Moriah Trust Limited and its alter ego, Mr. David Nwedu, have petitioned the Economic and Financial Crimes Commission (EFCC) to investigate alleged fraudulent activities by Ecobank Nigeria Plc involving a $285,006 Advance Payment Guarantee (APG) Bond.

The petition also seeks accountability for bank officials allegedly complicit in these transactions.

The petition, titled “Criminal Complaint Against Ecobank Nigeria Plc on an Attempt to Defraud Moriah Trust Limited of an Advance Payment Guarantee Bond No G 00613 for $285,006,” was dated November 13, 2023, and filed with the EFCC on January 26, 2024. It was signed by Olabanji A. Eniola Esq. of Umar, Gimba & Associates, solicitors to the petitioner.

The document sighted by TheNiche, reveals that Moriah Trust Limited, a customer of Ecobank Nigeria Plc, operates a domiciliary account (No. 2230509622). In 2005, while executing the “Abidjan Lagos Transport Corridor” project, Mr. Nwedu, on behalf of Moriah Trust, requested a 20% APG of the contract sum of $1,425,032.70. Ecobank approved the request, crediting $285,006 to the account.

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However, the petition states that the International Development Association (IDA), the project’s awarding body, had earlier advanced $70,000 to the petitioner. As a result, only $215,006 of the APG remained payable. On November 14, 2005, the IDA transferred $214,996 to Ecobank on behalf of Moriah Trust Limited, deducting $10 as bank transfer charges. This amount was purportedly warehoused by Ecobank pending the discharge of the APG.

On January 5, 2006, Mr. Nwedu fulfilled his contractual obligations and returned the APG document to Ecobank for discharge.

Surprisingly, instead of crediting the warehoused $214,996, Ecobank allegedly credited the domiciliary account with $20,060,118 on January 18, 2006, an amount grossly in excess of the expected sum.

The petition claims that Mr. Nwedu immediately notified Ecobank of the error. The bank reportedly responded that it had erroneously credited the naira equivalent of the warehoused funds to the domiciliary account. Following this, Ecobank allegedly deactivated the account without informing or obtaining the consent of Moriah Trust Limited, leaving the erroneous credit balance intact.

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Efforts to resolve the issue proved futile. In 2008, Mr. Nwedu deposited $17,000 to reactivate the account and reconcile the statements, but the bank allegedly failed to act. A further deposit of $3,000 in 2009 also did not yield any results, as Ecobank reportedly continued to deny the petitioner access to the account.

The situation has caused significant challenges for Mr. Nwedu. Since 2019, the IDA has demanded a project closure report, which he has been unable to provide due to his restricted access to the account. This has reportedly led to allegations of fiduciary breaches against him, causing irreparable damage to his reputation.

The petition accuses Ecobank Nigeria Plc of deliberately withholding access to the account, raising suspicions of fraudulent activity involving the APG funds. It urges the EFCC to investigate the matter thoroughly, identify any officials involved, and ensure justice is served.

“The actions of Ecobank Nigeria Plc constitute an attempt to defraud Moriah Trust Limited of its hard-earned funds,” the petition reads, adding that the EFCC chairman should intervene to uncover any illegal transactions and protect the petitioner’s financial interests.

Air Commodore David Olumuyiwa Babalola, a consultant clinical pharmacist in the Nigerian Air Force (NAF), has achieved an extraordinary milestone in Nigerian pharmacy practice, earning three prestigious honors at the 97th Annual National Conference of the Pharmaceutical Society of Nigeria (PSN).

Held from November 4 to 9, 2024, the conference celebrated Babalola’s exceptional contributions with the Biogenerics Integrity Award, the Pfizer Excellence Award, and the Fellowship of the Pharmaceutical Society of Nigeria (FPSN).

Babalola was recognized as the best overall public-sector hospital pharmacist in Nigeria, clinching the Biogenerics Integrity Award. This esteemed honor, accompanied by a ₦1,000,000 cash prize, celebrates excellence in patient care, career achievements, innovations, training, research, professional service, philanthropy, and leadership in public hospitals.

Adding to his accolades, he was one of four pharmacists nationwide to receive the Pfizer Excellence Award. This award highlights outstanding contributions to hospital and community pharmacy and includes a ₦250,000 cash prize, a commemorative plaque, and a certificate.

Representatives of Pfizer Nigeria presented the award during the conference’s grand closing banquet at Flairmore Event Centre, Uyo.

This achievement makes history as Babalola becomes the first pharmacist in the Nigerian Armed Forces to win a PSN-sponsored corporate award since its inception nearly two decades ago.

In his acceptance speech, Babalola expressed gratitude to Biogenerics Nigeria Ltd and Pfizer Nigeria for their sponsorship, which he said inspires excellence in hospital pharmacy practice.

He also acknowledged the Chief of the Air Staff, Air Marshal HB Abubakar, for fostering an enabling environment for pharmacists within the NAF and for approving the implementation of the Pharmacists Consultant Cadre in the force.

Babalola’s accolades were further crowned by his conferment with the Fellowship of the Pharmaceutical Society of Nigeria (FPSN), the highest honor awarded to pharmacists in the country. This recognition, reserved for individuals who have rendered exemplary and meritorious service, solidifies Babalola’s status as a trailblazer in the field.

As the first pharmacist in the Nigerian Air Force to attain the rank of air commodore, Babalola’s career is marked by groundbreaking achievements.

His latest recognitions underscore his relentless commitment to advancing pharmacy practice in Nigeria and inspiring a new generation of pharmacists.

The investiture ceremony for his FPSN honor is slated for early 2025, promising yet another celebration of his outstanding contributions to the pharmacy profession and the Nigerian Armed Forces.

The Founder and Executive Director of the Temmy Helping Hands and Youth Empowerment Foundation, Mrs. (Pastor) Elizabeth Bakare, on Saturday unveiled the Ibadan Food Bank Project during the foundation’s 2024 annual convention in Ibadan.

The initiative tagged “Let Nobody Go to Bed Hungry,” aims at tackling food insecurity and hunger among Nigeria’s most vulnerable populations”.

Mega Icon Magazine recalled that a recent survey by the National Bureau of Statistics (NBS) has highlighted the severe economic challenges faced by Nigerian households, revealing that two-third of the population struggle to afford healthy and nutritious meals.

The survey titled “Nigeria General Household Survey – Panel (GHS-Panel) Wave 5 (2023/2024)”, noted the worsening multidimensional poverty and the erosion of purchasing power due to the persistent rise in the cost of goods and services.

According to the report, approximately 63.8% of households have been forced to eat only a few kinds of food due to financial constraints. About 62.4% of respondents admitted worrying about food insufficiency, while 60.5% ate less than they thought they should.

“The situation has deteriorated significantly since the last survey, as the proportion of households expressing food insecurity concerns rose from 36.9% in the previous wave to 62.4% in the current one”, the report reads further.

Speaking at the unveiling in Ibadan, during the 2024 annual convention of the foundation, Mrs. Bakare described the alarming rise in hunger caused by the nation’s economic challenges, including the removal of fuel subsidies and the increasing exchange rate, which have led to soaring food prices.

She noted that these conditions have placed immense strain on widows, single parents, orphans, and other underprivileged groups, making it imperative to act swiftly.

The Ibadan Food Bank is set to provide food support to 2,500 individuals monthly, with plans to expand its reach to 30,000 beneficiaries annually by 2029 and 105,000 per annum by 2034.

The initiative incorporates several interventions, such as the free distribution of essential food items, a food subsidy programme offering discounted staples, and a mobile kitchen service providing one free meal daily.

Continuing, it includes outreach to prisons, orphanages, IDP camps, and leprosy centers, as well as educational meal subsidies for schools and centers for people with disabilities. The project also encourages self-reliance through a home farming initiative that offers seeds, tools, and training, and through food processing training to empower beneficiaries with sustainable livelihood skills.

Since its establishment in December 2023, Temmy Helping Hands has already made significant strides in alleviating hunger and poverty. Past achievements include food distributions during World Food Day celebrations and financial support for widows.

Bakare also announced an upcoming initiative, “Make This December One to Remember,” which will provide assistance to 500 vulnerable individuals during the festive season.

She called for partnerships to expand the scope and reach of the Ibadan Food Bank, urging individuals, organizations, and corporations to support the initiative through food donations, financial contributions, and volunteering.

Highlighting various ways to collaborate, she appealed for sponsorship of families or meals, establishment of endowment funds, employee volunteer programs, and media campaigns to raise awareness.

According to Bakare, such contributions would not only transform lives but also demonstrate a strong commitment to corporate social responsibility and sustainable development.

She thanked the awardees for their dedication to humanitarian service, urging everyone to join in the fight against hunger.

“Together, we can ensure that no one in Ibadan goes to bed hungry. Every act of kindness matters,” the Founder added.

The keynote address at the occasion was delivered by Dr. Ibraheem Okunlola Akinwale, an Assistant Director at the National Orientation Agency (NOA), who spoke on strategies for coping with the economic hardship in the country.

Speaking on behalf of other beneficiaries, Princess Oyedele Bolatito, from Oyo State WAZOBIA Widows commanded Temmy Helping Hands and Youth Empowerment Foundation for the laudable initiative, urging others to emulate such kind gesture.