₦airaland Forum

In spite of the numerous promises made by the former governor of Ogun State Ibikunle Amosun while he was in office which sounded very alluring with his favourite slogan “Mission to rebuild”, it is now clear that he was actually speaking from both sides of his mouth which have resulted in uncompleted projects visibly seen in Ogun State.

The grand masterpiece of this whole charade was the commissioning of an uncompleted 250 bed MTR Multi-Specialist Hospital at Oke Mosan in Abeokuta, on May 25, 2019, by President Muhammadu Buhari which was tagged as a “Legacy Project” for his administration.

SecretReporters gathered that Senator Ibikunle Oyelaja Oluwatoyin Amosun who had been in office for the past 8 years claimed to have spent a whopping sum of N1,560,000,000,000 (One Billion Five Hundred and Sixty Million Naira) between January and March 2019 on the project in the guise that it should be...

Read more at: https://secretsreporter.com/masters-of-deception-how-ogun-state-ex-governor-amosun-invited-president-buhari-to-commission-uncompleted-250-beds-multi-specialist-hospital/

AKWA IBOM STATE POLYTECHNIC IKOT OSURA, IKOT EKPENE has banned the sales of textbooks, handouts and manuals by lecturers in the polytechnic.

The directive which is to take immediate effect was contained in a memo dated 22nd May 2019 and signed by the Registrar Dr Mrs Mary S. Ndah, stating that the decision was as a result of the sale of these materials to...

Read mora at: https://web.facebook.com/campuscrimewatchng/posts/2177252862585001

Some students of a private owned University, located in Imota in Ikorodu area of Nigeria’s commercial city centre, Lagos on Friday, May 24, 2019, went on a rampage as they protested the suspension of two final year students who flouted the University’s new rule.

The new rule introduced by Caleb University we learned states that it is an offence for any student to be found with the opposite sex after a stipulated time.

“7 pm Rule: Being found with the opposite sex after 7 pm and before 8 am is an offence,”

Apparently displeased as two students were suspended on Friday by the university management for allegedly flouting the new rules, the undergraduates went on...

Read more at: https://web.facebook.com/campuscrimewatchng/posts/2175315066112114

Some students of a private owned University, located in Imota in Ikorodu area of Nigeria’s commercial city centre, Lagos on Friday, May 24, 2019, went on a rampage as they protested the suspension of two final year students who flouted the University’s new rule.

The new rule introduced by Caleb University we learned states that it is an offence for any student to be found with the opposite sex after a...

Read more at: https://web.facebook.com/campuscrimewatchng/posts/2175315066112114

Government-owned health care centres which are meant to render immediate and standard services to her citizens across the country have not only drifted from its core values and functions but also uses unscrupulous medical personnel to siphon funds as well as milk patients dry before any treatment commences.

This is as information made available to SecretReporters revealed that a student of the Federal University of Agriculture Abeokuta (FUTA) who was in dire need of urgent medical attention when rushed to the Federal Medical Center (FMC) Idi –Aba, Ogun was denied an emergency blood transfusion by the medical personnel team on duty as they demanded payment from students who volunteered to freely donate their blood to save the life of their friend.

Sources revealed that the student who was known by her friends to have been suffering from leukaemia, upon learning that the patient’s blood...

Read more at: https://secretsreporter.com/blood-ransom-how-federal-medical-center-fmc-idi-aba-ogun-state-allegedly-demands-four-thousand-naira-from-free-blood-donors/

It is an open secret that alcohol licensing offices, as well as agencies that are saddled with the responsibility of generating Internal Revenue for State governments across the country, are involved in massive extortion and exploitation of unsuspecting business owners.

This extortion spree is alleged to be the usual practice of the Lagos State Government Revenue Task Force which is known amongst business owners especially owners of bars, lounges, hotels and entertainment centers as rogues who will stop at nothing to fill their pockets at the expense of business owners.

A practical instance is the recent experience of a bar owner in Victoria Island who alleged that officers of the Lagos State Alcohol Licensing Office have been collecting N200,000 (Two Hundred Thousand Naira) from her every month for 4 (Four) years, an amount which is meant to be paid by club owners as against the approved...

Read more at: https://secretsreporter.com/daylight-robbery-how-lagos-state-alcohol-licensing-officers-illegally-duped-bar-owner-of-over-n8-million-naira/

It is an open secret that alcohol licensing offices, as well as agencies that are saddled with the responsibility of generating Internal Revenue for State governments across the country, are involved in massive extortion and exploitation of unsuspecting business owners.

This extortion spree is alleged to be the usual practice of the Lagos State Government Revenue Task Force which is known amongst business owners especially owners of bars, lounges, hotels and entertainment centers as rogues who will stop at nothing to fill their pockets at the expense of business owners.

A practical instance is the recent experience of a bar owner in Victoria Island who alleged that officers of the Lagos State Alcohol Licensing Office have been collecting N200,000 (Two Hundred Thousand Naira) from her every month for 4 (Four) years, an amount which is meant to be paid by club owners as against the approved...

Read more at: https://secretsreporter.com/daylight-robbery-how-lagos-state-alcohol-licensing-officers-illegally-duped-bar-owner-of-over-n8-million-naira/

As agencies saddled with the responsibility of checkmating and investigating criminal cases as well as prosecuting corrupt individuals in recent times may have failed to live up to expectation, the void created by their lack of integrity has given room to inhumane crimes in the society.

A clear example of such failure is the alleged murder case of Obayomi Moses, who before his death was the Manager of Saamhany Hotel, located at 187 old Ipaja Rd, Funmilayo Bus Stop, Agege, Lagos State,  and whom  according to our source, was allegedly murdered by the owner of the hotel, a former civil servant with Lagos State...

Read more at: https://secretsreporter.com/murdered-for-money-how-a-lagos-hotelier-richard-olumide-allegedly-killed-his-manager-over-family-property-while-nigerian-police-waters-case-down/

As agencies saddled with the responsibility of checkmating and investigating criminal cases as well as prosecuting corrupt individuals in recent times may have failed to live up to expectation, the void created by their lack of integrity has given room to inhumane crimes in the society.

A clear example of such failure is the alleged murder case of Obayomi Moses, who before his death was the Manager of Saamhany Hotel, located at 187 old Ipaja Rd, Funmilayo Bus Stop, Agege, Lagos State, and whom according to our source, was allegedly murdered by the owner of the hotel, a former civil servant with Lagos State Government Mr. Richard Olumide Arohunmolase.

SecretReporters gathered that prior to his death, there had been a controversy between the extended family of the deceased and his sister simply identified as Lola who is also married to Mr Richard the owner of the hotel he manages.

The issue was concerning their late parents’ property located at 11 Tonade Street, Ikeja, Lagos, whose documents had...

Read more at: https://secretsreporter.com/murdered-for-money-how-a-lagos-hotelier-richard-olumide-allegedly-killed-his-manager-over-family-property-while-nigerian-police-waters-case-down/?fbclid=IwAR2gIGzN4Tj3RK5R1SUClMy3ap64fI7EHWqTAYSm5NkJcwBpsDiuD7y-HH4

The Online Publishers Association of Nigeria, OPAN, has asked the management of the National Assembly to withdraw the draconic guideline it set for the accreditation of journalists and media outfits intending to cover the parliament.

OPAN in a statement signed by its President, Austyn Ogannah, described the guideline as part of a sustained plot by the political class to gag the...

Read more at: https://secretsreporter.com/withdraw-your-anti-free-press-guideline-opan-tells-nass/

The online paper, Sahara Reporters, managed to get its hand on a recording of the Central Bank governor, Godwin Emefiele, discussing how to fill a seemingly large hole in its balance sheet.

Also remarkable is that, from the statement the CBN released immediately after the story broke, it did not deny that the recording was authentic – it merely quibbled with the way Sahara Reporters spun the story to be about fraud. So what was being discussed?

The conversation is sometimes hard to follow due to the governor’s liberal use of exclamations and colloquialisms.

But some things are clear to work out. Under discussion is the financial accounts for 2018 so we can work out that the tape is from February or March of this year (more on this below).

Also worth noting is that the CBN under Emefiele has stopped publishing its full IFRS financial statements.

What we now get is the accounts without the notes making it difficult to work out some large numbers. Still, numbers are numbers and they don’t lie so we can....

Read more at: https://secretsreporter.com/the-emefiele-tape-annotated-what-was-the-cbn-governor-discussing-on-the-recently-leaked-tape/

With the technological advancements in the Aviation industry in this 21st century, it is sad to note that despite efforts and mechanisms put in place to ensure that Nigerian airports operate according to world standards, these efforts may have gradually been washed down the drain.

This is evident in the International Cargo Airport situated in the eastern heartland of Oweri which was speculated to be commissioned early this month after being upgraded with the aim to boost the economy of the state as SecretReporters learned that the Airport may be nose-diving to its nadir with flight arrivals and departures now announced through handheld megaphones as though...

Read more at: https://secretsreporter.com/shameless-shame-sam-mbakwe-international-cargo-airport-still-announces-flights-schedules-using-handheld-megaphone/

Read more at: https://secretsreporter.com/shameless-shame-sam-mbakwe-international-cargo-airport-still-announces-flights-schedules-using-handheld-megaphone/

Young men in Asaba, the capital city of oil-rich Delta State are currently living in fear, as they dread to come close to one of their favourite crush, one Chimdi Ogo, who once worked with Hot FM Asaba but was sacked and now claims to be working for Wazobia FM Onitsha, because of the fear of the Senior Political Adviser to the government, Mr Festus Ochonogor who ought to be happily married and faithful to his loving wife, sources have confided in SecretReporters.

According to information gathered by this online newspaper, Ochonogor has threatened to deal with any guy who comes close to....

Read more at: https://secretsreporter.com/randy-dog-delta-state-govt-political-adviser-ochonogor-wastes-salaries-on-girlfriend-buys-cars-and-furnish-house-for-her/

It is disheartening that the tremendous increase in mortality rate within the country is not just linked to lack of medical expertise but greatly associated with lack of proper of implementation of budgetary allocations by state governments as it concerns primary and secondary health care services.

This is evident as seen in the current state of Central Hospitals as well as Health Care Centres in Edo State under the leadership of Godwin Nogheghase Obaseki, especially the 4th Savan Central Hospital located in the heart of Benin City, Edo which is alleged to be in a state of comatose despite the huge allocations and foreign grants received by the Ministry of Health over the years.

Information made available to SecretReporters revealed that on the 1st of May 2019 at about 8:30 pm, the 4th Savan Central Hospital was allegedly in pitch darkness due to...

Read more at: https://secretsreporter.com/central-darkness-despite-billions-of-foreign-grants-and-allocation-to-edo-state-ministry-of-health-hospitals-remains-in-thick-darkness-at-night-due-to-lack-of-power/

It is disheartening that the tremendous increase in mortality rate within the country is not just linked to lack of medical expertise but greatly associated with lack of proper of implementation of budgetary allocations by state governments as it concerns primary and secondary health care services.

This is evident as seen in the current state of Central Hospitals as well as Health Care Centres in Edo State under the leadership of Godwin Nogheghase Obaseki, especially the 4th Savan Central Hospital located in the heart of Benin City, Edo which is alleged to be in a state of comatose despite the huge allocations and foreign grants received by the Ministry of Health over the years.

Information made available to SecretReporters revealed that on the 1st of May 2019 at about 8:30 pm, the 4th Savan Central Hospital was allegedly in pitch darkness due to....

Read more at: https://secretsreporter.com/central-darkness-despite-billions-of-foreign-grants-and-allocation-to-edo-state-ministry-of-health-hospitals-remains-in-thick-darkness-at-night-due-to-lack-of-power/

Like the biblical oil that flows from the head down to the garment, corruption seems to have flowed from public office holders at the helm of affairs in Imo State and has begun infecting civil servants who are supposed to be transparent and honest being the workforce of the nation.

A mail sent to SecretReporters by an Imo State social crusader, Samuelson reveals that Mr Ethelbert Ojiaku, popularly known as Ethel, an Accountant with the Imo State Accountant Generals Office, Owerri has proven to be commissioned as an disciple of corruption apparently with a mandate to embezzle and loot using every artillery at his disposal until his gluttonous thirst is satisfied.

It was gathered that the Imo born accountant who earns only about N230,000 (Two Hundred and Thirty Thousand Naira) monthly as salary allegedly lives in a palatial mansion in Umuguma Community in Owerri West Local government estimated to....

Read more at: https://secretsreporter.com/rich-as-sin-meet-ordinary-imo-state-civil-servant-accounts-director-ethelbert-ojiaku-worth-over-n12-billion-naira/

With the incessant desire to amass wealth at the slightness opportunity by apostles of corruption who pose as public office holders across the country, SecretReporters can authoritatively report that Babatunde Fowler, the Chairman of the Federal Inland Revenue Service (FIRS) is not left out in this horrid trend as there are reports of his alleged involvement in the fraudulent act by fleecing funds meant for the agency into his private pockets.

Information on our news desk reveal that the chairman in a bid to conceal his putrid activities and appear blameless in the eyes of the law while lobbying for the position of Minister of Finance allegedly on the advice of his “godfather “Ahmed Bola Tinubu invited the Economic Financial Crimes Commission (EFCC) to probe the directors and some senior officers of the commission whom he believed will be a stumbling block for the achievement of his evil plans.

However, SecretReporters garnered that the planned investigation which was meant to be in his favour was seen to have boomeranged, as over...

Read more at: https://secretsreporter.com/greedy-fowler-how-firs-chairman-babatunde-fowler-concealed-his-n300-million-fraud-by-using-efcc-to-probe-the-commissions-directors/

Every government aims at ensuring that there is a steady increase in wealth and social economic development within its region viz a viz patronizing government or privately owned facilities and resort centres both for business and leisure purposes.

However, with the lackadaisical approach of most governors over the years towards building and maintaining infrastructures especially health facilities, resort, etc, which has resulted in the dearth of existing infrastructures, they now opt for jetting out of the country whenever they are in need of these infrastructures.

This is evident in the planned Induction and Investment Retreat organized by the Peoples Democratic Party (PDP) governor`s forum scheduled to hold from 16th to 22nd of May 2019 at The Retreat Palm Dubai MGallery by Sofitel East Crescent and The Palm Jumeirah Dubai both in the United Arab Emirate (UAE).

The governors who may have perused through the existing resort centers within their states and the country and discovered that these centres, if they exist, are in a state of comatose due to poor funding with many presumably unusable as their facilities are not up to world-class standard resorted to the...

Read more at: https://secretsreporter.com/dubai-governors-after-killing-resort-centres-in-states-pdp-governors-goes-to-dubai-on-spending-spree/

The 2019 general elections may have come and gone but this is not without leaving behind bitter tales of woes in Delta State which is filled with political gladiators with tendencies of swallowing up lily-livered and inexperienced political actors who are unfortunate to get caught up in its murky waters.

Information obtained by SecretReporters reveals the awkward quandaries that befell the ruling Peoples Democratic Party (PDP) in Ndokwa West local government which is supposed to be among the political powerhouse of Delta State owing to the fact that most political gladiators hail from the area and the unending power tussle which was iced with greed before, during and after the general elections thus producing low votes during the presidential elections.

The Secretary of the campaign committee, Barr Ernest Ogwezzy who is also the State Commissioner Bureau for special duties, we learnt during the whole campaign period had no knowledge of party strategies and proceedings as he usually only takes minutes of meetings like a paid administrative secretary and share kola money without uttering a word leading to the obvious lapses and inexperience of the management team that created a huge gap between party members, and the campaign committee, which couldn’t be bridged before the National Assembly elections.

It was revealed that the outburst of the party members and the low voters turn out in the LGA during the presidential/House of Assembly elections was as a result of the candidature of Hon Ossai N. Ossai, who was vying for the House of Representatives seat as he is believed to be a wrong choice and perhaps the worst mistake the party made in history of Ndokwa nation for the 2019 general elections.

His candidature SecretReporters learned was allegedly one of the reasons for the embarrassments the party got in....

Read more at: https://secretsreporter.com/evil-men-how-commissioner-ogwezzy-and-pdp-chieftains-in-ndokwa-west-lga-diverted-campaign-funds-into-personal-accounts-while-working-for-opposition/

The unquenchable desire to amass wealth by all means, like a fast-spreading cancerous ailment may have eaten deep into the life of the Special Adviser to the President on Niger Delta affairs, Prof. Charles Quaker Dokubo as he has taken his looting escapade into a different dimension all in a quest to service his pockets.

SecretReporters gathered that Prof. Charles Quaker Dokubo who is known for his first-class corruption practices allegedly sold a contract to Teleka Global Resources Limited located at No 17, Lucky London Street, Osubi, Warri, Delta State for the empowerment of twenty four (24) Niger Delta Youth in Welding and Fabrication at an over bloated sum of N96, 000,000 (Ninety Two Million Naira).

On the contrary, a check with the Corperate Affairs Commission showed a glaring difference in the company’s addressing as the aforementioned company’s address stated No 1, Magarza Close, Mabushi with registration number 1533283 and date of registration as 19th October 2018.

This is evident in the document which was dated 29th, November 2018 with reference number PRO/SAP&CAP/TELE/2018/1853/IV/C.2153 and signed by the....

Read more at: https://secretsreporter.com/consistent-looter-amnesty-boss-charles-dokubo-continues-contract-fraud-of-n96000000-million-meant-for-empowerment/

Leading Nigeria airline, Air Peace which has its motto as Your peace, our goal” may be far from truly giving their passengers peace while onboard.

This is evident in the concealed recent near-crash incident which occurred on the 8th of April 2019 at the Nnamdi Azikiwe International Airport which would have seamlessly claimed the lives of everyone onboard the aircraft including children.

SecretReporters gathered that fifteen minutes after taking off from the Local wing of Nnamdi Azikiwe International Airport Abuja, the 10.15 Aircraft bound for Owerri developed serious technical hitches which immediately killed one of the engines as well as the air conditioning and oxygen systems, resulting in the swerving of the aircraft and a deafening noise being produced by the faulty engine.

This according to sources who were on board the aircraft led to passengers gasping for breath while some especially children and the aged were bleeding profusely from...

Read more at: https://secretsreporter.com/money-over-life-how-air-peace-caged-passengers-onboard-smokey-plane-in-a-narrow-escape-crash/

The Executive Secretary of the Delta State Small Medium Enterprises Development Agency, Mrs Shimite Bello may not come back to her position even though she’s seriously lobbying to be retained, this SecretReporters can authoritatively confirm, except stronger powers wields in.

Information gathering on her for over four months by SecretReporters has found a dent on her, following a panel set up on her by Governor Ifeanyi Okowa. We gathered that a whopping sum of over N100 million which was part of money released for the agency to empower the small medium entrepreneurs was allegedly diverted by her.

This diversion was discovered by her supervising ministry who quickly made a report to Okowa. Sources disclosed that the governor who has warned his aides against abuse of office was seriously miffed and threatened to sack her.

Shimite we gathered met the governor, crying and asking for....

Read more at: https://secretsreporter.com/royal-rogue-how-gov-okowas-top-aide-shimite-bello-diverted-n100-million-takes-chieftancy-title-immediately/

Despite assurances from Federal government policies on the economy with the N-Power program as a platform for diversifying skills and also providing young Nigerians with employment, the program may be heading for the pits owing to the selfish interest of those at the helm of affairs to the detriment of beneficiaries with many working for months without getting paid.

This is as a 2016 N-Power beneficiary in Imo State, Mr Ekeocha Wisdom cried to SecretReporters the unfortunate situation he has now found himself for over seven months all in a bid to earn decent money which he could use to fend for himself.

According to Mr. Ekeocha as at August 2018, the 2016 beneficiaries wanted to conduct a National N-Power solidarity rally where they planned to thank President Muhammudu Buhari for initiating the program and also use the avenue to plead with him not to allow them to go back to the street after the expiration of their tenure.

Information has it that an unknown insider reported to N-Power management that Mr. Ekeocha and his collogues were planning a protest to...

Read more at: https://secretsreporter.com/living-in-bondage-n-power-beneficiary-in-imo-state-denied-of-seven-months-stipend-after-several-letters-to-national-team/

The 2019 World Press Freedom Day has exposed a lot of truth in Akwa Ibom State as concerned the just concluded general elections where the incumbent was declared winner by the Resident Electoral Commissioner (REC), Mr Mike Igini.

The event which held in Uyo on Thursday had Igini as the keynote guest Speaker. According to Mike Igini, all the election materials alongside the electoral officers were tracked by him to their destination, including when some of the actors were seen on tracking devices snatching ballot boxes. “We tracked all those who hijacked materials.

I picked my phone and called some of them to let them know we were seeing them. They were shocked. We have their pictures and they are all documented. So when they are talking about us rigging election, they should be careful”, he noted.

The REC who’s fondly called ‘Son of man’ stated that he has not visited any politician or called any of them since he came into the state. “I’m not saying two or three but just one and if just one person can come out to say I have.....

Read more at: https://secretsreporter.com/courageous-truth-i-will-resign-mike-igini-akwa-ibom-resident-electoral-commissioner/

Information at the disposal of The Witness has it that the group managing director and chief executive officer of Polaris Bank Ltd, Adetokunbo Mukhail Abiru, is currently battling to save his head following series of petitions at the Presidency seeking his removal as the bank’s chief over poor performance.

This is coming even as the Asset Management Company of Nigeria (AMCON), is currently seeking new investors to take over the nationalised bank. In one of the petitions, a group, Integrity Movement for Good Governance (IMGG), urged the president, Muhammadu Buhari to beam its searchlight on the struggling financial institution, its current financials and the takeover of the bank.

In the petition signed by its president, Mr. Babafemi Adeniji, and titled: “Request for Presidential Inquisition into Polaris Bank Limited led by Mr. Adetokunbo Mukhail Abiru” the group said it was worried that like the defunct Skye Bank, the federal government is again on the brink of losing several billions of naira due to inexperience and lack of expertise of the management of Polaris Bank led by Abiru. “We believe a lot of water has pssed under the bridge at Polaris Bank.

Everybody wants to know who did what and how to put to rest all our fears about all the improprieties. “The bank is currently run by inexperienced lot.

It is time to sack some people and bring sanity into the place,” the petition read in part. Among the requests made by the group is for the president to probe the financials of the bank under Tokunbo Abiru in the last three years and also to investigate the irregularities surrounding the take-over of the bank.

Recall that on July 4, 2016, the Central Bank of Nigeria intervened in the management of the Skye Bank Plc (now Polaris) by reconstituting the board of directors, shoring up the bank with N100bn capital injection, and accordingly, the apex bank gave the board a clear mandate to turn the institution around positively.

The regulatory action on the bank led to the resignation of its chairman, all non-executive directors on the board, as well as the managing director, deputy managing director, and the two longest-serving executive directors on the management team.

Two years down the line, (precisely, September 22, 2018), the CBN again intervened in the ailing Skye Bank and the operating licence of the bank was revoked to give way to Polaris Bank Limited, a bridge bank created by the apex bank in consultation with the Nigerian Deposit Insurance Corporation (NDIC), to assume the ownership of the assets, all deposit liabilities and some other liabilities of distressed and defunct Skye Bank.

Shareholder groups across the country reacted bitterly to the takeover of Skye Bank describing it as illegality and impunity on the part of the CBN and other regulators in the financial service sector.

The national president, Constance Shareholders Association of Nigeria, Mallam Shehu Mikail, faulted the CBN’s claim that shareholders refused to recapitalise the bank. “Since the composition of the interim board by the CBN in 2016, shareholders have been kept at perpetual suspense.

There has been no board meeting whatsoever. I recall that it was the apex bank that constituted the...

Read more at: https://secretsreporter.com/polaris-bank-sinks-deeper-as-stakeholders-requests-for-sack-of-ceo-tokunbo-abiru-and-petition-buhari/

Information at the disposal of The Witness has it that the group managing director and chief executive officer of Polaris Bank Ltd, Adetokunbo Mukhail Abiru, is currently battling to save his head following series of petitions at the Presidency seeking his removal as the bank’s chief over poor performance.

This is coming even as the Asset Management Company of Nigeria (AMCON), is currently seeking new investors to take over the nationalised bank.

In one of the petitions, a group, Integrity Movement for Good Governance (IMGG), urged the president, Muhammadu Buhari to beam its searchlight on the struggling financial institution, its current financials and the takeover of the bank.

In the petition signed by its president, Mr. Babafemi Adeniji, and titled: “Request for Presidential Inquisition into Polaris Bank Limited led by Mr. Adetokunbo Mukhail Abiru” the group said it was worried that like the defunct Skye Bank, the federal government is again on the brink of losing several billions of naira due to inexperience and lack of expertise of the management of Polaris Bank led by Abiru. “We believe a lot of water has pssed under the bridge at Polaris Bank.

Everybody wants to know who did what and how to put to rest all our fears about all the improprieties. “The bank is currently run by inexperienced lot. It is time to sack some people and bring sanity into the place,” the petition read in part.

Among the requests made by the group is for the president to probe the financials of the bank under Tokunbo Abiru in the last three years and also to investigate the irregularities surrounding the take-over of the bank.

Recall that on July 4, 2016, the Central Bank of Nigeria intervened in the management of the Skye Bank Plc (now Polaris) by reconstituting the board of directors, shoring up the bank with N100bn capital injection, and accordingly, the apex bank gave the board a clear...

Read more at: https://secretsreporter.com/polaris-bank-sinks-deeper-as-stakeholders-requests-for-sack-of-ceo-tokunbo-abiru-and-petition-buhari/

Empires come and go; they rise and fall while dynasty crumbles never to rear its head again. In a bid to save it from ‘Luciferic’ fall, they hold on to every available straw while laying the blames at competitors or imaginary enemies for nothing scares the billionaire like seeing his life’s dream razed before his eyes, even though they may act tough outside.Ask Dozie Pascal, founder of defunct Diamond Bank.

This is seemingly the case of Mr Onajite Okoloko, the quiet billionaire who struts the oil and gas industry like an emperor and one famed for having the Midas touch. Unless he acts fast, his four arms of pride; Midwestern Oil and Gas Ltd, Notore Chemical Industries Limited. Eroton Energy and Eroton Exploration and Production Company Ltd will be a story for the historian.

Following the news story carried by SecretReporters detailing how Notore Chemicals has been battling with operational challenges in the aftermath of its largely undersubscribed attempt to raise fresh working capital from the Stock Exchange last year. The firm, sources said, has had to review its ambitious expansion and diversification plans it hoped to fund with the expected fresh capital injection that did not materialize.

It is also said to be battling with huge cash calls occasioned by its liabilities while several contract and junior non-contract staff are said to have been laid off between December 2018 and end of Q1 2019 due to poor returns. We reported that Eroton 27% stake in OML 18 is currently the subject of a messy suit FHC/L/CS/793/2018 instituted by SunTrust Oil Company Nigeria Limited against Midwestern Oil and Gas and six other defendants.

In the suit before the Federal High Court, Lagos Division, Sun Trust Oil Company has preferred a case of Breach of Shareholder Agreement against the defendants as pertains to 50% of Eroton’s issued share capital owned by Martwestern Energy Limited which is a special purpose company jointly set up by Midwestern Oil and Gas and Mart Resources Limited to hold and manage 50% stake of Eroton. The other 50% Eroton stake is owned by Bilton Energy Limited. Sun Trust owns 20% stake in Martwestern and consequently, 10% of the entire Eroton shares and 2.7% of OML 18.

Sun Trust is alleging illegal conversion and transfer of a substantial part of the Martwestern shares to some other companies purportedly brought in as shareholders outside the framework of the existing Shareholder Agreement between it and the other two original shareholders of Martwestern, without its (Sun Trust) knowledge and input.

Apart from the Lagos case dangling before Onajite’s companies, another suit in Sapele has also made Midwestern to be liable for huge payment to its storage benefactor should they fail to evacuate the crude within the stipulated timeline and storage fees accrued, as per the Consent Judgment, to over US$3Million, as at the date of....

Read more at: https://secretsreporter.com/billionaires-nightmare-as-onajites-eroton-notore-and-midwestern-empire-crumbles-he-runs-to-igp-for-help-to-arrest-journalists-who-blew-the-lid/