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EducationStudents Trapped As Building Collapses In Edo by Dapromzy333(op): 1:53pm On Sep 14, 2024
The student community in Ekosodin, Edo State, was gripped by panic on Saturday morning after a storey building on Ekhator Street, Benin, collapsed during an early morning downpour.

The area, which borders the University of Benin, houses a significant number of students who live there due to a lack of on-campus accommodation.

Reports obtained by News360 Nigeria indicate that some of the trapped students have been rescued, while search efforts are ongoing for others.

According to an eyewitness, a university rescue team successfully evacuated several occupants, though many were severely injured.

The injured victims were rushed to nearby hospitals for urgent medical care.


“The rescue team is still searching for one of the victims who remains trapped inside the rubble, called from inside and the rescue team has continued its search to locate and rescue her and others who are still trapped,” the student said.

The Dean of Student Affairs is said to be on the scene, coordinating rescue efforts alongside the university team.

As of the time of this report, the university management has yet to release an official statement regarding the cause of the collapse or the total number of individuals affected by the incident.

When our correspondent contacted the State Fire Service, an official in the control room, who identified himself as Sylvester, said that three of its trucks were there to assist in the rescue.

“Our men are on ground to help in the rescue mission,” he added.

https://news360ng.com/tension-as-building-collapses-in-edo-man-students-trapped/
PoliticsRe: Edo Guber: 5 Killed As APC Campaign Convoy Involves In Tragic Accident by Dapromzy333(op): 12:47am On Sep 14, 2024
PoliticsEdo Guber: 5 Killed As APC Campaign Convoy Involves In Tragic Accident by Dapromzy333(op): 12:47am On Sep 14, 2024
Tragedy struck at Warrake Road in Owan East Local Government area of Edo State on Thursday as the campaign convoy of the candidate of the All Progressives Congress (APC), for the September 21 governorship election in the state, Senator Monday Okpebholo, rammed into a Toyota Camry car, crushing five of the occupants of the car to death.

According to a video obtained by News360 Nigeria the accident occurred on the Warrake Road around Uzebba axis in Owan West Local Government Area in Edo State on Thursday evening.

The driver of the car, Emmanuel Edionwe, and four other occupants were said to have died on the spot, while another victim was rushed to the Irrua Specialist Hospital, where he is said to be in critical condition.

A source who witnessed the accident said that the campaign convoy was on a neck-breaking speed when, while the Toyota Camry car in which the victims were travelling was attempting to negotiate a bend, when one of the vehicles in the convoy veered off and ran headlong to the car.

The deceased were said to be returning from a funeral ceremony when they met their death in the tragic accident that left the families of the deceased traumatised and devastated.

The bodies of the deceased were said to have been deposited at the Edo State University, Uzaurie Mortuary in Etsako West Local Government Area of the state.

A relative of Emmanuel Edionwe, one of the deceased, who spoke on the condition of anonymity, said: “We are devastated beyond words. Emmanuel was a good, easy-going boy who should not be dead today.

“He and his friends were driving in the Silver Camry car. After the accident, we just learnt that five of them have died after the collision with Okpebholo’s convoy. Emmanuel and four of his friends are dead. There is just one of them who is in critical condition and is now being nursed to life at the hospital”, the relation explained.

The family source explained that Edionwe died at the Irrua Specialist Hospital (ISH) in Irrua, where he was later transferred to for specialist care.

“Officials of the Federal Road Safety Corp (FRSC) that evacuated the bodies from the scene of the accident. Four of them died yesterday (Thursday). One died this morning. There is only one surviving person in critical condition”, he added.

The source disclosed that while Senator Okpebholo checked on the victims in the hospital they had been rushed to in Auchi after the accident, the APC campaign council had refused to acknowledge the incident or even commiserate with the affected families.

https://news360ng.com/edo-guber-5-killed-as-monday-okpebholos-convoy-involves-in-tragic-accident/

PoliticsI Won’t Support Fubara In My Political Life Again - Wike by Dapromzy333(op): 9:31pm On Sep 13, 2024
Minister of the Federal Capital Territory, Nyesom Wike, has vowed not to support Rivers State Governor, Siminalayi Fubara, in his political life again.

Wike stated this during an appearance on Channels Television on Friday.

He said, “I will never support Fubara in my political life again. Anybody knows me, it’s not about me. People laboured to put up a structure.

People laboured; you wouldn’t have even taken the 50th position. I sacrificed to talk to the Ogonis; I sacrificed to talk to several other people who let us go this way.

“You turned it that I am asking for N50 billion, N100 billion. You turned up lies against me; I brought you up and put you here. Today, I turned out to be overdemanding.

“What is Wike demanding? In every politics or political family, you run elections under people, and people work together. We must have to keep our political structure.”


Wike also denied his rift with the governor is causing a setback for the development of Rivers State.

“What is causing the setback? Wike asked. I’m not interfering with governance. I don’t want to be there. I had no crisis with anybody in the country as a governor. I survived it. If you don’t want to take leadership position, you don’t want to. That’s the truth about it.”
https://news360ng.com/just-in-i-will-never-support-fubara-again-in-my-political-career-wike/

CrimeAmerican Man Who Beheaded Gokada Nigeria Founder Sentenced To 40yrs Imprisonment by Dapromzy333(op): 3:31pm On Sep 13, 2024
Tyrese Haspil, a 25-year-old American, has been sentenced to 40 years to life in prison for the murder of his former boss, Fahim Saleh, in New York City, News360 Nigeria reports.

Saleh, 33, was the founder and CEO of the Nigerian transportation company, Gokada.

Haspil, who served as Saleh’s executive assistant, was convicted of first-degree murder, second-degree grand larceny, and other charges by a New York State Supreme Court jury two months ago.

The sentencing follows Haspil’s shocking crime in July 2020, where he embezzled funds from Saleh and subsequently killed him to cover his tracks.

Manhattan District Attorney Alvin Bragg Jr. commented on the case, stating, “Today, Tyrese Haspil is facing accountability for brutally murdering and decapitating Fahim Saleh, a kind, generous, and empathetic person who positively impacted the world.”

Bragg continued, “Even after the defendant stole from him to fund a lavish lifestyle, Mr. Saleh still gave him a second chance. While today’s sentence won’t bring Mr. Saleh back, I hope it provides his family a sense of closure as they continue to mourn his painful loss.”

Prosecutors revealed that surveillance footage captured Haspil entering Saleh’s Lower Manhattan apartment building on July 13, 2020, following him into the elevator.

Once inside the apartment, Haspil used a taser on Saleh before stabbing him repeatedly, resulting in Saleh’s death. The next day, Haspil returned to dismember and decapitate Saleh’s body, placing the parts in construction bags, as documented by the district attorney’s office.

Saleh’s cousin discovered the grisly scene after not hearing from him for 24 hours and promptly alerted the police.

Haspil was apprehended four days later at an Airbnb he had rented to celebrate his girlfriend’s birthday.

Haspil had been embezzling funds from Saleh since 2018, setting up fake PayPal and corporate bank accounts to funnel the money. Despite resigning in May 2019, Haspil continued his fraudulent activities, ultimately stealing approximately $400,000.

The Gokada founder’s company issued a tribute following his death, stressing his dedication to Nigeria and its youth.

“Fahim believed that technology could transform lives and improve safety and efficiency. He built Gokada to act upon these beliefs,” the statement read.

Gokada, which started as a ride-hailing service in Nigeria in 2017, expanded into logistics and food delivery in 2020.

CREDIT: https://news360ng.com/fahim-saleh-american-man-bags-40-years-jail-term-over-murder-of-nigerian-ceo/

PoliticsRe: 2027: I’m Ready To Be Vice President If.... - Peter Obi by Dapromzy333(op): 2:26pm On Sep 13, 2024
Politics2027: I’m Ready To Be Vice President If.... - Peter Obi by Dapromzy333(op): 2:25pm On Sep 13, 2024

https://www.youtube.com/watch?v=AJWZqSBWM0o

Peter Obi, the former Labour Party presidential candidate and ex-governor of Anambra State, has expressed his willingness to accept a vice-presidential position if he encounters someone he believes is better suited to lead Nigeria forward.

In an interview with New Central TV, Obi highlighted that his primary concern is Nigeria's development, particularly as the 2027 general election approaches.

When asked if he would consider being a vice-presidential candidate, Obi said, “Obi said: “Quite frankly, for me, I’m not desperate to be Nigerian president. I am desperate to see Nigeria work. If I see people who can do the work better, I will (consider being Vice President).

“I even have people who say I should not come out in 2027 and I said to them, offer yourself. And we will not put everybody on a scale.”

Obi reaffirmed his loyalty to the Labour Party, though remains open to working with others who share his vision for the country.

“I will stay with the Labour Party. However, if anyone seeks collaboration or alliance, they must clearly state their objectives. I am not interested in joining forces for political gain or to merely win an election. What matters to me is addressing crucial issues like getting every child into school and tackling the problem of out-of-school children,” Obi explained.

Meanwhile, the party’s National Working Committee (NWC), led by Julius Abure, recently called on the Economic and Financial Crimes Commission (EFCC) and the National Security Adviser (NSA) to investigate Obi and several other notable figures, including activist Aisha Yesufu and Pastor Itua Ighodalo.

The investigation is regarding alleged mismanagement of campaign funds during the 2023 election cycle.

At a press conference in Abeokuta, the Labour Party’s factional National Publicity Secretary, Abayomi Arabambi, accused Obi and his associates of diverting over N12 billion and $15 million intended for the presidential campaign. Arabambi described Obi as a “political profiteer,” orchestrating the diversion of these donations.

Arabambi also criticised Yesufu’s public defense in response to these accusations, calling her statements a smokescreen to conceal the truth.

CREDIT: https://news360ng.com/am-open-to-run-as-vice-presidential-candidate-if-peter-obi/

CultureOwa-obokun Of Ijesaland, Oba Gabriel Adekunle, Passes On At 86 by Dapromzy333(op): 4:04pm On Sep 12, 2024
The Owa-Obokun of Ijesaland, Oba Gabriel Adekunle Aromolaran, has passed away at the age of 86, News360 Nigeria reports

The monarch’s death was officially confirmed by the Asiwaju of Ijesaland, Chief Yinka Fasuyi, in a statement made in Osogbo, the Oyo State capital.

Oba Aromolaran had been ailing for some time, and his health had raised concerns before the official announcement of his passing.

In a heartfelt tribute, Chief Fasuyi remarked that the monarch’s demise marks the end of an era, acknowledging Oba Aromolaran’s long-standing reign and significant impact on Ijesaland during his time on the throne.

The tribute reads:

“A Monumental History Closes!
The Lion Departs The Forest!
The Torch Bearer Of Oduduwa Relocates!
The Symbol Of Obokun Adimula Transits!
The Elegance Of Ijesaland Royalty Takes A Bow!


“The Pride Of Yoruba Traditional Intellectualism Exits!
The Conscience Of Yoruba Traditional Rulers Departs!

“The Last Of The Titans Bids Farewell!
Ijesaland Celebrates The Life Of Her Idol!
Ijesaland Extolls The Life Of Our Imperial Majesty!

“Ijesaland Eulogises The Reign Of Our Owa Obokun Adimula!
Ijesaland Applauds The Legacy Of Our Paramount Ruler!

“42 Years Of Monumental Reign Comes To A Glorious End!

“Ijesa Women and Men, Young and Old, At Home and In The Diaspora In Unison Say Adieu To Our Baba Kaaaaaaabiyeeesiiiii Alaiyeluwa Oba (Dr) Gabriel Adekunle Aromolaran 11, CFR, LL.D.; the Owa Obokun Adimula and Paramount Ruler of Ijesaland.”

https://news360ng.com/breaking-owa-obokun-of-ijesaland-oba-gabriel-adekunle-passes-away-at-86/

PoliticsEdo Guber: Monday Okpebholo Signs Peace Accord Amid APC's Initial Resistance by Dapromzy333(op): 2:31pm On Sep 12, 2024
Previous Thread: https://www.nairaland.com/8211441/apc-pulls-out-edo-election

Senator Monday Okpebholo, the All Progressives Congress (APC) candidate for the Edo governorship election, has signed the Peace Accord, despite his party's earlier decision to abstain.

The APC had initially refused to sign, citing the unresolved murder of police inspector Onuh Akor, who was part of Okpebholo’s campaign team, and accusing the state government of shielding those responsible.

However, Okpebholo's decision to sign the agreement, intended to ensure a peaceful electoral process, comes after similar hesitations from Governor Godwin Obaseki's Peoples Democratic Party (PDP), which had also threatened not to sign due to mistrust in the police and the Independent National Electoral Commission (INEC).
CREDIT: https://news360ng.com/monday-okpebholo-signs-peace-accord-amid-apcs-initial-resistance/

PoliticsAPC Pulls Out Of Edo Election Peace Accord by Dapromzy333(op): 1:15pm On Sep 12, 2024
Less than two hours before the signing of the Peace Accord between contending political parties ahead of the September 21 governorship election, the All Progressives Congress (APC) said it was not disposed to signing the peace accord, News360 Nigeria gathered

This position is barely 12 hours after Governor Godwin Obaseki while receiving the Chairman of the Presidential Peace Committee, former Head of State, General Abdulsalami Abubakar said his Peoples Democratic Party (PDP) may not sign the peace accord because the party have lost faith in the police and the Independent National Electoral Commission (INEC).

Addressing a press conference at the party secretariat, Emperor Jarret Tenebe said the reasons for their declining to sign among others was that for over two months after a police inspector Onuh Akor who was the orderly to the candidate of the party, Sen Monday Okpebholo was shot and killed along Airport Road, nobody has been arrested and prosecuted, despite claims by the former Commissioner of Police, Funsho who “told Nigerians that the command had the names of those who murdered Inspector Onuh Akor at the Benin airport.”

He said instead of them being arrested, Governor Godwin Obaseki is allegedly keeping them in the government house.

Tenebe said, “This failure of the police has emboldened the State Governor, Godwin Obaseki and his Peoples Democratic Party to attack members of our political party at rally grounds and in their private business premises ceaselessly.”

He claimed that the governor has made inflammatory statements that have undermined his position as the Chief Security Officer of the State.

He chronicled the various attacks the APC campaign team have suffered in different communities Akoko-Edo, Etsako Central, Esan West local government area while mobilising supporters for the election.

“In the wake of this very worrisome and dangerous trend, Governor Obaseki kept mute and refused to condemn the attacks as the Chief Security Officer of the state. Instead, one Odion Olaye, the Chairman of the Nigerian Labour Congress in Edo State, while in the company of Obaseki, openly threatened the country that, “Nigeria will burn if INEC fails to declare the PDP candidate, Asue Ighodalo as the winner of the September 21, 2024 gubernatorial election.”

He mentioned several other chieftains of the PDP who he alleged have publicly boasted that they would do anything and go away with it and that the party’s petition to the police about these incidents with the names of suspects attached have not been treated.

He said “The summary of these episodes is the unwillingness of Obaseki to embrace peace and the refusal of the security agencies to guarantee a peaceful environment for the conduct of September 21st, 2024 scheduled election.”

As part of its demand to sign the peace accord, Tenebe said the police should be seen to taking steps to declare those fingered in the killing of the police allegedly being hidden in government wanted.
https://news360ng.com/breaking-apc-withdraw-from-peace-accord-signing-ahead-of-edo-guber/

PoliticsRe: Tinubu Meets King Charles At Buckingham Palace by Dapromzy333(op): 12:58pm On Sep 12, 2024
PoliticsTinubu Meets King Charles At Buckingham Palace by Dapromzy333(op): 12:56pm On Sep 12, 2024
President Bola Ahmed Tinubu visited King Charles at Buckingham Palace to discuss and reinforce the diplomatic ties and partnership between Nigeria and the United Kingdom.

The meeting, as reported by presidential aide Segun Dada, focused on continuing and strengthening the relationship between the two nations.

The visit marks the second meeting between President Tinubu and the British monarch, with their first encounter taking place in November 2023, during the United Nations Conference on Climate Change (COP 28) in Dubai, United Arab Emirates.

News360 Nigeria gathered that the details of the discussions remain undisclosed, but the continued engagement between the UK and Nigeria highlights mutual interest in global issues and economic growth.

CREDIT: https://news360ng.com/tinubu-meets-king-charles-at-buckingham-palace/

PoliticsNULGE Chairman Slumps, Dies On Fuel Queue In Akure by Dapromzy333(op): 12:55pm On Sep 10, 2024
The chairman of the Nigeria Union of Local Government Employees (NULGE) in the Akure South local government area of Ondo State, Oluwatuyi Olasoji, is dead.

News360 Nigeria gathered from a news tabloid in Ondo state that Olasoji slumped last week while trying to purchase fuel at a filling station in Akure and was subsequently rushed to the Federal Medical Center in Owo.

The deceased reportedly underwent an operation prior to his death.
https://news360ng.com/nulge-chairman-slumps-dies-on-fuel-queue-in-akure/

PoliticsReps Question BPE Executives Over ₦‎10 Billion Spent On Failed NIPOST Companies by Dapromzy333(op): 8:52am On Sep 10, 2024
The House of Representatives on Monday accused management of Bureau for Public Enterprise (BPE) of wasting about N10 billion on registration of two companies for the Nigeria Postal Service, only for the companies to fold up one year after take-off, News360 Nigeria reports.

Chairman, House Committee on Public Accounts, Hon. Bamidele Salam gave the ruling during the investigative hearing into the audit queries issued against the Bureau by the office of the Auditor General of the Federation (oAuGF).

In his address, Hon. Salam observed that there was no way a reasonable Nigerian will believe that N10.4 billion was spent to register the two companies only for them to fold up barely one year after.

TAJBank, NIPOST collaborate on PPP initiatives
According to the audit query, the two companies namely: NIPOST Transport and Logistics Limited and NIPOST Property reportedly took off in May 2023 and folded up through a Presidential directive in May 2024.

In his response, BPE’s Head of Finance and Accounts who stood in for the Director General of the Agency, Imam Rilwan explained that while about N10 billion was given to the two companies as take off fund, about N400 million was given to the BPE to prepare the ground for the take off of the companies.

He said the issue of registering the two companies for NIPOST was approved in 2017, paving the way for the BPE to expend about N423 million in registering qnd carrying out other activities for the eventual take off of the companies.

He said when the money eventually released in 2023, the Bureau had to recover its money, adding that the N423 million given to the BPE was used to rent office accommodation and carry out other essential services.

He said while the Bureau paid rent for the two companies from 2022, the companies took possession of the offices in May 2023, while they folded up in May 2024.

He said all property belonging to the two companies have been officially handed over to NIPOST management

Unsatisfied with his presentation, Hon. Salam said spending money from. Government coffers before the money is released is a clear violation of the provisions of the Public Procurement Act, adding that such an action was not laughable.

Aside trying to justify the expenditure, the representatives of the Bureau could not explain why they would spend money meant for other activities for the two companies, demanding relevant approvals from the Bureau.


While expressing displeasure about the development, Salam directed the Director General of BPE, Ayodeji Gbeleyi to personally appear before the committee on Wednesday September 11 at 12.00pm with all relevant documents relating to the transaction.

In the same vein, the Committee also directed the Joint Admission and Matriculations Board (JAMB) and the Investment and Security Tribunal to at into the Consolidated Revenue Fund of the Federation, about N3.457 billion and N6.327 million respectively within 30 days and tender evidence of payment before the Committee.

While ruling on the presentation by the Joint Admission ans Matriculations Board, Salam said their refusal to reply letters from. The fiscal responsibility commission informing them of their liabilities was an admittance of their indebtedness to the government.


Head of Monitoring and Evaluation of the Fiscal Responsibility Commission, Bello Aliyu Gulmare affirmed that the Board was defaulting in its remittance, remitting only 25 percent of its IGR instead of 50 percent

He said the Commission wrote to the Board in April informing them of their indebtedness and another letter in August, adding that the Board did not respond to any of the letters.

But the Director of Finance and Account of JAMB who represented the Registrar said the Board was not receiving any capital and overhead funding from the government and was therefore required to remit 25 percent of their IGR.

He said there was a government circular that exempted them from remitting 50 percent of their IGR to government’s coffers, a claim that was disputed by the office of the Accountant General of the Federation.

He said the Board has a letter from the Ministry of Finance granting them waiver from paying the 50 percent waiver.

While insisting that the FRC was trying to impose on them revenue theybare not supposed to pay, he said they refused to respond to the letters from the commission because they have been doing the back and forth since 2017.

Ruling on the submission, the committee chairman and members frowned at the refusal of JAMB to respond to the letters insisting that government administered based on correspondence.

He said the board should pay into the government coffers, the amount standing against them within 30 days.

While addressing the audit query issued against Investment and Security Tribunal, Hon. Salam directed the Tribunal to immediately recover and pay into government account taxes not deducted from five contractors and the accompanying fine among other liabilities standing against them.
https://news360ng.com/reps-panel-grill-bpe-executives-over-n10-billion-spent-on-failed-nipost-companies/

PoliticsNLC Issues 12 Midnight Ultimatum To FG To Release Ajaero by Dapromzy333(op): 6:38pm On Sep 09, 2024
The Nigeria Labour Congress (NLC) has issued a Monday midnight ultimatum to the Federal Government, demanding the unconditional release of its President, Joe Ajaero, News360 Nigeria reports.

The NLC warned of severe consequences if Ajaero is not freed.

In preparation, the NLC has scheduled a National Executive Council (NEC) meeting for 9am on Tuesday to decide on the next course of action should Ajaero remain in detention.

In a communiqué at the end of its National Administrative Council, NAC, meeting signed NLC Deputy President, Prince Adewale Adeyanju, the NLC said “The National Administrative Council (NAC) of the Nigeria Labour Congress (NLC) convened an emergency meeting today to address the alarming and unlawful arrest and detention of Comrade Joe Ajaero, President of the NLC, by agents of the Nigerian Government.

“Comrade Ajaero was arrested and detained at the Nnamdi Azikiwe International Airport in Abuja while en-route to the United Kingdom, where he was scheduled to attend and address the Congress of the Trade Union Congress (TUC) of Britain, representing Nigerian workers in critical discussions on workers’ rights and social justice.

“After extensive deliberation, the NAC resolved as follows: The Council unequivocally condemns the brazen and illegal detention of Comrade Joe Ajaero by the Nigerian State without any legal warrant or justification.

“The NLC notes with grave concern that Comrade Ajaero was lawfully discharging his duties to represent Nigerian workers and had not committed any offense warranting such action. His detention is an affront to the rights of workers and the democratic principles of freedom of movement and expression.

“The NLC demands the immediate and unconditional release of Comrade Joe Ajaero before 12 midnight today. The Council reiterates that Joe Ajaero is not a fugitive or a criminal, and his detention is an act of intimidation aimed at silencing dissent and stifling the labor movement’s voice in Nigeria. NAC also demands the immediate reversal of the current hike in the price of petrol to N617/Litre.

“State of Alert: The Congress places all its affiliates, State Councils, Civil society allies, and the Nigerian populace on red alert. The detention of Comrade Ajaero is an attack not just on the NLC leadership but on the rights of all workers and citizens to organize, protest, and express themselves freely.

“The NLC will not stand by while these rights are trampled upon. This provocation is another attempt by the State to scuttle the implementation of the new National Minimum Wage.

“The NLC reaffirms its commitment to defending the rights of Nigerian workers and citizens. The Congress will not relent in its efforts to oppose all forms of oppression. NAC – in – session therefore summons an emergency meeting of the National Executive Council (NEC) by 9:00 AM tomorrow, the 10th day of September, 2024 to take compelling action to engage the current forces of retrogression.

“The NAC urges the Nigerian Government to reverse this dangerous trend of authoritarianism and lawlessness, which threatens the country’s democratic fabric. NAC in session demands the immediate implementation of the New National Minimum Wage which has been signed into Law. The Nigeria Labour Congress will not waver in its duty to protect the rights of workers and the freedom of all Nigerians.
https://news360ng.com/breaking-nlc-issues-midnight-ultimatum-to-fg-over-ajaeros-detention/

PoliticsDSS Officials Storm SERAP Office In Abuja by Dapromzy333(op): 12:49pm On Sep 09, 2024
Men from the Department of State Services (DSS) have reportedly invaded the Abuja office of the Socio-Economic Rights and Accountability Project (SERAP) News360 Nigeria reports

Reports indicate that the officers were demanding to see the rights group’s directors. SERAP's X (Twitter) account posted a statement alleging that the DSS officers are unlawfully occupying their office and calling on President Tinubu to intervene.

The statement reads: “Officers from Nigeria’s State Security Service (SSS) are presently unlawfully occupying SERAP’s office in Abuja, asking to see our directors.

President Tinubu must immediately direct the SSS to end the harassment, intimidation, and attack on the rights of Nigerians.”
CREDIT: https://news360ng.com/breaking-nigerias-secret-police-raid-serap-office-in-abuja/

PoliticsReverse ‘Unlawful Petrol Price Hike, Investigate NNPCL - SERAP To Tinubu by Dapromzy333(op): 11:23am On Sep 08, 2024
Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to use his “leadership position and good offices to direct the Nigerian National Petroleum Company Limited (NNPCL) to immediately reverse the apparently illegal and unconstitutional increase in the pump price of premium motor spirit (PMS), also known as petrol, across its retail outlets.”

SERAP urged him to “direct the Attorney General of the Federation and Minister of Justice Mr Lateef Fagbemi, SAN, and appropriate anti-corruption agencies “to probe the allegations of corruption and mismanagement in the NNPC, including the spending of the reported $300 million ‘bailout funds’ collected from the Federal Government in August 2024, and the $6 billion debt it owes suppliers, despite allegedly failing to remit oil revenues to the treasury.”

SERAP said, “Suspected perpetrators of alleged corruption and mismanagement in the NNPC should face prosecution as appropriate, if there is sufficient admissible evidence, and any proceeds of corruption should be fully recovered.”

In the open letter dated 7 September 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said: “The increase in petrol price constitutes a fundamental breach of constitutional guarantees and the country’s international human rights obligations.”

SERAP said, “Nigerians have for far too long been denied justice and the opportunity to get to the bottom of why they continue to pay the price for corruption in the oil sector.”

The letter, read in part: “Rather than pursuing public policies to address the growing poverty and inequality in the country, and holding the NNPC to account for the alleged corruption and mismanagement in the oil sector, your government seems to be punishing the poor.

“The increase in petrol price has rendered already impoverished citizens incapable of satisfying their minimum needs for survival.”

“The increase is not inevitable, as it stems from the persistent failure of successive governments to address allegations of corruption and mismanagement in the oil sector and the impunity of suspected perpetrators.”

“Corruption in the oil sector and the lack of transparency and accountability in the use of public funds to support the operations of the NNPC have resulted in persistent and unlawful hike in petrol prices.”

“Holding the NNPC to account for alleged corruption and mismanagement in the oil sector would serve legitimate public interests.”

“The increase is causing immense hardship to those less well-off. We are concerned that as the economic situation in Nigeria deteriorates, the increase in petrol price is pushing people further into poverty.”

“We would be grateful if the recommended measures are taken within 48 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.”

“Increasing petrol prices at a time when millions of Nigerians continue to face worsening economic conditions is entirely inconsistent with your government constitutional and international obligations to ensure the minimum living conditions compatible with human dignity.”

“The arbitrary increase has placed a disproportionate burden on the marginalized and most vulnerable sectors of society, particularly those disadvantaged by poverty.”

“The increase is seriously jeopardizing their living conditions, well as individuals’ physical, emotional, and individual development, and intensifying and worsening socioeconomic conditions in the country.”

“The increase constitutes a serious human rights problem because of the intensity with which it undermines the enjoyment and exercise by Nigerians of their human rights and renders their civic participation illusory.”

“The fundamental right to life includes not only the right of every Nigerian not to be deprived of his/her life arbitrarily, but also the right that he/she will not be prevented from having access to the conditions that guarantee a dignified existence.”

“The growing poverty and inequality in the country has continued to adversely affect the right of Nigerians to participatory democracy, and impede their ability to participate in their own government.”

“Persistent increase in petrol prices keep people in poverty which in turn perpetuates discriminatory attitudes and practices against them.”

“Your government has a legal obligation to mobilize the maximum of the country’s available resources to ensure people’s socio-economic rights and to protect the most vulnerable and disadvantaged Nigerians.”

“Your government also has the legal obligations to probe and prosecute allegations of corruption and mismanagement in the NNPC, and to ensure access to justice and effective remedies for victims of corruption.”

“Investigating and prosecuting allegations of corruption and mismanagement in the oil sector would be entirely consistent with the Nigerian Constitution, and the country’s international anti-corruption obligations.”

“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on your government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on your government to ‘abolish all corrupt practices’ including in the NNPC.”

“Under Section 16(1) of the Constitution, your government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’”

“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’”

“According to our information, the Nigerian National Petroleum Company (NNPC) Limited recently increased the price of premium motor spirit (PMS), also known as petrol, across its retail outlets.”

“The price of the product increased to N855 per litre, from about N600, and in some instances above N900 per litre. The apparently unlawful increase in petrol price followed a scarcity caused by the reported refusal by suppliers to import petroleum products for the NNPCL over a $6 billion debt.”

“The NNPC reportedly failed to remit USD$2.04 billion and N164 billion of oil revenues into the public treasury, as documented in the recently published 2020 annual report by the Auditor-General of the Federation.”

https://news360ng.com/reverse-unlawful-petrol-price-hike-investigate-nnpcl-serap-gives-tinubu-ultimatum/

BusinessColourless: Six Keys Things To Know About Dangote Petrol by Dapromzy333(op): 11:30am On Sep 06, 2024
News360 Nigeria enumerates in this post, six key facts about the petrol from Dangote’s refinery.

Following the launch of petrol sales by Dangote Refinery on Tuesday, Nigerians have been discussing the distinct colour of the petrol, which is colourless and transparent.

This is a noticeable departure from the yellowish hue many are accustomed to, raising questions about its quality and standards.

This shift towards colourless petrol by Dangote Refinery symbolizes not only a change in appearance but also a commitment to higher fuel standards and environmental sustainability in Nigeria.

Below are six key insights into the appearance of Dangote Refinery’s petrol

1. Why it’s colourless
The transparent look of Dangote Refinery’s petrol is primarily due to the high ethanol content.

Experts have clarified that petrol can take on different colours based on the additives used, and a clear, colourless appearance signals a significant level of ethanol.

2. Impact on vehicle engines
Ethanol-enriched petrol has several benefits for vehicles, including improved engine performance and enhanced longevity.

This cleaner fuel helps avoid the engine issues often seen with lower-grade petrol.

3. Environmental benefits
Ethanol also contributes positively to reducing harmful emissions. The oxygen-rich fuel lowers the production of pollutants like carbon monoxide, making it a more environmentally friendly option.

4. What petrol colours signify
The colour of petrol varies based on the additives it contains.

For example, red petrol often signifies the presence of octane, while green may indicate a higher octane level.

Yellow petrol typically lacks lead, and transparent petrol, like Dangote’s, is a result of ethanol use.

5. Alignment with U.S. standards
The chairman of Dangote Industries has stated that the petrol produced at the refinery meets the high standards seen in the U.S., where transparent petrol is common.

In the U.S., additives may be used to differentiate fuel types, but transparency remains a sign of quality fuel.

6. Setting a new standard in Nigeria
By offering high-quality, ethanol-enriched fuel, Dangote Refinery is setting a new benchmark for fuel quality in Nigeria.

This is expected to improve vehicle performance, reduce environmental impact, and potentially lower the country’s reliance on imported fuel.

https://news360ng.com/six-key-facts-about-dangotes-petrol/

PoliticsChris Ngige: ICPC Grills Ex-minister Over NSITF Contracts, Job Racketeering by Dapromzy333(op): 8:41am On Sep 06, 2024
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has interrogated former Minister of Labour and Employment, Dr. Chris Ngige, regarding his involvement in alleged contracts and job racketeering during his tenure.

The probe centers around the Nigerian Social Insurance Trust Fund (NSITF), where Ngige reportedly played a role in questionable contract approvals and gratuity payments.

Ngige, who served under former President Muhammadu Buhari’s administration, was questioned for nearly five hours on Wednesday.

This follows concerns raised about a N47 million gratuity paid to the former Managing Director of NSITF, Mrs. Maureen Allagoa, while she was still in office.

A December 2022 report by News360 Nigeria further implicated Ngige in the approval of a last-minute N20 billion contract for the NSITF.

Allegedly rushed through without due process, the contract with P2E Technologies involved the digitalization and automation of NSITF activities, raising red flags regarding the potential misuse of government funds.

“This is one of too many fictitious Contracts awarded that will not be executed within this short ministerial cabinet reshuffle. This is an Emergency Contract Agreement Awarded by the NSITFMB. It was hurriedly prepared by the Head of Legal Department and it was transferred to one Madam Ijeoma Okoronkwo, Board Secretariat Office Department on Thursday,” the source had revealed.

“The said contractor who was already seated at the Madam Board Secretary’s Office signed the Agreement. The Contract Agreement was immediately smuggled to Ngige on same Thursday by the Board Secretary of the NSITF for the minister’s urgent consideration. This is one of such Emergency contracts in the midst of many others,” [/b]another source had confirmed.

[b]“If the NSITF Accounts are not immediately frozen between now and next week, minimum of N20billion will be lost. Minister Ngige has prepared this last minute contract of N20billion before he later decided to withdraw his presidential ambition.”


Earlier, Ngige said he had withdrawn from the 2023 presidential race and he hence remained in former President Muhammadu Buhari’s cabinet as a minister.
https://news360ng.com/icpc-squeezes-ex-minister-chris-ngige-over-nsitf-contracts-job-racketeering/

PoliticsRe: Stop Sending Service Chiefs After Us - Bello Turji Warns Nigerian Government by Dapromzy333(op): 8:11pm On Sep 05, 2024
PoliticsStop Sending Service Chiefs After Us - Bello Turji Warns Nigerian Government by Dapromzy333(op): 8:11pm On Sep 05, 2024

https://www.youtube.com/watch?v=lb9TBnAEUGA

Notorious bandit leader, Bello Turji, has declared that he and his associates are unafraid of death, emphasizing that their willingness to take up arms demonstrates their lack of fear.

In a video circulating online and obtained by
News360 Nigeria Turji issued a threat to the government for sending Service Chiefs to Sokoto State in an effort to combat his group.

“If they were afraid of dying, we wouldn’t have taken up arms in the first place. Stop sending Service Chiefs after us,” Turji stated in the video.

This declaration comes shortly after videos surfaced showing Turji and his men celebrating their seizure of two Mine Resistant Ambush Protected Vehicles (MRAPs) belonging to the Nigerian Army.

However, the Nigerian Defence Headquarters (DHQ) denied the claim, explaining that the MRAPs were demobilized after getting stuck in a swamp during anti-banditry operations in Zamfara State.

Earlier this week, Minister of Defence and the Chief of Defence Staff, General Christopher Musa, along with other high-ranking military officials, visited Sokoto to prepare for a military offensive against Turji and other bandit groups causing unrest in the North West.
CREDIT: https://news360ng.com/we-are-not-afraid-of-death-bandit-kingpin-bello-turji-dares-nigerian-govt-in-new-video/

PoliticsFuel Price Hike: Shettima Summons Lokpobiri, Kyari, Ribadu To Aso Villa by Dapromzy333(op): 5:50pm On Sep 05, 2024
Vice President Kashim Shettima has summoned the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, and Group Managing Director of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari.

Also summoned on Thursday at the Presidential Villa is the National Security Adviser, Nuhu Ribadu over the recent hike in the price of Premium Motor Spirit (PMS), popularly known as petrol, News360 Nigeria gathered

The Vice President is meeting with the trio in his office at the State House, Abuja.
https://news360ng.com/breaking-vp-shettima-invite-lokpobiri-kyari-nsa-over-fuel-price-hike/

PoliticsPeter Afunanya Removed As DSS Spokesman In Major Reshuffle by Dapromzy333(op): 8:27pm On Sep 04, 2024
The Department of State Services (DSS) has announced the redeployment of its Director of Public Relations and Strategic Communications, Dr. Peter Afunanya.

News360 Nigeria gathered that Afunanya revealed his reassignment during a press briefing in Abuja on Wednesday but did not specify his next position.

He described the move as part of the DSS's routine internal reshuffle aimed at enhancing service delivery.

Afunanya, who had been in the DSS media section for over a decade, was appointed spokesperson six years ago when the agency faced credibility issues.

His tenure followed a period when the DSS had no spokesperson after the compulsory retirement of Marilyn Ogar in 2015 due to allegations of misconduct, which she denied.

Speaking on his redeployment, Afunanya expressed gratitude for the opportunity to serve the nation and pledged continued dedication to his duties, emphasizing love, loyalty, and honor in service.

The announcement comes just after the newly appointed DSS Director-General, Adeola Oluwatosin Ajayi, assumed office. Ajayi has committed to refocusing the agency towards discretion and addressing Nigeria’s security challenges.
CREDIT: https://news360ng.com/just-in-peter-afunanya-removed-as-dss-spokesman-in-major-reshuffle/

PoliticsAgain, Gunmen Attack APP Secretariat In Rivers, Shoot Security Guard by Dapromzy333(op): 4:38pm On Sep 04, 2024
Gunmen have reportedly shot a security guard at the Action People’s Party (APP) secretariat in Port Harcourt, Rivers State.

The attack which was reportedly carried out at midnight comes less than a month after the party’s secretariat in the New GRA of Port Harcourt was bombed, News360 Nigeria reports.

The state chairman of the party, Sunny Wokekoro who addressed journalists at the party’s secretariat on Wednesday said details surrounding the shooting remain unclear.

He said the injured security guard is currently receiving treatment at a hospital, while police officers deployed to the secretariat after the bombing incident are yet to brief the party on the latest attack.

The APP chairman expressed concern about the ability of the police to identify the culprits behind the recent attack, especially since they are yet to disclose any details about last month’s explosion.

Wokekoro and other leaders of the party also took journalists to the hospital where the injured security guard was being treated.

However, the hospital staff prevented journalists from speaking with the victim.

The APP Chairman insisted that the attacks will not deter the party from carrying out its activities and participating in the local government election next month.
Credit: https://news360ng.com/breaking-again-gunmen-attack-app-secretariat-in-rivers-open-fire-on-security-guard/

PoliticsGunmen Attack LG Headquarters In Imo, Kill Two Security Operatives by Dapromzy333(op): 2:14pm On Sep 04, 2024
Gunmen on Tuesday night killed two vigilante members guarding the headquarters of Isiala-Mbano Local Government Area of Imo State.

News360 Nigeria gathered
that the gunmen also set cars parked at the council headquarters ablaze.

Eyewitness said the gunmen stormed the s3cretariat around 8.30pm and shot sporadically, killing two vigilante members on duty and setting part of the council building on fire.

Another eyewitness said, “Two security men at Isiala-Mbano council headquarters have been shot dead. The hoodlums also set ablaze a larger portion of the council building and several vehicles parked in the premises. Many others escaped with various degrees of injuries.

“There is palpable fear in Umuelemai, the LG headquarters because people, as I speak, have fled to neighbouring villages.”

When contacted, the state police command’s spokesman, Henry Okoye, said, “The command has deployed tactical teams to apprehend those responsible for this crime.”

Credit: https://news360ng.com/gunmen-attack-isiala-mbano-lga-headquarters-in-imo-kill-two-security-operatives/

PoliticsAmidst Fuel Scarcity, NNPC Adjust Pump Price To N855 by Dapromzy333(op): 1:56pm On Sep 03, 2024
The administration of President Bola Tinubu seems to have increased petrol prices from N650 to N855 per litre, based on pump price displays at NNPC stations on Tuesday, News360 Nigeria .

This development comes amid ongoing fuel scarcity and crisis, with prices on fuel dispensers at government-owned NNPC stations in Lagos and Abuja reflecting N855 per litre. This increase aligns with concerns over the country’s current foreign exchange challenges and rising fuel landing costs.

Other filling stations also adjusted their prices, with some showing N897 per litre by Tuesday morning.

In response to the situation, Femi Soneye, the spokesperson for NNPC, stated, “I’m not aware. But I’ll find out,” when questioned by News360 Nigeria.

Fuel prices have dwindled between N580 per litre to N700 per litre since Mr Tinubu became president and announced the removal of fuel subsidies in 2023.

But in recent weeks, the nation has suffered an acute fuel scarcity that led the few stations with fuel to sell at exorbitant prices above N900 per litre while black market prices exceeded N1,000.

On Thursday, the Tinubu government issued a statement denying reports that pegged the official fuel increase to N1,000.

“The federal government is compelled to address the outright falsehoods currently being circulated on social media, which claim that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, has directed the Nigerian National Petroleum Company Limited to inflate petroleum prices above the approved pump price,” said the statement by Nnemaka Okafor, special adviser, media and communication, to the Minister for Petroleum Resources (Oil), Heineken Lokpobiri.

https://news360ng.com/breaking-nnpc-increases-pump-price-to-855-amidst-fuel-scarcity/

PoliticsMatawalle, Service Chiefs Lands In Sokoto To Fight Banditry (Video) by Dapromzy333(op): 1:27pm On Sep 03, 2024

https://www.youtube.com/watch?v=1a5PpTC1vNY

The Minister of State for Defence, Bello Matawalle, is spearheading a mission to Sokoto State with a team of service chiefs to address the issue of banditry in the North West region.

News360 Nigeria had earlier reported that in move to address the escalating security challenges in Nigeria’s North-West, the Federal Government had directed the Minister of State for Defence, Dr. Bello Matawalle, along with other top military officials, to relocate to Sokoto State to lead efforts in eradicating the menace of banditry, kidnapping, and terrorism in the region.
https://news360ng.com/matawalle-leads-service-chiefs-to-sokoto-to-tackle-banditry-video/

PoliticsTinubu Names New Board For Bank Of Industry by Dapromzy333(op): 12:27am On Sep 03, 2024
President Bola Ahmed Tinubu has appointed a new board for the Bank of Industry (BoI) Limited, signaling a fresh start for the nation’s premier development finance institution.

This was contained in a statement on Monday by Special Adviser to the President on Media and Publicity, Ajuri Ngelale and obtained by News360 Nigeria .

Dr. Mansur Muhtar, a veteran finance expert and former Minister of Finance, will chair the 13-member board, which includes seasoned professionals from various fields.

Dr. Olasupo Olusi takes the reins as Managing Director/Chief Executive Officer, bringing his wealth of experience to the helm of the bank.

Other members of the board include Mrs. Ifeoma Uz’Okpala, Executive Director, Large Enterprises; Mr. Shekarau Omar, Executive Director, Micro, Small & Medium Enterprises; Mr. Usen Effiong, Executive Director, Corporate Services; Ms. Mabel Ndagi, Executive Director, Public Sector & Intervention Programmes; and Mr. Rotimi Akinde, Executive Director, Corporate Finance & Risk Management.

Non-Executive Directors on the board are Mallam Tajudeen Datti Ahmed, representing the Ministry of Finance Incorporated; Mr. Adedamola Olufemi Young, representing Central Bank of Nigeria; Reverend Isaac Adefemi Agoye, representing Manufacturers Association of Nigeria; Mallam Muhammad Bala, representing Federal Ministry of Industry, Trade & Investment; Mr. Oreoluwa Adeyemi, Independent Non-Executive Director; and Mr. Sulaiman Musa Kadira, Independent Non-Executive Director.

Tinubu tasked the new board with working harmoniously and diligently to achieve the bank’s objectives, saying “the nation expects nothing but the best from this critical institution”.

The appointments take effect immediately, with the new board set to commence work on the bank’s strategic plans and programs.

“President Bola Tinubu has approved the appointment of the following qualified Nigerians to the board of the Bank of Industry Limited:

[b]“Dr. Mansur Muhtar, OFR, — Chairman; Dr. Olasupo Olusi — Managing Director/Chief Executive Officer; Mrs. Ifeoma Uz’Okpala — Executive Director, Large Enterprises; Mr. Shekarau Omar — Executive Director, Micro, Small & Medium Enterprises; Mr. Usen Effiong — Executive Director, Corporate Services.

“Others are Ms. Mabel Ndagi — Executive Director, Public Sector & Intervention Programmes; Mr. Rotimi Akinde — Executive Director, Corporate Finance & Risk Management; Mallam Tajudeen Datti Ahmed — Non-Executive Director, representing the Ministry of Finance Incorporated; Mr. Adedamola Olufemi Young — Non-Executive Director, representing Central Bank of Nigeria; Reverend Isaac Adefemi Agoye — Non-Executive, representing Manufacturers Association of Nigeria; Mallam Muhammad Bala — Non-Executive, representing Federal Ministry of Industry, Trade & Investment; Mr. Oreoluwa Adeyemi — Independent Non-Executive Director; Mr. Sulaiman Musa Kadira — Independent Non-Executive Director.
[/b]
“Dr. Muhtar’s career spans decades in finance, international development, public service, and academia.

“He served as Minister of Finance, Budget and Economic Development from 2008 to 2010 and was Vice-President, Operations of the Islamic Development Bank, before his recent appointment.

“The President expects the new board of the Bank of Industry to work harmoniously, diligently, and with utmost fidelity to the nation in driving the mandate of this critical institution as a development vehicle for providing support for projects that enhance job creation, poverty alleviation, and the socio-economic conditions of Nigerian families,”the statement reads.
https://news360ng.com/tinubu-appoints-new-directors-for-boi-names-mansur-muhtar-as-chairman/

PoliticsDada Yar’adua Is Dead by Dapromzy333(op): 9:24pm On Sep 02, 2024
Dada Yar’adua, the mother of Nigeria’s former President, Umaru Yar’adua, and former Vice President, Shehu Yar’adua, has passed away.

She died on Monday evening at the Katsina Teaching Hospital, according to reports gathered by News360 Nigeria gathered.

Details surrounding her death remain sparse, but her passing has already begun to generate an outpouring of condolences from across the country.

Dada Yar’adua’s legacy is closely intertwined with the history of Nigeria, as she was the matriarch of a family that has significantly shaped the nation’s political landscape.
https://news360ng.com/breaking-dada-yaradua-mother-of-ex-president-umaru-yaradua-is-dead/

CrimeDozy Mmobuosi: Court Fines Tingo CEO $250M For Inflating Financial Performance by Dapromzy333(op): 3:23pm On Sep 02, 2024
The US Securities and Exchange Commission has imposed a $250 million penalty on Nigerian businessman and a former CEO of Tingo Group, Dozy Mmobuosi, for inflating the company’s financial performance.

The SEC’s investigation, which began in 2023, revealed that Tingo Group and its subsidiary, Tingo Mobile, falsely reported substantial revenue and cash reserves, News360 Nigeria gathered.

The actual cash balance of Tingo Mobile’s Nigerian accounts was found to be significantly less than reported, leading to charges of fraudulent financial reporting.

In addition to the fine, Mmobuosi has been barred from serving as a director of any public company.

The SEC’s judgment also enjoins Tingo Group and its associated entities from violating securities fraud provisions.

Despite Tingo Group’s denial of the charges, neither Mmobuosi nor the company presented a defence in the civil complaint, resulting in a default judgment by the court.

On December 18, 2023, The PUNCH reported that Mmobuosi was to face charges from the Securities and Exchange Commission of the United States for falsifying financial statements and other records of three Tingo Group companies, including Tingo Mobile and Tingo Foods Plc.

The SEC opened an investigation into Tingo Group in 2023 and filed charges against the company and its CEO in December. The company, which has often described itself as an agri-fintech and reported millions of dollars in revenue, was listed on the NASDAQ.

According to a statement quoted in The Cable report on Monday, “On August 29, the SEC said the US district court for the southern district of New York entered final judgments against Mmobuosi, also known as Dozy Mmobuosi, and three US-based entities, Tingo Group Inc., Agri-Fintech Holdings Inc., and Tingo International Holdings Inc, on August 28.

“Mmobuosi was accused by the SEC of a multi-year scheme to inflate the financial performance metrics of his companies and key operating subsidiaries to allegedly defraud investors worldwide.

“On December 18, 2023, the SEC charged Mmobuosi for providing “false information to investors,” and “orchestrating a staggering fraud”.

“Two days later, Mmobuosi temporarily stepped down as Tingo Group’s co-CEO.

“A month before he stepped down, the SEC suspended trading in the securities of Tingo Group.”

The US SEC said, “The SEC alleged that the company inflated its financial performance. One of its subsidiaries, Tingo Mobile, reported cash and cash equivalents of $461.7 million for 2022 in its Nigerian bank accounts, but its actual bank balance was less than $50.

“The judgments, entered on the basis of default, enjoin Mmobuosi, Tingo Group, Agri-Fintech Holdings, and Tingo International Holdings from violating the anti-fraud provisions of Section 17(a) of the Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder.“

On August 27, 2024, Mmobuosi told News360 Nigeria that the said multimillion-dollar fraud allegations levelled against him were baseless.

Mmobuosi stated this during a press conference at the Tingo House on Victoria Island, Lagos.

Despite Tingo’s denial of the charges, the company and its CEO did not enter a defense in the civil complaint, said the Financial Times.

“Judge Jesse M. Furman of the US District Court for the Southern District of New York ordered Mmobuosi and his three US-based entities to pay more than $250mn in fines.”

Despite its grand claims, Tingo has long been regarded as curious, given how little was known about the company.

The practices of Mmobuosi’s companies attracted significant scrutiny last year when Hindenburg Research, a US-based short-seller, released a report that labelled Tingo Group as an “exceptionally obvious scam.”

The report caused Tingo’s stock price to plummet by more than 60 per cent on the day of the release and raised serious questions about the legitimacy of Mmobuosi’s operations.

The SEC’s charges against Mmobuosi and his companies were filed shortly after the agency suspended trading in the shares of Nasdaq-listed Tingo Group and Agri-Fintech Holdings.

The SEC cited, “questions and concerns regarding the adequacy and accuracy of publicly available information” as the basis for the trading suspension, further eroding investor confidence in the firms.

Mmobuosi rose to prominence and gained international attention in early 2023 with his bid to purchase Sheffield United.

This club had been competing in the English Premier League but has since been relegated to the second tier of English football. The proposed acquisition, which never materialised, was part of Mmobuosi’s broader strategy to position himself as a global business leader.

On February 5, 2023, mystery surrounded the wealth of Sheffield United‘s proposed new owner, Mmobuosi after it emerged that the value of his tech company plummeted by around $8 billion (£6.7 billion) in the past year.

Mmobuosi has been described as a billionaire whose reported £90 million takeover of the stricken Championship club could rescue them from financial dire straits.

https://news360ng.com/us-court-orders-tingo-ceo-dozy-mmobuosi-to-pay-250-million-fine-over-securities-fraud/

PoliticsRe: Fire Rocks Katsina Government House by Dapromzy333(op):

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