Nnamani's N50bn business empire crumbles
By Emma Chukwuanukwu (Lagos)and Emmanuel Nzomiwu (Enugu)

The on-going investigation of former Governor of Enugu State, Dr. Chimaroke Nnamani by the Economic and Financial Crimes Commission (EFCC)has begun to take its tolls on the businesses he allegedly established while holding sway as the state's chief executive.





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Investigations by Sunday Independent revealed that many of the firms, all of which are under investigation by the EFCC, are experiencing low patronage or none at all as well as alleged mismanagement by those in charge.


The firms include Rainbownet, an integrated ICT company with the largest telecommunications network in the South East of Nigeria estimated to worth about N7 billion; Mea Mater Elizabeth College, a co-educational secondary school valued at over N5 billion, Renaissance University situated at Agbani and its Teaching Hospital which cost over N10 billion to build.


Others are Cosmo F.M Radio , a hi-tech digital radio station in Enugu valued at over N200 million; Capital City Motors Limited, which was the sole supplier of vehicles to the Enugu State government during Nnamani's administration valued at N1 billion and Hillgate Investments Limited, sole owners and managers of the famous Ebeano estates and other choice property in Enugu metropolis.


The EFCC had issued power of attorney to a private company, a Lagos-based property firm, Diya Fatilimehin and Company to manage the said firms pending the conclusion of the corruption and money laundering charges that it slammed against the ex-Governor who has vehemently denied ownership of the said firms.


Nnamani, in various newspaper adverts while in office, denied ownership of these investments and assets, but nobody has come forward to claim ownership of them.


Sources at the EFCC told Sunday Independent that one Mrs. Chinelo Nwigwe, whose names featured prominently as chairman of Rainbownet and other companies allegedly owned by Nnamani, had fled the country and is on the wanted persons list of the EFCC.


Investigations by Sunday Independent revealed that things are not normal with the said billion naira investments as they are on the verge of total collapse if nothing is done swiftly to salvage them.


When one of our reporters visited the Capital City Motors head office at Okpara Avenue, there was no sign of business in the complex as it has been over-grown by weeds.


While it was gathered that low patronage hit the firm that hitherto enjoyed high patronage by Enugu State Government in the days of Nnamani, a source disclosed that the company was forced to shut down when it could no longer settle its debt with Peugeot Automobile Nigeria, its major supplier.


Also, subscribers to Rainbownet Limited including cyber cafÈ operators have enjoyed epileptic services in recent time with the operations of the company almost halted as a result of alleged financial crisis a source blamed on the recklessness of the handlers of the business.


While Cosmo FM is still on the airwaves, the radio station is said to be having serious management problem that had eventually led to the resignation of its Managing Director, Mr. Jika Atto.


An informed source said that: "Ato had to resign when he could no longer contain the financial recklessness of the consultants whose main intent from on set, was to run the company down.


"You know Cosmo gets corporate adverts. I can tell you that at least N20 million gets into its account monthly. You see, before Cosmo was operating on diesel for 24 hours, but as soon as these people came, with the way they are spending, we were forced to complement with power from national grid and you know how reliable, it is."


Also, it was learnt that parents are withdrawing their wards from Mea Mater College in Agbani, Nnamani's hometown, as they could no longer cope with the uncertainty over the existence of the institution.


They are said to be afraid that the school is no longer secured.


It was learnt that when Nnamani was in power, no less than 10 riot policemen were on guard in the college located in a vast expanse of land, but with his exit, the police authorities in Agbai, Nkanu West Local Government Area of the State pulled their men out.


The insecurity was said to have affected Nnamani's country home when four of his dogs died on the same day as a result of suspected food poising.


The development, unfortunately, caused private security men in the ex-Governor's home their jobs.


A politician in the state who pleaded anonymity blamed the collapse of the investments on the lack of state funds to sustain them.


"These companies were being funded with Enugu State money before. Now that Nnamani is no longer in power, how do you expect them to survive? Of course they have to shut down and this should be a lesson for those in power today," the source said.

http://odili.net/news/source/2008/sep/14/700.html

"These companies were being funded with Enugu State money before. Now that Nnamani is no longer in power, how do you expect them to survive? Of course they have to shut down and this should be a lesson for those in power today," the source said

Lesson ? which lesson. those so called 'executhieves' don't learn anything. They are too arrogant and rely on their fethish that they cannot even see serious situation when they are confronted with one.

Before this problem, everyone will propably know that Nnamani owns all these organisation, now that EFCC has stepped in and since he cannot account or expalin where all the monies to build these stuffs comes from, he has to abadon the assets.

Thank God at least all those assets are in Naija. God bless him Chimaroke, all of his other (c)Thief  executhieves have all their monies stacked away in swiss bank account. He is a better Robin hood, made in Nigeria. and In Enugu state for that matter. He has at least stolen their money and build something in Nigeria, bunch of thieves unless some lesser hajj liers

May God pass on them the appopriate judgement they deserve for denying average Nigerians their basic needs why stealing what belongs to their state and country.