₦airaland Forum

DOLLAR VALUE OF PETER OBI’s INVESTMENT FOR ANAMBRA IS NOW ABOUT US$3.7million OR US$5.3 million depending on exchange rate

Given the repeated fake news about the current dollar value of the investment by the Peter Obi administration in SABMiller, it has become imperative to clarify the matter in public interest.

The Peter Obi Administration invested the sum of N1,955,535,247.00 (equivalent of approximately US$12,616,356.43 at the then average CBN exchange rate of N155.00/$1.00) in Intafact Beverages Limited, a green-field brewery being set up in Onitsha by SABMiller Breweries of South Africa in 2012. The Naira equivalent of this investment is stated and carried in the Reports of the State Accountant General with the Financial Statements for the fiscal years ended 31st
December since then. These are public documents.

Intafact Beverages was subsequently consolidated into International Breweries Plc when the parent company, SABMiller of South Africa was acquired by Anheuser-Busch InBev (AB InBev), the world's largest brewer. Based on this development, AB InBev
consolidated and merged all its brewery operations in Nigeria under International Breweries Plc and all shareholders of Intafact Beverages Limited, including Anambra State Government (ANSG), received shares of
International Breweries Plc for their respective investments.

ANSG received and still holds 407,321,264 ordinary shares of International Breweries Plc in exchange for its investment in Intafact Beverages Limited . Based on the NGX closing price of N5.50 as at 20/6/22, these shares were valued at N2,240,266,952 on
that date. Based on the Central Bank of Nigeria I&E exchange rate of N415.75/US$1.00 on same June 20, 2022, this investment was valued at an equivalent of approximately US$5,388,495.37 (and at N604/$1.00 parallel market rate, only US$3,709,051.24).

We do not want to join issues with the purveyors of the fake news but only need to state the facts to inform the public.

Thank you.
Ifeatu Onejeme
Commissioner of Finance

Kaymus:
Why spreading fake information up and down? It's still working perfectly well!

motymop:
When Russia captures kiev, it will be over.

Russian soldiers are in kiev, before the end of the month, kiev should be captured.

The Economic and Financial Crimes Commission (EFCC) has charged Nigerian senator and former governor of Imo State, Rochas Okorocha, with allegations he conspired with others, including an APC politician and five companies, to steal N2.9 billion from public coffers.

EFCC filed the charges, totalling 17, on Monday 31st January 2022, at the Federal High Court, Abuja, court documents exclusively obtained by PREMIUM TIMES show.

In addition to Mr Okorocha, other defendants are Anyim Nyerere Chinenye, Naphtali International Limited, Perfect Finish Multi Projects Limited, Consolid Projects Consulting Limited, Pramif International Limited, and Legend World Concepts Limited.

The charges were filed about the same time Mr Okorocha was declaring his intention to run for the office of the president in 2023.


Mr Okorocha, 59, was a two-term governor of Imo State, serving from 2011 to 2019 when he lost an intense political battle to instal his son-in-law and Chief of Staff, Uche Nwosu, as a successor. He, however, succeeded in winning the Imo West senatorial election for himself as a candidate of the APC. The returning officer alleged he was forced to declare Mr Okorocha the winner under duress, making INEC delay issuing him a certificate of return.

His co-accused, Mr.Nyerere, open-source searches show, was the APC governorship candidate in the 2015 Abia State election and currently serves as a commissioner at the National Pension Commission.

Mr Nyerere features in all the 17 charges and is accused of conspiring with Mr Okorocha to steal and launder N2.9 billion belonging to Imo State and local government areas in the state in contravention of the Money Laundering Act 2011. As CAC searches by PREMIUM TIMES showed, he owns or controls three of the charged companies, namely Consolid, Pramif, and Legend World, all registered in Abuja.

According to the EFCC charges, the stolen funds were diverted between October 2014 and February 2016 from the Imo State Government House account and Imo State Joint Local Government Project account.

Timeline of the alleged diversion

1. February 11, 2014: N67,500,000 – conspiracy between Mr Okorocha, Mr Nyerere, and Perfect Finish Multi Projects Limited

2. August 28, 2014: N486,000,000 – conspiracy between Mr Okorocha, Mr Nyerere, and Perfect Finish Multi Projects Limited

3. October 14, 2014: N900,000,000 – conspiracy between Mr Okorocha, Mr Nyerere, and Naphtali International Limited

4. August 4, 2015: N279,000,000 – conspiracy between Mr Okorocha, Mr Nyerere, and Naphtali International Limited

5. February 10, 2016: N243,000,000 – conspiracy between Mr Okorocha, Mr Nyerere, and Consolid Projects Consulting Limited

6. February 10, 2016: N200,000,000 – conspiracy between Mr Okorocha, Mr Nyerere, and Consolid Projects Consulting Limited

7. February 10, 2016: N243,000,000 – conspiracy between Mr Okorocha, Mr Nyerere, and Pramif International Limited

8. February 11, 2016: N243,000,000 – conspiracy between Mr Okorocha, Mr Nyerere, and Perfect Finish Multi Projects Limited

9. February 12, 2016: 243,000,000 – conspiracy between Mr Okorocha, Mr Nyerere, and Legend World Concepts Limited.

Meanwhile, as searches showed, Mr Nyerere remains a director of Consolid, Pramif, and Legend World even as he holds a public office, potentially breaching Nigeria’s code of conduct laws.