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Why They Want Wale Tinubu Out —-Report

Gbemileke Ajayi

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Many,  especially members of the business community, were shocked last Friday when the Security and Exchange Commission, SEC, ordered the Group Chief Executive Officer, Oando Plc, Wale Tinubu, and his Deputy,  Omamofe Boyo, to immediately resign from the leading oil firm over alleged infractions and breach of stipulated rules of SEC.

The order, which was relayed via a syndicated press release, also announced an interim management Board, which will convene a special general meeting of shareholders, where new management board would be selected and inaugurated.

However, the severity of the penalties and the timing of the release have roused public curiosity as to the motive and the basis for the penalties. 

Speaking during a press conference held at the Company’s head office, the Chief Operating Officer, Oando Energy Resources, Dr. Ainojie ‘Alex’ Irune, said: “We were not given a chance to review and respond to the outcome of the report. You do not sentence a person to death without giving him or her a chance to defend him or herself.”

In this instance, we have been sentenced to death without knowing what our crime is or being given a chance to defend ourselves. 

“At the barest minimum, best practice requires that you give the person a chance of a fair hearing. We have not been accorded this opportunity.”Irune further explained that when the company made the decision to drop its court case challenging the SEC’s decision to carry out a forensic audit, it was assured that it could trust the system for an independent investigation that would be fair and follow due process. 

He explained further that the Management agreed to the forensic audit, having been assured that it would be done in the spirit of transparency, cooperation and full disclosure.

Since the development,  which many have described as “draconian”, echoes of Oando’s sentiments seem to be resounding across the country,  with everyone wanting to know what the Oando management had done to warrant such stringent penalties. Amidst the increasing wave of criticisms of the SEC order, renowned banker, Atedo Peterside, Founder,  Stanbic IBTC, wondered why the SEC would not share the findings of the forensic audit with Oando, thereby giving the management an opportunity to defend itself.

Atedo, who expressed his sentiment through social media,  went further to challenge the SEC to share the forensic audit findings and Oando’s response with the general public for all to judge.

According to a source, the forensic audit report was ready and submitted by Deloitte and Touche as far back as December 2018, adding that “The reason SEC decided to sit on the report for six months without engaging Oando where necessary remains a mystery yet to be unraveled. “It also brings to mind the famous quote that “power corrupts, but absolute power corrupts absolutely”.

Is this a case of abuse of power or has someone been put under duress to release the report without any regard for due process? What are the details of the infractions as opposed to a summary and what are the associated penalties for each infraction according to the SEC rule book?”The oil giant also wrote a five-page letter dated June 1, 2019, and addressed to the acting Director-General, SEC, Mary Uduk, demanding the withdrawal by SEC of the penalties listed in the letter within three days.

Also, in the letter, the Company insisted that the findings were largely unfounded and remained unsubstantiated in the absence of any representation before the regulator arrived at its sanctions.

Oando also demanded that it should be given the findings of the forensic audit as well as an opportunity to defend itself.

Another source disclosed that SEC officials are playing out a script, after allegedly receiving a bribe from Volpi owned by Gabriele Volpi, an Italian-born Nigerian businessman, who is also a business partner and close ally of the Peoples Democratic Party’s presidential candidate in the last general election,  Atiku Abubakar.” It is well known to many that SEC sinks with corruption that was the reason it former DG was accused of fraud by the ICPC. ”  

A source added. It was gathered that it is an agenda to wrestle the company from Tinubu, in order for them to use the Oando resources for Abubakar’s court proceedings since the Nigerian Ports Authority (NPA) terminated its boat pilotage monitoring and supervision agreement with one of its cash cow,  Intel, for failure to pay $145 million in revenues to the  Federal Government’s Treasury Single Account ( TSA). Shortly after the purported order by the SEC , Volpi, the Chairman and main shareholder of Intels Nigeria Limited, who has been having a running battle with Tinubu and Boyo over the control of the oil and gas company, commenced a desperate move for the soul of the company that Tinubu sweat to build from the scratch.

It was disclosed that Volpi has begun consultations since last weekend and is desperate to join Dahiru Mangal to join him, despite Mangal making peace with Tinubu and Boyo and appointing three directors into Oando Plc.  But they would have no quorum to convene the board and take decisions.

However, on Monday, June 3, Tinubu floored SEC at the  Federal High Court in Lagos. In a ruling, Justice Mojisola Olatoregun restrained the SEC from removing  Tinubu and Boyo as Oando Plc’s Group Chief Executive  Officer and Deputy Group Chief Executive  Officer, respectively.

Justice Olatoregun granted the interim injunction, following an application filed by both Tinubu and Boyo.

The Oando chiefs had applied for enforcement of their fundamental rights.

The court also restrained SEC, its servants or agents from taking any step concerning the Commission’s letter dated May 31 in which it barred Tinubu and Boyo from being directors of a public company for five years.

Justice Olatoregun also restrained the Commission from imposing a fine of N91.13 million on Tinubu.

The Judge also ordered SEC to restrain from all actions on the said letter pending hearing and determination of the applicants’ motion for an interlocutory injunction.

Justice Olatoregun restrained Mutiu Sunmonu from acting as the Head of Oando’s interim management team pending the hearing and determination of the motion.

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Policemen In Alagbon FCID Assaulted Me, Collected N90,000 From Me As Bail —– Businesswoman

Gbemileke Ajayi

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An industrialist, Damilola Babalola, who sued two Police officers, Inspector Lateef Adekunle and Sergeant Shedrack Nwadike, has explained that she took the action to free herself from constant harassment.

The 33-year-old businesswoman had sued the officers at the Lagos State High Court in Ikeja for allegedly assaulting and extorting money from her.

Other respondents are the Lagos State Commissioner of Police, one Pastor Olukayode Johnson, and Mr. Sunday Enyiukwu.

According to PUNCH Metro, the Ogun State indigene had a business transaction with Enyiukwu that went south, which led to the latter reporting her at the Force Criminal Investigation Department, Annex, Alagbon, Lagos.

It was gathered that Enyiukwu sold a 150 KVA generator to Babalola for N3.2m, while the latter made an initial payment of N1.3m.

According to Babalola, the generator was delivered to her factory but it did not work, while all efforts to make Enyiukwu replace it or return her money proved abortive.

Our Correspondent gathered that Enyiukwu, instead, filed a petition against Babalola at the FCID, Alagbon.

Babalola, who noted that she went to the FCID to respond to the petition, said her ordeal in the hands of the officers was unsavoury.

She said, “In November 2018, I got an invitation from the FCID, Alagbon, to respond to a petition and I felt that I should go there to explain my own side of the story, but when I got there on November 7, 2018, I was shocked by what I saw.

“I was accused of stealing a generator and threatening the seller, and I asked them where all that came from and they said Enyiukwu said that I leased the generator for N50,000 per day and that the money I paid him expired within 26 days and I didn’t want to release his generator.

“They asked for my receipt and I told them that he did not give me one because whenever I asked him, he was always giving one excuse or the other, and the officers said that meant that the generator was leased out and I said if that was the case, he should provide the lease agreement; but instead, I was harassed; the Police recorded a video of me and locked me up.

“I was asked if I was going to pay the balance and when I realised that if I did not agree to pay the balance, they would not let me go, I had to agree to a payment plan and pledged that whatever I was able to come up with in December, I would bring it; but before I was released, N70,000 was collected from me as bail from the N200,000 they asked for.

“I was unable to raise any money in December and I called Inspector Adekunle to tell him that I was unable to come up with any money, but he harassed me and threatened that I was going to spend Christmas in detention if I didn’t transfer money to him, so I had to look for N20,000 and send to him.

“On January 22, 2019, I was able to come up with N200,000 and I took it to their office and when I got there, the money was counted in my and Enyiukwu’s presence and I was given a piece of paper to write down how I was going to pay the balance and my phone was collected from me and they said since I would be paying in tranches, they had decided that the generator should be collected from me.”

She stated that she took the policemen to her colleague’s factory on Acme Road, Ogba, Lagos, for her to serve as a witness.

She added, “I led them to Alausa because I felt that I would see someone that I could explain my predicament to, but when they realised that I was leading them to Alausa, they said we should turn back.

“Sergeant Nwadike, who was in my colleague’s car, opened the door and came down; but before I knew what was going on, he had started beating me and tried to drag me into the Police vehicle, but I kept shouting and the officers called for back-up from Alausa and I was taken back to Alagbon and they locked me up.

“The following day, my sister and mum came to bail me and the officers said they were not going to release me until payment was made again and my sister had to drop a cheque for N300,000 and post-dated it for the end of January, because her account was not funded at that time.”

When our Correspondent contacted Enyiukwu, he refused to comment on the matter, insisting that it was in court.

Babalola had filed a motion on notice numbered ID/8016MFHR/19 before Justice Yetunde Pinheiro that the officers made her pay for bail before she could regain her freedom.

She is praying the court to declare her arrest on November 8, 2018 and January 22, 2019, as illegal, unlawful and violation of her personal liberty as guaranteed and preserved by sections 33, 34 and 35 of the 1999 Constitution (as amended).

The matter has been adjourned till October 4.

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Ukrainian Lady Stabs Nigerian Doctor Lover To Death But Released From Detention Because ‘She Has Two Kids To Cater For’

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The lady in this picture above had stabbed her Nigerian medical doctor lover to death in Ukraine. But ironically and sadly, she had been released from detention because ‘she has two kids to cater for’.

It was gathered from Daily Focus’ report that the couple had an argument at the woman’s residence and it degenerated into the woman stabbing the doctor twice in the abdomen.

As if the stabbing was not enough, the lady’s father hit the Nigerian victim on the head with a hammer after realizing that he had not died from the stabbing incident.

According to the report, Dr Gbolade Ibukun Ejemai was in a relationship with Ukrainian mother of two, Victoria Popravko but they had a disagreement and the woman called for a discussion at her residence to settle the matter.

It was not the first time Ejemai was visiting Victoria at her residence hence nobody raised suspected anything sinister at the invitation.

Narrating how Gbolade was stabbed to death, Dr. Ajayi, a friend of the deceased, said: “Victoria Popravko invited Gbolade Ejemai over to her house on Friday, August 8, 2019, to talk things over in the morning.

“They’ve had some prior discussions which nobody really knew for sure as they were in a relationship. He went over to hers, it wasn’t his first time visiting her but turned out to be his last.

“They got into some arguments and one thing led to another, she stabbed him in his abdomen, twice, puncturing a couple of organs and landing him in a coma. He lost about 40% of his blood volume and that led him to a very critical condition.

“He was taken in for the first surgery on the same day and we waited almost 24 hours for him to get conscious. On Sunday, he opened his eyes and was able to recognize people.

“Then he told his side of the story about how Victoria’s father realized that he wasn’t dead after the stab wound and went ahead to hit him with a hammer on his head.

“We didn’t know about the hammer and its impact until Gbolade himself woke up and spoke up. We were hoping for a miracle and praying he got better until Monday when he developed a complication and had to be operated on the second time.

“He was taken in for the second surgery and it went well. He didn’t come conscious though. By Tuesday afternoon, he gave up the ghost.”

Victoria was arrested at the scene of the incident but has now been released on bail less than 24 hours later because “she had two kids to cater for” and they couldn’t keep her until the investigation was done and over with.

Lamenting the injustice, Dr. Ajayi said: “This is unfair judgement because she was caught at a murder scene.

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JUST IN: FIFA Bans Samson Siasia For Life Over Bribe, Manipulations; Gets $50,000 Fine

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World football governing body, FIFA has banned former Super Eagles coach, Samson Siasia, for life.

Siasia was banned from all football-related activities by FIFA after being found guilty over bribery and attempt to manipulate matches at the international level.

A statement from FIFA reads: “The adjudicatory chamber of the independent Ethics Committee has found Mr. Samson Siasia, a former official of the Nigeria Football Federation, guilty of having accepted that he would receive bribes in relation to the manipulation of matches in violation of the FIFA Code of Ethics.

“The formal ethics proceedings against Mr. Siasia were initiated on 11 February 2019 and stem from an extensive investigation into matches that Mr. Wilson Raj Perumal attempted to manipulate for betting purposes.

“This large-scale investigation was conducted by FIFA via its competent departments and in cooperation with the relevant stakeholders and authorities.

“In its decision, the adjudicatory chamber found that Mr. Siasia had breached art. 11 (Bribery) of the 2009 edition of the FIFA Code of Ethics and banned him for life from all football-related activities (administrative, sports or any other) at both national and international level.

“In addition, a fine in the amount of CHF 50,000 has been imposed on Mr. Siasia. The decision was notified to Mr. Siasia today, the date on which the ban comes into force.”

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