Business News
EFCC files suit against ex Skye Bank Chairman Tunde Ayeni
The Federal Government have initiated legal action against the former Chairman of Skye Bank, Tunde Ayeni and its former Managing Director, Timothy Oguntayo, due to mismanagement of funds.
The Economic and Financial Crimes Commission (EFCC) have initiated legal action against the former Chairman of Skye Bank, Tunde Ayeni and its former Managing Director, Timothy Oguntayo, due to mismanagement of funds.
Ayeni and Oguntayo were hit with a ten-count charge bordering on money laundering and illegal transfer of cash, which was reportedly claimed as the reason the Nigerian lender went into financial distress.
It was stated that as much as N25.3 billion cash was allegedly taken out of the defunct bank by the key players, a development, many believed contributed to the financial distress of the bank and its eventual fall.
Breakdown of diverted funds
Vanguard reported that in a suit lodged at the Federal High Court Abuja by the Federal government with Ref. No FHC/ABj/CR/37/2019, Ayeni is accused of receiving cash from the bank to the tune of N21.1 billion out of the total amount the government is contending was illegally diverted from the bank.
The court papers also disclosed Ayeni is said to have personally received N17.4 billion and another N3.7 billion from officials of the dead bank, the balance is said to have been diverted by him and the Managing Director of the bank, Timothy Oguntayo, to two firms-Control Dredging Limited and Royaltex Ventures Limited.
The lawsuit was filed by the Economic and Financial Crimes Commission (EFCC) on behalf of the Federal Government who listed the aforementioned diverted funds as ways the fortunes of the defunct Skye Bank were plundered by inside players.
The legal action was initiated on February 18, 2019, with the Federal Government arguing the funds was laundered by the suspects and want them to account for it, although no date has been set for the commencement of trial.
Prior to this
Minister of Finance Zainab Ahmed had last year stated that all those found culpable for the failure of the bank would be prosecuted.
“all those found culpable in the failure of the bank would be prosecuted. we have to show some examples. we cannot just be bailing out banks and leaving perpetrators of the failure of these banks to just go scot-free.”
The CBN in September last year revoked the bank’s operating licence. It hinged its decision on its inability to provide further liquidity support. The apex bank had in July 2016 dissolved the bank’s board and appointed an interim management team.
Energy
FG approves new board for NLNG, BGT
The change was necessary because the current board members had been in office since 2005.
Federal Government has approved the newly reconstituted boards of Nigeria Liquified Natural Gas(NLNG) and Bonny Gas Transport Limited (BGT).
This was disclosed in a statement issued by the Minister of State for Petroleum Resources, Chief Timipre Sylva, in Abuja on Monday.
According to him, the new board, which was approved by President Muhammadu Buhari, was necessary because the current board members had been in office since 2005.
He disclosed that the new board members for the NLNG include Dr Edmund Daukoru as Chaiman, Mr Henry lkem-Obih as a Member and Dr Rabiu Sulaiman as a Member.
Other Members include the Group Managing Director of the Nigerian National Corporation (NNPC), Malam Mele Kyari and the Permanent Secretary, Ministry of Petroleum Resources, Mr Bitrus Nabasu.
He also said that Daukoru was also approved as the President of the Board of BGT while Doyin Akinyanju and Abdul Abba are members.
The minister noted that Kyari and Nabasu were also members of the board.
“I will like to use this opportunity to thank the chairman and other outgoing board members of NLNG for steering the companies to record successes, particularly the Train 7 FID.
“l wish the exiting members good health and more successes in their future endeavors.
“To the incoming members of the board, I congratulate you on this appointment; your selection is based on your experience, integrity and expertise.
“I, therefore,urge you to bring all these to bear in the discharge of your responsibilities in line with the progressive agenda of Mr President,” he said.
The News Agency of Nigeria(NAN) reports that some of the new board members had worked in the industry in the past.
Daukoru was a former Minister of State for Energy and also Secretary General of the Organisation of the Petroleum Exporting Countries in 2006.
He became the Amayanabo, or traditional ruler, of Nembe Kingdom in 2008.
Also, Ikem-Obih was a former Chief Operating Officer, Downstream of the NNPC and Rabiu a former Group Executive Director at the corporation.
Hospitality & Travel
Passengers can now arrive 90 minutes before departure for domestic flights – FG
The Federal Government has announced the reduction of arrival time for passengers from three hours to one hour and a half before departure for domestic flights.
This was disclosed in a tweet post by the Minister for Aviation, Hadi Sirika, through his Twitter handle on Monday, July 13, 2020.
The minister said that the decision was arrived at after they have reviewed passenger facilitation at the airport while noting that passengers should check-in online.
In the tweet post, Sirika said, ‘’My colleagues and I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travellers are to arrive one hour and half before their departure time for domestic flights. Travellers are advised to check-in online, please.’’
My colleagues & I have reviewed passenger facilitation at our airports, consequently I am happy to announce that, henceforth travelers are to arrive one hour and a half before their departure time for domestic flights. Travelers are advised to check in online, please 🙏🏽🇳🇬🇳🇬🇳🇬🙏🏽
— Hadi Sirika (@hadisirika) July 13, 2020
It can be recalled that the Federal Airports Authority of Nigeria (FAAN) had earlier in June issued flight resumption protocol for both international and local passengers across the country, advising passengers to arrive at the airport three hours before their time due to the new COVID-19 safety checks for domestic flight operations and five hours for international flight operations.
Economy & Politics
Seyi Makinde Proposes N3 billion investment plan for water supply
The local governments in Oyo are advised to submit a list of 10 faulty boreholes in the LG.
The Governor of Oyo State, Seyi Makinde announced the proposal of a N3 billion investment plan dedicated to water supply in rural and urban areas of the state.
Speaking through the Chairman of Rural Water Supply and Sanitation Agency (RUWASSA), Mr. Najeem Omirinde in Ibadan on Monday, he added that N500 million of the N3 billion would be used for repairing broken and faulty state-owned boreholes.
All Chairmen of each of the Local Governments in Oyo are advised to submit a list of 10 faulty boreholes in the Local governments.
The Oyo State governor also ordered that all new boreholes must be compliant with solar-powered pumps, to enable their longevity and save costs.
Urging residents to patronize the agency if they need to dig up boreholes for water, citing that it would be cheaper if done through the state agency than with private drilling companies.
Minister of Finance, Zainab Ahmed stated last year that Nigeria needs an estimated N36 trillion annually for the next 30 years to solve Nigeria’s infrastructure problem. The investment, although a tiny fraction of what Nigeria needs is a bold step by the Oyo State government.
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Seyi Makinde Proposes N3 billion investment plan for water supply
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Anodebenze
May 14, 2019 at 3:32 pm
As a young man,i once worked at bank,this fraud would have happened at least over a year,each bank in nigeria do have in-house inspector,and their job is review all bank operation,including financial auditing,we also do have external auditor.Those external auditor are allowed to see financial transaction and memo. with intercontienal bank and oceanic failed due to this global recession of 2007/08.
Now with skye bank failing in 2017,they were not do banking.the external auditors should have seen this and notified the cbn.now look at this story,there was no restraining action by those men