Connect with us


BIG STORY

New NPA Boss, Mohammed Bello-Koko Entangled In Secret Offshore Deals

Published

on

Mohammed Bello-Koko has been appointed as the substantive managing director of the Nigerian Ports Authority (NPA).

A substantive appointment means an appointment made in a permanent capacity on a vacant position or a position that another person holds a suspended lien.

Bello-Koko has been the acting managing director of the NPA since the suspension of Hadiza Bala Usman in May 2021 over the allegation of failure to remit the N165 billion operating surplus to the coffers of the federal government.

The ministry of transportation announced his appointment on Tuesday even as the administrative panel cleared Bala Usman of the fraud allegation, which was the reason for her suspension.

In 2021, Bello-Koko was named in the Pandora Papers, a trove of 11.9 million leaked confidential records obtained by the International Consortium of Investigative Journalists, as anonymously owning properties through offshore companies.

The Pandora Papers project was led by the International Consortium of Investigative Journalists (ICIJ), which Premium Times is a part of.

The Pandora Papers contain leaked files reportedly gotten from offshore service firms globally.

According to the expose by Pandora Papers, Bello-Koko, with his wife, Agatha Anne Koko, enlisted the services of financial secrecy seller, Cook Worldwide and Alemán, Cordero, Galindo & Lee (Alcogal), an offshore law firm, to secretly register Coulwood Limited (reg. number: 1487897) and Marney Limited (reg. number: 1487944) in the British Virgin Islands (BVI), one of the world’s most commonly used tax havens, in 2008. Both companies were registered the same day, June 19, 2008.

The regulators in the BVI also had his companies under watch for suspected money laundering — a problem Alcogal reportedly helped him tackle with some misinformation provided to the regulators.

Using the two companies, Coulwood Limited and Marney Limited, tucked away offshore, Bello-Koko then anonymously acquired five London properties.

As a public servant, Bello-Koko had violated Nigeria’s Code of Conduct laws by failing to declare his assets abroad, particularly the five London properties.

During the period he acquired the shell companies and the first four UK properties, he was still in the private sector and therefore did not violate Nigerian law.

But one of the properties was said to have been acquired in May 2017 after he took up an appointment at the NPA. He was appointed executive director for finance and administration in 2016 and later acting MD in 2021.

The other four properties were acquired between 2009 and 2012, making Bello-Koko potentially exploit UK tax loopholes that allowed the owning of UK properties using so-called envelope structure, that is, anonymously owning properties through offshore companies.

Analysis of the investments showed that between 2008 and 2012, four years before Mr Bello-Koko joined the NPA, he had spent on four London properties a sum of £995,000, an equivalent of N293 million at 2015 exchange rate of N294 to a pound.

Responding to the allegation in an interview with ThisDay, Bello-Koko said the properties were “purchased from income from my private business and mortgage loans from a bank in the UK, long before I was appointed to NPA”.

“Those companies are not trading companies. They are Special Purpose Vehicles (SPVs) for the sole purpose of holding an investment, and they were created between 2006 and 2007.

“The property being claimed I purchased in 2017 was actually purchased off-plan in 2013, and completion was supposed to be in early 2016, but it was shifted to 2017, and by then, I was already working at NPA.”

BIG STORY

IGP Didn’t Ask Nigerians To Beat Up Officers During Stop-And-Search — Police

Published

on

The Nigeria Police Force (NPF) has clarified that Kayode Egbetokun, the inspector-general of police, did not instruct Nigerians to pummel officers during stop-and-search operations.

In a statement on Monday, Muyiwa Adejobi, the force spokesperson, emphasized that Egbetokun has never endorsed violence against law enforcement agents.

Adejobi added that the blog post suggesting otherwise was entirely fabricated.

“The Nigeria Police Force wishes to address a viral fake news story that has emerged, claiming that Inspector-General of Police, IGP Kayode Adeolu Egbetokun, has instructed citizens to physically assault and throw stones at police officers who request to search their phones,” the statement reads.

“This claim is entirely false and has no basis in reality. The IGP has not issued any such directive encouraging violence against law enforcement officers.”

“Instead, he has called on citizens to report instances of police misconduct through appropriate channels.”

“This approach underscores the importance of accountability and maintaining the rule of law, rather than resorting to violent actions.”

“Members of the public are urged to make use of the following Police helplines & contacts to lay complaints whenever necessary: +2347056792065, +2349133333785, +2349133333786, @PoliceNG on X, @ngpolice on Facebook, and @nigeriapoliceforce on Instagram.”

“Citizens can also contact us by mail through; [email protected] and reach us through the police website at npf.gov.ng.”

Recently, Egbetokun instructed police officers to stop arbitrary arrests and cease searching the smartphones of Nigerians.

Continue Reading

BIG STORY

Federal Government Declares Public Holiday For Christmas, New Year Celebrations

Published

on

The federal government has declared December 25-26, and January 1, 2025, as public holidays.

The public holidays are to commemorate the “Christmas,” “Boxing Day,” and “New Year’s Day” celebrations, respectively.

Olubunmi Tunji-Ojo, the minister of interior, announced the dates in a statement signed by Magdalene Ajani, the ministry’s permanent secretary.

He extended his greetings to Nigerians for the holidays and encouraged them to use the festive period to reflect on the values of “love,” “peace,” and “unity” that the season signifies.

He further emphasized that the yuletide is a time to foster harmony and strengthen bonds across families and communities.

“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” the statement reads.

The minister also urged Nigerians to remain committed to the peace, unity, and progress of the nation.

He assured citizens of the federal government’s commitment to peace, security, and prosperity across the nation.

Tunji-Ojo added that the “Renewed Hope Agenda” of the President Bola Tinubu administration will usher in a prosperous economy that will be the envy of the world.

Continue Reading

BIG STORY

Tinubu’s 50% Transport Reduction Scheme May Begin Tuesday

Published

on

The proposed 50 percent interstate transport fare price slash by the Federal Government, initially planned to commence on December 20, 2024, may now begin on December 24.

The slash is aimed at alleviating high transport costs during the Yuletide season.

Recall that the Federal Government, through the Ministry of Transportation, announced last Thursday that it had reached an agreement with stakeholders in the road transport sector to support Nigerians who will be travelling during the holiday season.

The government stated that it would cover 50 percent of the transport fare for travelers, alongside the commencement of free rail transportation for citizens on December 20, 2024.

This initiative, according to the Director of Press and Public Relations, Federal Ministry of Transportation, Olujimi Oyetomi, was part of President Bola Tinubu’s broader effort to provide transportation palliatives for Nigerians celebrating Christmas and New Year.

Oyetomi said that the agreement was signed between the Federal Government and key transport stakeholders, including the National Union of Road Transport Workers, the Road Transport Employers Association of Nigeria, and the Association of Luxurious Bus Owners of Nigeria, among others.

The ministry’s spokesperson explained that under the arrangement, passengers traveling from Abuja and Lagos (Oshodi) to various destinations across the country would pay only half of the usual fare.

A senior official in the transportation ministry, speaking on condition of anonymity, stated that while the rail initiative was set to transport 340,000 Nigerians during and after the Yuletide, details about the road transport component remained unclear.

“The minister will most likely unveil the scheme tomorrow (Monday) at the Eagles Square, and detailed information will be provided accordingly.

“We were supposed to commence on the (December) 20th, but due to some imperfections, it has been delayed. By God’s grace, it should start on Tuesday. However, the MoU and other agreements have been adequately signed.”

When contacted, the Chief Executive Officer of God is Good Motors, Enahoro Ekhae, confirmed signing the MoU but noted that the scheme had not yet started.

“Yes, we indeed signed an MoU, but we are yet to begin the implementation,” he said.

When asked about the delay, he responded, “It is the government that can explain that. We, as GIGM, will begin once we reach an agreement with the government to start.”

Meanwhile, it was learned from the Federal Ministry of Finance on Sunday that the initiative was delayed due to funding challenges.

The programme, which was expected to begin on December 20, has been stalled as transport unions await payments promised under the scheme.

Sources at the finance ministry told one of our correspondents that efforts to secure funding were ongoing, with stakeholders hopeful for a resolution in the coming days.

The initiative, which aims to provide subsidized transportation through partnerships with transport unions, was supposed to start at Eagle Square in Abuja but failed to take off.

“We have signed the MoU, but the minister believes that the transport unions should receive their payments before starting, so that we can maintain accurate records,” a source at the finance ministry explained.

“The transportation minister has been working with the finance ministry to secure the funds, including those for the rail component.”

While the rail part of the initiative continues because it is managed solely by the Federal Government, road transport remains stalled due to the lack of government-owned buses.

“The route involves transportation unions. The Federal Government does not have buses to operate the system. We want the transport unions to take ownership and run the program. They are expected to account for the money given to them, as we have monitoring mechanisms in place,” the source clarified.

Despite ongoing efforts to secure funds, the process has been slow. “He (the minister) has been going to finance. He couldn’t secure the funds. That’s why we couldn’t start.”

The plan includes a payment of 50 percent of the agreed average fare to transport unions for each route, covering road trips from Abuja to state capitals and from Oshodi in Lagos to other destinations.

“The government is supposed to pay the transport unions 50 percent of the average fare we’ve already agreed upon for each route,” the source added.

However, no funds have been disbursed yet, leaving transport unions unable to mobilize. “All transport unions with whom we signed the MoU will have to bring their vehicles to Eagle Square. But no one has received any money yet. Therefore, everyone has been asked to remain on hold.”

The source expressed hope that the issue would be resolved soon. “I believe that as early as tomorrow (Monday) morning, the minister will press the Minister of Finance. The finance minister will understand the urgency, as it’s a directive from the President, and they will find a way to release the funds. Then, the process will begin.”

Continue Reading



 

Join Us On Facebook

Most Popular