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FRSC boss Shehu Mohammed to spend N1.2b on tours, N350m on house rent out of N10.8billion 2025 overhead budget

by Leading Reporters
written by Leading Reporters

The Federal Road Safety Corp Marshal, Shehu Mohammed has budgeted to spend the sum of N1,180,000,000 in local and international travels out of the N10,829,243,787 it budgeted for overhead expenses under the 2025 budget proposal of the commission, a LeadingReporters finding has revealed. The budgets which has organizational code no 0161007001, account code no 22020101, and programme code no POH001000687 has local travel and transportation expenses placed at N250,000,000, N800,000,000. Other travels include two international and local travels and transportation put at N65,000,000 each, totaling N130,000,000. Another N120,000,000 was earmarked for international training and another N650,000,000 for local training.

Other frivolous conduits through which monies are budgeted and diverted through overhead expenses include N87,500,000 to be spent as sitting allowance, another N87,500,000 earmarked for fumigation.  The Shehu Mohammed-led FRSC also earmarked N740,000,000 purportedly for publicity and advertisement.  This is despite owning and operating its own radio station. 

Our findings revealed that more than four years after floating a radio station, FRSC has not remitted any money as proceeds from that investment.  Rather, in its capital expenditure proposal, the commission is asking the national assembly to allow it spend N290,037,631.84 with which to acquire software for its radio communication renewal license fee for 2017 to 2023 vide programme code ERGP29227969, while the sum of N90,000,000 was budgeted for tea and meals.

The Corp Marshal 2025 residential rent is put at N350,000,000 while another N900,000,000 was requested for the purchase of two (2) units of 5 bedroom duplexes for Deputy Corp Marshals in Abuja N435,000,000 each, and purchase of 6 flats for senior officers’ official residence put at N30,000,000 each.

Another incredible spendings are N52,000,000 to be spent as grant to private companies and N70,000,000 to be spent in preparing and administering 2025 budget.

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Investigation

Group threatens to sue OAGF if it obliges FRSC N2.3b ‘Operating Surplus” reimbursement request without a forensic audit of revenue leakages  

by Leading Reporters
written by Leading Reporters

A pro-accountability group, League of Patriots has threatened to sue the office of the Accountant General of the Federation if it obliges the Federal Road Safety Commission FRSC a request to refund it the sum of N2,308,843,267.20 (Two Billion, Three Hundred and Eight Million, Eight Hundred and Forty Three Thousand, Two Hundred and Sixty Seven Naira, Twenty Two Kobo) which the FRSC described as operating surplus for 2024 fiscal year.  

The group said that the time has come for the Federal Government and all the relevant anticorruption agencies to shine a forensic searchlight on the FRSC. It further said that there are high chances that the FRSC is not remitting all that comes to it. The group said it is aware of the many grants FRSC receives from local and foreign donors, which are unaccounted for to date.

“Leakages and unreported revenues have continued to characterize the operations of the current Shehu Mohammed-led Road Safety Management Team.  There are many unreported sources of revenue.  Road safety has its radio station.  While many privately owned stations that started operation later than the road safety’s have continued to rake in millions of naira in profit, FRSC has not declared a dime as revenue from that investment.  Instead, it keeps cornering hundreds of millions of Naira as money spent on publicity and advertisements.

The group said that in the 2025 overhead budget proposal, FRSC has projected to spend a whopping sum of N740,000,000 on publicity and advertisement despite owning and operating its own radio station. The group said this money would end up in the personal pockets of the commission’s management staff. It also said that FRSC’s claim that it only generated N30,306,700 from sales of unserviceable items in 2024 is another falsehood taken too far.

The League accused the commission of pocketing grants running into hundreds of millions of naira it receives from local and international partner organisations and donor agencies.

“The Federal Road Safety Commission is one of the agencies that receive grants from international donor agencies.  These grants are supposed to aid its operations and efficiency.  To date, these grants have not been accounted for in any of their financial records.  We have a list of these donors and our next step is to write them to stop those grants until the commission braces its culture of accountability”

The group reiterated the need for the Federal Government to initiate a forensic audit on the Federal Road Safety Commission to ascertain why a revenue-generating agency like road safety was boastful of remitting a paltry N3,251,311,832.27 into the Consolidated Revenue Fund Account.  The group said it was high time the Federal Government reviewed the perennial anomalies, glaring diversion of funds under guises of operational expenditures, including the inability of the Commission to creatively position the commission for optimum performance. 

“Despite allocating huge resources to safety campaigns, and personnel training, accidents on Nigerian roads have continued unabated, and the commission’s personnel have continued to engage in woeful manners with motorists across the country.  Unfortunately, a once revered Corp has become a laughing stock in the eyes of the public because of poor management.

Speaking during a virtual meeting, exclusively monitored by LeadingReporters, the group said that it is time the FG either repeals the act establishing the commission or merges it with the VIO that has shown better innovative strategies in road safety monitoring and enforcement.

The League of Patriots, popularly known as the “League” is a Texas-based Nigerian Pro-Good Governance group that works in collaboration with many Nigerian anti-corruption civil society organizations.  Its membership is drawn from patriotic Nigerian professionals across the Americas, Europe, Asia, and Africa. The group meets virtually every month to assess performances in strategic government agencies and ministries and proffer workable solutions.

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How Cardoso's boy in MINT Mustapha Oladeji Mohammed-Jimoh pockets N60m LR.jpg
Investigation

How Cardoso’s boy in MINT Mustapha Oladeji Mohammed-Jimoh pockets N60m leave allowance as a contract staff

by Leading Reporters
written by Leading Reporters

The last may not have been heard about the untamed looting, fraud, reckless spending and illegality being perpetrated by “Cardoso boys” both in Central Bank of Nigeria and its sister company the Nigeria Security Printing and Minting Plc NSPMP, popularly known as MINT.  This time, a contract staff of MINT Mr. Mustapha Oladeji Mohammed-Jimoh was paid the sum of N60,000,000.00 (Sixty Million Naira) as leave allowance.

Also Read: Breaking: CBN sacks Deputy Governor’s aide Olakunle Abiola for certificate forgery

Mr. Mohammed-Jimoh who was employed as a contract staff in 2024 at the age of 64 years is currently cruising in the United States of America from the said money paid him at the instance of the Central Bank Governor, Mr. Olayemi Cardoso.

Our investigation revealed that in 2024, Mr. Mohammed-Jimoh was among those ‘pushed’ on MINT by CBN top management team.  During the interview, according to information at the disposal of LeadinReporters, Mohammed-Jimoh’s employment could not fly owing to his age.  He was 64 years old at the time he was interviewed.  Following the pressure mounted by the leadership of Central Bank of Nigeria, Mr. Mohammed-Jimoh was employed as a contract staff.

Part of his interview report read “Mr Mustapha Oladeji Mohammed-Jimoh has limitations.  He cannot be offered full-time employment as a public servant because of his age.  He is 63 years old and will be 64 by February 2024.  He was born on 19th February 1960.  In line with public service rules, you cannot employ a candidate over 50 years of age.  To be eligible for employment into the Federal Public Service, an applicant must not be less than 18 years of age and not more than 50 years of age. In line with both public service rules and MINT policy, he is above the statutory retirement age of 60 years.  He can only be employed as a contract staff”.

Also Read: Heartless Billionaires: How Dangote Rice, Bua Rice, Golden Agri Inputs Ltd, Wacot Ltd, others pocketed N5.7b meant for IDPs in North-East

But LeadingReporters investigation revealed that Mr. Mohammed-Jimoh enjoys all the privileges of a full public office holder and more, including being provided with lavish amenities.  A discreet source who spoke to LeadingReporters on condition of anonymity said that Mr Mohammed-Jimoh was specifically sent to MINT to amass money for his old age.  The source said he, just like other executive directors enjoy unhindered and easy access to MINT money, while the junior and intermediary staff live miserably.

“MINT pays the worse salary structure.  Worse working environment. You cannot talk about career growth in MINT.  The company is divided between the rich executive directors and the poor workers  The staff who create the wealth are paid peanuts, worse than their counterparts in other Central Bank of Nigeria-owned companies.  On the other hand, those in the executive director cadre enjoy lavish lifestyles and reckless spending that puzzles people.  Recall that it was in the same MINT that a managing director resigned to contest for the governorship election in his home state.  MINT has a notoriety of absurdity in management and reckless spending.  The peak of it started under the former Governor Godwin Emiefele and it has remained unchanged, if not worse under Cardoso.  We only have leadership that appeals to staff to endure but resort to lavish lifestyles themselves”.  The source said.

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Employment scam in MINT: Group petitions CBN, National Assembly, CCB, others: CBN Deputy Governor Emem Usoro; her aide Olakunle Abiola indicted Leading Reporters
Investigation

Employment scam in MINT:  Group petitions CBN, National Assembly, CCB, others:  CBN Deputy Governor Emem Usoro; her aide Olakunle Abiola indicted

by Leading Reporters
written by Leading Reporters

A pro-anticorruption and good governance group, Network Against Corruption and Trafficking, NACAT has petitioned the Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, the House and Senate Committee Chairmen on Banking and other financial institutions, their counterparts in the Ethics and Privileges and the Civil Service Commission, requesting for an exhaustive review of the employment of the Ag. Executive Director, Corporate Services in the Nigeria, Security, Printing and Minting, Mr. Adesoji Ogungbesan.

In the petitions, exclusively obtained by LeadingReporters, the group appealed to the authorities to investigate an alleged back-door employment of Mr Adesoji Ogungbesan who was allegedly interviewed for the position of a Senior Manager, only to be appointed an Executive Director, against MINT employment and civil service commission laid down rules.

It was alleged that Adesoji Ogungbesan who previously worked with Sahara Group was presented to the board of directors of MINT by one Olakunle Abiola, an aide to the Deputy Governor of Central Mrs Emem Usoro for employment.  LeadingReporters leart that Mr. Abiola in his efforts to help his friend, Mr Ogungbesan recommended him to his principal, for employment in MINT as an Assistant General Manager.  But upon being interviewed, the panel that interviewed Mr Ogungbesan in their reported posited that he was not qualified for the position of an Assistant General Manager, but rather recommended that he be employed as a Senior Manager in the government-owned MINT.

Surprisingly, instead of heeding to the report and recommendation of the panel, Mr. Ogungbesan was ‘schemed’ into the position of Executive Director by no other than Deputy Governor Emem Usoro.

Speaking with LeadingReporters, the group’s Director Compliance, S. I. E. Oseagah said that his organisation received a verifiable petition that suggested criminal manipulation and glaring employment scam which should not be waved aside.

“Upon receipt of a petition, we verified that there was a clear case of criminal infractions, violation of laid down rules, and employment scam.  This are not in tune with the reforms the Central Bank of Nigeria Governor, Mr  Olayemi Cardoso is spearheading in that agency, hence the need to call his attention and that of other stakeholders to this glaring anomaly.

The group said that it would continue to assist creative reforms of the government and lend a voice for the greater good of the nation.

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Investigation

Thoughtless Spending: How Immigration CG Kemi Nandap Spent N77million to buy buses for dogs; spent another N43m on  free-live chat on Immigration Website.

by Leading Reporters
written by Leading Reporters

Thoughtless and irresponsible spending and diversion of immigration service’s funds using every possible means have heightened in the Nigeria Immigration Service NIS, under the watch of the current CG Kemi Nanna Nandap.  This time, the Comptroller GeneraL has allegedly spent a whopping sum of N76,870,573 in procuring vehicles for the movement of dogs attached to her office. Another frivolous and fraudulent payment was the payment of N42,887,500 paid to Network Solutions and Investment Limited for the provision of free-livechat on the Immigration website.  Not only that livechats are mostly provided for free, but a premium charge also costs less than US$20/month, thus wasting N42,887,500 by the current leadership of Nigeria Immigration.

According to the findings on Govspend, CG Kemi paid the said sum of N76,870,573 to Metropolitan Limited the sum of N62,669,362.78 on the 20th of May, 2024 and another N15,201,170 on the 26th of May, 2024 via payment Numbers 1001182589-5 and 1001184474.24 respectively for provision of vehicle for conveying dogs.

Other suspicious payments include the sum of N42,887,500 paid to Network Solutions and Investment Limited via payment No 1001161522-5 for provision of a service that is offered free of charge on the web.  A simple check on the costs of integrating livechat on the website revealed that it costs less than US$20/month for a premium package. Above all, one begins to wonder why the said amount has to be spent since the existing site has a livechat onit.

Another suspiciously fraudulent payment was the one made to Ike Global Agro-Farm Limited, a purely agro-allied company to provide light at the CIS residence in Imo State.  This gulped a total sum of N16,943,723.69 via payment No. 16001151299-112.

Series of fraudulent payments have continued to be made under CG Kemi watch.  A discreet source that spoke to LeadingReporters on condition of anonymity revealed that the CG is in a spending-spree as a way of raking in as much money as she could before her retirement.  The source said that over 40% of payments processed and paid by Nigeria Immigration Service are hoax and simple ways of stealing from the service’s treasury.

CG Kemi, whose tenure in office has elapsed is believed to be in her last spending spree, a move the source said is to enable her rake in as much as she could before she lives the service.

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HeadlinesInvestigation

How Ochacho Estate subjects over 300 FCT pupils, staff to open defecation for years

by Folarin Kehinde
written by Folarin Kehinde

Over 300 Pupils and teachers of the Local Education Agency (LEA), Kpakpatoshi under the Abuja Municipal Area Council (AMAC) has been in a sorry state due to insecurity, lack of infrastructure and worse of all, inability to answer the call of nature when the need arises.

A recent visit by LEADING REPORTERS to the school recently showed the dilapidated structures, lack of access to portable water and functional toilet an eyesore to portray a primary school of repute in the 21st century, particularly in the federal capital territory.

Meanwhile, leading reporters in an exclusive interview with the headmaster of the School, Mr. Matoh Bawa revealed that Ochacho Estate Idu built one uncompleted toilet for the school after taking over the land that houses an initial toilet built by the FCT Universal Basic Education Board in 2007 for the construction of houses.

Findings revealed that Ochacho construction has fenced the toilet built by the FCT to begin construction with the intention of demolishing it while yet to complete the one built to compensate the school.

Bawa explained that both teachers and pupils for the past years have resorted to going into the bush nearby to answer the call of nature which he described as unhealthy for them such that they can breath in fresh air again, he emphasized that this act has been exacerbated by residents of the community who has taken advantage of the situation to make the school a mess.

In his words, Mr Bawa said:

“My admin officer can’t come to work today because she has stomach trouble and there is no
toilet.

“She has to stay at home, if I’m pressed now, I have to
move somewhere else. If you go there, go and see. Open defecation everywhere.
You can’t breathe fresh air. We have little children. So it is terrible now.

“We are just managing the toilet
because we have female teachers here. We have to manage. But health-wise, the toilet
is not good for humanity.

“We are using detergent because the back there is open. So we are just managing it because
we don’t have any option.”

Mr. Bawa however appeal to Ochacho to complete the toilet built, ensure water is running and provide basic infrastructure for the school which will serve as their Corporate Social Responsibility (CSR) for the community.

“They have the capacity to at least do something for this school. Because the village came before the
estate. And it has benefited a lot from this village. And it’s still benefiting. We have students,
people that are coming from the estate to this school.

“They are living in the estate and they are attending this primary school. Our teachers don’t have tables they are using people’s seats they have been vandalized by criminals. So they can do that for us they can supply us with furniture.

“We don’t have potable water, whenever children are thirsty. They have to go home and it’s not good for our educational system, the law says that we should not allow them to go home. We don’t have school premises.
“We need perimeter fence. That is one of the major needs. The school needs renovation.
You can see. The school needs toilets. For both teachers and people.

“Then we need additional classrooms. These are the major problems we have in the
school. In this problem, I have listed it they can pick one and do it for us”. he added.

Meanwhile, a representative of Ochacho who spoke with Leading Reporters claim that the toilet is under construction but does not know when the construction will be done.

His words: “It is under construction sir, I don’t know, I don’t know when it will be constructed sir”.

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How SMEDAN awards multi-million naira contract to company linked to fraudulent L.G. Caretaker Chairman – Hon Tervershima Abraham Agber
Investigation

How SMEDAN awards multi-million naira contract to company linked to fraudulent L.G. Caretaker Chairman – Hon Tervershima Abraham Agber

by Leading Reporters
written by Leading Reporters

The Small and Medium Enterprises Development Agency of Nigeria has awarded a multi-million Naira contract to Daho Global Resources Limited, a company co-owned by Hon. Tervershima Abraham Agber.

According to information uncovered by LeadingReporters, SMEDAN paid Daho Global Resources Limited N23,860,465.12 on March 30, 2024, via payment code 0222027001, to offer skill acquisition training in the Southeast Geopolitical zone, a project our investigation revealed was not carried out.

Recall that the erstwhile Caretaker Chairman of Gboko Local Government Area Council, Hon. Tervershima Abraham Agber was one of the three local government chairmen sacked by Benue State Governor, Governor Hyacinth Alia for non performance, misconduct, and mismanagement of council funds.

Other agencies and ministries that have continued to patronize Daho Global Resources Limited include, the Federal Ministry of Agriculture and Food Security,  Federal Ministry of Environment and National Rural Electrification Agency.

A source in the know further revealed that most contracts awarded by SMEDAN violate Public Procurement Act and beneficiaries are usually friends, referrals from top government offices.

“Most monies moved from that agency take the form of sensitization programme”.  These monies end up in the personal pockets of some top management staff and friends of politicians. The source threatened to expose all the prevailing anomalies in the agency through an international press conference to be organized in conjunction with civil society organisations in no distant time.

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Investigation

Breaking:  Group calls for probe of Ms. Gloria Akobundu as Two terms tenure of eight years in NEPAD expires September 30th, 2024.

by Leading Reporters
written by Leading Reporters

There are reports that the immediate past Chief Executive Officer of African Union Development Agency – New Partnership for African Development NEPAD, Ms. Akobundu’s era was allegedly characterized by corruption, nepotism, violation of Code of Conduct Act, among other allegations.

Meanwhile, a group League of Patriots has made a fresh call to President Bola Ahmed for the investigation of Ms. Akobundu over perennial corruption, criminal infractions, using her relatives as aides and sending them to man government offices in foreign lands and violations of the laws of the Federal Republic of Nigeria that characterized her tenure.

The group, League of Patriots consist of Nigerian professionals at home and the Diaspora.  In a communique issued via a unified telegraph delegate meeting drawn from members in Nigeria, Europe, America and Asia exclusively obtained by LeadingReporters, the group said that Ms. Gloria should be thoroughly investigated especially regarding allegation of flooding the agency with relatives and friends who act as her aides.

“From what we have gathered, The NEPAD Boss Ms Gloria Akobundu represents negativity in all its ramifications, corruption, and ineptitude and does not hold prerequisite qualities to hold the strategic position she held, let alone being given another opportunity to serve in illegality.

Speaking to LeadiingReporters International Correspondent, the Secretary of the League – Marshal Ndubuisi said that allowing Ms Akobundu to get away with such impunity in a strategic organisation like NEPAD will become a misnomer and a national misrepresentation which has continued to dent the image of Nigeria among the comity of nations and other strategic stakeholders.

“If not for dirty politics, how on earth can such a woman be allowed to serve in such strategic office going by her antecedents. We have verifiable information that highly suggests criminal infractions, mismanagement of resources as well as lack of managerial skills required to optimize the fortune of the agency for the good of Nigeria and Nigerians.   Ms Akobundu has continued to leverage her connection with politicians from her home state to stay put despite allegations of corruption and violations of the Code of Conduct Act hanging on her shoulder.  Now, she wants to take that impunity to an all-high level by seeking for extension of office. 

“For the avoidance of doubt, Ms. Akobundu sits on the board of many private companies not only as a shareholder but also as a director in violation of the Code of Conduct and Tribunal Act (CCB&T Act, 5th Schedule, Part 1, Paragraph 1-11 to the 1999 Constitution of the Federal Republic of Nigeria.  She uses these companies to carry out her corrupt and nefarious acts.  They include:

  1. C.P. Golden Limited
  2. Ugofito Nigeria Limited
  3. Enka Construction Ltd
  4. Melrose Bakeries Ltd which later become Melrose Farms Ltd
C.P. GOLDEN LIMITED status reportDownload
UGOFITO NIGERIA LIMITED status reportDownload
ENKA CONSTRUCTION LIMITED status reportDownload
MELROSE FARMS LIMITED status reportDownload

The group said their investigation revealed that none of the companies was declared in Ms Akobundu’s Assets and Liability Forms.

“These companies have continued to be used as conduits to fleece the government including using the same to corner contracts from her benefactors in Imo State Government House.

League of Patriots therefore called on President Bola Ahmed Tinubu to save Nigeria from further embarrassment by not granting her extension in office but rather should get the anti-corruption and other concerned agencies to institute a probe of her abysmal two terms in office.

All efforts to reach the NEPAD Boss Ms Akobundu for clarifications were unsuccessful as at the time of publishing this report as all her known lines were switched off.

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Pro-Alh. Garba Abubakar Corporate Affairs Commission pulls down online registration activities; Billions of Naira Revenue lost Leading Reporters
Investigation

Pro-Alh. Garba Abubakar Corporate Affairs Commission pulls down online registration activities; Billions of Naira Revenue lost

by Leading Reporters
written by Leading Reporters

A Group of Staff said to be loyal to the immediate past Registrar General of the Corporate Affairs Commission, CAC, Alh. Garba Abubakar has allegedly grounded online operations in the agency, making company registration and other corporate registration and payment impossible for weeks now. This has led to loss of revenue by the Federal Government of Nigeria.

LeadingReporters gathered that this move was one of the strategies by the staff loyal to the former RG to bring the current registrar general to a renegotiation table.

A discreet source that spoke to LeadingReporters on condition of anonymity said that this was not the first time a situation like this has happened.

“We experience issues like this each time a new leadership emerges in the agency.  Saboteur staff would always align with their preferred boss and make a mess of the system for an incoming leadership.”

He said the trend began when CAC completed digitalization and online processing of its operations.  He said the then registrar general had a deal with the company that completed the digitalization of the agency’s operations.  He amassed so much money from the project and went ahead and put a structure that would continue to fetch him returns from the project, even after leaving office.

“When the then RG left and a new one was appointed, the then-incoming RG requested a cancellation of the agency’s ” deal ” with the former RC.  All hell was loose.  This situation led to the ICT company unplugging the database and CAC services grounded for weeks, if not months, until a renegotiation was done.

The source said that the problem is all about personal gratification by those who call the shot in the agency and those loyal to them.

“The suspension of CAC online operations is all about who takes what.  It is the fight of the Titans and about their interests.  They want to push the current RG, Hussaini Ishaq Magaji to negotiate with them.  Unfortunately, the staff are the canon fodders. 

Meanwhile the Federal Government has continued to lose revenue because of the internal fight and power play.  Clients’ jobs are taking months to be delivered.

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Busted: How Ecobank MD Jubril Mobolaji Lawal Swindled Nigeria of N1.7 billion  Meant For Generating Electricity To Nigerians LeadingReporters
Investigation

Exposed: Ecobank MD Jubril Mobolaji Lawal fingered in diversion of N1.7 billion meant for power generation

by Leading Reporters
written by Leading Reporters

Across the Africa continent flies Ecobank Nigeria, courtesy of it being under Ecobank Transnational Incorporated, being the parent company of Ecobank Group. While it rides on the wave of acclaimed public trust that banks with it in Nigeria to defend its success, what Nigerians didn’t know is that Ecobank is one of those that has denied them having constant electricity for years.

Welcome to the sordid but realistic tales of how Ecobank walked away with billions and did nothing. The year was 2015, when the Central Bank of Nigeria (CBN) under the embattled sacked Governor, Godwin Emefiele, without any directive of then President Goodluck Jonathan incorporated a Special Purpose Vehicle called NESI Stabilization Strategy Limited.

What Jonathan initially approved is a stabilization fund to be limited by guarantee in order for NESI to address the problems in the electricity industry to operate for 10 years wherein the fund would have been repaid. To see this noble idea come to pass, some banks were selected, an action which saw Nigerians sleep while the banks owners buga away.

One of the banks selected was Ecobank and indeed committed one of the biggest electricity heist against Nigeria. The Bolaji Lawal led bank over the years engaged in manipulation by unlawfully arranging and collected part of the 1.9535% for participating in the Nigerian Electricity Market Stabilization Facility. These fees were paid to Ecobank in ration of its contribution to the NEMSF disbursement, according to External Auditor’s Notes to the Financial Statement of NESI Stabilization Strategy Limited.

Ecobank Nigeria walked away fraudulently with N1.7 billion without doing anything, one of the highest by the league of banks who perpetrated the fraud. This has been unearthed by the Jim Obazee investigative team, carrying out a fact finding on how the CBN was governed under Emefiele.

In its report to President Bola Tinubu which is in our possession, he indicted Bolaji Lawal and all its Managing Directors from 2015 till date stating that “it is important that all artificial and natural persons involved in this manipulation, to which public funds were plundered, must be held accountable and responsible”.

It went further to make a recommendation to Tinubu that Ecobank should refund the sum of N1.7 billion criminally diverted. That money if converted to today’s money will see Lawal signing away over N13 billion from the bank’s cover due to the fallen exchange rate of N170 at 2015 to N1450 in 2024 open market rates. News credit: SecretsReporters

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