earnings.

“There is a sense of power and excitement that comes with protest. Political action must go beyond protests and the euphoria that it brings. It must lead to some measurable and tangible results, otherwise it becomes counter-productive.

Advertisement

“In poor societies, every day of protest is valuable. It means that millions of informal workers and traders make a huge sacrifice because they earn on a daily basis. Political action must lead somewhere. It must move a step closer to resolving the issue that cripples our society.”

Osinbajo further argued that meaningful and structural societal change requires participation in partisan politics. He warned against the prevailing reluctance among elites and civil society to engage in politics, stressing that reforms on a large scale are only achievable through political power.

“In a democratic society where the objective of political action is to make substantial and structural change, this may only be possible within the context of partisan politics,” he said.

“Yes, we can be effective as pressure groups, and some level of change is possible by advocacy action. But the truth is that for the depth of change that is required in developing countries, political power is required.

Advertisement

“The puritan stance of the elite, which of course includes those in the civil societies, is that we should not get our hands dirty in politics. This will not achieve change at a scale in any important area of concern.”

Citing his personal experience, Osinbajo said he was able to implement far-reaching reforms in Lagos’s justice system after his appointment as attorney-general in 1999, a feat he struggled to achieve as a university lecturer.

“If we take the position of don’t get your hands dirty or don’t get into politics, we can’t achieve change at the scale that is required, especially in our society,” he concluded.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News