Connect with us
nairametrics

Business News

Nigeria’s EFCC targets Baba Ijebu over tax fraud

EFCC is targeting billionaire businessman and founder of Premier Lotto, Kessington Adebutu in an ongoing corruption investigation.  

Published

on

Nigeria's EFCC targets Baba Ijebu over tax fraud

The Economic and Financial Crimes Commission (EFCC) is targeting billionaire businessman and founder of Premier Lotto, Kessington Adebutu in an ongoing corruption investigation.

Premium Times reported that yesterday in Lagos, detectives from the anti-graft agency detained and interrogated the billionaire’s son, Segun Adebutu.

Nigeria's EFCC targets Baba Ijebu over tax fraud

Segun Adebutu

The EFCC is carrying out a complex corruption investigation which ranges from tax fraud to economic sabotage. The businessman, who has amassed billions over the years from the betting industry, is allegedly complicit in these crimes.

The intrigue: Interestingly, it was Premier Lotto’s main competitor – Western Lotto – that tipped off the anti-graft agency in December 2019 about the alleged fraud. The EFCC was told to investigate Premier Lotto because billionaires of naira worth of lost government revenue are allegedly traceable to the betting company.

GTBank 728 x 90

Officials of the EFCC supposedly confirmed to have already traced the sum of N5 billion to the company since the investigation commenced. The company’s management has also been accused of “short-changing Nigerians”.

[READ MORE: Air Peace’s Onyema saga: EFCC seizes passport, as Northern Youths plan rally at US…)

In the meantime, neither Mr Adebutu nor his company (ie., Premier Lotto) has issued a statement regarding this development.

Coronation ads

An official at the Lottery Commission who commented on the development confirmed the ongoing investigation. The unnamed official also accused Western Lotto owner, politician Buruji Kashamu, of instigating the investigation in a bid to undermine his competitor just to gain dominance of a section of Nigeria’s betting industry.

Nigeria's EFCC targets Baba Ijebu over tax fraud

Buruji Kashamu has since dispelled this speculation. According to him, he notified the EFCC of an industry-wide corruption that was engulfing betting in Nigeria. The politician, who is currently on FBI’s wanted list, stressed that he is not a disgruntled player in the Nigerian betting industry. He said:

“All the taxpayers’ billions they diverted should have been paid into the lottery commission trust fund to build infrastructure and alleviate poverty amongst the Nigerian masses. I urge Nigerians to continue to pressure the EFCC to investigate and charge all those responsible for sabotaging the country’s economy without any pity for the masses.”

The alleged industry-wide corruption allegation had taken other players in the field by surprise. To this end, officials of the association of betting companies in Nigeria are planning to meet in order to coordinate a better response to the EFCC.

Jaiz bank ads

You may want to read about how Kessington Adebutu made his billions, having risen from salesboy to betting king. Click here for that.

Stanbic IBTC

Emmanuel is a professional writer and business journalist, with interests covering Banking & Finance, Mergers and Acquisitions, Corporate Profiles, Brand Communication, Fintech, and MSMEs. He initially joined Nairametrics as an all-round Business Analyst, but later began focusing on and covering the financial services sector. He has also held various leadership roles, including Senior Editor, QAQC Lead, and Deputy Managing Editor. Emmanuel holds an M.Sc in International Relations from the University of Ibadan, graduating with Distinction. He also graduated with a Second Class Honours (Upper Division) from the Department of Philosophy & Logic, University of Ibadan. If you have a scoop for him, you may contact him via his email- [email protected] You may also contact him through various social media platforms, preferably LinkedIn and Twitter.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Energy

Engineer Sanusi Garba assumes office as Chairman of NERC

The new NERC boss has assumed office today in an investiture event witnessed by other Commissioners of the Commission.

Published

on

Engineer Sanusi Garba, today, December 3, 2020, formally assumed office as the Chairman of the Nigerian Electricity Regulatory Commission (NERC).

This is according to the statement issued by the media team of the NERC via the official Twitter handle of the Commission.

Engineer Garba whose appointment was confirmed by the Nigerian Senate on Tuesday will be replacing Professor James Momoh, the outgoing chairman of the Commission.

Speaking at the handover ceremony today, the New Chairman of the Commission recognized the efforts and the hard work of Prof. Momoh and thanked the outgoing chairman for his contributions to the development of the Commission and the sector in general.

GTBank 728 x 90

However, Professor Momoh on his part pledged his continuous support to the Commission and thanked President Muhammadu Buhari for the opportunity to serve the country.

What you should know

  • The new Chairman of Nigerian Electricity Regulatory Commission (NERC), Engineer Sanusi Garba is a seasoned professional in the Nigerian Energy Supply Industry (NESI), and also a top officer in the Commission.
  • Prior to his nomination as the Chairman of NERC, Garba served as the Vice Chairman of NERC, under the leadership of Prof. Momoh. He also served as the Chief Executive of Katsina Steel Rolling Co. Ltd and the Director (Power) in the Federal Ministry of Power with responsibility for the Generation, Transmission and Distribution aspects of the electricity industry.
  • He also served as Executive Director (Generation) at the Niger Delta Power Holding Co. Ltd during which he provided technical and commercial leadership for the efficient operation of seven (7) NIPP thermal power plants.
  • Engr Garba, who is a seasoned professional has served on many Federal Government Committees including the Presidential Committee on Power Sector Reform (2007/8) and the Presidential Task Force on Power (2009/10).

Continue Reading

ENDSARS

#EndSARS: Sanwo-Olu gifts families of slain police officers N10 million each

Governor Sanwo-Olu has compensated the families of slain police officers with the sum of N10 million each.

Published

on

Sanwo-Olu to stop pension for former governors, deputies, #EndSARS: Judicial Panel of Inquiry and Restitution to include Lekki toll gate incident – Sanwo-Olu, Lagos approves resumption of all classes in public, private schools, Lagos takes major step towards delivery of Fourth Mainland Bridge, Lagos to construct rail line to airport terminal for international passengers, COVID-19: Lagos State to begin curfew on Sunday to disinfect metropolis, Lagos state government discharges 7 more coronavirus patients, Lagos state will reverse to full lockdown, Sanwo-Olu to virtually inaugurate projects as he presents scorecard of first year in office, Lekki regional road: Sanwo-Olu revokes land titles of Elegushi Royal family, Lagos pays N1.3 billion into the RSA of 246 retirees, Lagos State to empower 2.5 million youths in Arts and Crafts

The Executive Governor of Lagos State, Babajide Sanwo-Olu has brought respite to the families of police officers killed during the violence witnessed in the aftermath of the #EndSARS protests.

According to the disclosure on the Twitter page of the Lagos State Government, the families were handed a cheque of N10 million each and the children of the slain officers awarded scholarships by the government.

What they are saying: Commenting on the recent development, a tweet by the Lagos State Government read thus: “Governor @jidesanwoolu handing over a cheque of 10 million naira each to the families of police officers who lost their lives during the unrest that followed the EndSARS protest and awarding scholarship to their children.’’

Why this matters: The recent effort by the Governor is in fulfillment of the promise he had earlier made to compensate affected victims of the post-EndSARS protest which led to the loss of lives and valuable properties both in the state and the country at large.

GTBank 728 x 90

The compensation will be viewed by serving officers as a motivation, aimed at promoting patriotism, loyalty, commitment and dedication to national service.

What you should know

  • Lagos State Government had earlier set up a N200 million fund for victims of police brutality
  • As a follow-up, Nairametrics had earlier reported that Lagos State Government offered scholarships to children of slain police officers.

Continue Reading

Corporate Press Releases

How digital transformation will impact Nigeria’s projected $8.79 billion economic expansion

Businesses will need to invest in appropriately reskilling and upskilling the national workforce to create a better digital Nigeria.

Published

on

The Nigerian economy is projected to grow by $8.79 billion in the next three years to 2023, driven largely by the ICT, agriculture, health, finance and insurance sectors, according to a new study by global training providers elev8 and the BusinessDay Research and Intelligence Unit (BRIU).

More than half of the projected growth will come from the ICT sector, as companies continue to create innovative products and services leveraging ICT and telecoms. To take advantage of this growth, however, businesses will need to invest in appropriately reskilling and upskilling the national workforce to create a better digital Nigeria.

The research comes off the back of the Covid-19 pandemic, which has laid bare the digital divide, with those businesses having invested sufficiently in their digital capabilities overtaking those firms who failed to do so.

However, this trend of digitally forward businesses outperforming their technology-inferior counterparts isn’t new, the study reveals. Analysis of the data, which went back as far as 1992, showed that the major companies outperforming others in Nigeria are those that spend more on upskilling, research and development, and technology acquisition.

Economic rewards await

In recognition of its benefits, Nigeria has made efforts in the past, and continues to make more efforts at digitalizing its economy. The progress made in Nigeria’s ICT sub sector has had a positive effect on its gross domestic product (GDP). Research shows that the sector’s contribution to GDP has risen from 7.70 percent in 2012 to 14.30 percent by Q2 2020.

GTBank 728 x 90

Meanwhile, the Nigerian government’s National Digital Economy Policy and Strategy, launched in 2019, aims to improve digital literacy and skills to build out the country’s digital capabilities.

However, the digital infrastructure readiness in Nigeria is still far below the global average. For this to be upgraded, the current skill set of government employees working in this area will need to be updated. This should warrant the designing of training programs that will help the government raise the level of digital infrastructure in Nigeria in the shortest possible time and at affordable costs.

The high economic rewards from closing the digital skills gap should see this become an even greater priority. If the entire Nigerian economy is digitalized, the country could take a bigger bite of the global digital economy, which is estimated at $11.5 trillion.

Coronation ads

Where digital leaders are made

Global training provider elev8 offers training programs focused on the latest technologies, and is uniquely placed to help businesses and the Nigerian government connect to opportunities as highlighted in the report.

Bringing together renowned industry experts, elev8 offers the flexibility of virtual classrooms or face-to-face programs, depending on what’s best for the organization and its learners.

Taking a holistic approach, power skills like communication, collaboration and analytical thinking are embedded into elev8’s technical training in order to develop well-rounded digital experts who can bring the most value to their employers.

Training methods are practical and action-based – built around projects, tackling real business challenges – enabling learners to put theory into practice from the day one.

No matter the technical need, elev8 can design and implement bespoke solutions tailored to a company’s individual requirements.

Jaiz bank ads

elev8’s global academy equips business leaders, teams and organizations with the skills they need to leverage the technologies of the future and transform Nigeria into a knowledge-based economy.

Stanbic IBTC

To read the report in full, or to discover more about the elev8 training academy, go to www.elev8me.com/en-us/africa.

Continue Reading