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Alleged $285,006 Bond Fraud: Company Drags Ecobank to EFCC

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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.

 

 

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Rep Oseni Urges Unity, Compassion in Christmas Message to Nigerians

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As Nigerians celebrate Christmas amidst festivities and reflections, the Chairman of the House Committee on Federal Roads Maintenance Agency (FERMA) and lawmaker representing Ibarapa East/Ido Federal Constituency of Oyo state, Engr. Aderemi Oseni has sent a heartfelt message to Nigerians, emphasising the importance of unity, compassion, and selflessness in nation-building.

In his Christmas message on Wednesday, contained in a statement by his media aide, Idowu Ayodele, and made available to journalists in Ibadan, the lawmaker described the season as a time to reflect on the love and sacrifice demonstrated by the birth of Jesus Christ.

He urged citizens to embrace the spirit of giving, kindness, and shared humanity that Christmas symbolises.

“Christmas is a season of hope, joy, and renewal,” Oseni said. “It reminds us of our shared duty to show love to one another, regardless of ethnicity, religion, or political affiliations. Let us work together to foster unity and peace in our country, especially as we navigate through challenging times.”

The lawmaker also highlighted the significance of collective responsibility in nation-building.

“As we celebrate, we must remember the less privileged in our communities. Acts of charity and kindness, no matter how small, can make a significant impact on someone’s life,” he added.

The APC chieftain expressed gratitude to his constituents in Ibarapa East/Ido for their unwavering support, assuring them of his commitment to delivering more impactful governance.

He also called for patience and cooperation as the government works towards addressing issues affecting the nation, including infrastructure development, economic stability, and security.

“Let this Christmas inspire us to continue building bridges of hope and fostering the true Nigerian spirit of togetherness,” he stated.

As the year draws to a close, Oseni encouraged Nigerians to remain optimistic about the nation’s future, assuring them that better days lie ahead with collective effort and unwavering faith.

 

 

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NCAA Sanctions Five Airlines Over Regulatory Breaches

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The Nigeria Civil Aviation Authority (NCAA) has initiated enforcement action against five airlines—two international and three domestic operators—for various violations of its regulations under Part 19.

The offenses include non-payment of passenger refunds within the stipulated timeframe, non-responsiveness to NCAA directives, mishandling of luggage, short-landed baggage, delayed and canceled flights, among other infractions.

Addressing journalists at the NCAA’s corporate headquarters in Abuja on Tuesday, Michael Achimugu, the Authority’s spokesman, stated that airlines must adhere to regulations regarding flight disruptions. He emphasized that failure to comply attracts sanctions.

“Although airlines are not always responsible for flight disruptions, NCAA regulations stipulate actions that airlines must take during such incidents. Failure to comply attracts various levels of sanctions,” Achimugu said.

He reminded airlines of the NCAA’s recent directive mandating refunds to passengers within 14 days for online ticket purchases and immediate cash refunds for tickets bought with cash.

The yuletide season has seen a rise in passenger complaints about delays and cancellations, largely attributed to harmattan-induced poor visibility. Achimugu clarified that airlines are not liable for cancellations due to force majeure but stressed that the enforcement actions are for cases where airlines are found at fault.

“This is harmattan season, so there is poor visibility. Flights must get canceled. This is force majeure, and the airlines do not owe passengers anything in those instances. The enforcement we are initiating today is on cases where the airline is deemed to have been at fault. More will come,” he explained.

Achimugu further disclosed that the NCAA would summon the chief executives of all airlines this week to address flight disruptions and regulatory breaches.

While the names of the sanctioned airlines were not officially revealed, sources close to the Authority identified them as Ethiopian Airways, Royal Maroc Airways, Arik Air, Aero Contractors, and Air Peace.

 

 

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FG Targets 15m Households for Conditional Cash Transfer Scheme

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The Minister of Humanitarian Affairs, Disaster Management, and Social Development, Nentawe Yilwatda, has announced the Federal Government’s plan to reach 15 million households, representing 75 million people, through its conditional cash transfer scheme.

Speaking on Monday during an interview on Channels Television’s The Morning Brief, Yilwatda explained that the initiative is part of President Bola Tinubu’s commitment to mitigating the economic hardships faced by vulnerable Nigerians.

“The president was so specific,” Yilwatda noted.

“There are policies that he brought in to see if that can ease those challenges for people at the lower end of the pyramid. One of those policies is to reach out to 15 million beneficiaries under the conditional cash transfer, targeting households rather than individuals. Each household will receive ₦25,000 monthly, paid three times a year.”

Yilwatda further clarified that the 15 million households being targeted translate to 75 million Nigerians, assuming an average of five persons per household.

So far, the Federal Government has reached five million individuals but is facing challenges in fully sanitizing the social register, particularly with the implementation of the Central Bank of Nigeria’s (CBN) policy mandating digital identities for transparency and traceability of payments.

“Currently, only 1.4 million people on the social register have digital identities. Many of those we are targeting are outside the formal banking system,” the minister disclosed.

Yilwatda emphasized that women are specifically targeted as household leaders under the program to ensure the funds are used effectively for the benefit of children and other vulnerable members of society.

The conditional cash transfer programme, which is administered under the National Social Investment Programme, had earlier been suspended by President Tinubu in January due to allegations of corruption. However, the scheme was reinstated in February, with plans to extend the initiative to an additional 12 million households.

 

 

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