Category: Business

Oyo State Command of Western Nigeria Security Network codenamed Operation Amotekun, arrested three suspects Muhideen, Abdulrasheed Olanrewaju and Ismail Muraina with human parts of a 73-year-old-man named Adebisi Samuel

The three suspects paraded as killers of the 73-year-old man, confessed receiving N35,000 to get his head for money ritual.

The Amotekun Boss, Col. Togun has vowed that the suspects shall be handed over to Police for further prosecution.

The Federal Government through its bank, the Central Bank of Nigeria (CBN) on Friday said it will shut down the operations of ‘Aboki FX’ over the exchange rate.

‘Aboki FX’ is a website that provides currency exchange information, which the apex bank has described as an illegal platform.

CBN Governor, Godwin Emefiele, stated this after the Monetary policy committee’s two-day meeting in Abuja, revealing plans to arrest and prosecute the owner of the platform, Olusegun Oniwinde.

Emefiele accused Oniwinde of sabotaging Nigeria’s economy, vowing that Nigerian government would collaborate with other security agencies to track him down.

“I have given instructions to our experts to go after his website and let it be clear that we will go after him because we can’t allow this to continue,” he said.

“There was a particular time I asked our colleagues to find the so-called owner of ‘Aboxi FX’ that we want to engage him to understand his module, his basis and how he came about advertising those rates.

“We find him as a Nigerian who lives in England and conducts this nefarious and criminal activity on our economy. It is an economic sabotage and we will pursue him. Where ever he is, we will report him to international security agencies. Mr Oniwinde, we will find you!”

The CBN boss also decried the security challenges in the country, lamenting that Bureau de Change operators were encouraging kidnapping, banditry and terrorism though the sale of FOREX.

He, however, noted that the apex bank will not continue to sell FOREX to people who purchase arms to hurt Nigerians.

According to Emefiele, the financial markets regulator is determined to eliminate the activities of illegal FOREX traders.

The Miyetti Allah Cattle Breeders Association (MACBAN) has warned that the price of a cow could go up as high as N2 million if the Lagos State Government passes the proposed anti-open grazing law.

The association’s zonal secretary for South-West, Maikudi Usman, made the disclosure on Wednesday during a one-day public hearing organised by the state House of Assembly on the anti-open grazing bill.

Mr Usman said ranching, as being proposed by the government, was capital intensive and his members could not afford it.

“If cattle are bred in one place, the price could go up to about two million naira each. We agreed with some local chiefs in other states that anyone who wants to rear cows in a location should register and should indicate when he is leaving,” he disclosed.

The Miyetti Allah leader added that the best way to breed cattle was to move them from one place to another, saying that they were moved to different places during the rainy and dry season.

“Our breeders are not used to breeding cattle in one place.They move from here to another place.

Making further excuses, Mr Usman pleaded with the government for more time to enlighten herdsmen on breeding cattle in one place rather than encroaching on farmlands.

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Compiled By: Adebayo Miracle

“Government needs to put in more efforts in ensuring that people can access housing mortgage at affordable price” Says the first female chairperson of NIESV

An interview was held with the first female chairperson of the Nigerian Institution of Estate Surveyors and Valuers (NIESV) Lagos branch MRS Olabisi Demola-Alade where she spoke detailedly on the real estate prospect amidst the poor economy and insecurity within the State and how the institution is tackling the challenges surrounding the growth and regulations of the real estate with Lagos state government.

When asked the reason why the residential market still looks good, favorable and unaffected in the business line despite the economic condition of the country, she said it is going to be like that for sometime now reason being that ever since the period of the Pandemic lockdown, people have come to realize that office apartment is no longer a necessity and requirement to keep the money coming into their account. As far as they have the necessary technologies and gadgets, work can go on anywhere and they are making use of alot of homes as offices now. This realization has brought setback to the marketers dealing with office properties as there are less patronage for office properties and more patronage for the residential properties instead. She explained further saying that everybody wants to have their residential properties within Lagos and still wants to make more money without much and unnecessary stress, as residential building in Lagos state has more value than in other state. She also said a lot of developers are now going into residential development as a lot of people preferred making money with ease at their own comfort. She said with the right infrastructure in place, there are no foreseen hindrances to the growth of the sector for the rest of the year.

Speaking on the rate at which urbanization is increasing within the country, which automatically poses challenges on the need of more residential buildings and security level, she recommended building of more affordable and social housing in cities.

“The government must involve estate surveyors and valuers in building homes because their services are important and I’m sure that our members are willing to work with government”

She furthered explained that out of the five Ibiles present in Lagos state, Ikeja, Ikorodu, Badagry, Lagos and Epe only two regions Lagos island and Ikeja, are only fully developed area in terms of housing. She said if other part where there are available lands to build affordable housing for people with rail lines and waterways working effectively, can also be worked on more people can live with ease. She also encouraged government on the need to provide more efforts in ensuring that people can access housing mortgage at affordable rate to avoid competition that might arise from limited infrastructure.

Regarding the recently established real estate regulation Law within the state, she claimed that their body are not having any grouse against the government but they just want a clearer view of the steps taken as they already have their own official registered body ESVARBON Estate Surveyors And Valuers Registration Board Of Nigeria, and they would not like their members to go through the stress of having to register twice. Saying they are professionals and the ESVARBON is in charged of all registered surveyors and valuers, they have their own disciplinary act. And that the president of the NIESV in person of Sir Emmanuel Wike, has visited the governor of Lagos State, Babajide Sanwo-Olu and the issue has been discussed as they are now out of Court and the issue will be resolved soon. 

She made it known that the organization is involved in partnership with different firms to ensure continuity and full and effective performance of the body. When asked what her innovations and new ideas are as the recently sworn in first female chairperson for the Lagos branch NIESV, she talked more on still focusing on the partnership mostly between the estate surveyors and valuers In the public and those in the private sectors as she has noticed a gap between the two sides for quite sometime but the gap can be bridged. She also encouraged other female members to come on board as there is now capacity building and mentoring for the females.

She also explained the need for head in all various land officers in service so that they would be able to advise government on needs to be done on valuation, compensation, revocation, acquisition and such head officer will relate between those in public and private sectors. Saying further that the voice of all professionals as well as their challenges would be heard and work on within the policy and government programmes with a Valuer general present.

With the use of technology and its gradual development daily in the world, MRS Olabisi Demola-Alade made it know that the body is also working in hands with the development of the technology, as the branch is already teaching members the right way to grow the business with the adoption of technology through the resource centre. “ Recently we started visual training and the resource centre will focus on technology training by inviting IT experts to train our people”

A Federal High Court in Port Harcourt has dismissed an application for stay of execution of its earlier judgement empowering states to collect Value Added Tax (VAT).

The Federal Government through the Federal Inland Revenue Service (FIRS) had appealed the judgment, and further filed a motion for stay of execution of the said judgment pending the determination of the appeal.

In a ruling today, the court dismissed the motion, thus paving the way for execution of the judgment.

Already, the governments of Lagos and Rivers states have expressed their readiness to begin #VAT collection.

This is as some states in the Northern part of the country are making a strong case against the execution of the judgment on the ground that it would greatly shrink their revenue and adversely affect their economy.

Before now, VAT is being collected by FIRS on behalf of states and later shared among the federating units.

Justice Lateefat Okunnu of the Lagos State High Court sitting in Ikeja, has ordered the freezing of the assets and funds to the tune of N19, 178, 253,050 belonging to a convicted former Managing Director of the defunct Bank PHB Plc, Francis Atuche.

The Judge gave the order on Tuesday, August 31, 2021, following an ex parte application filed by the Economic and Financial Crimes Commission, EFCC, on August 17, 2021.

The funds, investigation showed, were domiciled in 24 different banks in Nigeria, including Citi Bank Limited; Ecobank Nigeria Limited; First Bank of Nigeria Plc; First City Monument Bank (FCMB); Globus Bank Limited; Fidelity Bank Plc; Keystone Bank Limited; Lotus Bank Limited and Mainstreet Bank Plc.

Others are: Polaris Bank Plc; Platinum Mortgage Bank Limited; Providus Bank Limited; Stanbic IBTC Nigeria Limited; Standard Chartered Bank; Sterling Bank Plc; Wema Bank Plc; Zenith Bank Plc; Unity Bank Plc; Titan Trust Bank Limited, Union Bank of Nigeria Plc and others.

Moving the application, counsel to the EFCC, Kemi Pinheiro, SAN, told the court that 15 persons as well as 22 firms were used by Atuche and his co-respondent, Ugo Anyanwu, a former Chief Financial Officer of the bank, to launder the funds.

Pinheiro listed the individuals to include Anthony Atuche, Emeka Patrick Atuche, Paul Okobi, Felix Oyiana, Moruf Kazeem Adisa, Olatunji Abiodun, Daniel Enebeli, Aina Olugbenga, Augustine Nwabueze, Omonua Benedict, Oliver King Nduaaron, Dr. Chris Ike Ogbechie, Mr. Murat Bektaslar, Attah Omataikpo Olukemi and Thomas Etuh.

The EFCC counsel further stated that the firms, in which Atuche has either direct or indirect interest are: Aqua Harvest Limited, Hubmart Stores Limited, Hubmart Limited, Sapphire Capital Management Limited, Homeland Real Estate Company Limited, Malechi Foods Limited, Homeland Meridian Partners Limited, Promise Investment Limited and Temple Cottage Hotel Limited.

Others are: Wegas Properties Project Limited, Buckhead Construction Limited, Claremount Management Services Limited, Afco Associates Limited, Platinum Capital Limited, Ghazali Yakubu Investment Limited, The Financial (Services) Company Limited, Venture Resources Limited, Elizabeth-A Company Limited, Signature Partners Limited, Purplepay Technologies Limited, Oakwood Asset Management Limited and Conesto Nigeria Limited.

Justice Okunnu granted the 12 prayers of the applicant and held that “An order is made restraining the 1st defendant (Atuche) whether by himself, or acting through the persons or entities listed or such other persons including but not limited to his family members or agents, from removing, alienating, disposing of, dealing with or diminishing the value of assets, proceeds of economic and financial crimes or otherwise in the name of the 1st defendant.”

The Judge also held that “the assets or funds included those held indirectly by or for Atuche’s benefit, whether solely or jointly held, that are located in Nigeria or worldwide.”

Justice Okunnu further ordered the freezing of any bank account being run and operated by Atuche “personally or jointly, whether in his personal name or otherwise or with the Bank Verification Number (BVN) 22295357230 in any of the respondent banks to the tune of N19, 178, 253, 050 billion, pursuant to the Restitution Order made by this Honourable Court on June 16, 2021.”

Atuche and his privies, including his lawyers, were also barred from presenting to the above listed banks “any mandate or instruction for the withdrawal of any money and/or funds standing to the credit of any of their accounts to the tune of N19, 178, 253. 050 billion.”

Justice Okunnu, who also restrained the banks from honouring any such instruction from Atuche and his privies, further held that “ A mandatory order of injunction is made directing the named respondent banks to file within 48 hours of service of this Order of this Honourable Court on them returns of the Statements of Account of the 1st Defendant (personally or jointly) whether in his personal name or otherwise or with the Bank Verification Number: 22295357230 and the accounts of persons and entities listed in the afore mentioned Schedules A and B maintained with them.

“A further order is made directing service of the Order made herein on persons affected thereby including, in particular, the persons and entities listed in Schedules A and B. by way of advertisement in either The Punch or Thisday or The Guardian newspaper.”

Justice Okunnu had, in June this year, sentenced Atuche to six years imprisonment and Anyanwu four years for stealing and conspiracy to steal to the tune of N25.7bn.

The judge, while sentencing the duo, had ordered them to make a restitution of the sum of N25.7bn to the Federal Government to replace the funds stolen from the public to bail out the bank.

The Governor of Oyo State, Engr. Seyi Makinde has made available a mini-markert where foodstuffs, rams and others are sold at a subsidized rate for the purpose of Ileya festival.

The scheme which was anchored by Oyo State Agricultural Credit Corporation displayed various items today in Ibadan where it invited civil servants to come and buy them at a subisized rate.

The Chairman of the Corporation, Jimoh Adelowo while speaking today to ODUDUWA NEWS said, prior to the establishment of the mini-markert they had held meeting with the market women and men where they resolved that goods like rice, palm oil, rams and other needs needed to celebrate Ileyal festival by Oyo State residents be sold to them at a subsidized rate.

He said, they embarked on this step because it was realized that due to high rate of inflation people may not be able to buy those stuffs at the moment and that would affect the festive period.

One of the representatives of civil servants who spoke to ODUDUWA NEWS under the condition of anonymity at the gallery where the stuffs were displayed, said the scheme was quite commendable and would serve as a relief to civil servants whose purchasing power has been severely affected particularly at this time there is economic hardship in the land.

The enforcement team of the Lagos State Water Regulatory Commission (LASWARCO) on Tuesday sealed thirty water factories across the state for various infractions ranging from unhygienic production environment, failure to comply with regulatory provisions as well as operating without adhering to good manufacturing practices.

Executive Secretary of LASWARCO, Mrs Funke Adepoju said the enforcement was in line with the mandate of the commission towards protecting residents from unhygienic water consumption, just as she said that the exercise would be sustained.

She said prior to the enforcement, LASWARCO had taken steps to engage and sensitize producers on best practices in the interest of residents, and also financial viability of their investments.

According to her, “In as much as we have the mandate to ensure that operators remain in business, we also cannot fold our arms and allow infractions to fester without being addressed. The primary regulatory mandate of the Commission is to ensure that operators in the water abstraction, production and distribution industry comply with best manufacturing procedures to safeguard the health of the people.”

She said the level of poor and unwholesome practices discovered in some water factories in the state was not only disheartening but frightening, vowing that LASWARCO would do all within its powers to ward off any attempt to put the lives of residents in jeopardy.

Giving details of the enforcement, Adepoju said: “the enforcement team of LASWARCO visited some water production factories in the state with on-site testing kits and the result confirmed that most of them are operating far below safety parameters.

“We found out that some factories that were earlier sealed were operating after the seal order was unsealed by their officials, while some were operating in very dirty environment and below regulatory standards.

“As the regulatory body empowered by Section 313 (h) of the Lagos State Environmental Management Protection Law, 2017, to regulate the activities of those engaged in the provision, consumption, treatment, packaging, sales and supply of bottled drinking water contained in bottles or polythene bags, our principal interest is to ensure acceptable standards.”

She said the commitment of the present administration of Governor Babajide Sanwo-Olu is towards ensuring that residents have access to potable and safe drinking water in line with the THEMES Agenda and goal 6 of the Sustainable Development Goals.

Besides, Adepoju said the factories would remain sealed until their owners comply with all safety procedures and duly register for further monitoring in order to facilitate compliance with best practices.

She urged residents to report any water production factory in their neighborhood that is suspected to be involved in unwholesome practices to the Commission for appropriate action, saying it was important for the people to key into the Safe Water Campaign of the Commission and work with the government to protect them.

ODUDUWA NEWS has gathered that no fewer than three men lost to the fight that ensued between a businessman, identified as Felix, aka Tiger, two other yet-to-be-identified and military officers at the Aguiyi Ironsi International Trade Centre, in the Paramo area of Ladipo Market, Lagos State.

wWtnesses confirmed to newsmen that a military officer and his orderly visited the market on Tuesday to change the spare part he bought from a trader.

On their way out, some union members, who were at the entrance of the market, reportedly demanded payment of N200 from them for gate pass.

It was learnt that the request infuriated the military men and in the process, an argument ensued between them and the union members.

A source in the market told our correspondent that the union members allegedly beat the military man and his orderly, adding that the soldiers mobilised three other personnel, who allegedly shot the victims to death.

The trader said, “What happened was that a military man came with his orderly in the morning to change a spare part that he bought from a trader in the market since last week. He came to change it because it did not work, but the military man did not wear his uniform when he came into the market.

“When he was leaving, the union boys at the entrance of the gate told him to pay N200 for gate pass. But because he refused to pay, it turned into a fight and the boys beat the military man and his orderly. So, he went back to his base, returned with three other boys and everywhere scattered as they started shooting.

“About three people have been killed; in fact, a trader, Felix, aka Tiger, whose shop is located on my line, was part of the people that were killed by stray bullets. Felix was carrying his goods into his shop during the fracas when a stray bullet hit him.

“We quickly rushed him to the hospital, but he died on the way. The incident happened around 1pm, but the military man came to the market around 9am.”

However, the Director, Public Relations and Information, Nigerian Airforce, Edward Gabkwat, who gave another version of the story, said a soldier and his civilian friend were in the market for debt collection from a trader when a fight broke out between the soldier and the debtor.

He said, “It was a matter of self-defence; it was purely a domestic matter that went south. A soldier and a civilian friend went to the market for debt collection, whether the debt was for the soldier or civilian, we don’t know. But in the process, a fight ensued between the soldier and the alleged debtor, and the debtor and other civilians pounced on the soldier.

“So, the friend of the soldier ran out to seek help and sighted a vehicle of the Operation MESA, and called their attention to the attack on the soldier. They ran to the scene of the incident, and when they got there, they were confronted by angry traders and civilians in the market, who started throwing stones at them.

“I understood that they collected the rifle of the air force personnel under Operation MESA, and the same soldier, who was under siege by the traders, snatched the rifle back, and was running toward the air force people, but opened fire because he was under threat.

“It was an unfortunate situation. It wasn’t as if it was the air force men that opened fire, but the rifle, which belongs to the air force personnel, has been retrieved. I understand one or two people died, but it is unconfirmed. Our base commander has been told to get to the root of the matter.”