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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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LAUTECH Strike: Alli Campaign Organisation Knocks Makinde Over Doctors’ Plight

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The Senator Sharafadeen Alli Campaign Organisation has criticised the Oyo State Governor, Seyi Makinde, over the prolonged strike by resident doctors at the Ladoke Akintola University Teaching Hospital, Ogbomoso.

The organisation said the strike, which has lasted for more than 30 days, was taking a toll on healthcare delivery and exposing what it described as the government’s failure to adequately address the welfare concerns of medical personnel in the state.

The Director of Media and Publicity of the organisation, Bisi Oladele, stated this in a statement issued on Sunday.

The organisation also expressed concern over the 21-day warning strike issued by the Association of Medical and Dental Officers of Oyo State over unresolved issues bordering on welfare, remuneration and conditions of service.

According to the group, the situation was worrisome because medical workers were being forced to embark on industrial action over issues relating to allowances, residency training funds and salary arrears.

It said the resident doctors were demanding the payment of outstanding Medical Residency Training Fund and six months’ Minimum Wage arrears, among other welfare-related issues.

The organisation said the prolonged strike had negatively affected medical services at the teaching hospital, with patients who could not afford private healthcare allegedly left with the option of waiting for services to resume or seeking alternative treatment.

“The SSACO is concerned about Governor Seyi Makinde’s failure to sit with the striking resident doctors and find a lasting solution to their demands.

“As the strike prolongs, the resident doctors feel maltreated, while the masses bear the brunt of government’s insensitivity.

“Healthcare delivery is a critical service which serious administrations treat with urgency and with the importance it deserves. With this prolonged strike, our resident doctors are feeling maltreated while the masses suffer.

“The medical and dental officers across state hospitals have also served notice of a warning strike. This combination is a signal of government failure in the health sector. It is unacceptable in our dear state,” the statement read.

The group maintained that the situation could worsen if the grievances of health workers were not urgently addressed, warning that further disruption of services could have serious consequences for patients dependent on public hospitals for affordable and specialised treatment.

It challenged the state government to engage the striking doctors and resolve the outstanding issues, accusing the administration of treating their complaints with insufficient urgency.

The organisation further said healthcare would occupy a priority position in Senator Sharafadeen Alli’s Oyo AHEAD agenda, promising improved welfare and working conditions for health workers.

“Health workers and other civil servants will not be denied their entitlements. They will enjoy training and retraining, and they will have facilities to work with,” it said.

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Independence: Alli celebrates Nigeria at 66, seeks support for Tinubu, APC candidates

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The Oyo State governorship candidate of the All Progressives Congress (APC), Senator Sharafadeen Abiodun Alli, has urged Nigerians to renew their faith in the country and support President Bola Tinubu and other APC candidates in the 2027 elections.

Alli made the call in his Independence Day message issued in Ibadan on Thursday to mark Nigeria’s 66th Independence Anniversary.

The APC candidate said the anniversary was not only a moment to celebrate the country’s freedom but also an opportunity for citizens to reflect on the sacrifices of the nation’s founding fathers and the responsibility of the present generation to build a better Nigeria.

He urged Nigerians to remain united and patriotic, saying the country’s challenges could be overcome through responsible leadership, collective action and commitment to national development.

Alli also appealed to Nigerians to support the Tinubu administration’s economic reforms, saying the government needed the cooperation of citizens to move the country from economic stabilisation to increased production, investment and shared prosperity.

He said, “We must never lose faith in Nigeria. Despite the challenges confronting the nation, our country remains endowed with enormous human and natural resources capable of making it one of the most prosperous nations in the world.”

The former senator particularly urged the people of Oyo State to support Tinubu and other APC candidates in the 2027 elections.

According to him, having an APC-led government in Oyo State would provide an opportunity for closer coordination between the state and Federal Government in the implementation of development programmes.

Alli said his aspiration to govern the state was driven by a desire to provide purposeful, inclusive and people-centred leadership.

He listed education, security, healthcare, agriculture, infrastructure, youth empowerment, economic development, workers’ welfare and local government autonomy among the areas his administration would prioritise if elected.

He said the state had significant potential in agriculture, commerce, industry, tourism and human capital, but required deliberate policies to translate those advantages into opportunities for its people.

“We are seeking the mandate to build an Oyo State where our children can receive quality education, our farmers can produce without fear, our young people can find opportunities and our communities can benefit from meaningful infrastructure.

“Our campaign is not about political power for its own sake. It is about service, development and restoring greater confidence in the ability of government to improve the lives of our people,” Alli said.

The APC candidate also called on members of the party across the 33 local government areas and 351 wards of the state to close ranks and work collectively for the success of the party’s candidates.

He urged party members to see the senatorial, House of Representatives and House of Assembly candidates as members of one team working towards advancing the interests of Oyo State.

Alli congratulated President Tinubu, the Federal Government, state and local governments as well as Nigerians on the Independence anniversary.

He prayed for peace, security and prosperity in the country and urged citizens to remain hopeful and committed to the task of nation-building.

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‘Today, we celebrate Olubadan Ladoja’s wisdom, service at 82’ – Oseni

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Oyo South Senatorial Candidate of the All Progressives Congress (APC), Hon. Aderemi Oseni has congratulated the Olubadan of Ibadanland, Oba Rashidi Ladoja, on his 82nd birthday.

Oseni, who represents Ibarapa East/Ido Federal Constituency in the House of Representatives, in a statement issued by his media aide, Idowu Ayodele, on Friday, described Oba Ladoja as an elder statesman whose years in public service had left a mark on Oyo State.

According to the lawmaker, Olubadan ‘s birthday is an opportunity to celebrate his long years of service and his contributions to the development of Ibadan and the state.

He said, “I warmly congratulate Kabiyesi, Oba Rashidi Ladoja, on his 82nd birthday. Eighty-two years is no small achievement. Beyond the celebration, it is a time to appreciate a life of service, experience and commitment to the people.

“Kabiyesi has served in different capacities and has remained an important figure in the history of Oyo State. Today, we celebrate his wisdom, experience and contributions to Ibadanland.”

The APC chieftain said the monarch ascension to the throne of Olubadan had added another dimension to his years of service to the people.

He said the traditional institution remained central to the history and identity of Ibadanland.

“Leadership comes with responsibility, and Kabiyesi has taken on this responsibility at a very important stage of his life.

“As he clocks 82, I pray that God will continue to give him good health, wisdom and the strength to serve his people. I wish Kabiyesi many more years in good health and peace. May his reign continue to bring unity and progress to Ibadanland,” Oseni said.

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