A Nigerian billionaire, Arthur Eze, has allegedly forcefully
evicted another son of his brother, Prince Onyeka Eze and his family from their
house using the police to carry out the operation after claiming ownership of
the property.
SaharaReporters gathered that Arthur stormed the property
located at No. 2 Victor Nwodo close GRA Enugu by Ubakwu street GRA ,Enugu State
alongside armed policemen and ordered Prince Onyeka and his family out without
allowing them to carry any of their properties while laying claim of ownership
to both house and everything inside.
Arthur claimed to be acting on the purported final forfeiture
order secured by the Economic and Financial Crimes Commission ( EFCC) from the
Federal High Court.
Meanwhile the execution was illegally carried out since
notice of appeal and motion for stay was served on the parties involved and the
matter is still pending at the Supreme Court.
But the Federal High Court Enugu through the Deputy Chief
Registrar, Ekperobe Femi in a letter dated 31st March 2023 addressed to
Onyeka’s lawyer, Gabriel Onovo, confirmed the Notice of Appeal and Motion for
Stay filed by the lawyer.
The letter which was a response to the request by Prince
Onyeka’s lawyer requesting for the confirmation of writs of execution in
respect of judgement in Suit No FHC/EN/CS/83/2021 Economic and Financial Crimes
Commission V Olisaebuka Okwuchukwu Eze & Anor and Suit No.
FHC/EN/CS/84/2021 Economic and Financial Crimes Commission V Onyeka Nnadozie
Eze & Anor the court.
The letter read in part “ In summary, the execution was
carried out by the Registry of the Federal High Court In company of men of the
Police Force Enugu Command on 29th March, 2023”
Recall that Arthur in November 2020 dragged his two nephews,
Olisaebuka Okwuchukwu Eze and Prince Onyeka Eze before a Federal Capital
Territory High Court and Federal High Court after he accused them of
fraudulently diverting his fund for private gratification.
It was gathered that Arthur personally invaded the premises
of Onyeka’s house with armed policemen who forced their way into the building
through the fence and threw out the occupants and their properties.
In a CCTV exclusively obtained by SaharaReporters Arthur was
seen when he got out of his car and ordered the policemen to enter the premises
via fence and ejected the family.
He also supervised the policemen when he ordered them to
collect rent from the tenants occupying some of the properties belonging to
Olisa and Onyeka in both Enugu and Abuja.
Arthur had in a letter he personally signed threatened the
tenants with police when he asked them to discontinue paying rent to Prince
Olisa and Prince Onyeka telling that he has taken the ownership of the
properties citing an order of final forfeiture made by the Federal High Court,
Enugu Division in Suit No. FHC/EN/CS/83/21 (EFCC V. OLISÄEBUKA OKWUCHUKWU EZE
& ANOR).
The letter read in part “ In view of the above therefore, the
status quo is that I am in physical possession of the properties by virtue of
the execution of the Order of final forfeiture of the Federal High Court; I am
therefore your Landlord and not Prince Olisa Eze.
“It is equally pertinent for you to know that Prince Olisa
Okwuchukwu and Prince Önyeka Nnadozie Eze are presently standing trial over a
criminal charge at the FCT High Court Abuja and Federal High Court preferred
against them which Arthur is using EFCC to prosecute.
“Recall that I had already held a meeting with all the
tenants in the property subject of this letter, in which I benevolently waived
off twenty percent off each tenant’s rent. It will therefore be in your best
interest to maintain that cordiality.
“In that regard therefore, I hereby give you notice to pay
your due rent by raising a draft in my name(Prince Arthur Ikpechukwu Eze) after
which you should promptly submit your proof of payment to the chambers of my
Solicitors (OLI & PARTNERS), at No. 3A Onoh Crescent, CRA, Enugu.
“Take further notice that your strict adherence to, and
compliance with the foregoing instructions will determine your continued
tenancy in the property”
A source under the condition of anonymity said, “Prince
Arthur Ikpechukwu Eze, What a shame that you want to start collecting rent from
your nephew, Prince Olisa Eze’s tenants. Does it mean that Arthur Eze can’t
sustain himself without rent?”
The billionaire had recently raised an alarm when he
petitioned Enugu State Police Command accusing his nephew,Prince Olisa of
planning with some people to kidnap and assassinate him with others.
The police who are also doing his bidding declared Prince
Olisa wanted and in the process arrested some persons over the allegation. The
case was charged to court but was later thrown out for lack of evidence while
those arrested were discharged.
A source who spoke to SaharaReporters said the billionaire
had continued to victimize and frustrate his nephews despite the olive branch
of forgiveness and reconciliation he extended to them during their later
grandfather’s memorial service held 24 December,2023 at St Mary’s Anglican
Church ,in Ukpo, Oranto village, Anambra.
SaharaReporters had on September 2, 2022, reported how Arthur
led some armed policemen and evicted Prince Olisa and his family from their
residence located at No. 5 Ifeanyi Ararume Street, Mabushi Abuja with the claim
of taking the possession of the property.
Meanwhile a letter from FCT High Court denied the illegality
and insisted that Prince Olisa Eze & family was never evicted by the court.
On 19 October 2023, the presidency announced
the appointment of Olasupo Olusi as the new managing director and
chief executive officer of the Bank of Industry (BOI).
In that announcement, presidential spokesperson Ajuri Ngelale
said Mr Olusi’s appointment followed the voluntary resignation of his
predecessor, Olukayode Pitan.
Mr Pitan’s sudden departure surprised many clients of his
bank and some players in the nation’s financial sector, especially given that
his second term of five years only began on 27 May 2022. But because Mr Pitan’s
exit happened at a time when President Bola Tinubu was busy ousting appointees
put in place by his predecessor, some people speculated at the time that Mr
Tinubu possibly requested the BOI CEO to voluntarily step down so he (President
Tinubu) could put his own man in that position.
There was no official disclosure or media report of any other
undercurrents that triggered Mr Pitan’s resignation.
But more than three months after that episode, PREMIUM TIMES
can now, for the first time, report the circumstances that led to Mr Pitan’s
departure from the nation’s oldest, largest and most successful development
financing institution.
Our findings indicate that the drama culminating in the
banker’s exit from the bank began suddenly and unfolded quickly.
The Economic and Financial Crimes Commission (EFCC) had, around the
period, received intelligence alleging mismanagement of public funds by the
leadership of BOI, then led by Mr Pitan. After days of discreet investigations,
EFCC operatives moved against Mr Pitan on 16 October 2023. That day, he was
arrested in Lagos and flown to Abuja, where he was interrogated and detained.
The banker remained in detention until 18 October, when the
anti-graft agency granted him administrative bail. The following day, 19
October, the presidency announced Mr Pitan was resigning and that he was being
replaced by Mr Olusi, a former World Bank economist and development finance
expert.
Neither the government nor Mr Pitan disclosed that some
transactions during the banker’s leadership at the 60-year-old real sector
lender were being scrutinised by the EFCC and that, on that account, he had
either offered to resign or compelled to do so. In the press statement
announcing his resignation and appointment of a replacement, Mr Pitan was not
accused of any wrongdoing.
More than three months after Mr Pitan was released on bail,
no charges have been brought against him, and the EFCC appears reluctant to
disclose details of the financial matters for which he is being investigated.
When contacted Tuesday, Dele Oyewale, the head of media and publicity at the
anti-corruption agency, promised to run a check and revert to this reporter on
the case status. He has yet to do so as of the time of filing this report. He
also has yet to respond to subsequent calls and text messages sent to him.
However, those familiar with the matter said that while in
detention, Mr Pitan was questioned over BOI’s handling of a $750 million loan
the bank got in 2018 from foreign banks to support small and medium-sized
businesses across the country.
The loan was arranged by the African Export-Import Bank
(Afreximbank) and sourced from a syndicate of 16 lenders, including Afreximbank
itself, the ECOWAS Bank for Investment and Development, British Arab Commercial
Bank Plc and four Nigerian banks based in the UK. The facility was granted at a
single-digit interest rate for five to seven years.
The loan was arranged to enable the BOI to bridge the funding
gap for MSMEs, estimated at N700 billion, Mr Pitan told journalists during
Afreximbank’s 25th Anniversary and annual general meeting in Abuja in 2018. He
also said the facility was meant for companies operating in the creative
industry, manufacturing and gender-based businesses to help reduce the
unemployment rate in the country and create wealth for small and medium-scale
entrepreneurs. The Central Bank of Nigeria (CBN) guaranteed the loan, which was
disbursed to beneficiaries through commercial banks.
]This publication learned that the EFCC is now scrutinising
the handling and disbursement of the loan following allegations of sharp
practices by some whistleblowers. The informants, our sources said, claimed that
rather than promptly disburse the fund to beneficiaries, some BOI officials
initially placed it in fixed deposit accounts and earned returns before passing
it to the CBN on maturity.
Our sources said about 130 private accounts linked to the
matter were being investigated. At the same time, Mr Pitan was also questioned
about the source of a certain N211 million traced to his Guaranty Trust Bank
(GTB) account.
When PREMIUM TIMES contacted Mr Pitan this week, the banker
declined to provide details of his encounter with the EFCC and the issues that
led to his arrest and detention. He, however, denied any wrongdoing in handling
the $750 million loan. “All foreign proceeds into BOI are transferred to CBN,”
he said. “The proceeds of the $750 million were paid into CBN in full. CBN has
repaid Afreximbank in full as the loan has expired.”
When asked to respond to concerns on the loan management
under his watch, Mr Pitan said, “I want you to know I will never engage in the
type of activities false information peddlers who don’t mean well for me and
the bank are feeding you.”
In response to a question about a particular N211 million in
his account, the top banker said he was “a senior member of staff and eligible
to various facilities including mortgage loan etc.”
BOI’s Head of Corporate Communications, Hadiza Olaosebikan,
declined to comment for this story when contacted by PREMIUM TIMES. “I’m sorry
I can’t answer any questions,” she said by telephone.
However, an official of the bank, who asked not to be named
because he is not a spokesperson for the organisation, told this reporter that
the $750 million loan was not mishandled in any way. “What happened was that
when Tinubu came, his people wanted to remove Pitan from office at all costs
and put their own man there,” he said. “So they came up with that allegation
and got the EFCC to harass Pitan out of office. The man was forced to resign
which is unfortunate.”
But Mr Pitan said he was not forced to step down. “Mr Pitan
resigned voluntarily from BOI,” he told this reporter. “His letter of
resignation was accepted. The official communication from FGN confirmed that.”
The man Pitan Olukayode
Mr Pitan was appointed managing director of BOI in May 2017 by former Vice
President Yemi Osinbajo, who acted as Nigeria’s president when then-President
Muhammadu Buhari vacationed in the UK. Mr Buhari reappointed him in March 2022
to serve a second tenure of five years.
Mr Pitan is an ordained pastor at the Redeemed Christian
Church of God (RCCG), in charge of Region 51 (Tabernacle of David) of the
church, headquartered in Ajah, Lagos.
During a banking career spanning over 30 years, he was an
executive director at Unity Bank and an executive director at FSB International
Bank Plc.
He was also chairperson of the Association of Nigerian
Development Finance Institutions and the director representing West Africa on
the Board of the Association of African Development Finance Institutions.
Personnel of Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission, EFCC, have besieged the BUA Group head office located at PC 32, Churchgate Street, Victoria Island, Lagos State.
EFCC
According to reports, the search by the anti-graft operatives in BUA office is still ongoing as of the time of filing this report.
BUA Group is owned by billionaire businessman, Abdul Samad Rabiu.
It had been reported that the EFCC is probing the foreign exchange allocations made to about 52 companies, including BUA Plc and Dangote Plc, during the tenure of the former Governor of the Central Bank of Nigeria, Godwin Emefiele
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It was gathered that the EFCC had written to the companies directing them to supply documents supporting the allocation and utilization of foreign currencies to them in the last 10 years.
The EFCC letter to the companies is part of ongoing investigation into alleged preferential Forex allocations to individuals and organisation.
Investigators had in the past months accused the CBN of favouring and enriching some individuals and companies through non-transparent allocation of foreign exchange to them.
Nigerian fintech businessman, Odogwu Mmobuosi, also known as Dozy Mmobuosi, has been charged with criminal offenses by the United States.
In an indictment made public on Tuesday, Mmobuosi, 45, the former co-chief executive officer of Tingo Group, was accused of conspiracy, securities fraud, and falsifying records with the US Securities and Exchange Commission (SEC).
According to the charge, Mmobuosi, was alleged to have falsely presented his Tingo mobile cellular business and Tingo foods agriculture business as profitable, generating hundreds of millions of dollars of revenue.
He was alleged to have sold both businesses to Tingo Group and Agri-Fintech Holdings, caused them to falsely portray the businesses as “cash-rich, revenue-generating companies,” and looted millions of dollars by misappropriating cash and selling stock at inflated prices.
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Prosecutors allege that the scheme occurred from 2019 to 2023.
According to Reuters, Mmobuosi is said to be at large.
Mmobuosi temporarily stepped down as Tingo Group’s co-CEO on December 20, two days after the SEC filed civil charges accusing him of orchestrating a “staggering” fraud.
Mmobuosi allegedly stole at least $16 million from Tingo Group, according to the SEC.
The commission claimed that Mmobuosi attempted to purchase Sheffield United football club when it was in the lower Championship league, while purchasing luxury automobiles and embarking on private plane trips with the money.
The SEC complaint alleges that Tingo Mobile claims to provide mobile phones and associated services to farmers in Nigeria, while Tingo Foods is supposed to be a food processor. The lawsuit is titled U.S. v. Mmobuosi, and it will be heard in the Southern District of New York under case number 23-cr-00601.
About N1.7 trillion spent on COVID-19 intervention management did not get to the right beneficiaries
The Special Investigator who is investigating the Central Bank of Nigeria (CBN), Jim Obazee, has uncovered 593 bank accounts in the United States, United Kingdom, and China. These accounts were used by the CBN under the leadership of Godwin Emefiele to keep Nigerian funds without proper authorization from the Board and Investment Committee of the bank.
No fewer than 16 former government and CBN officials were alleged to have engaged in fraudulent use of ‘Ways and Means’ which stood at N26.627 trillion.
The former CBN Governor and others are to face trial following the revelation of the scandalous monumental theft that rocked the apex bank in the last one year.
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Those implicated include former and serving top officials of the apex bank.
Also, a former influential aide of former President Muhammadu Buhari may be arraigned with Emefiele. In September 2022, the aide had allegedly told Emefiele to proceed with the naira redesign.
The printing of the new notes cost N61.5 bilion out of which N31.79 billion has been paid. There were indications that the aide also sold a “dummy” to the former president.
The investigator also discovered how billions of naira were allegedly stolen by Emefiele and other officials from the CBN’s accounts including a “fraudulent cash withdrawal of $6.23 million” – about N2.9 billion at the then official exchange rate of N461 to a dollar.
In the UK alone, the Special Investigator said his probe led him to 543.4 million Pounds kept by Emefiele in fixed deposit accounts. He also said Emefiele manipulated the Naira exchange rate and perpetrated fraud in the e-Naira project of the CBN.
Preliminary investigations into the activities of the CBN and related entities revealed many infractions, including the violation of the apex bank’s Act, alleged looting, diversion of funds and sidelining of the Board of Directors.
Other allegations were lack of presidential approval, extra budgetary spending, forgery, concealment, stealing, conspiracy and fraud.
Uncovering Unauthorised Investments
Some documents available to The Nation, based on the report by the Office of Special Investigator, gave insights into how the rot in the CBN was perpetrated.
The Special Investigator on CBN and Related Entities, Mr. Jim Obazee, was appointed in July, 2023.
He submitted an Interim Report on December 9, 2023.
Newsheadline247 understands that the final report was submitted to the President on the December 20. The investigations exposed what a source described as a “monumental scandal”
It was gathered that some documents contain some highlights of the first phase of the probe of accounts and operations of the CBN.
It was also discovered that Emefiele invested public money (billions of dollars) in 593 accounts in the United States, China and the United Kingdom without authorisation.
In the UK alone, Emefiele kept £543,482, 213 in fixed deposits without authorisation by the CBN Board and the Investment Committee.
Also, about N1.7 trillion spent on COVID 19 intervention management did not get to the right beneficiaries.
“Ways and Means”
A major breakthrough in the probe of the CBN was the manipulation of “Ways and Means” by Emefiele and his team.
Investigations showed that the former CBN governor and those who worked with him could not produce evidence of “Ways and Means,” which now stands at N26.627trillion.
It was found out that there were instances of arbitrariness where there was no presidential approval, but billions of Naira were taken out from the nation’s Consolidated Revenue Fund (CRF) account.
Some of the findings were as follows: “The CBN officers and even the then Acting CBN Governor could not produce the presidential approval of most of the expenses described as “Ways and Means”.
“When confronted to provide the breakdown of the supposed N22,719,703,774,306.90 that was presented to the 9th National Assembly to illegally securitise as “Ways and Means” financing, they were only able to partially explain a total of N9,063,286,720,318.92 or N9,258,040,720,318.92 (depending on which official you are considering his submission) and an unreasonable attribution of non-negotiated/unadvised interest element of N6,678,874,321,541.97. This shows the point where the officers of the immediate past administration as well the erstwhile CBN governor and others connived, defrauded and stole from the common wealth of the country with the aid of civil servants.
“The true position of the “Ways and Means” as documented from the reconciliation between the CBN and the Ministry of Finance at the time is N4, 449, 149, 411. 584.54. This may have been the main reason the past administration hurriedly sought that the advances of N22,719,703,774,306.90 be securitised by the 9th National Assembly on the 19th December 2022; which they also hurriedly did despite the fact that it contravenes Section 38 of the CBN Act, 2007.”
“The probe showed that the CBN Governor on the 19th December 2022 “ signed an advice to the former President Muhammadu Buhari to restructure “Ways and Means” of N23,719,703,774,306.90, despite presenting a different figure to the National Assembly on the same date.
“The fact that the balance of the “Ways and Means” was documented as N26.63 trillion as at June 8, 2023 by the erstwhile CBN Governor shows an unrepentant attitude of the management of the CBN because they continued to carry the “Temporary Advances to the Federal Government” as a running current account, despite the obvious contravention of Section 38 of the CBN Act, 2007, which they swore to uphold,” the document said.
The Fraud In Naira Redesign
“The printing cost was N61.5 billion, out of which N31.79 billion has been paid.”
Obazee, who worked with different teams of crack detectives, also uncovered the intrigues behind the naira redesign, which almost led to the collapse of the nation’s economy.
The outcome of the investigation confirmed that an ex-presidential aide gave the directive to Emefiele.
Section 19(1) of the CBN Act requires that “Naira notes and coins shall be of such forms and designs and bear such devises as shall be approved by the President on the recommendation of the Board of the CBN.”
It was unclear the circumstances under which the former presidential aide allegedly gave instructions to Emefiele.
A document said: “The Naira Redesign was not approved by the Board of CBN and President Muhammadu Buhari in accordance with the law. Buhari only tagged along. Sometimes in September 2022, the erstwhile Governor of the CBN claimed that during his visit to the Presidential Villa, one of the presidential aides told him to go and consider redesigning the Naira.
“On 6th of October, 2022, Emefiele wrote Buhari seeking approval to redesign and reconfigure N1,000, N500, N200 and N100 notes. Buhari approved the proposal same day. But Buhari approved the currency be printed in Nigeria.
“On that 6th October 2022, former President Muhammadu Buhari approved Emefiele’s request and directed that he should redesign and reconfigure the four denominations of the Naira notes as prayed, but should print them locally.
“Emefiele did not consult with the management of the CBN or seek any recommendation from the Board of the CBN as required by Section 19 of the CBN Act, 2007.
“Emefiele did not seek the recommendation of the Board of the CBN nor revert to former President Muhammadu Buhari to inform him nor seek his presidential approval for the new redesigns and the fact that he is now recommending only three denominations
“Emefiele took the redesigns, a mere change of colour to De La Rue in UK for a fee of £205,000. Only N1, 000, N500 and N200 were redesigned.
“As at August 9, 2023, N769 billion of the new notes were in circulation. The printing cost was N61.5 billion, out of which N31.79 billion has been paid.
In a separate document, the probe confirmed the investment of billions of dollars in 593 foreign accounts in the United States, China and the United Kingdom without approval from the board or the President.
“The former governor of the CBN invested Nigeria’s money without authorisation in 593 foreign accounts in the United States, China and the United Kingdom while he was in charge.
“All the accounts where the billions were lodged have all been traced by the investigator, In the UK alone, Emefiele kept £543,482, 213 in fixed deposits without authorization by the CBN board and the Investment Committee of the bank,” the document added
Tracing COVID-19 Intervention Funds
Another scandal which was unearthed was the inability to trace about N1.62 trillion COVID-19 intervention funds.
It was discovered that “the N1,622,119,412,095.16 was surreptitiously transferred to the following individuals and organizations: Police Trust Fund(N29,750,000,000.00); Companies and individuals (N22,680, 275, 135.45); borrowed for salaries (N720, 682,827,000.00); Donations to public (N40,000,000,000.00); Office of Accountant-General of the Federation (N196, 190,789,994.72); MDAs (N303,514, 294,725.21); and others (N293,986, 243,831.39).
Diversion of N17b by DMB
On the Nigeria Electricity Supply Industry (NESI), the former CBN Governor was accused of unlawful manipulation of the approval of the President.
Investigation indicated that 14 Deposit Money Banks (DMB) were involved in what is termed “criminal diversion of N17, 232,349, 193.55.
But the list of the 14 banks was still kept under wraps as at press time.
According to The Nation Newspaper, a source was quoted saying; “We have the list which includes some rated banks. But at the appropriate time, Nigerians will know them.”
Two of the banks are to refund over N3 billion each.
The least amount to be refunded is N8, 902, 081 by a reputable bank.
Also a web management firm is to refund N4.8 billion, being the sum said to have been illegally diverted from NESI Stabilisation Strategy Limited.
Explaining what Emefiele did, the synopsis of the investigation on NESI was as follows: “The Presidential Approval granted by the then President Goodluck Jonathan was rightly stated by him that NESI should be a Company Limited by Guarantee, but the Committee of Governors misled the Board of the Central Bank of Nigeria by inter-alia:
“Relying on a non-existent advice by the Office of the Attorney General and Minister of Justice, to incorporate a Company Limited by Shares for which the Allotted Share Capital exceeded the Authorized Share Capital (See 380% Meeting of the Committee of Governors held in January 2015); and
”Allotting unauthorised share capital without lawful approval by the President of the Federal Republic of Nigeria.
Investigation also spotted illegal Issuance of Debentures by NESI Stabilisation Strategy Limited.
“There was misrepresentation of Presidential Approval (NESI Stabilisation Strategy Limited). NESI, as approved by former President Goodluck Jonathan, was supposed to be an SPV limited by Guarantee, but Emefiele, relying on a non-existent advice, made it a company limited by shares.
“By law, an SPV cannot issue Debentures, as it is precluded from forming a Debenture Trust. Worse still, a virgin entity without any operational track record cannot issue Debentures as it has no trading or earnings history to justify the requirements of the Debenture issue.
“Despite these, the Committee of Governors of the Central Bank of Nigeria on the date of its Meeting of 21st January 2015, caused a violation of Section 31 of the CBN Act, 2007 by authorising the issuance of Debentures by NESI Stabilization Strategy Limited to which the initial sum of N64,861,954,000.00 (Sixty Four Billion, Eight Hundred and Sixty One Million, Nine Hundred and Fifty Four Thousand Only), was diverted from Public Funds under the guise of Debenture issuance. This practice has grown to N952,414,745,000 (Nine Hundred and Fifty Two Billion, Four Hundred and Fourteen Million, Seven Hundred and Forty Five Thousand Naira Only) by the Financial Year end 2021”, the document added.
“N1.325billion was stolen pre-incorporation and the money was funneled to four companies, including a legal firm which got N300 million.”
The note on the allegations against some banks read: “A total of 14 DMBs engaged in the manipulation by unlawfully arranging and collecting 1.9535 percent of the total disbursements paid to the DMBs participating in the Nigerian Electricity Market Stabilisation facility.
“The fees are paid to the banks in the ratio of their contributions to the NEMSF disbursement, according to External Auditor’s Notes to the Financial] Statement of NESI Stabilisation Strategy Limited.”
Also, a firm linked with some CBN officials was paid N4, 897,789,000 allegedly “illegally diverted from NESI Stabilisation Strategy Limited.”
