2023: Nobody can predict Nigeria’s next president, says Obaigbena by Leke Baiyewu

The Chairman of Arise News and Publisher of ThisDay, Nduka Obaigbena, has said nobody in Nigeria can predict who will succeed the President, Major General Muhammadu Buhari (retd.), in 2023. The media businessman stated this in Abuja on Saturday at the inauguration of the new leadership of the Broadcasting Organisation of Nigeria. The Chief Executive Officer, Multichoice Nigeria, John Ugbe, had emerged as new Chairman at the 75th General Assembly and 20th Annual General Meeting of BON. According to Obaigbena, the ideologies of the older and the younger generations are now clashing. He said, “Nigeria is in a momentous time, a time of great change that even on this table, the powerhouse in Kano (Ganduje), none of them can tell you whom the next president would be. At this time in Nigeria, there is nobody who can predict 2023. Therefore, these are times of momentous change, when we have ideas of some of those who founded Nigeria in the 60s clashing with the new ideas of the millennials who Femi (Adesina) will not like to hear at times. However, we are here to welcome the new leadership of BON, John Ugbeh and his colleague. I believe they are very capable to guide Nigeria through this change. I salute them all.” Governor of Kano State and Chairman of the Occasion, Abdullahi Ganduje, in his goodwill message, urged the new leadership of BON to work with relevant stakeholders to move the broadcast industry to greater heights in the face of emerging global challenges. He said, “The Nigerian media, particularly the broadcast media, has an important role to play in promoting unity and progress of our nation at this moment of challenges. As media owners, you have a vital role to play in managing all communications in the public domain in the interest of peace and national development. Let me reiterate my call to you, to work with the other media industries in Nigeria, to make sure that the Nigerian media is not allowed to disrupt but play its traditional role of leading the way in the process of protecting public interest for nation-building.” Ganduje, in an interview with journalists after the event, urged the media to emphasise the ‘One Nigeria’ project in their coverage of ethnic and tribal issues. He said, “First of all, the Executive has to look into the facilities of the media especially the technology to ensure that they have the facilities with which they can effectively discharge their duties. Secondly, we have to also understand the character of the media so that we don’t misunderstand issues.” “You are driving in your car and you put on the radio in the car; the things that come out from the station can be unbelievable. You can’t believe that such things would be on the airwaves… some on television. You can’t just understand how people who are given the opportunity to speak on national television will say some things. I think BON needs to look into this and I believe that if any set of people can do something about it, the incoming chairman and vice chairman can.” Adesina added, “We need to collectively ensure that we have a country. We need to have a country and if we are going to have a country that will be united and will be one, broadcasting has a very big role to play.” The new Chairman of BON, Mr John Ugbe, who succeeded Hajiya Sa’a Ibrahim, said his leadership would endeavour to achieve the collective vision for the organisation. Ugbe partly said, “We understand that some broadcasters question the value of being a member of BON. We will provide comfort to these broadcasters by creating awareness of the immense benefits that will accrue from a united broadcast industry under BON. This will be done through policy formulation, shaping regulations and policy engagements with the regulators such as NBC, APCON, NCC and other stakeholders like the legislature and executive arms of government. “Working with the BON Secretariat, we will initiate an aggressive membership recruitment drive so that we can achieve the objective of forming a formidable industry group.” Ugbe also noted that his agenda was reviving the BON Awards. “Giving our organisation’s reputation in organising top-notch award shows, MultiChioce Nigeria will now apply its expertise in reviving the BON Awards. These awards will be a forum for recognising and celebrating the best amongst us in the industry and for the exchange of ideas among the practitioners. The award ceremony will be broadcast across Africa to give it the prominence it deserves,” he said.

Oronsaye report: FG budgets N900bn for agencies recommended for scrapping by Sami Olatunji and Stephen Angbulu

The Federal Government can save over N241bn if the Stephen Oronsaye report on public sector reforms is implemented, Sunday PUNCH has learnt. The Oronsaye report, which was submitted in 2011, stated that there were 541 Federal Government parastatals, commissions and agencies (statutory and non-statutory). The report added that 263 of the statutory agencies should be reduced to 161,38 agencies should be abolished while 52 agencies should be merged. It further recommended that 14 agencies should revert to departments in ministries. For instance, the report recommended the abolition of the Federal Character Commission. The PUNCH estimates that the government will save at least N3.6bn in allocated to this commission in the 2022 budget if the report is implemented. About N814.4m will be saved if the same action is taken on the Fiscal Responsibility Commission. The report further recommended that the law establishing the National Salaries and Wages Commission be repealed and its functions taken over by the Revenue Mobilisation and Fiscal Responsibility Commission. This is expected to save the government N2bn. The Oronsaye report advised the government to merge the nation’s top three anti-corruption agencies- the Economic and Financial Crimes Commission, the Independent Corrupt Practices and Other Related Offences Commission and the Code of Conduct Bureau. The average the government is expected to save from the merger amounts to at least N31.5bn. The Infrastructure Concession Regulatory Commission is expected to be subsumed under the Bureau of Public Enterprise, saving the government N1.9bn. The Border Communities Development Agency is to be brought under the National Boundary Commission, saving the government N4.1bn. The government was advised to stop funding recurrent expenditure of the National Institute for Policy and Strategic Studies but maintain its capital funding. This will save the government N1.6bn. The report recommended that the National Emergency Management Agency and the National Commission for Refugees be merged. This is expected to save the government N4.5bn. The Nigerian Institute of Social and Economic Research is to stop receiving government funding but funded from a proposed National Research Development Fund. This is expected to save the government N1.6bn. The National Directorate of Employment is expected to be amalgamated with the Small and Medium Enterprises Development Agency of Nigeria to form the National Agency for Job Creation and Empowerment. This should save the government N15.4bn on the average. The law establishing the Federal Road Safety Corps is expected to be repealed and the agency reverting to the Highways Department of the Federal Ministry of Works while the personnel are to be absorbed by the Police Service Commission and Vehicle Inspection Office. This would save the government N50.8bn based on budget estimates. The National Agency for the Control of AIDS will no longer be a stand alone agency but is expected to be subsumed into the Nigeria Centre for Disease Control. This will save the government N5.4bn. The committee recommended that both the Hajj and Christian commissions should be abolished and government should stop sponsoring pilgrimages. Also, the government was advised to stop granting concessionary foreign exchange to pilgrims. This could save the government N2.6bn. Nigeria is expected to save N1bn if the Administrative Staff College of Nigeria and the Public Service Institute of Nigeria are merged. The committee recommended that the Nigerian Communications Commission, National Broadcasting Commission and Nigerian Postal Service be merged into one entity known as the Communications Regulatory Authority of Nigeria. This could save the government N149.2bn. Similarly, the committee recommended that the Nigerian Civil Aviation Authority, the Nigerian Air Space Management Agency and the Nigerian Meteorological Agency be merged into a body known as Federal Civil Aviation Authority. This could save the government N97.9bn. The committee recommended that the Federal Airports Authority of Nigeria be fully privatised. This will save Nigeria at least N93.5bn in recurrent and capital expenditure going by FAAN’s 2022 budget. The Nigerian Communication Satellite is expected to be fully privatised, thereby saving the government N9.2bn. The National Examinations Council is expected to be brought under the West African Examination Council. This will save Nigeria of at least N16.1bn in recurrent and capital expenditure going by NECO’s 2022 budget. The committee recommended a merger between the National Universities Commission, the National Board for Technical Education and the National Commission for Colleges of Education to form the Tertiary Education Commission. This should save the government N13bn. The government was asked to stop bearing the recurrent cost of the National Open University of Nigeria. This ought to save the government N7.6bn. The Nomadic Education Commission is expected to be abolished while the Universal Basic Education Commission takes over its responsibilities. This will save the government N1.4bn. Similarly, the law establishing the Mass Literacy Council is expected to be repealed and its functions taken over by UBEC. This will save the government N1.1bn. The National Oil Spill Detection and Response Agency is expected to be scrapped and its functions taken over by the Federal Ministry of Environment and the Department of Petroleum Resources. This is expected to reduce the cost of governance by N2.9bn. The committee recommended that the National Environmental Standards and Regulations Enforcement Agency be scrapped and its duties transferred to the ministry of environment which could save the Federal Government N4.9bn. It was recommeded that the Institute for Peace and Conflict Resolution should be scrapped and its functions transferred to the Department of Strategic Studies at the Nigerian Institute of International Affairs. This should save Nigeria N1bn. The same recommendation was made for the Directorate of Technical Cooperation in Africa. This should reduce the cost of governance by N657.6m based on budget estimates. The Federal Radio Corporation of Nigeria, Voice of Nigeria and the Nigerian Television Authority are expected to merge to form the Federal Broadcasting Corporation of Nigeria. This is expected to reduce the capital and overhead budget by N16.3bn. The committee advised the government to abolish the Civil Defence, Immigration, Prisons Services Board while its functions relating to appointment, promotion and discipline be transferred to a proposed Federal Public Service Commission. This is expected to save the government N548.6m. The law establishing the Nigerian Copyright Commission is expected to be repealed and its functions taken over by the Commercial Law Department of the Federal Ministry of Trade and Investment saving the government N1.4bn in overheads and capital. The committee recommended that the National Productivity Centre be scrapped. It will reduce the cost of governance by N2.7bn. The law establishing the National Steel Raw Materials Exploration Agency is expected to be scrapped thereby saving the government N1.5bn. The functions of the NSRMEA are expected to be taken over by the Nigerian Geological Survey Agency. The government was advised to scrap the National Metallurgical Development Centre, Jos, and Metallurgical Training Institute, Onitsha which would jointly reduce the cost of governance by N2.3bn. The committee recommended that the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund be merged. Sunday PUNCH could not estimate how much could be saved since the budget of PEF is not made public. However, the budget for PPPRA is N18.9bn. Also recommended was the repeal of the law establishing the Petroleum Technology Development Fund while the Nigerian Content Development and Monitoring Board is expected to take over its functions. The Federal Ministry of Police Affairs is expected to be scrapped and its functions taken over by the Ministry of Special Duties. This is expected to save the government N4bn. The committee called for the scrapping of the National Power Training Institute of Nigeria. This should save the country N1.6bn based on the 2022 budget estimates. Similarly, the government was advised to abolish the National Rural Electrification Agency. This should save the government N115.9bn. The National Centre for Technology Management is expected to be abolished, saving the government N1.1bn. The National Council of Arts and Culture is expected to be merged with the National Troupe of Nigeria and the National Theatre. This would reduce the cost of governance by N2.3bn. The committee recommended that the National Commission for Museums and Monuments be merged with the National Gallery of Art to form the National Commission for Museums, Monuments and Arts. This will save the government N4.3bn. The Nigeria Institute for Hospitality and Tourism Development Studies is to be abolished and its functions taken over by the Nigerian Tourism Development Corporation. About N2.4bn is expected to be saved from this action. The government was advised to close down all 774 offices of the National Orientation Agency and the functions of the NOA be taken over by the Public Communications Department in the Ministry of Information and Culture. This should reduce the cost of governance by at least N8.3bn. The National Institute for Cultural Orientation is to be abolished, saving the government N2.8bn. The Nigerian Export Promotion Council and the Nigerian Investment Promotion Commission are to be merged to form the Nigerian Import-Export Promotion Commission. This will save the government N1.5bn. The Centre for Automotive Design and Development Council is to be scrapped, saving the N565.6m in recurrent and capital expenditures. The Nigerian Export Processing Zone Authority is expected to take over the functions of the Oil and Gas Free Zones Authority, reducing the cost of governance by N3.6bn. The government was advised to stop funding the recurrent expenditure of the Maritime Academy of Nigeria, Oron and limit itself to capital projects. This should save the government N1.9bn. The committee asked the government to stop funding the Nigeria Football Federation as recommended by FIFA. This should save the government N1.3bn. The committee recommended that the National Inland Waterways’ functions be taken over by the Nigerian Ports Authority. This should save the government N14bn in capital and recurrent expenditures. Aside from asking 12 professional health bodies to stop receiving government funding but depend on subscriptions from members, another 20 professional and regulatory agencies were asked to stop receiving government funding. The report further recommended that about 23 research institutes should draw funding from a proposed National Research and Development Fund and grants. This is expected to save the government at least N48.2bn. The President, Major General Muhammadu Buhari (retd.), had ordered that a committee be set up to look into the report and implement it in order to reduce the cost of governance in the face of a looming economic crisis occasioned by the drop in global oil prices. The Federal Government, however, said workers would not be sacked. Nevertheless, the recommendations in the report have yet to be implemented. PUNCH.

Colombia’s most-wanted drug lord ‘Otoniel’ captured - Agency Report

Security forces in Colombia have captured Dairo Antonio Usuga, the country’s most-wanted drug trafficker. Better known as Otoniel, the leader of the Autodefensas Gaitanistas de Colombia or the Gulf Clan, was captured on Saturday in a rural area in the Uraba region, Aljazeera reports. President Ivan Duque hailed Otoniel’s capture as a victory, likening it to the arrest of the notorious Colombian drug kingpin, Pablo Escobar, three decades ago. “This is the biggest blow against drug trafficking in our country this century,” Duque said during a news conference. “This hit is only comparable to the fall of Pablo Escobar in the 1990s.” The Colombian president said his government was working on extraditing Otoniel, most likely to the United States, where he was first indicted in 2009 in a Manhattan federal court on drug trafficking charges. The 50-year-old also faces criminal charges in Brooklyn and Miami in the US on charges of “operating continuing criminal enterprises, participating in international cocaine trafficking conspiracies and using firearms in furtherance of drug trafficking crimes”.

NDDC: Doubts trail forensic audit, stirs fresh concern in N’Delta By Emma Amaize, Regional Editor, South-South

• Stakeholders grumble over lingering board inauguration AFTER more than a few botched attempts to live up to his promises, Minister of Niger Delta Affairs, Senator Godswill Akpabio, submitted the much-awaited forensic audit report on Niger Delta Development Commission, NDDC, September 2, to the Minister of Justice and Attorney General of the Federation, Abubakar Malami, SAN, instead of President Muhammadu Buhari. Why Malami became a stand-in for President Muhammadu Buhari, who had earlier expressed his readiness to receive the audit report has not been clarified until date, but the failure of the Federal Government to inaugurate the substantive board of the interventionist agency, screened and cleared by the National Assembly more than a month after the audit report was submitted, has also remained a mystery. Buhari had in 2019 directed a forensic audit exercise of NDDC’s projects and programmes covering the 19 years of its establishment in 2000 to 2019. Akpabio stated while submitting the report to Malami that the auditors discovered about 13,700 abandoned projects in the region. While stakeholders are waiting for government to take the right step by inaugurating the board and disbanding the interim contraption running the agency, suspicion has widened among them if there was, indeed, a forensic audit as claimed. Inquiringly, Pan Niger Delta Forum, PANDEF, the regional body of the coastal states of Niger Delta is among the assemblages bothered about the development. Many others, including the Ijaw Peoples Development Initiative, IPDI, a Niger-Delta rights group and Vanguard for Transparent Leadership and Democracy, VATLAD, have also expressed their reservations on what they alleged to be a sham It is scam – Uduhie I As far back as April when the audit report had not been submitted, the Ovie of Idjerhe Kingdom, in Delta state, His Royal Majesty, King Obukohwo Whiskey Udurhie I, declared that the forensic audit of the commission was a scam. “Nothing is going on there, as a major oil-producing region, nobody has come to my domain, Idjerhe, to say they want to verify the project of NDDC in the region. “With over 50 communities in my domain, there are abandoned NDDC projects, so, if they are carrying out forensic auditing, they would have visited some of the projects, but they have not come here. “So, I can boldly tell you that the NDDC forensic audit is a scam perpetuated by an individual to hold the whole region hostage. There is no probe of any kind that does not have a life span. “The last time, the minister said he was going to inaugurate the board in April, this is past mid-April already and nothing seems to be happening. What they refer to as forensic audit is a scam,” the monarch declared. Three months after, in July, former head of the Interim Management Committee, IMC, NDDC, Ms. Joi Nunieh, testifying before the House of Representatives Committee probing allegations of malfeasance in the commission, also claimed that that no forensic audit was ongoing. N’Delta minister dismisses fears Akpabio was to dismiss the claims later, assuring that the audit was on and in fact, the delay in inaugurating the board as demanded by stakeholders was because of the enormity of works and discoveries by the auditors. No audit report anywhere, it is fabrication – Robinson National Publicity Secretary, PANDEF, Hon Ken Robinson, confirmed that the major concern of stakeholders at the moment was if forensic audit was actually carried out or some people sat down somewhere to concoct figures, did some guess work and came up with a report. Hon Robinson, who disclosed that PANDEF had carried out a discreet inquiry on the forensic audit report, asserted: “Because if it is true that the content of the audit report said that N6 trillion had been received by NDDC, then that is disastrous. “If it is also true that the audit report recommended that appointees to the board should be on part time, then that will also be terrible because board members are already on part time.” His words: “It is obvious that if those true facts were part of the audit report, then we should responsibly conclude that there was no audit report at all anywhere. It is just a concoction of hearsay and guess work.” What’s holding board inauguration? “The issue of constituting a substantive board for the NDDC should not have been tied to the audit report in the first place. They are not related. “The audit report could be going on and then the board could be appointed. And if you say let the forensic audit be concluded before a board, the audit is supposedly concluded. What is the delay for the board? “But our problem is with the forensic audit itself. PANDEF looked into the content as promised. “We have not received the full report and document, but we have interrogated some statements made by the Attorney General of the Federation as to how much has been received by NDDC and how much spent and owed. “We have documents at our disposal and which are also in public domain that contradicts those facts. That places question mark on the whole credibility of the forensic audit itself. “PANDEF is not satisfied at this point. We have asked that the Minister of Justice and Attorney General of the federation and Minister of Niger Delta Affairs to apologize to the people of Nigeria, particularly the Niger Delta people, for the misleading information provided at the event. “We await that apology from the ministers,” he said “They are imaginary figures and we could conclude responsibly that the entire process of the forensic audit is a concoction of lies, hearsay or gossip. “Some persons sat down in Port Harcourt or wherever, just wrote whatever they like, imagined and brought it up to submit to Mr. President? “That is fraudulent, corruption in itself. “We have also asked the president to interrogate and investigate the process of the forensic audit and subject it to thorough examination and correct the inaccuracies, because if they go ahead with what they have now, they will waste their time prosecuting people that are not even in any form of corruption,” he added. Discard forensic audit report, inaugurate board – IPDI National president of IPDI, Comrade Austin Ozobo, in a statement, said failure of the report to capture Senator Akpabio as one of the problems of NDDC, has rendered the forensic audit report useless and a scam because “Akpabio held sway in NDDC while he was senator, governor of Akwa-Ibom state and now, Minister of Niger Delta Affairs.” ”The minister cannot be exonerated by the forensic audit report when he has mismanaged hundreds of billions of naira without a single project executed for a period under the three interim administrators. ”How can he vindicated by the forensic audit report when he is yet to give account of billions syphoned under his watch. “The forensic audit report is a scam having not comprehensively captured Akpabio and his cohorts as part of the defaulters of NDDC. ”The failure of President Muhammadu Buhari to inaugurate the NDDC substantive board upon the completion of the audit report also has made the audit report questionable. ”No man can be a judge in his own case, but this is the first time in history where a man became a judge in his own case. “Everything in this report is political, it is controversial and inconclusive for now. ”It is a great disservice to Niger Delta citizens that Akpabio who have involved in draining NDDC was made to spearhead an audit that should have indicted him. ”I am not trying to exonerate other people but Akpabio cannot be exempted from the NDDC saga with the latest developments in the commission,” Ozobo said. The activist, urged Buhari to throw the fraudulent document into dust bin and go ahead to inaugurate the substantive NDDC board before it generates fresh crisis in Niger Delta region. Audit report scandalous – Igbini, VATLAD Like others, barely two weeks after submission of the audit report, national president of VATLAD, Comrade Emmanuel Igbini, faulted some recommendations in the forensic audit report. He said: “We were hit with rude shock and disappointment to read that the lead forensic auditor, Alhaji Kabir Ahmed, recommended managerial as well as structural changes, chief of which is downsizing of the board and members of the board to be on part-time.” “He was reported to have hinged his recommendations on the need to reduce cost of running NDDC. “We would have ignored his recommendations and not react to same because they are not carefully thought out. “However, we are compelled to react because the Attorney General of the Federation in his response on behalf of President Buhari, stated that President Buhari has promised to strategically implement all aspects of the audit exercise, which will include review of the NDDC Act vis-a-vis the recommendation for board members to be on part-time. “At this point, it is incumbent on us, as patriots and indigenes of the Niger Delta region, to remind President Buhari and Nigerians that by virtue of section 2(3) of the NDDC Act, 2000, those positions of Governing Board of the Commission (NDDC) that our people of Niger Delta Region rightly demanded in year 2000 be placed on part-time are already on part-time and, therefore, need no further placing on part-time. “Furthermore, it’s important to remind Nigerians that of every 19-member substantive governing board of NDDC confirmed by the Nigerian Senate, 16 are on part-time; only three of them, the Managing Director/CEO, Executive Director, Finance and Administration, and Executive Director, Projects, are on full-time, and rightly so. “It was deliberate to differentiate them from the other 16 members on part-time that the NDDC Act, 2000 under section 12, classify them as members of NDDC Management Committee with responsibility to carry out the day-to-day administration of the Commission,” he said. Vanguard

The Economist article crafted by ‘dark forces’ to destabilise Nigeria, says Army by Segun Adewole

The Nigerian Army has said an article published by London-based news magazine, The Economist, was crafted to denigrate, demonise and destabilise the Nigerian government. The article titled, ‘The Crime Scene at the Heart of Africa,’ was published in the magazine’s October 23, 2021, issue. It described the government of the President, Major General Muhammadu Buhari (retd.), as inept and high-handed, adding that it had also failed to tackle corruption. It also alleged that the Nigerian Army, which it described as “mighty on paper,” often sold equipment to insurgents who destabilise the nation. Reacting, the Director Army Public Relations, Brigadier General Onyema Nwachukwu, in a statement on Saturday, described the article as orchestrated by a network of detractors and coven of dark forces working very hard to adorn the Nigerian Army in an unfitting garb of infamy. The statement read, “The Nigerian Army has been notified of a recent article published in the online version of the “Economist”, a London-based magazine, titled, “Insurgency, Secessionism and Banditry Threaten Nigeria,” which was ostensibly crafted to denigrate, demonise and destabilise the Nigerian Government. The report also contained some unimaginable slurs targeted at the Nigerian Military and the Nigerian Army in particular, to which we would like to respond. “Even as the real intention of the otherwise respected Economist magazine in publishing such toxic concoctions weaved up as report on Nigerian Government’s response to the multi-faceted security challenges assailing the country is yet to be unravelled, the source of the article is very clear. It is one of those deliberate falsehood and noxious narratives orchestrated by a network of detractors and coven of dark forces working very hard to adorn the Nigerian Army in an unfitting garb of infamy. The vile report which the Economist chose to offer its platform for publication, spared no effort in trying to vilify and rubbish the image, character and reputational standing of the Nigerian Army, but failed woefully. “As a professional, hard-fighting and globally respected institution that has continued to occupy deserved glorious position in the comity of global defence forces, the Nigerian Army is certainly not what the so-called report by the Economist tried to characterise it. “How is it conceivable that an international magazine worth its name and professional reputation would agree to lend its medium for a hatchet job of an article without as much as committing little effort to find out the real truth about the Nigerian Army? How is it imaginable that the Nigerian Army that has distinguished itself as a worthy contributor to global peace and security through regional, continental and international peacekeeping and peace support operations would be characterised as “Mighty on paper”? How can the Nigerian Army that has restored democracies, brought peace to troubled lands and stabilised the sub-region through the dint of hard work, commitment to duty, discipline and professionalism be so denigrated? “Is it the ‘ghost soldiers’ of the Nigerian Army that have weathered the storm of terrorism and insurgency of Boko Haram and Islamic State of West African Province Terrorists (ISWAP) in the north eastern part of the country and parts of the Lake Chad region? “In case the Economist magazine and those who fed it all the lies it published do not know, the Nigerian Army working in a joint environment, has been able to stop ISWAP, a very formidable international terrorist organisation in its tracks, in spite of all the obstacles, including arm sale blackouts on its way. The Economist and its ilk ought to have known that the Nigerian Army has long distinguished itself as a professional force that does not toy with accountability nor shirk from its statutory responsibility of defending Nigeria from external aggression or internal insurrection. “Is it not curious that an otherwise respected international magazine could so easily be sucked in by the antics of conflict merchants and agents provocateurs who are uncomfortable with the steadfastness, patriotism, unwavering commitment, sacrifice, ruggedness and resoluteness of the Nigerian Army in stamping out terrorism, banditry and other violent crimes assailing the country and the West African sub-region? How the Economist magazine failed to do simple due diligence on the said fabricated report is worth interrogating by those who are interested in distinguishing between rogue journalism and professional one. “Let it be known to the Economist magazine and those who concocted the lies they published that the gallant officers and soldiers of the Nigerian Army are undeterred, undistracted and totally unfazed by the harebrained assertions contained in that silly report.”

Imagine Global Holdings: How the largest Ponzi Scheme in over a decade was perpetuated by Victor Enengedi

Mr Bamise Samson Ajetunmobi and his wife Elizabeth Ajetunmobi Investors looking for high yielding returns are at risk of losing billions of naira in funds invested through a local “holding company” Imagine Global Holdings Company Limited. The company was founded by Mr Bamise Samson Ajetunmobi, an ex-banker who is currently on the run. The company which claims to provide “investment banking, advisory and micro-lending and brokerage services in Nigeria and Africa” is said to have received over N20 billion from high yield-seeking investors promising returns as much as 10% monthly. Investors in the fund were told that the money was invested in a boutique of investments ranging from real estate, bonds, forex, equities, etc. However, it appears the company may have been perpetuating a large-scale Ponzi scheme which by our records is on track to be one of the biggest in recent history. Nairametrics gathered information from multiple sources, including victims of the alleged Ponzi Scheme revealing an enthralling tale of how the promise of higher returns found favour in the pockets of yield-seeking individuals and institutions. It came crashing down The first sign that things were going awry for investors started in August 2021, when Mr Ajetunmobi failed to pay investors any return. In a country where returns on investment are mostly single digits, Imagine Global hardly missed payments of its monthly returns ranging between 5% to 10% per month. Even in the dark days of the Covid-19 lockdown, Mr Ajetunmobi never missed a payout. So, when investors did not see the accustomed alerts, they grew worried prompting a showdown meeting with some of its major investors. Mr Ajetunmobi operated a sophisticated network of investors ranging from institutions that had billions in pooled funds invested to individuals with tens of millions invested directly into the fund. The missed payment in August triggered an emergency meeting between Ajetunmobi and his largest investors who needed answers for smaller investors to who they were answerable. At the meeting, investors probed the management of the company over the missed payments demanding that the company provide a statement showing where all the funds have been invested. Ajetunmobi insisted that the missed payment was a blip and that things will quickly return to normal by September. For the first time, investors suspected something was terribly wrong but took solace in Ajetunmobi’s assurances of a return to normal in September. They had no choice but to wait. By September, the alerts once again did not drop forcing yet another string of meetings with Mr Ajetunmobi. By then, it was obvious that the company was facing serious challenges in meeting its monthly payments. Still believing the funds were invested genuinely, investors suggested that he cut rates from 10% to about 3%, a logical sacrifice if it meant that they at least get their capital back. Mr Ajetunmobi cut the interest rate to 7%, promising to make things right by October 1st. By October 2nd it was obvious investors were on the hook for a third consecutive month of zero returns on their investment. An investor who could not stomach the excuses any longer got a few policemen and stormed the residence of Mr Ajetunmobi in an apartment in Ikoyi, a high brow neighbourhood in Lagos, often occupied by extremely rich people. The investor had over a billion in the scheme and wanted to apprehend him in a sting. Unfortunately, they could not breach his gate despite several attempts giving Ajetunmobi heads up to make a move. That was the trigger Ajetunmobi needed, and realizing he was out of options, took off very early the next morning and has not been seen since then. As the days flew by, investors who had their money indirectly invested through proxies started asking for their returns and their capital. It was not immediately obvious that they were victims of a large-scale Ponzi. After all, savvy investors like Microfinance banks, investment houses, FinTech companies and even Churches are said to have invested in the fund. This could just be a short-term problem, they thought. A WhatsApp group for investors in the scheme swelled with members providing any useful information they could get in their bid to recover their money. As it became obvious their money was not coming back any sooner, many took to Twitter and other social media platforms to reveal what is now arguably a sophisticated scam that may have cost investors billions of naira in savings. How it started Some of the early investors in Imagine Global Solutions Limited who spoke to Nairametrics reveal how a little-known ex-banker started what was then thought of as a money lending business. Ajetunmobi started his business by pooling money from colleagues and friends and then lent the money to traders and market women looking for soft and unsecured loans. As the business took off, he resigned from the bank to face it full time. Ajetunmobi’s allure was his ability to pay investors their returns monthly without a miss. This created more confidence within early investors allowing them to keep rolling over their investments. As the returns remained consistent, early investors increased their investment size. With time, others pooled funds from smaller investors promising them returns lower than what Ajetunmobi offered allowing them to keep the delta. Others simply just charged fees by acting as agents for investors and Imagine Global. The glue was the monthly interest payments. Within 5 years, his investor base had grown from about 30 investors to over 90,0000, according to information contained in an investor pitch created by the company and seen by Nairametrics. Loan portfolio also grew from about N5 million to about N11 billion within this period. These were unprecedented numbers by any standards yet investors found no reason to doubt it. Imagine Global was still paying its monthly returns, so there was no reason to worry. As the company balance sheet grew in size, they packaged the business as a full-fledged investment powerhouse claiming it provided investment banking, advisory and micro-lending services in Nigeria and Africa. It also claimed to own offices in the UK, USA and Canada. IMG had ambitions that also met the appetite of its investors. They wanted to become the biggest moneylender not just in Africa, but in Eastern Europe and South Africa, setting a ten-year target. Such ambitions give investors even more reason to invest more, after all, scaling was an important growth story a founder had to propagate. In one offer made to investors, IMG pitched for a minimum investment of N100 million in exchange for a return of between 18% to 36% per annum “depending on the capital amount” while a 6-month note attracted 6 to 9% per annum. An investment note seen by Nairametrics was even more generous, it offered 10% per annum as recently as June 2021. Business Model IMG claimed its business model was based on 4 key metrics. Using his microlending subsidiary, TFS Finance Ltd, they target “traders who sell fast-moving goods daily”, conduct “due diligence”, disburse the loans often between N10k and N100k over a 30-40-day cycle. Repayment is collected a day after the loan is disbursed through daily repayments. Microlenders who spoke to Nairametrics claim familiarity with this process but explain that default rates for this sort of loans can be as high as 30%. Thus, there was no way he could have sustained paying his investors high returns on their investment without dipping into capital. Sources indicate, Bamise often touted a default rate of less than 5%. Nevertheless, investors piled in on IMG, investing in its microlending story in exchange for high yielding returns. For early investors, the decision was a no brainer. They had received so many consistent returns, the cumulative amount was much more than the original capital invested. For others who came later, they weren’t so lucky, a typical feature of most Ponzi schemes. IMG and its various subsidiaries had much more old capital than new money setting the stage for the collapse of the scheme. Emmanuel Abaji, a banker with one of the country’s tier-1 banks, who spoke with Nairametrics said that despite all the warning signs, it is quite easy and understandable for people to fall for Ponzi schemes. “If you live in a country where legit investments hardly yield much and businesses often struggle to survive, it is easy to fall for a scheme that promises you a high yield, especially when you actually know someone who had invested and received his or her yield from the company,” Abaji said. Ajetunmobi had also developed an opulent lifestyle, living in high brow neighbourhoods in Lagos, buying houses abroad and splurging on expensive cars. He also purchased citizenship of West Indies countries shoring up his status of a high net worth Nigerian. Frequent travels overseas, donations to churches and other philanthropic activities were also a common pass time as is often the case with Nigerians who have “arrived.” Where are the regulators As Nigerians flock to social media to complain and take solace in themselves, there is yet to be no official statement from regulators. TFS Finance Ltd, IMG’s microlending subsidiary is regulated by the Central Bank of Nigeria. The apex bank is yet to issue any statement on the status of the licensed micro-lending institution. Players in the market who pleaded anonymity for fear of being singled out by the regulator claim CBN auditors ought to have flagged this company early on if they followed through with their stringent reviews. The Security and Exchange Commission, SEC, also shares regulatory oversight. They approve any scheme that solicits funds from members of the public. And in cases where this is not clear, they have powers to investigate such organizations. SEC has often issued notices to Nigerians warning them against investing in Ponzi Schemes. In April 2020, SEC listed 12 companies accused of running Ponzi Schemes. SEC DG, Lamido Yuguda just recently issued another warning against Ponzi schemes lamenting that Nigerians lose money daily to Ponzi schemes despite repeated warnings. Nigeria’s consumer protection council, FCCPC has yet to comment officially on the alleged scams, same as EFCC, Nigeria’s financial crimes fighting agency. Prime Minister of Antigua and Barbuda threatens to arrest the couple Even though their whereabouts are yet to be confirmed, Ajetunmobi and his wife are reported to have fled Nigeria to the West Indian country of Antigua and Barbuda where they are said to have purchased citizenship. While responding to claims that the Nigerian couple had obtained citizenship from Antigua and Barbuda, Gaston Browne, the Prime Minister of the Caribbean nation has clearly stated that authorities will arrest the Nigerian couple if truly, they are in his country. Bottomline With Adetunmobi’s Imagine Global out of the way and investors counting their losses, there’s no telling how many more Ponzi schemes are still out there waiting to crash and how many more will spring up with the usual promises of supernormal profits. Abaji advises investors to take adequate steps in doing some research about companies that make promises of returns on investment way higher than industry standards with little risk. He adds that intending investors would be wise to always reach out to regulators such as the Security and Exchange Commission to confirm the status of such companies before doing business with them.

PANDORA PAPERS: Code of Conduct Bureau set to probe Peter Obi, Bello-Koko others byTaiwo-Hassan Adebayo

The CCB, the agency dealing with corruption, conflict of interest, and abuse of office by public servants, says it is interested in the Pandora Papers revelations. Nigeria’s Code of Conduct Bureau (CCB) has declared interest in the Pandora Papers revelations regarding Nigerian past and present public officers reported to have owned undeclared assets offshore. The agency has expressed a commitment to open investigations into the allegations. The CCB is the Nigerian public agency dealing with issues of corruption, conflict of interest, and abuse of office by public servants. In an October 12 letter to PREMIUM TIMES, the bureau acknowledged the Pandora Papers project and “what it portends” as well as how the landmark global investigation led by the International Consortium of Investigative Journalists “has created ripples across the globe.” The bureau then sought cooperation to facilitate its investigations and “where possible” prosecution of Nigerians involved. PREMIUM TIMES, which is among 151 media outlets partnering in the ICIJ-led Pandora Papers project, has exposed some Nigerian former and current governors, lawmakers, and other senior officials, including a judge, as having secret, usually suspicious, financial dealings tucked away in secrecy and tax havens. “Sadly, it is no longer news that some current and former public officials in Nigeria featured prominently in the acquisition of secret properties, which they failed to declare to the Code of Conduct Bureau as enshrined in the Fifth Schedule to the 1999 Constitution of the Federal Republic of Nigeria as amended,” the Code of Conduct Bureau said in its letter. “Consequent upon this and also noting your passion for the pursuit of integrity, accountability, and transparent society, the Bureau seeks to partner with you in the area of information sharing to enable it to investigate and where possible prosecute those found guilty at the Code of Conduct Tribunal.” In a reply, PREMIUM TIMES Editor-in-Chief, Musikilu Mojeed, welcomed the CCB’s request. “The primary motivation for our work is to help the public obtain the information they need to ask questions and make informed decisions and for law enforcement agencies to have the leads they require for necessary actions,” Mr Mojeed said in a letter dated October 18. Past and current officials exposed by PREMIUM TIMES in the ongoing Pandora Papers series include former Anambra State Governor and former Vice Presidential candidate of the opposition Peoples Democratic Party, Peter Obi; acting Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello-Koko; and former Minister of Aviation and serving senator, Stella Oduah. Others are Governor Abubakar Bagudu of Kebbi State, Governor Gboyega Oyetola of Osun State as well as his associates including former Lagos Bola Tinubu, and Ogun State Governor Dapo Abiodun. We also reported the offshore links of the children of former NSA Sambo Dasuki and billionaire Leno Adesanya and a retired senior judge Stella Ogene, who secretly owned an undeclared company which she hid behind to purchase a London property as a serving jurist. In what is the the first known action by any Nigerian law enforcement agency following the Pandora Papers revelations, the anti-corruption agency, Economic and Financial Crimes Commission (EFCC), has summoned Mr Obi for questioning and sources at the agency told PREMIUM TIMES investigations would be extended to others in “an ongoing, gradual process.” PREMIUM TIMES learnt that President Muhammadu Buhari has requested relevant law enforcement agencies, including the EFCC, the Nigerian Financial Intelligence Unit (NFIU), and the Code of Conduct Bureau to investigate all Nigerians whose secret dealings were exposed in the Pandora Papers series.