₦airaland Forum

Tonymegabush1:
I understand wot u mean bro but I wan ask a question as u made reference to survey, you know buying a land u need to do a survey plan done by a registered surveyor after which he will which he will document such survey plan at d end d owner of d property will still register d document either C of O, power of attorney or deed of assignments, which ever one it is.. Now my question why not notify d buyer that such a land has bin map out as a pathway during documentation /registration?

It would have been flagged at the point of approval. The rule is that no plan will be approved if it encroaches on state or federal lands. The question you should ideally ask is was the survey, C of O/Governor's consent approved for them?

phizzle017:
Too bad people are going to lose their homes but Kudus to the Governor coz Ikorodu truly needs this for even development

Abdul-kudus?

tobaseye:
Government is not doing enough too. They wait for people to build houses only for them to come and demolish it. They are supposed to sensitize people especially when they find out that people are moving into land that belongs to the govt.

People too on their own part should do a proper investigation of the land such as carrying out the survey plan of the land before they buy any land, this will save them from issues like this.

It's not a good experience at all. my parents house was also demolished sometime around 2004 at aboru abule egba side of lagos.

I beg to disagree. A simple way this would have been avoided is for an intending house owner to first run a search at Ministry of Lands before buying any land. I think the search fees (+ egunje) is less than 5k. The second check is at the point seeking Governor's Consent while the third is at the point of building approval. Many don't seek to get their governor's consent nor building approved, the just start and will rather pay bribe.

Government should not be wasting time on sensitisation when you know what you're doing is illegal.

KushyKush:
The only relevant paper is the CERTIFICATE OF OWNERSHIP

You would not be given one without a proper survey. Lol... Technically, no one is getting a compensation

**Correction**

Certificate of Occupancy

anuoluwapo884:
To get C of o in Lagos is man know man and big money I doubt if majority of them would have that but @ least there should be another measure of compensating them because properties hav gone on this project

Absolutely not. I have done two Governor's consent in the last 10 yrs. You can choose to go through the process...takes a long time though. The most important thing is that you pay all legitimate fees of Lagos government which is done via bank draft.

KushyKush:

Nukilia: :


They'll go back to their village . Government screwing citizens since 1914

I don't think it's the government at fault. That road has been commissioned before most people even got thr land there. I think the residents are to be blamed for not taking proper survey

In most cases, "proper survey" even when shown to them, many still go ahead to sell and others build, hoping that they get away with just bribing the state officials. A true test should have been at the point of building approval or at the point of obtaining governor's consent. The question is how many of them do have either or both?

mofedamijo:

bigpicture001: :
I laff wen I see ignorant ppl hail such muvs...to be plain..i studied estate management and di ma i.t at one of lagos biggest estate agency in lagos at v.i..when I was there I was opportune to read through files after files of like 60% of assets in lagos..also..constant discusión see are ongoing about several other assist owns by Hy calibre nigerians...that was wen I realised the famous saying that tinubu owns lagos..to the very ignorant lagosians..whenever that statement is made; don't go about thinking it meant that he has a mighty wielding influence on happenings in lagos..no no no..thats not what they mean..what I saw.is that tinubu.has actually bought 65% of all estate asset on the lagos island..lagos state govt..is making is giving tinubu the right of first refusal to purchase especially very rated assets..so from what I saw..this edifice will be tinubu's latest acquisitions...I pity lagosians..ever had of the word " plutocracy"..? that's what tinubu does to lagos

What re u saying which yeye file did you see,tinubu can never own 65% of island,see liessss ooooo,do whole osborne estate is owned by individuals,lekki phase one n two,chevron,the huge companies etc,what tinubu owns is those hotels n few assets in strategic positions,n if tinubu dies today will it not remain with the LASG,u dont know politics oga.........they re only securing the big assets for LASG,n that way the LASG will always be in control,tinubu might be collecting returns on the assests buh he certainly doesnt own 65% island,u saw files,mtcheeeeewwww u think it is kids that see such files........

Why are you wasting your time arguing with someone that is obviously intoxicated on dangerous stuffs?

Mchenzier:
Don't complain when FGN handover kaduna refiney to Kaduna State ...

If Kaduna State can turn it into a profitable going concern, is it not better.......than it's current position as a national embarrassment?

baddosky1:

bigpicture001: :
I laff wen I see ignorant ppl hail such muvs...to be plain..i studied estate management and di ma i.t at one of lagos biggest estate agency in lagos at v.i..when I was there I was opportune to read through files after files of like 60% of assets in lagos..also..constant discusión see are ongoing about several other assist owns by Hy calibre nigerians...that was wen I realised the famous saying that tinubu owns lagos..to the very ignorant lagosians..whenever that statement is made; don't go about thinking it meant that he has a mighty wielding influence on happenings in lagos..no no no..thats not what they mean..what I saw.is that tinubu.has actually bought 65% of all estate asset on the lagos island..lagos state govt..is making is giving tinubu the right of first refusal to purchase especially very rated assets..so from what I saw..this edifice will be tinubu's latest acquisitions...I pity lagosians..ever had of the word " plutocracy"..? that's what tinubu does to lagos

Hmmm...they will soon come for your head. Tinubu is their god o. You dare not say anything bad against him.

Actually, nobody needs to come for his head. A quick reading of his submission tells you that he was on high-octane palm-wine mixed with "burukutu" and imagining that he was looking at "files"......did he say as an IT student?

Ijaya123:

SalamRushdie: :


Am I lying ? Even people at egbin beside the turbine dont have 22hrs lies yet all of you paid goons have 20 21 22 23 hours grin grin abeg keep ur lies to urself

Yes you're lying. Unless you can provide evidence.
Some people have been programmed not to see anything good in this country, even when it is staring them in the face.

For your information, I only press my clothes when I'm going out. You know why? Steady and reliable power supply. Not going to give you how many hours. Wheither you believe or not is your cup of tea.

Have a nice day.

Bros,

Don't bother.....I imagine you are arguing with a "patently ignorant" soul. For someone who infers that Gencos supply people in Egbin.........either ways I see a pained fellow who is bitter that people are saying positives about power situation in the country

owoademola:
I don't understand the conflict here, what is the Electricity situation in your area some people thought saying the truth is a lie...... Come to Gbagada for more than one year we have been on the Ikeja Electric distribution list of "Don't take their Light anyhow" seriously we can have the light more than three days without interruption. I give kudos to Gbagada Distribution office, we are enjoying the light more than anything in the coutry.

1. I see that comprehension is rocket science to so many people, that is why a simple - "what is the situation of light in your area" is so badly misinterpreted
2. I live in Gbagada, and I attest to your submission

Omooba77:
Even Unilag does not have 20 hours

...and what is so special about Unilag as the reference point?

OMEGA009:
Was he investigated on the alleged misconduct and found guilty before he was sacked? All I see is a summary decision to please someone and an upcoming court case that will once again rubbish the NJC

Hmmnnnn! Wisdom is so elusive to some people

bellyjean:

Ayemileto: :
All this refineries are set to finish construction when other world countries have shifted to pure electricity. I think Europe will stop using petrol cars in 2025.


Abeg, What else can refinery be used for apart from refining oil?

Bros, don't let them sell bullshit to us. Have you read the stories of these developed countries? They over destroyed the climate. Again, they used cheap fossil fuel to develop themselves; economically, technologically, socially etc.

If they are so concerned about the dangers of fossil fuels ad energy sources, they should use their money to setup renewable energy plants here. Many people are so ignorant to know that renewable energy is subsidized by governments of those developed countries. Can Nigerian government undertake such at this point ?

Do you even know that US government pays a subsidy of about $7000 on every electric car bought by its citizens to Tesla and other electric cars manufacturer? No I bet you don't.

Look, we will not let any ill motive organisation (world bank, IMF , Paris agreement etc) to keep Nigeria in perpetual debt and quagmire. We will utilise what the resources that are readily available and cheap and use it to uplift our lives. We can be wiser though, by adopting cleaner and efficient combustion techniques for our fossil fuels. We can adopt newer methods of carbon capture and sequestration in our refineries and power plants.

But buying that bull shit that Europe, China will stop petrol cars is a slap to us. Do you even know how China got to this their present economic and technological state? Renewables did not make electricity in China cheap. It is the profits and savings they made from fossil fuels over the years that they are now using to subsidize renewables .

Bros,

I clap for you 50x for this submission. We need to start thinking of our development in our own way, using our own resources and maximising opportunities provided by technology. We must not sheepishly be dancing to the tune of the west all the time. We have resources (oil and solid minerials) locked underground and we do not want to explore and exploit it.

@Ayemileto,

Refineries have many direct and indirect end products apart from petrol. Petrochemicals for example is a huge business globally and there is a nexus between Refineries, Gas Plants and Petrochemical Plants. This is one green area we need to rapidly exploit and make so much money. Gas vlaue-cjh is another area we have not fully developed. We are only scratching the surface....

36STATES:
While their leaders live in decent buildings, the majority who are poor defecate openly in public.
People of Ibadan should demolish those rusty brown roofs or call Igbos in to develop the city like they did in Lagos.

They should sale those mud houses, even with their father's grave to the real developers to do the needful.

...and you should get a proper education

Freshbank:
Dbanj might not really b releasing hit tracks lately but he is 1 of d few Nigeria musician dat actually knows d difference between being in d music industry & music business. I respect him so much

I agree with you. He's widening his base. His making forays into other markets (especially Europe) faster than any other local artiste and in a phenomenal way. His song is more matured and more diverse

Keneking:
Eko University of Medical and Health Sciences , Lagos .

What about LASUTH?

Don't you process before you ask question? What is the relevance of LASUTH, a Lagos State government University and the approval of Eko University of Medical and Health Sciences , Lagos, a private University

emmayayodeji:
Please let us read the first 4 lines of this post


This guy said he went in search of the thiefs number and he found it.

How did he just randomly find the thiefs number?

My tots exactly - this is one loose end he did not connect

amzee:

thesicilian: :

You made no mention of your own lawyer. Is it that you couldn't get one, or you did but he's so bad at his job to have allowed his client get jailed after an out of court settlement?
I got a lawyer but the case was called before my lawyer arrived and i told the court registrar but he said thats non of his business. He insisted that i must be jailed because i'm not settling him. Can you imagine?

I got a lawyer but the case was called before my lawyer arrived and i told the court registrar but he said thats non of his business. He insisted that i must be jailed because i'm not settling him. Can you imagine?

You're still in a very bad situation. Legally speaking, you have the tag "ex-convict" on you now which you need to get rid of. need to get a good lawyer to appeal this case. You must get a new lawyer to raise the fact that the court went ahead to give a judgement when there was an agreement for an out of court settlement.

MayorofLagos:
Unless this was meant to fully dramatize his transformation, exceptionally so, he should otherwise be in a wheelchair.

Nonetheless, Congrats to him in particular, he is a motivation to the countless out there, disabled or not.

Congrats to all the honorees. Great job to the sponsor and big kudos to HoA for their recognition.

I thought I was the only one who noticed this

IForgotMyLoginD:
So what was the point 'testing' her if he won't run after she failed?

My Sista,

You have simply asked a question that is so simple and so valid. My concern is that we are raising "d.a.f.t" and weak boys these days. That is why fathers should spend more time in nurturing boys, so that they can grow up to be real men and not some mummy's pet.

Secondly relationship issues mostly come out with causalities that follow the same template - It is those partners that will harm them that they will choose to stick with

Okoyeeboz:
Stop typing as of illiteracy is in your DNA.

Anthony Okechukwu Ojukwu is not the same person as Emeka Ojukwu Jr who decamped.

If in the 21st century with its enlightenment and advancement you can be typing all these nonsense, I wonder how your ancestors reasoned.

Thanks Bro. You know what is heartening in your write up? It didn't take up to 3 pages to find someone who has sense. NL get filled with f.o.o.ls sotay, It takes an id.oi.t to start something and others follow suit.

GavelSlam:

BeeBeeOoh: :
shocked






So Nigeria under Buhari will receive this money after he(Buhari) told us that Abacha didn't stole?? Shamelessness dwells in Buhari's abode I swear embarassed

Jonathan's student.

...of the "How much did Jim Nwobodo "stole" extraction......

Me thinks he's more of a "Kaduna teacher"

CecilMJones:
Why all of them wear the same kind track suit, them the go olympics

Those were clothes probably given to them through aids from UN agencies. They were stripped off both outer clothing and inner dignity

ANTONINEUTRON:

Jochabed: :
If only Nigeria was in order,all this trash will have been avoided.

Null Reason People Will Always Emigrate

Null reasoning you mean!

Ugo4hotish:
I read comments here and I realized that there are much idiots on nairaland.
didn't John Cena read the agreement paper before sealing the deal?. if in the purchase agreement it was spelt out that he can sell after 2years, then I support Ford and they'll win the case

I somewhat agree, but Ford may have a "Phyrric win" and Sena may have the bigger win. Let say he sold the car for like $600-700k, he can then pay off the penalty and walk away with pricey sum. What I see as getting more interesting is that a kind of "new market" will be created where premium/customised cars will be resold at a faster rate than car makers can make, control, and keep as premium.

EFCC is investigating him as well

EFCC joins probe of Gwarzo suspended SEC DG

Read more at: https://www.vanguardngr.com/2017/11/efcc-joins-probe-gwarzo-suspended-sec-dg/

Apart from the administrative enquiry ordered by the Minister of Finance, Mrs Kemi Adeosun, Gwarzo is also being investigated by the Economic and Financial Crimes Commission. EFCC wants to unravel the owners of the nine companies that were awarded contracts by the SEC under Gwarzo. They include Outbound Investment Limited, Medusa Investments Limited, Northwind Environmental Services, Micro-Technologies Limited, Tida International Limited, Outlook Communications, Acromac Nigeria Limited, Balfort International Investment Limited and Interactiven Worldwide Nigeria Limited. According to the EFCC, Gwarzo, his wife and other cronies allegedly used these companies to carry out illegal transactions in SEC. Gwarzo, 30 months old as SEC DG, was suspended by the finance minister over allegations of financial misappropriation. He replaced Ms. Arunma Oteh, who resigned in January 2015. Gwarzo was then the Commissioner in charge of operations. Finance Ministry’s Deputy Director of Information, Mrs Patricia Deworitshe in a statement on Wednesday said that the suspension was to allow unhindered investigation into several allegations of financial impropriety leveled against Gwarzo. Deworitshes said that Mr Abdulsalam Naif Habu, Head of Media Division, SEC and Mrs Anastasia Braimoh, Head of Legal Department of SEC had also been suspended. “The suspension is in line with the Public Service Rules (PSRs) 03405 and 03406. “The Minister has set up an Administrative Panel of Inquiry (API) to investigate and determine the culpability of the Director-General. “She has directed the suspended SEC Director-General to immediately handover to the most senior officer at the Commission, pending the conclusion of investigation by the API,” she said. Gwarzo allegedly paid himself N104 million severance package when he was appointed DG SEC from the position of a Director in the same commission. This is in total disregard to the standing rule in the civil service which states that severance benefit can only be paid to an employee who has concluded his or her service or has completely disengaged from service. Since Gwarzo was promoted within the commission to become a Director-general, the service rule says that he’s not yet entitled to a severance package. Gwarzo, aged 52, born in Kano, attended Bayero University also in Kano, where he read Economics and graduated in 1987. In 1991, he obtained a post-graduate diploma in development finance from the University of Birmingham.

Read more at: https://www.vanguardngr.com/2017/11/efcc-joins-probe-gwarzo-suspended-sec-dg/

Guys,

Let's not allow some politicians and sections of the media twist two separate issues

1. Oando deserves to be audited - Oando has been over-leveraged since the past 10yrs......they were refinancing long-term debts with complex short term debts, and some of their actions were border-line illegal, especially for company quoted on Jo'burg and London Stock exchange.

2. Mounir Gwazos alleged corrupt acts should not be mixed with it. See a report released some weeks ago

How SEC Director-General Illegally Paid Self Severance Benefit, Awarded Contracts To His Companies


Director-General of the Securities and Exchange Commission (SEC), Mr. Mounir Haliru Gwarzo, SaharaReporters can exclusively reveal, has perpetrated a variety of fraudulent activities since his appointment by former President Goodluck Jonathan for a first term of five years on May 22, 2015. Prior to being appointed successor to Ms. Aruma Otteh as SEC Director-General (DG), Mr. Gwarzo was an Executive Commissioner of the commission.

Signs of Mr. Gwarzo’s crooked ways manifested almost immediately he resumed as DG. Documents exclusively obtained by SaharaReporters showed that on May 26 2015, four days after receiving his letter of appointment, Mr. Gwarzo requested that he be paid the sum of N104.8 million as severance package in respect of the end of his appointment as Executive Commissioner, a position he occupied for two years and four months.

The request, made via a memo dated May 26, 2015, was referred to Mr. Chukwuogor Frana, acting Head of the commission’s Legal Department, for consideration and advice. Responding in a memo dated May 27 2015, Mr. Frana advised against honoring the request made by Mr. Gwarzo, arguing that the fact that he remains in the employ of SEC disentitles him to a severance package.

Citing an extract of the SEC Board meeting held on July 11 2002, Mr. Gwarzo had argued that he was entitled to a severance package.

While offering advice matter, Mr. Frana wrote: “The extract, however, does not contain the term ‘severance benefits.’ Therefore, to give an opinion on this matter, it is impossible to determine the purpose and scope/application of this extract.”

Mr. Frana also drew attention to the fact that opening line of the extract relied on by Mr. Gwarzo simply stated that the SEC management made submissions for the payment of retirement/resignation benefits to political appointees. He argued that while the policy specifies political appointees as Director-General and full-time commissioners, the words “resignation and retirement” appear to restrict the circumstances in which certain categories of persons could benefit from the policy.

The acting Head of the Legal Department argued that “retirement” refers to the expiration of the statutory tenures of beneficiaries, while resignation connotes the termination of services with the commission on account of resignation or other circumstances before the expiration of the stipulated statutory tenure.

“The usage of the terms, “resignation and retirement” can be interpreted to mean that the policy contemplates/assumes that the beneficiary has completed his or her service and has completely disengaged from the commission. Due consideration should, however, be given to the peculiarities of the appointment of the Director-General before the expiration of his term as Executive Commissioner. It is for this specific reason, therefore, that the Human Resources Department will need to provide the proper heading/articulation of the unique circumstances presented by the appointment. This is important because the use of the heading “Severance Benefits” in the payment request indicates that the beneficiary has left or is leaving the services of the commission through retirement or other contemplated ways,” Mr. Frana wrote.

Despite the advice, the severance package requested by Mr. Gwarzo was paid by SEC into Mr. Gwarzo’s Guaranty Trust Bank account (0023868895). The fraudulent receipt of the sum, SaharaReporters was informed, amounts to earning wealth illegally, an action in contravention of the Economic and Financial Crimes Commission (EFCC Act), the Criminal Code Act and the Code of Conduct for Public Officers.

The action, however, was just a tiny tip of the iceberg of Mr. Gwarzo’s misdeeds.

In 2015, the year Mr. Gwarzo became SEC D-G, the commission bought three cars Stallion NMN Limited, manufacturers and distributors of Nissan automobiles, as project vehicles.

However, Mr. Gwarzo diverted one to personal use and gave others to two Executive Commissioners at the time. This ensured that no member of staff or any project team has been able to use the vehicles since they were purchased, as they were kept at the personal residences of Mr. Gwarzo and the Executive Commissioners until the expiration of the former’s tenure in January 2017, when the vehicles were returned to the commission.

Mr. Gwarzo, up till date, is still in possession of the one he took away. He allows his Special Assistant, Mr. Daiyabu Kurfi, to use the vehicle as a status car despite the fact that his grade as Assistant Director entitles him to a monetized car grant/allowance (in lieu of car) and has been paid the amount to which he is entitled.

Mr. Kurfi has obviously read Mr. Gwarzo’s manual on abuse of office. On June 8 2015, documents showed that the DG collected N84.4million as monetized car grant/allowance for four cars. According to the documents, the money was paid into Mr. Gwarzo’s bank Guaranty Trust Bank Plc account (No. 0023868895).

The DG would follow the diversion of government property up with fraudulent acquisition of wealth. This he has done through the cornering of contracts for himself, his family and other directors of the commission, who have interests in various companies to which contracts are routinely awarded.

A major beneficiary of contract awards, documents showed, is Outbound Investment Limited (RC No. 807317). A search at the Corporate Affairs Commission (CAC) showed that Mr. Gwarzo and his two brothers in-law, Messrs. Suleiman Mustapha and Kaloma Dahiru Mustapha, are the directors of the company. Since the assumption of office as D-G by Mr. Gwarzo, Outbound Investment Limited has exclusively supplied diesel to SEC.

The company has also supplied air conditioners to SEC’s zonal office in Lagos and refrigerators to the commission. Payments for jobs awarded to the company by SEC are made into its account (Number 1016723428) domiciled at the United Bank for Africa. Sources at the commission also disclosed that the company has executed numerous other contracts awarded by SEC.

Also creaming off at the commission is Medusa Investments Limited (RC No.326829), where CAC documents also showed that Mr.Gwarzo is a director along with his wife, Khadija Mustapher. The SEC D-G is also a signatory to the company’s Guaranty Trust account (No. 0023953920).

Another vehicle through which the Gwarzos are illegally amassing wealth is Northwind Environmental Services (Registration No. BN 2389176), which was registered in February 2016. A search at the CAC revealed the proprietor as Mr. Haris Haliru Gwarzo, younger brother to the SEC D-G.

Northwind is the sole provider of cleaning services to the commission’s zonal office in Kano since Mr. Gwarzo assumed office in addition to a variety of other contracts. The company gets paid for jobs executed through its account (No. 0095179297) held at Diamond Bank Plc.

Mr. Gwarzo’s personal interest in the identified companies is a clear contravention of the regulation, which explicitly prohibits public officers from being in situations that bring their personal interest into conflict with their public duties. Also, the use of the companies as suppliers to the commission, said government sources, amounts to earning wealth illegally and contravenes the EFCC Act as well as the Code of Conduct for Public Officers.

Sources informed SaharaReporters that the DG is not the only SEC top shot having fun at the commission’s expense. Mr. Gwarzo has also erected a structure of gratification for his favorite staff in the commission by allowing them to companies that bid for contracts in the commission. Among these are Micro-Technologies Limited (RC No. 17305) and Tida International Limited (RC No. 26414).

Searches at the CAC revealed Mrs. Anastasia Omozele Braimoh, Head of SEC’s Legal Department, and her husband, Mr. Samuel Onimisi Braimoh, as the only directors of the company. The company has, since Mr. Gwarzo became DG, documents showed, executed numerous contracts, including for the supply of projectors and facilitation of staff training programs. Tida International has been similarly favored. SaharaReporters’ investigations at the CAC showed the directors as Mr. Abdulsalam H. Naif, SEC’s Head of Media Department, and his siblings and other members of his family. They include Abdusalam Habu, Abdusalam Jamai, Abdusalam Fuad, Abdusalam Alwan, Abdusalam Amar and Abdusalam Zawad. The company has been a major supplier of office equipment to the commission, in addition to numerous other meaty contracts since Mr. Gwarzo assumed office.

Other beneficiaries of Mr. Gwarzo dodgy kindness are his friends for whom other suppliers are overlooked in the commission’s wonky tender process. Mr. Gwarzo, said sources, also takes kick-backs from his supplier friends when the commission pays them for contracts executed. Kick-backs, disclosed sources, are paid into the account (No. 0023953920) of Medusa Investments Limited at Guaranty Trust Bank. The DG, investigations showed is a director of Medusa Investments Limited.

Companies in this category include Outlook Communication, which has Messrs. Ahmed Mohammad Jamila, Yahaya Karami Haulatu and Aisha Ahmad Aisha as directors. The company has benefited from a steady stream of contracts including publishing and media consultancy from SEC under Mr. Gwarzo. The company is paid for jobs executed through its account with Jaiz Bank (No. 0000642716).

Another sweetheart of Mr. Gwarzo is Acromac Nigeria Limited (RC No. 10687864), whose directors are Messrs. Abdulahi Dahiru, Mahmud Dahiru Barkindo and Nura Ali Rano.

With Mr. Gwarzo at the helm, Acromac has constantly received patronage through the execution of contracts, including the supply of photocopiers, office furniture and other office items to the Nigerian Capital Market Institute (NCMI), a subsidiary of SEC. Documents show that payments to the company are made through the company’s account (No.1013495360) with Zenith Bank. Yet another favorite of Mr. Gwarzo is Balfort International Investment Limited (RC No.109153). Its directors, SaharaReporters according to SaharaReporters findings are Messrs. Dahiru Abdullahi, Ali Nura Rano and Dahiru Halima Bello. The company is a major supplier of office items to SEC and the NCMI in addition to various other jobs it regularly gets. It is paid through its Zenith Bank account (No. 1013495377). Equally favored by the SEC DG is Interactive Worldwide Nigeria Limited (RC No. 779442), which has Messrs. Tukur Umar, Saratus Abubakar Sadiq and Uzoma Nwakuche as directors. The company has maintained a hold on contracts awarded for the fumigation of the SEC head office, NCMI and the Lagos Zonal Office in addition to many others.

The DG’s catalogue of misdeeds also contains activities carried out to siphon public funds. One of his preferred ways is the use of the commission’s annual staff training line his pockets and those of his friends. SEC sources told SaharaReporters that before the DG assumed office, SEC regularly paid between N60,000 and N150,000 on each staff to top-tier training institutions such as the Institute of Chartered Accountants of Nigeria (ICAN), Nigerian Institute of Management (NIM), Financial Institutions Training Centre (FITC), Nigerian Institute of Advanced Legal Studies (NIALS), Lagos Business School (LBS) and the Centre for Management Development (CMD) to provide training for staff of the commission.

Curiously, under Mr. Gwarzo, SEC began paying amounts that range between N700,000 to N780,000 on each staff. The sums, sources added, are paid to quack training firms run by Mr. Gwarzo’s friends and associates. Some, added insiders, impersonate reputable foreign training organizations.

“The training institutions are evidently owned and managed by Nigerians and run locally. This unfortunately led to poor quality training programs for the commission’s staff, which implies that SEC paid much higher for lower quality,” explained a source.

Mr. Gwarzo’s fondness for living large at public expense is not restricted to diverting project cars to personal use. Documents show that in October 2016, he received about N6million from SEC as payment for business class air ticket fare to travel to Hong Kong, where he was to attend the International Organizations of Securities Commission (IOSCO) Board meetings. October 2016. The memo requesting for the sum, dated August 26 2016, was signed by one Mr. Naif Abdusalam. The money, documents also show, was paid into Mr. Gwarzo’s account (No. 0023868895) at Guaranty Trust Bank.

Mr. Gwarzo acted in clear disregard of the April 2016 directive of the Federal Government (Vide Circular Ref. No. SGF. 6/S.2/X/545 of March 31, 2016), which explicitly states that all Chief Executives, Directors-General and other officials of similar ranks in Federal Government parastatals and agencies must undertake local and international travels in economy class.

SEC sources also disclosed that a few months after assuming office in 2015, the D-G blew the sum of N2 billion on staff of who voluntarily disengaged from the commission. The reason for their disengagement was to lower the commission’s overhead costs. However, the N2 billion spent was not captured in SEC’s approved budget for 2015, implying that it was not part of the Appropriation Act for the same year. And curiously, since the disengagement exercise was concluded, the DG has kept on hiring new staff without any advertisement of vacancies to be filled

http://saharareporters.com/2017/10/25/how-sec-director-general-illegally-paid-self-severance-benefit-awarded-contracts-his

Duru009:
What facts are you saying!!

A friend of mine is an aid Bola Tinubu!

Tinubu recommended Babatunde Folwer and Adeosun

And this is what you call facts?

macaranta:
There's a lesson, but no moral one. A guy spends 4.8m on a Nigerian msc while starving and he's yet to tell us if he later succeeded or regretted, so I can't draw a final conclusion yet.

You will soon be asking for "spiritual" lesson when the moral one is pointed out to you Don't worry, just go with the flow. You will get it soon

macaranta:
What's the moral lesson of this story, as I can't seem to find any.

You can't? That will be very unfortunate.......as there a the good sides and the not too good sides................

Exhibit:
Life is all about choices. It is high time we stop condemning someone who has chosen a course different from the norms. This story is worth sharing a million times. I celebrate you my brother. A true ambassador of OOU.

When I saw a lot of lame, and ignorant reactions, I was like the Dayo guy hit a raw nerve by ascending to a higher pedestal and thereby incurring the wrath of people he left "below"