Business News
Businessman who alleges fraud in a N170 million FIRS contract, creates scene in court
The MD of Citadel Oracle Concepts Ltd, Benjamin Joseph, reportedly cried and rolled on the floor of a courtroom, after he was denied a chance to testify.
The Managing Director of Citadel Oracle Concepts Limited, Benjamin Joseph, reportedly cried and rolled on the floor of a courtroom recently, after he was denied a chance to testify. This is the latest in the protracted legal action that was launched by Joseph, who claimed that fraud was involved in a contract he had with the Federal Inland Revenue Service (FIRS) to supply HP laptops.
Nairametrics understands that the plaintiff previously had many opportunities to testify, but chose not to do so. He even supposedly addressed a letter to the court, in which he explained why he was disinterested in testifying. Parts of the letter reads:
“In view of the foregoing and the concerns raised in this correspondence, I express my sincere reservations about the modus and the end objective of the criminal trial above referenced. Regrettably, I do not feel in this circumstance that it would be safe for me to testify in this case with Mr Jude Obazuwa as the prosecutor, believing that he would lead me in destroying myself in the circumstance.”
Mr Joseph’s sudden renewed desire to testify was invigorated after his former business partner testified against him on January 30th, 2020. The said partner, who was identified by court documents as Princess Kama, was a key witness for the defense. She told the court how the plaintiff’s allegations bothered on a betrayal of trust.
According to Princess Kama, she was the one who helped Mr Joseph to secure the FIRS contract in 2012. She also claimed to have used her own money to finance the execution of the contract. However, just because he, Mr Joseph, was not pleased with his own share of the profit, he turned around and alleged fraud. See her explanation below:
“My Lord, I used my money and experience to package the bids. When the award was given to Citadel, we met with the point-person at Utako to agree on the sharing formula of the profit. We agreed that Mr Joseph will take the profit from one of the three lots. All the agreement was verbal, based on trust, in view of our over 10 years of friendship.
“The genesis of the whole problem was the decision to transfer the N38 million profit to him. But he wanted me to bring the entire value of the contract including the invoice value of the laptops supplied to us on credit by Technology Distributions. I refused because TD is supposed to take the agreed invoice value of the laptops while we take the profit.”
[READ MORE: PwC is being dragged into Isabel dos Santos fraud case)
She further told the court the plaintiff was later offered N10 million during a reconciliation meeting that was held in Ado Ekiti with Chief Afe Babalola and other parties involved in the case. The businessman has denied this claim, despite previously admitting to them in his court filings.
The backstory: In 2012, when Benjamin got the contract to supply some laptops to the FIRS, he reportedly sent an authorisation letter to the FIRS in which he appointed Princess Kama as his representative. As a representative, Princess Kama’s job was to handle the transactions. Therefore, acting in her capacity as a representative, Princess Kama approached Technology Distributions Ltd to supply the laptops on a credit to the FIRS.
A statement seen by Nairametrics also noted that Technology Distributors had appointed two of its staff members to serve as signatories to an account that was opened for the purpose of disbursing funds for the contract. The company said this was a security measure that was put in place to avoid exposing the business to bad loans.
“In view of previous bad experience and in order to avoid exposing the business to bad loans, TD had nominated its staff – Mr. Chris Eze Ozims and Mrs. Shade Oyebode – to be signatories to an account opened for the purpose of disbursement of funds as regards the contract, solely as security for the laptops supplied on credit.
“Upon payment of the sum for the contract, TD had gone ahead to deduct the invoiced sum of the supplied laptops and had its staff resign as signatories to the account.”
Energy
BREAKING: It makes no sense for oil to be cheaper in Nigeria than Saudi Arabia – President Buhari
Nigeria sells petrol at N161 per litre when the same is sold at higher in Saudi Arabia, Egypt, Ghana, Chad, and Republic of Benin.
The Federal Government has said that it does not make sense for oil to be cheaper in Nigeria than Saudi Arabia, Egypt, Niger Republic and Republic of Benin, other oil-producing nations.
This was disclosed by President Muhammadu Buhari during his Diamond Jubilee Presidential Broadcast to mark the nation’s 60th independence anniversary on Thursday.
He said, “We sell petrol at N161 per litre when same is sold at N168/litre in Saudi Arabia, N211/litre in Egypt, N362/litre in Ghana, N362 in Chad, and N346 in Niger Republic among others.
“It does not make sense for petrol to be cheaper in Nigeria than Saudi Arabia.
“Fellow Nigerians, to achieve the great country we desire, we need to solidify our strength, increase our commitment and encourage ourselves to do that which is right and proper even when no one is watching.”
Tech News
Google launches Chromecast with Google TV
Google unveils the Chromecast device to stream contents from Walt Disney Co’s Disney+ and Netflix.
Alphabet Inc’s Google, some hours ago, launched Chromecast with Google TV, a hardware platform designed to show contents from leading streaming services like Walt Disney Co’s Disney+ and the most popular streaming service company, Netflix.
The tech juggernaut unveiled the Chromecast streaming device that now comes with a remote control. It will cost $49.99 in the U.S, and will be available in other countries by the end of 2020.
The real advantage this device holds looks to be the underlying search smarts that serve as the foundation for so much of what Google does. Here’s the company discussing the new feature in a blog post:
“Google TV’s For You tab gives you personalized watch suggestions from across your subscriptions organized based on what you like to watch—even your guilty pleasure reality dramas. Google TV’s Watchlist lets you bookmark movies and shows you want to save for later.
You can add to your Watchlist from your phone or laptop, and it will be waiting on your TV when you get home.
The new Chromecast with Google TV comes in a compact and thin design and is packed with the latest technology to give you the best viewing experience. It neatly plugs into your TV’s HDMI port and tucks behind your screen.
Hardware composition:
- Switching it on, the new Google Tv comes with a crystal clear video in up to 4K HDR at up to 60 frames per second in no time. With Dolby Vision, you’ll get extraordinary color, contrast, and brightness on your TV.
- The Hardware also supports HDMI pass coupled with Dolby audio content.
Coronavirus
COVID-19 Update in Nigeria
On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria
The spread of novel Corona Virus Disease (COVID-19) in Nigeria continues to record increases as the latest statistics provided by the Nigeria Centre for Disease Control reveal Nigeria now has 58,848 confirmed cases.
On the 30th of September 2020, 201 new confirmed cases and 1 death was recorded in Nigeria, having carried out a total daily test of 2,549 samples across the country.
To date, 58,848 cases have been confirmed, 50,358 cases have been discharged and 1,112 deaths have been recorded in 36 states and the Federal Capital Territory. A total of 509,555 tests have been carried out as of September 30th, 2020 compared to 507,006 tests a day earlier.
COVID-19 Case Updates- 30th September 2020,
- Total Number of Cases – 58,848
- Total Number Discharged – 50,358
- Total Deaths – 1,112
- Total Tests Carried out – 509,555
According to the NCDC, the 201 new cases were reported from 13 states- Lagos (77), Rivers (37), Plateau (25), FCT (13), Kaduna (12), Ogun (12), Adamawa (8), Taraba (7), Imo (4), Kwara (2), Osun (2), Abia (1), Oyo (1).
Meanwhile, the latest numbers bring Lagos state total confirmed cases to 19,461, followed by Abuja (5,709), Plateau (3,450), Oyo (3,261), Edo (2,626), Rivers (2,432), Kaduna (2,419), Ogun (1,850), Delta (1,802), Kano (1,737), Ondo (1,631), Enugu (1,289), Ebonyi (1,040), Kwara (1,036), Abia (895), Gombe (883). Katsina (861), Osun (839), Borno (745), and Bauchi (699).
Imo State has recorded 572 cases, Benue (481), Nasarawa (450), Bayelsa (399), Jigawa (325), Ekiti (321), Akwa Ibom (288), Niger (259), Adamawa (248), Anambra (237), Sokoto (162), Taraba (102), Kebbi (93), Cross River (87), Zamfara (78), Yobe (76), while Kogi state has recorded 5 cases only.
READ ALSO: COVID-19: Western diplomats warn of disease explosion, poor handling by government
Lock Down and Curfew
In a move to combat the spread of the pandemic disease, President Muhammadu Buhari directed the cessation of all movements in Lagos and the FCT for an initial period of 14 days, which took effect from 11 pm on Monday, 30th March 2020.
The movement restriction, which was extended by another two-weeks period, has been partially put on hold with some businesses commencing operations from May 4. On April 27th, 2020, Nigeria’s President, Muhammadu Buhari declared an overnight curfew from 8 pm to 6 am across the country, as part of new measures to contain the spread of the COVID-19. This comes along with the phased and gradual easing of lockdown measures in FCT, Lagos, and Ogun States, which took effect from Saturday, 2nd May 2020, at 9 am.
On Monday, 29th June 2020 the federal government extended the second phase of the eased lockdown by 4 weeks and approved interstate movement outside curfew hours with effect from July 1, 2020. Also, on Monday 27th July 2020, the federal government extended the second phase of eased lockdown by an additional one week.
On Thursday, 6th August 2020 the federal government through the secretary to the Government of the Federation (SGF) and Chairman of the Presidential Task Force (PTF) on COVID-19 announced the extension of the second phase of eased lockdown by another four (4) weeks.
READ ALSO: Bill Gates says Trump’s WHO funding suspension is dangerous
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BREAKING: It makes no sense for oil to be cheaper in Nigeria than Saudi Arabia – President Buhari
Google launches Chromecast with Google TV
Exchange rate weakens at NAFEX window as dollar supply continues its decline
COVID-19 Update in Nigeria
Daily Parallel Market Exchange Rate – ₦465/$1
How declining interest rates, others drive a shift in Nigeria’s investment sector
FMDQ Clear gets SEC approval as Nigeria’s premier central counterparty clearing house
Petroleum Industry Bill passes first reading in Senate
