News
NIPOST Raids Firm over Alleged Shady Deals in Capital Market
Courier and Logistics Regulatory Department (CLRD) of the Nigerian Postal Service (NIPOST), said it has uncovered some of the shady deals going on at the Nigerian Capital Market, involving some Company Registrars.
NIPOST has also invited the Economic and Financial Crimes Commission (EFCC), to further investigate the matter.
The recent exposure was about a shady deal involving a Registrar to an old generation bank, who allegedly contracted a business worth N15 million to a courier company said to be an illegal operator
It was learnt that the operating license of the said company had been revoked by CLRD since 2018.
The said business was about the processing of the 2020 Annual Reports of a quoted company in the oil and gas sector, worth N15 million, handed over to the courier company by the Registrar, in preparation for the 52nd Annual General Meeting (AGM) of the oil and gas firm, which held on August 3rd, 2021 in Lagos.
The ugly development in the Capital Market, prompted the raid of the courier company, located in Ikeja, Lagos, at the weekend, by the enforcement team of CLRD.
CLRD, an arm of NIPOST is responsible for the registration, regulation and monitoring of courier operations in Nigeria.
Led by Mr. Worimegbe Banks, assistant general manager in charge of Ethics, Complain and Strategy at CLRD, in company of Police officers from FCIID, Alagbon, Lagos, the enforcement team raided the premises of the courier company, arrested the manager and went away with courier documents, including a dispatch motorbike belonging to the firm.
The documents include: receipt booklets, bundles of 2020 Annual Reports booklets belonging to MRS Oil Nigeria Plc, cartons of Huawei USB, files, registration book, among others.
Mr. Gideon Shonde, general manager, CLRD, who gave details of the raid and why it was carried out, said the clampdown was a major breakthrough for NIPOST in the fight against illegal and unlicensed courier operations in Lagos State.
According to him, the courier firm had been under surveillance for illegal operation for six years after refusing to validate its operating license since 2013.
“The operating license of the courier company was eventually revoked in 2018 for default in payment of renewal fee to the tune of N1.9 million. While they were busy processing the Annual Reports of an oil and gas company worth N15 million, the enforcement team of CLRD, clamped down on them. Arrest of its staff was made and an evidence of illegal operation was established, and prosecution will commence in earnest, ”Shonde said.
He further said it was worrisome that the Registrar could leave out licensed courier operators, to patronise illegal courier operator, in a sensitive business that has to do with the printing and distribution of a company’s annual financial report to its shareholders, while serving them notice of meeting, despite the fact that CLRD sends the list of licensed courier operators to all Registrars on a monthly basis.
“Illegal courier operators are fund of cutting corners and not delivering on the job. A clear case could be seen around the bundles of the 2020 annual reports, which the courier firm ought to have delivered to shareholders of the company, at least two weeks before the AGM. What this means is that majority of the shareholders did not get the notice of meeting and the 2020 Annual Reports that supposed to have been delivered to them by the courier company before the date of the AGM, ”Shonde said.
He said money must have been paid and the job was not delivered, adding that such shady deal and others have been going in the Nigerian Capital Market, defrauding the federal government of huge sums of money.
News
NCDC Activates Emergency Response as Lassa Fever Kills 190
Nigeria has launched an emergency response centre after recording 190 deaths from Lassa fever, a viral hemorrhagic illness, according to Nigerian Center for Disease Control (NCDC).
The disease, mainly transmitted to humans via contact with food or household items contaminated with rodent urine or excrement, has infected 1,154 people in six Nigerian states.
Jide Idris, head, Nigerian Center for Disease Control, said the agency’s risk assessment has categorized it as high, prompting the activation of the emergency Operations Centre to manage the outbreak.
“While the disease occurs throughout the year, peak transmission typically happens between October and May, coinciding with the dry season when human exposure to rodents increases,” he said at a press briefing in Abuja.
The centre will ensure seamless coordination of the control and management of the outbreak.
Symptoms of the virus – which can also be passed between people through bodily fluids of those infected – include fever, headaches and, in the most severe cases, death.
The World Health Organization classifies Lassa fever as a priority disease due to its epidemic potential and lack of approved vaccines.
News
2025 Budget: FG Earmarks N1.5Bn for Airports’ Internet, Others
Federal government has proposed to spend N1.5bn for internet services for passengers at five international airports in the country.
The project, “Provision/Upgrade of WiFi Services for Passengers in Five International Airports and some Domestic Airports” was listed as a new project in the 2025 appropriation.
In some parts of the world, access to the internet via Wi-Fi at airports is regarded to be a basic human right.
Such amenities are lacking in Nigeria.
But the 2025 budget presented to the National Assembly last week by President Bola Tinubu saw the sum of N105.953,496,365 being allocated to the Ministry of Aviation.
Apart from internet access at the airports, some other capital allocations were reinstated for the Nigerian Airspace Management Agency (NAMA).
In previous budgets, three agencies of the ministry including the apex regulatory agency, the Nigeria Civil Aviation Authority (NCAA); the Federal Airports Authority of Nigeria (FAAN) and NAMA were exempted from the annual budgetary allocation.
In addition, the federal government deducts 50 per cent of the Internally Generated Revenue (IGR), which is against the standard and recommended practices of the International Civil Aviation Organisation (ICAO), which recommends that the funds generated by the agencies should be reinvested into improving infrastructure and boosting aviation safety.
News
Egueke, Former Bank Manager Jailed for $46,900 Fraud
Fidelis Egueke, former bank manager, , has been convicted and sentenced to six months in prison by an Asaba, Delta State Chief Magistrate’s Court for defrauding a victim of $46,900.
Chief Magistrate Callistus Isioma Moeteke found Egueke guilty of a single charge brought against him by the police under case number CMA/295c/2024.
Raphael Eze, prosecutor, of the State Criminal Investigation Department (SCID), Asaba, said Egueke, a former Asaba branch manager of a tier-one bank, fraudulently obtained $46,900 by using two Certificates of Occupancy (CofOs) as collateral.
One of the land titles, however, was not his, and the other was fake.
After receiving the money, Egueke used it for personal expenses and failed to repay the victim as promised.
The prosecution argued that Egueke’s actions violated Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.
Despite denying the offence, Egueke failed to present evidence of repayment during the trial.
Chief Magistrate Moeteke determined that the prosecution had proven its case beyond a reasonable doubt.
Egueke was convicted and sentenced to six months imprisonment.
However, the court also gave him the option to pay a fine of N350,000 in lieu of serving the prison term.
The court ordered Egueke to pay N30 million in restitution to the victim within six months of his conviction.
The charge against Egueke stated that, in 2016, he fraudulently obtained a credit facility worth $46,900 (approximately N60 million) from Chief Jude Ndudi by presenting false documents, including land titles that did not belong to him, in violation of Section 419 of the Criminal Code Law.
Egueke is also facing trial before a Lagos Federal High Court on charges related to a separate fraud case involving N179.498 million.
He is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.
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