₦airaland Forum

Nigeria and South Africa are the two African countries with the highest number of reported fraud cases.


This was disclosed by the inaugural Africa Fraud Barometer initiated by KPMG to measure fraud on the African continent and expose the risk of fraud for companies in their day-to-day operations.


The report, however, revealed that fewer cases of fraud were reported in the two countries in the second half of 2011, while Zimbabwe had the highest value of perpetrated frauds, amounting to over $1.2bn.


The report also found that cases of fraud in the continent increased from 355 in the first half of 2011 to 520 cases in the second half of the year. This represents an increase of 46.4 per cent.


However, the value of fraud decreased from $7.17bn to $3.702bn in the same period.


KPMG’s Global Leader for Forensics, who developed the barometer to form a bigger picture of fraud prevalence in Africa, Mr. Petrus Marais, said.


According to him, the barometer distinguishes between the number of reported fraud cases, type of perpetrators, victims, type of fraud, countries and targeted industries, with the data currently available capturing the entire 2011.


Accounting for 29 per cent of perpetrators, company employees committed the most fraud during the second half of 2011, the report revealed. This represents an increase of two per cent from the first six months of the year.

From Tunde Oyedoyin, London


A NEW York-based Nigerian, Bayo Ogunlesi, has led his fund management company, Global Infrastructure Partners (GIP) in acquiring Edinburgh Airport from the British Airports Limited, (BAA) for £807 million ($1.3billion).


The sale complied with an order by the Competition Commission, the United Kingdom's antitrust watchdog, asking that BAA should dispose of either Edinburgh or Glasgow airport. Ogunlesi's GIP saw off stiff opposition from a consortium led by JP Morgan Asset Management's infrastructure fund in landing the deal.

In a statement released on Monday, Ogunlesi, the Chairman and Managing Partner of the $5.64 billion fund managers said: "Edinburgh Airport is a high quality infrastructure asset. Its acquisition is a landmark deal for GIP and represents the first investment by GIP II."

Ogunlesi, whose fund management company also has a 75 per cent interest in London City Airport (acquired in 2006) and another 42 per cent controlling stake in Gatwick Airport (acquired in 2009), continued: "We see significant opportunity to apply our tested and successful operational expertise and our knowledge of the global airports sector to develop and enhance the performance of Edinburgh Airport in years to come."

Although City analysts had expected the asking price for the airport to be in the region of £500 million, Royal Bank of Scotland (RBS), which served as financial adviser to GIP for this deal, would almost certainly have suggested that the fund management firm raise the stake to the £807.2 million which it would eventually part with.

With the bar raised so high, other bidders could not match the purse. And this might have been the reason why it not only saw off JP Morgan, which led a consortium that included United States teachers pension fund, TIAA-Cref.

Although TIAA-Cref pulled out from the deal earlier this month, JP Morgan and other competitors like buyout groups 3i and Carlyle hung in there, but could not respond to the $800 million that Ogunlesi's company put on the table.

With its experience, GIP is expected to improve among others, the efficiency of the airport, particularly the amount of time passengers spend in check-in and the security and baggage handling of the Scottish based airport. Edinburgh, Scotland's largest airport, handles more than nine million passengers a year and 100,000 flights.

Prior to becoming Chairman of GIP, Ogunlesi was Executive Vice Chairman and Chief Client Officer of Credit Suisse's Investment Banking Division with senior responsibility for Credit Suisse's corporate and sovereign investment banking clients.

Between 2002 and 2004, he was Head of Credit Suisse's Global Investment Banking Department, responsible for worldwide capital markets ( debt and equity), mergers and acquisitions, corporate finance and advisory, industry, country and regional banking businesses.

Before his journey into the world of investment banking, Ogunlesi started from ground zero and once served Thurgood Marshall, the Honourable Associate Justice of the United States Supreme Court as Law Clerk between 1980 and 1981 . He then worked his way to become an attorney with the New York law firm of Cravath , Swaine & Moore. He also held other posts before his appointment as the Chairman of GIP.

dabrake: My colleague no wan pick call. My N500 etisalat card must finish on top him head tonight. I don chop him salary. Hahahahaha

kayode : you don't know messi. He will couple the anger of madrid's defeat to his brilliance. Another 5 goals for messi tonight. If messi do not score I will give you half of my salary.

Dabrake : keep ranting. God punish your team should torres play. You will know why he is el nino. He will regain his respect should he play.

Kayode : *everybody in my unit wanted to flog me* which mumu torres? That one wey miss empty net against man u. If torres score, take half of my salary(plus the other half). *colleagues signs the agreement*.

Now, my guy no wan pick call. I no go collect him salary. I just wan look into him eye tomorrow.

Saturday, April 13, 2012, could pass for a very bad day for some South East-bound commuters. That day, dare devil armed robbers, attacked them, near Okada town, in Edo State. Nwakama (other names withheld), a Lagos-based businessman, was one of the victims of the robbery attack.


Narrating to Saturday Sun his bad experience, he revealed that he and his wife had boarded at Berger, at the boundary between Lagos and Ogun states, on their way to attend the burial of his wife’s uncle in Delta State. He said he intended to travel in the night but his wife suggested they should rather take a day bus for security reason.

Nwakama revealed that when they got to Ore, in Ondo State, the driver stopped for the passengers to eat and buy some things. According to him, on approaching Okada town, the bus had a flat tyre.

He said: “The driver stopped to change the tyre. We all alighted from the bus. One nursing mother in the bus refused to come down. While the driver was still arguing with the nursing mother, about 15 armed men swooped on us and ordered everybody, at gunpoint to follow them into the bush. We complied.

“The men ordered that everybody should switch off his or her phones, warning that anybody whose phone rang would be killed.”

Nwakama said that the robbers stripped all of them and collected money, handsets, wristwatches and other personal effects. He revealed that what could have led to his untimely death started when one of the hoodlums started caressing his wife.

He said: “The man was touching my wife’s breast and my wife was crying and all of a sudden the man started putting his hands in my wife’s pant, while others were doing same to the other three girls and a woman with us.

“As I would not stand the humiliation any longer, I warned the armed man to know that the lady is my wife and that it would not be good doing the thing in my presence. My effrontery angered the idiot, who corked his gun and threatened to shoot me. One of them armed with machete, got more infuriated and hit me with a sharp object on my head and I fell.

“At the point of death, I watched the idiots raping my wife in turn. I passed out as I could not stand it any longer.”

His wife (name withheld), who is still in shock said: “I don’t have anything to say, rather than that the God I serve will fish out those who humiliated me and give them the punishment they deserve.”

She revealed that in their community, in Delta State, it is an abomination for a married woman to sleep with a man that is not her husband. “But when we arrived home and our elders deliberated on the issue and finally said that since it was not intentional, I had been forgiven. Yet, we still spent huge amount of money to perform some cleansing rituals.”

There was tension on Friday in Lagos, as two factions of Hausa traders' unions clashed over the control of the popular Mile 12 Market in Ketu area of the metropolis.

At least seven people were seriously injured and one person feared dead, as loyalists of two chairmanship aspirants at the market attacked each other, using dangerous weapons.

The timely arrival of policemen at the scene prevented the clash from snowballing into a major crisis at the market as other ethnic groups had begun to mobilise their members.


Saturday Tribune gathered that a supposed new chairman had taken over the market when the former chairman reportedly insisted that he won the election and that he remained the authentic chairman.


His alleged invasion of the market was said to have met stiff resistance from the new chairman and a free -for-all ensued between their loyalists.


Similarly, there was a clash between motor vehicle assistants, popularly known as motor boys over whose turn to load and offload vehicles at the market.


It was learnt that the clash started when two members of different associations clashed over whose turn to load and offload a truck.


The two motor boys were said to have engaged each other in a serious clash with each claiming to have the turn to offload goods from a truck.


The spokesman of the Lagos State Police Command, Joseph Jaiyeoba, confirmed the "little crises" between two factions of the union of the market and also confirmed that some people were injured.


He, however, denied that anybody was killed in the incident.

chelseabmw:
u nor want? abi na moet u dey take?

chelseabmw: One small stout for u

chelseabmw: DOWN FALL OF BARCELONA

Wife of a slain armed robber, Mercy Esho, has said that she did not know that her husband was an armed robber.

Mercy, who was delivered of a baby few days ago, is the wife of Babatunde Esho, the leader of an armed robbery gang, who was killed in a crossfire with the police last Saturday, in Ilesa.


Parading Mercy at the state command on Thursday, the Commissioner of Police, Osun State Command, Mrs. Kalafite Adeyemi, said various items were recovered at Esho's residence.


Adeyemi said detectives from the command busted the gang during the christening of Esho's baby, adding that the gang's leader opened fire on detectives before he was gunned down.


She said, “Several items were recovered from his wife including three locally-made pistols, 17 live cartridges; three laptops; two LCD televisions; four wristwatches; a brand-new photocopier; 13 mobile phones; and one iPad.


“The LCD televisions and iPad tablet have been identified by their owners from Ijebu-Jesa and Esa-Oke respectively.”


Maintaining her innocence, Mercy said she did not know that her husband was an armed robber.


Mercy said, “May I not do well in life if I know that he was an armed robber. He used to maltreat me and starve me even when I was pregnant.


“It was his parents who urged me to marry him. He slept with me only once and I got pregnant. We were having the naming ceremony when police swooped on the party.”

Seun: I don't believe this picture; it must be photo-shopped.

sandy jo: One of the main reasons american women avoid nigerian men is their lack of good hygiene.Many nigerian men have offensive body odor about their person.Many of them refuse having a shower and they hardly wash their underwears with the result that many of them stink like dead rats.I can understand that back in africa you people dont have running water but then why is it when you come to this country you still refuse in having a shower? And yet you all scream racism when an american woman refuse in dating you.No american woman wants an african who stanks as a boyfriend.