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N108bn Fraud: EFCC to Seize Akpabio’s Properties

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Obong Godswill Obot Akpabio

The Economic and Financial Crimes Commission is intensifying investigation on ex-Governor of Akwa Ibom State, Sen. Godswill Akpabio.

The EFCC is investigating allegations that the former governor embezzled N108bn during his tenure between 2007 and 2015.

Already, the anti-graft agency had written to five banks demanding information on Akwa Ibom State finances under Akpabio’s administration.

Similarly, the EFCC is making moves to invite key members of the Akwa Ibom State House of Assembly and serving commissioners, many of whom served during the ex-governor’s administration.

A source at the EFCC said, “We have written to Zenith Bank, Keystone Bank, FCMB, Skye Bank, and UBA demanding information on the state’s accounts. We are also inviting the accountant-general, the auditor-general, the Speaker and the clerk of the House of Assembly. We have traced some houses to the former governor in Lagos and Abuja and it is just a matter of time before we seize them.”

Akpabio was first quizzed by the commission’s detectives last year following series of petitions written against him.

The former governor, now the Senate Minority Leader, was accused of embezzling public funds while he was governor of the oil-rich state.

In March 2013, he was accused of giving N1m each to six chairmen of the Peoples Democratic Party from the South-South geopolitical zone that had converged on Port Harcourt for a party reconciliation session, telling them to use the money to “buy Mr Biggs.”

Few weeks ago, the Akwa Ibom State government had gone to a state High Court to get an interim order barring the EFCC from investigating Akpabio’s administration.

The Justice Ntong Ntong-led court on July 15 granted an interim injunction, restraining the EFCC, the Independent Corrupt Practices and Other Related Offences Commission, and the Inspector General of Police from investigating the finances of the Akwa Ibom State government.

The suit was filed on behalf of the state government by the state Attorney-General, Uwemedimo Nwoko, who also served under Akpabio and is believed to be loyal to the former governor.

However, following a motion on notice filed by the EFCC, the court on Friday, vacated the order of interim injunction restraining the EFCC from investigating the accounts of state.

The judge then adjourned the matter till October 19 for hearing of the preliminary objection of the EFCC alongside other applications.

In a June 22, 2015 petition to EFCC, an Abuja-based lawyer and activist, Leo Ekpenyong had accused Akpabio of sheer waste in office.

Among several other allegations, the petitioner alleged that between January and December 2014, the trio of Godswill Akpabio, a former aide to the governor and another associate made illegal but substantial withdrawals of cash from a designated state government-owned account with Zenith Bank with account number 101037588, amounting to N22.1bn.

When contacted on the telephone on Saturday, Akpabio’s spokesman, Mr. Aniete Ekong, said he was in a public place and promised to call back. However, he had yet to do so as of the time of filing this report.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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President Buhari Accuses Governors of Stealing LG Funds

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Muhammadu Buhari

Nigerian President, Muhammadu Buhari has once again accused state governors of stealing monthly allocation due to local government under them.

The president spoke at a parley with members of the Senior Executive Course of the National Institute for Policy and Strategic Studies, Kuru, held at the State House Banquet Hall, Abuja.

Speaking at the event, the president stated that it beats anyone’s imagination how some governors collected money on behalf of council areas in their states, only to remit just half of such allocation to the council chairmen, who would further deplete the remittance by filching it. Investors King learnt. 

 ‘‘I found it necessary to digress after reading my speech and this digression is a result of my personal experience. What they did, this is my personal experience, if the money from the Federation Account to the state is about N100m, N50m will be sent to the chairman, but he will sign that he received N100m. The governor will pocket the balance and share it with whoever he wants to share it with,” the president narrated. 

‘‘This is what’s happening. This is Nigeria. It’s a terrible thing; you cannot say the person who was doing this is not educated. He was a qualified lawyer, he was experienced, yet he participated in this type of corruption.” he queried. 

Furthermore, the president clarified that state governors and local government chairmen should be held responsible for the underdevelopment in the rural areas noting that most of the local governments lack basic amenities. 

Similarly, the National Union of Local Government Employees on Thursday backed the position of the president on the embezzlement and mismanagement of local government funds.

Responding to Buhari’s position, the  President of the Nigeria Union of Local Government Employees (NULGE), Hakeem Ambali, said Buhari was merely stating the obvious.

The NULGE President nevertheless admonished the president to go beyond the statement and ensure governors, especially those in APC to sign the local government autonomy bill into law.  

“He should go beyond that statement. He is the leader of the party, he should ask them to sign the autonomy into law; he is the leader of the governors,’’ he said.

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Ramaphosa Braces for Calls to Resign Over $580,000 Theft at Farm

The panel found the president may have violated sections of the constitution following a theft of $580,000 that was stashed in a sofa at a game farm he owns.

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Cyril Ramaphosa

South African President Cyril Ramaphosa’s allies are steeling themselves before a meeting of the governing party’s top leaders at which he’s likely to face calls for his resignation.

The African National Congress’s National Executive Committee will on Thursday discuss the findings by an advisory panel that there may be a case for Ramaphosa’s impeachment. The panel found the president may have violated sections of the constitution following a theft of $580,000 that was stashed in a sofa at a game farm he owns.

The release of the panel’s report on Wednesday night triggered a slump in the rand. The NEC meeting is scheduled to start at 7 p.m.

Party officials met with the ANC’s chief whip and the speaker of parliament to discuss the report on Wednesday, according to people familiar with the matter. A group of NEC members sympathetic to Ramaphosa held a meeting of their own, said the people who asked not to be identified discussing private party matters.

Pule Mabe, the ANC’s spokesman, didn’t immediately respond to a request for comment sent by text message.

Resignation Option

The meeting of Ramaphosa’s supporters was called by Minister in the Presidency Mondli Gungubele. Two NEC members who are close to Ramaphosa expressed concern that the president may opt to resign — a replay of what happened in June when the scandal over the game-farm theft first erupted and he took advice on whether or not he should quit.

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Ibom MRO to Bring in Forex to Nigeria 

Akwa Ibom State to open a cutting-edge smart terminal building at the Victor Attah International Airport

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U.S dollar - Investors King

The governor of Akwa Ibom State, Governor Udom Emmanuel, has announced that the state is close to opening a cutting-edge smart terminal building at the Victor Attah International Airport and that this will generate foreign exchange for Nigeria. 

Investors King has also learnt that an MRO facility for aircraft would be operational from January.

This comes on the heels of praise from his Edo State counterpart, Gov. Godwin Obaseki, who attended the Tuesday reception in Uyo for two additional A320-200 Airbus aircraft that the state’s Ibom Air fleet had leased from a European company.

Speaking at the event, the governor of Akwa Ibom said that while there were already efforts underway to persuade the government to lease the MRO, the MRO is an investment because it was built with naira, despite its current depreciation, and will therefore generate income.

The Akwa Ibom governor said “Our terminal building is world-class in Africa, our MRO is world-class. If you find one today in the entire Gulf of Guinea, tell me I’ll disassemble this one and build another.

“Look at our MRO; what you see here can accommodate two 747 aircraft as well as eight CRJ aircraft, which we are flying for servicing at the same time.”

“This is the only MRO in this part of the world today, and these facilities are not built with local currency, but we are building this MRO with naira that has no value.”

“I invest in areas where we can see a return on our money. Right now without blinking an eye, I can make over $ 30 million with this MRO if we decide to sell but we are not selling, we will make a foreign exchange from this investment.

“Airbus is on us to come and lease our MRO for all their regional flights, but we are not selling.

“We are going to open up this place ( MRO facility) from January next year for commercial activities and we are going to earn in dollars.”

He thanked Ibom Air’s Board of Directors, Management, and Staff for making him proud, emphasising that “they have done very well.”

Gov. Obaseki, who spoke at the event, stated that Akwa Ibom has become the country’s flagship state for its efforts to invest in and make significant strides in the aviation sector.

Obaseki described Akwa Ibom as the country’s flagship state for its efforts to invest in and expand the aviation sector. “Ibom Air is always completely booked.” Let me thank you on behalf of Nigerians,’’ Obaseki said.

In his remarks, the Managing Director of Ibom Airlines., Mr Mfon Udom announced plans to begin regional flights in 2023.

Udom said the new addition to the fleet of Ibom Air would expand its carrying capacity and boost employment opportunities in the state by 40 per cent.

“With this new capacity coming on board, we are delighted to inform our passengers that we have increased our offerings, providing more frequencies for their convenience.

“The Uyo-Lagos and Uyo-Abuja routes now have three frequencies each every weekday, while our Lagos-Abuja passengers will have seven frequencies to choose from both ways, every weekday,’’ he said.

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