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EFCC v. Emeka Mba: The Puzzles and Contradictions

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The continued prosecution of Emeka Mba, erstwhile director general, National Broadcasting Commission (NBC), by the Federal Government through the Economic and Financial Crimes Commission (EFCC), presents several agonizing puzzles and contradictions.

Recently, the Minister of Information, National Orientation and Culture, Alhaji Lai Mohammed admitted that government was grateful for the N34 billion realised by NBC through the special auction of part of the 700Mhz digital dividend broadcast spectrum to MTN Nigeria in June 2015.

Lai Mohammed’s feeling of elation and satisfaction stems from the fact that the amount has been critically pivotal in funding the ongoing implementation of the Digital Switch Over [DSO] from analogue transmission.

Emeka-Mba In effect, government is satisfied that the Management of NBC under Mba applied good sense of creativity and innovativeness in creating that critical resource pool that leapfrogged and escalated implementation of the digital switch over plan.

Ironically, while government has appropriated the outcome of that creative and innovative transaction between NBC and MTN, which has given it the impetus to indeed implement the digital switch over along the framework created by Mba’s Management team, the EFCC, an agency of the same government has been seeking grounds to isolate Mba from the high points of the transaction, which culminated in the funds realized from the licensing of the spectrum.

The same EFCC has been studiously working at the same time to criminalize him for working with NBC’s consultants to achieve the desirable. The same consultants that originated the very idea of auctioning the 700Mhz digital dividend broadcast spectrum. Ever heard of cutting one’s nose to spite the face? How is EFCC going about this?

The Commission literally considers that: “well, maybe after all there’s nothing fishy in the transaction, but how on earth could the legal consultants get paid as much as N2.89 billion? This must be evidence of money laundering.”

A lot of ignorance fly around here. Consultants generally and legally negotiate transaction success fees in percentages- whether the transaction is a Public-Private partnership requiring the services of transaction advisors or an industry-specific technical intervention such as the one under review benefits are negotiated in percentages.

The consultants benchmarked its demand for a transaction success fee on a threshold. Both the board and Management of NBC negotiated this down.

It is important that we go through this carefully once more. The EFCC has changed its accusations against Mba severally since this matter was evidently manufactured. And it would appear that the idea is to rope Mba in, by hook or crook. Initially, members of the public were told that Mba misappropriated N15 billion.

The documents of how the transaction was originated, all the justifications and approvals- by even the relevant ministers and the Federal Executive Council- up till its perfection and the crediting of NBC accounts are clear, open and available.

No money was misappropriated. As a matter of fact, no money was even under any threat of misappropriation. The amount in question was lodged with Zenith Bank as collateral for the set top boxes manufacture and government approved rebate for Nigerian households, being a key demand by the Set Top Box Manufacturers Association of Nigeria, before they could even engage or manufacture.

 #Never mind that due approvals from the NBC Board, Minister, Federal Executive Council as well as President and Commander-in-Chief are all in place.

Puzzles! The puzzles continue. For example, one of the charges against Mr. Mba is: while being director general of the NBC on or about the 31st day of August 2015, “awarded contracts for the supply of set top boxes in the sum of N1,237,400,000 (one billion two hundred and thirty seven million, four hundred thousand naira) for the Digital Switch Over for the National Broadcasting Commission to Gospell Digital Technology, Trefoil Global Investment Limited, Zinox Technology, Media Concept International Limited, Digitune Media Technology Limited, SMK Engineering & Construction Limited, I-Box Engineering Limited, Innosson Communications Limited, African Cable Television Limited, Trendcorp Africa Limited, TV Enterprises, STB Manufacturing Co Ltd, and Design Build Concept Limited without seeking approval of the Bureau of Public Procurement contrary to section 40 of the Public Procurement Act No. 65, 2007, and punishable under section 58 of the same Act.”

But, if all 13 companies got manufacturing contracts illegally, why are they still being used to manufacture the set top boxes? Is it possible that the fact that they are manufacturing the set top boxes as spelt out in the contracts has vitiated the purported “illegality” of the contract as contended by the EFCC?

And if that were to be the case, why is Mba’s status never viewed by the same EFCC through the prism of the successful outcome in every department of the entire framework, engagement, implementation and deployment of the Digital Switch Over?

The reality, however, is that all the set top boxes currently being used for the DSO pilot flag-off in Jos, and the DTT signal distribution service recently launched in Abuja by the Vice President, Prof. Yemi Osibajo, are totally and fully the proceeds of what the EFCC contends are illegal transactions, for which Mba is now being prosecuted.

It is like saying that the ram is rotten, but its barbecue (suya) is, nevertheless, irresistibly tasty. Think about this puzzle. For over a decade, Nigeria despite several vows by government, could not meet its international obligation to transition from analogue to digital broadcasting, as mandated by the International Telecommunications Union (ITU).

The recurring challenge over government’s inability to meet this obligation had always been blamed on unavailability of funds. Successive governments failed to appropriate necessary funding for this very crucial national development program, despite mouthing all sorts of promise.

In 2014, the NBC’s legal consultant, Basil Udotai, submitted a proposal to the Commission to help raise funds through a special auction for the DSO project.

The NBC Management, headed by Mba thought the proposal was brilliant. He got the board of the agency involved and the board gave its nod.

All necessary due diligence were done, and transaction success fee requested by the consultants was cut down from 20% to 10% by the board.

It is the cumulative value of that 10% transaction success fee that the EFCC is now holding unto and dressing it up with the bizarre, but annoying toga of the “crime” of money laundering. The straightforward and intelligent thing to do, you would imagine, is examine records of transaction success fees for consultants in similar or related transactions in Nigeria and show graphically how the one in question differs injuriously to NBC from national industry rates.

Strikingly, for the first time in the history of alleged corruption cases brought up by the Commission, the EFCC has been unable in the charges levelled against Mr. Mba, to trace any money to Mba or establish any ground on which Mba may have directly benefited by the transactions or indeed even by its own standards of money laundering.

But, by gosh, no, just hold Mba; subject him to media trial; intimidate, malign, and wear him out. Like Cinna the Poet (in William Shakespeare’s “Julius Caesar”), lynch him; even if he is obviously not Cinna the Conspirator.

After all, some names also carry dire consequences. Although things rapidly lose their meanings these days and the ceremony of innocence is brutally drowned, Emeka’s case is one puzzle and contradiction that will continue to torment the conscience of this nation.

Obaze writes from Lagos

 

 


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VFD Group Proposes SplitXchange for Financing Nigeria’s Creative Industry

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VFD Group Plc has proposed the introduction of a specialized Exchange that would address the issue of financing in Nigeria’s entertainment and creative industries to bolster foreign exchange earnings and economic development.

Folagbade Adeyemi, the Managing Director of Splitar Limited,  stated this while speaking at the Capital Market Correspondents Association of Nigeria (CAMCAN) quarterly Forum, sponsored by VFD Group Plc.

Adeyemi revealed that the Group is actively pursuing an exchange platform tailored to the media and entertainment sector, offering diverse investment opportunities for both domestic and international investors.

Currently in its development stage, SplitXchange when launched, would offer a platform for financing the media and entertainment industry, among other alternative assets.

According to him, “Seeing the huge potential in alternative assets, Splitar Holdings, through Split Exchange, would drive the alternative assets space with its revolutionary digital exchange.”

He emphasized the potential of this sector to significantly improve the GDP of the country and called for a collaborative approach towards establishing robust frameworks and clear guidelines to support investment in alternative assets leveraging technology.

“Unless we collaboratively set up institutions that can provide data around these asset classes and place a true value on these asset creators to make seeking finance a lot easier, we will not see significant returns.

“A lot of transactions have been ongoing within that space which are not captured within the country’s value chain. That is what SplitXchange seeks to address.”

With Nigeria’s estimated population at 208.8 million people, Adeyemi highlighted the increasing demand for Nigerian content locally and on a global scale.

Speaking on the theme: “Beyond Tradition: Increasing Relevance of Alternative Assets in the Capital Market,” Adeyemi lamented the absence of robust funding pillars in the country.

He emphasized the potential of Entertainment and Media, noting that globally there is an average market size of $41 billion as of 2021 with an estimated growth of 4.2 per cent.

While pointing out investments by Netflix and Amazon, which have churned out blockbuster movies that have gained viewership and streams across the globe, he noted that Nigeria’s biggest investor in the form of Pension Assets was yet to invest in the entertainment or streaming services.

He stressed the need to solve the problems of liquidity, efficiency, and barriers to entry in the country.

“In today’s market, the quick conversion of assets into cash is a challenge due to the absence of a well-structured marketplace that oversees and regulates these assets.

“The automation of processes such as compliance, escrow account management, dividend distribution, corporate action management, and drag-along actions technology presents a significant challenge in today’s alternative market. The high initial cost of assets in this market restricts participation to only affluent individuals and corporate investors,” he said.

He noted that the sector remains excluded from the organized financial sector due to the inability of intermediaries to recognize Intellectual Property (IP) as suitable collateral to access funding. “Projects are financed informally through a network of angel investors, high net worth individuals, non-governmental organizations, government, and personal savings,” Adeyemi said.

Furthermore, he pointed out that investors and asset creators face challenges when seeking investment opportunities or raising capital through traditional financial avenues.

“Traditional financial institutions are ill-equipped to appraise industry opportunities due to poor visibility, data, and income/revenue leakages leading to mispricing through high-interest rates, market illiquidity of associated securities, poor market depth, and lack of accessibility for retail investors,” he said.


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Konga Travel Commences Canadian Visa Services for Professionals and Students

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Konga Travels and Tours, a leading provider of travel services in Nigeria is pleased to announce the launch of its Canadian visa assistance services through strategic partnership with a licensed Canadian immigration company.

Konga Travels is now equipped and in a vantage position to assist clients in realizing their relocation dreams.

The new Canadian visa services cater to the travel needs of diverse category of individuals including students, workers, professionals, and investors looking for new opportunities in Canada.

Applicants can get exclusive packages on business immigration, study in Canada, work permits, as well as visit and tourist visa services with the professional assistance of Konga Travels and Tours.

The Business Immigration visa is tailored to investors interested in conducting business activities in Canada with a pathway to permanent residency. The Study in Canada visa service caters to students aspiring to pursue undergraduate or postgraduate studies in foreign institutions renowned for their academic excellence and global recognition.

Okezie Akaniro, Senior Vice President of Konga Online Limited expressed excitement about the expansion of the company’s service portfolio saying “We are thrilled to introduce Canadian visa assistance services to our esteemed clients because we understand the aspirations of Nigerians seeking to pursue educational, professional, or business opportunities in Canada.

“This partnership underscores Konga Travels’ commitment to providing holistic travel solutions that meet the diverse needs of our customers, with our expertise and strategic collaboration, we aim to simplify the Canadian immigration process and help individuals achieve their aspirations of studying, working, or investing in Canada,” he stated.

Expressing his enthusiasm for the new service, Abiola Bakare, Business Head of Konga Travels and Tours posited, “At Konga Travels, we continuously seek ways to enhance the travel experiences of our customers.

“The introduction of Canadian visa assistance services aligns with our goal of providing end-to-end solutions and simplifying the travel process for our clients.”

Konga Travels and Tours goes beyond processing visa applications. As part of its suite of services, Konga Travels offers flight booking, hotel reservations, and tour packages. Recently, Konga Travels and Tours further enhanced its offerings by partnering with Coronation Insurance to provide comprehensive travel insurance solutions.

For further inquiries, customers are encouraged to contact Konga Travels through any of the official customer touchpoints provided here:

Phone Call: +234 809 460 5555; 0708 063 5700

WhatsApp: +234 (0) 811 211 4488

Email: [email protected]

Facebook: Konga Travel

Instagram: @kongatravel


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5 Strategies to Prevent Payment Delays from Hurting Your Business

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Payment delays pose significant challenges for businesses across Africa. Maintaining a steady cash flow is essential for business growth and sustainability, making it crucial to address late or non-payments from customers.

So, how can SMEs effectively prevent payment delays? Let’s explore five actionable strategies to keep revenue flowing smoothly.

Streamline Payment Processes
Smoother payment experiences lead to prompt payments. Simplifying the payment process for customers by offering multiple payment options enhances convenience and reduces the likelihood of delays. It is important to note that collaborating with a reliable payment gateway is fundamental in achieving seamless transactions.

Embrace Subscription Models

Adopting a subscription-based payment model ensures consistent cash flow and predictability in revenue streams. SeerBit has innovative features, such as partial debits and automatic retries which fortify this model, ensuring uninterrupted revenue even amidst payment hiccups.

Digitize Invoicing

Transitioning from paper-based to digital invoicing eliminates delays caused by delivery hiccups, while also minimizing the risk of lost documents. Digital invoicing not only streamlines payment tracking, but also enhances operational efficiency.

Implement Incentives and Penalties

Introducing incentives for early payments and penalties for late payments encourages timely settlements. Customers are motivated to pay promptly to capitalize on discounts and other special deals, while the prospect of additional charges or sanctions deters delays. Reminder notifications serve as gentle nudges, prompting customers to fulfil their payment obligations promptly.

Proactive Payment Management

Partnering with SeerBit empowers businesses to proactively manage payment collections. With a robust payment gateway offering seamless transactions, recurring payment capabilities and digital invoicing services, businesses can effectively mitigate the risks associated with payment delays.

Conclusion

Preventing payment delays is critical for sustaining business operations and fostering growth. The World Bank predicts that late payments cost the global economy over $40billion every year. By implementing these strategies and leveraging the capabilities of SeerBit, businesses can optimize their payment processes, ensuring uninterrupted cash flow and significant long-term success.


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