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Rochas Okorocha In Trouble, Indicted In Over N6bn Oil Funds Fraud

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Immediate past Governor of Imo State Rochas Okorocha has been indicted for misappropriating over N6b funds allocated to the state’s Oil Producing Areas Development Commission (ISOPADEC).

The committee set up to investigate ISOPADEC’s activities from May 2011 to May 2019 disclosed this while presenting its report to Governor Emeka Ihedioha.

Presenting the report at Government House, Owerri on Wednesday, the Committee Chairman, Romanus Ezeogu said, “It is painful to note that citizens and some Managing Directors colluded with Okorocha to misappropriate ISOPADEC’s funds with impunity.

“Okorocha’s administration handled the funds during his eight years tenure with recklessness. The shortfall in revenue that accrued from the Federation Account uncounted for stood at N6, 044, 774, 341. 37.”

The panel also alleged that Okorocha arbitrarily released part of ISOPADEC funds to purchase vehicles and transformers for campaigns and diverted over N311b that accrued to the commission from the bailout fund, Paris Club refund, local governments joint labour salary/pension, and Secondary Education Management Board Account, among others.

It said in spite of the huge funds that accrued to the commission, “its wage bill stood at N93.6m as of May 2019.

“The issue here begs for an explanation on what happened to the original 40 percent monthly derivation fund allocated to ISOPADEC and Okorocha should be held responsible for the missing funds.”

The committee also indicted Chike Okafor and Paschal Obi, who represent Okigwe South and Ideato South at the House of Representatives for their involvement in the misappropriation of ISOPADEC funds.

Before they were elected into the House of Representatives, they were Commissioner for Finance and Principal Secretary to the governor respectively.

Ezeogu said, “At various times, Okafor hijacked the financial autonomy of the commission as Finance Commissioner. Besides, Obi, should explain what he did with the N35m advanced to him as seen in the vouchers submitted to the panel.”

Speaking, Ihedioha appreciated the panel for its effort and promised to look into the report with a view to passing a white paper on it, just as he restated his administration’s commitment to due process, accountability, and transparency.

But in a swift response to the development, Okorocha dismissed the allegations, saying they did not make any sense to him.

When contacted, his Media Aide, Sam Onwuemeodo, told The Guardian’s correspondent that he had no comment on the issue, saying: “I have nothing to say. You are stupid. I said you are very stupid.”

BIG STORY

NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

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NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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BIG STORY

JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

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The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

 

More to come…

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BIG STORY

Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

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The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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