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Zenith Bank

Exposed: How Gov. Ikpeazu allies emptied Abia Excess Crude Account: Ararume, Enyinnaya, Dike, Chuku Wachuku, T.A. Orji , others fingered

by Leading Reporters July 27, 2022

written by Leading Reporters

Senator T.A. Orji’s son-inlaw, Obinna Ararume, Enyinnaya Nwafor the son of Late deputy governor of Abia State Clement Chima Nwafor, his business partner and brother Dike Chimezie Nwafor, Pioneer Director General of the National Directorate of Employment NDE, Chuku Wachuku were among those who are believed to have drained monies that accrued to Abia State under the State’s Excess Crude Account, LeadingReporters exclusive findings can authoritatively reveal.

Abia State is near-synonymous with bad leadership. Across Nigeria, when states with worse leaders are mentioned, Abia State ranks first. This is despite the huge human capital and natural resources the State is blessed with. The state has perennial notoriety of having leaders that lack morality in leadership, sense of creativity and direction as well as fiscal discipline. From Governor Orji Uzor Kalu, to Theodore A. Orji, up to the current Governor of Abia State, Dr. Okezie Ikpeazu, the story has been that of untamed massive looting of the State treasury and mismanagement of resources of the state. Abia State, like Rivers State is an oil producing state. While Rivers State Government has consistently deployed resources from the excess crude for massive developmental product, Abia State on the other hand has been bedeviled with leaders who loot the treasury for personal aggrandizement.

An investigation unveiled exclusively by LeadingReporters revealed that the peak of the financial malady was in 2016. All monies that accrued to the Excess Crude Account No 1014381352 domiciled with Zenith Bank, Government House Umuahia were, upon hitting the State account mopped up by the State Government using allies accounts and companies.

One of the allies company is Basingstoke Investment Limited. The company which is situated at plot 1202 Ademola Adetokunbo crescent, Wuse 2, Abuja has Obinna Ararume and Ekedebe Chinedu as directors. Obinna Ararume, married Nneoma Orji, the daughter of former governor of Abia State and a serving Senator, Theodore Ahamefula Orji. The company received the sum of N130,000,000 on the 5th of January, 2016 without any description of services rendered. The company as well received the sum of N50,000,000 on 19^th January, 2016, allegedly on the directives of Senator T.A. Orji to his political godson Dr. Okezie Ikpeazu.

LeadingReporters investigation further revealed that the bulk of Abia State Excess Crude money was transferred to companies linked to Enyinnaya Nwafor, the son of the late Deputy Governor of Abia State who, through his companies received the following sum:

Tunnel End Investment Company Ltd. The company, on 5^th January, 2016 received the sum of N200,000,000 (Two Hundred Million Naira) only, from Abia State’s Excess Crude Account. On 13th January, 2016, via same account, Enyannaya Nwafor through his other company Rockwaters Integrated Services Limited received the sum of N176,000,000 (One Hundred and Seventy Six Million Naira) only, while Tunnel End Investment company Limited received the same amount of N176,000,000 (One Hundred and Seventy Six Milion Naira) only on the same 13^th January.

In the same vein, Rockwaters Integrated Services Limited, on the 18^th of January, 2016 received the sum of N200,000,000, while another N149,000,000 (One Hundred and forty Nine Million Naira) was paid to Tetralock Business Solutions Ltd, a company owned by Enyannaya Nwafor on the 13^th of January, 2016. Other suspicious payment into Enyinnaya Nwafor’s account include N100,000,000 (One Hundred Million Naira) paid into Rockwater account on the 21^st January, 2016; N100,000,000 (One Hundred Million Naira) only paid on 26^th January, 2016 into Rockwater account respectively.

On 27^th January, 2016, Rockwater received another suspicious payment from Abia State Excess Crude account to the tune of N250,000,000 (Two Hundred and Fifty Million Naira only) and N25,000,000 (Twenty Five Million Naira) respectively on same date.

On 29^th January, Dike Chimezie Nwafor and a co-director of Tunnel End Investment limited, through another company Housegate Global services Limited (codenamed Church HPUSE Global Services Ltd) for the purpose of covering the transaction received the sum of N100,000,000 (One Hundred Million Naira) on the 29^th January, 2016 from Abia State Federation Account.

Other transfers from the Excess Crude Oil Account to Enyinnaya Nwafor through his companies accounts include N47,000,000 (Forty Seven Million Naira) paid into Tetra Lock account on the 15^th December, 2016; N47,000,000 (Forty Seven Million Naira) paid into Rockwater account on 15^th December, 2016 and another N60,000,000 (Sixty Million Naira) only paid into Rockwater account on the 23^rd November, 2016 in two tranches of N30,000,000 (Thirty Million Naira each). Rockwater bagged home another suspicious payment of N50,000,000 on the 26^th October, 2016.

Other beneficiaries of Governor Ikpazu’s naira rain are Chuku Wachukwu who bagged home the sum of N100,000,000 and N150,000,000 on the 1^st of June 2016 and 26^th of October, 2016 respectively using Delhope Resources Limited, a company he sits in the board.

July 27, 2022 0 comments

Exclusives

Exposed: Kastina State Guber Aspirant, MD Nigerian Security Printing and Minting Company Abbas Masanawa’s Illicit Financial Transactions

by Leading Reporters May 15, 2022

written by Leading Reporters

In 2014, former President Goodluck Jonathan ordered a reform of the Nigerian Security Printing and Minting Company (NSPMC). While this breathed new life into the ‘near comatose’ corporation, many Nigerians were unaware that the CBN financial gang used this opportunity to install their stooge Mr Abbas Umar Masanawa as the Managing Director, despite his previous appointment as an Aide to the Central Bank Governor, which included numerous violations of the law.

Investigations revealed that on 2nd October 2012, while working in Zenith Bank, Mr Masanawa established Preferred Global Company with the registration number RC 1068515 and the address NO.16, Lakeview Homes, Kado, Abuja, FCT. The company’s board of directors includes Aminatu Abbas, Muhammad Abbas Masanawa, Faruk Abbas Masanawa, Al-Amin Abbas Masanawa, and Fatima Abbas Masanawa. Mr Masanawa struck gold two years later, in September 2014, when he was appointed by the Federal Government as the Special Assistant and Chief Liaison to the Governor of the Central Bank of Nigeria, Mr Godwin Emefiele, his former boss at Zenith Bank.

He continued to operate the company utilizing it to move funds and execute contracts, with payments made to his bank accounts regularly in violation of the Federal Government Public Service Rules which states that public officers must not be Directors in private companies. A detailed investigation into Mr Masanawa’s dealings revealed that he operated an account with Eco Bank. Block 1, Flat FD Close, Gwarimpa, Abuja, is the address on the bank account with the number 3913000290, which also serves as his salary account where his allowances are remitted.

He also has two Zenith bank accounts with the numbers 2020023667 and 1020010820. Preferred Global Company Limited, which he established in 2012, has a First Bank account number of 2024061878. While the corporate address is No 16, Lakeview Homes, Jabi, Abuja, the phone number associated with the account to receive notifications, +2348035074700, has been validated as Mr Masanawa’s number.

Checks on Masanawa’s account from 2015, when he should have shut down Preferred Global or stepped aside as its director, revealed a lot, as he was running the company account on his own and transferring money regularly to his account. The large withdrawals and deposits continued in 2016 when a firm called Summit Signature Interservice, registered with RC 1337654 and located at No 3, Sambiero Crescent Maitama Abuja, was brought into the game.

Mr Masanawa caused N300 million to be paid from Preferred Global Business Limited to Summit Signature five months and three weeks after the company registration on November 17, 2016. Summit Signature received N40 million from Masanawa’s company on December 1st of the same year. Fifteen days later, N40M was transferred from Summit Signature account to Preferred Global company account.

Interestingly, N300 million was paid from Preferred Global Company Limited to Summit Signature on the same day, with subsequent investigations detailing a consistent flow of funds between Preferred Global and Summit Signature. As an Aide to the CBN Governor Godwin Emefiele, Mr Masanawa continued in his impunity as he was also paying money into his company account, evidenced in an electronic funds transfer (NEFT) of N16.7 million he made on 7th September into Preferred Global Company account.

The year 2017 was a harvest for Mr Masanawa as he made massive withdrawals from the Preferred Global company account unperturbed. He took N6 million out of the account on March 15th and subsequently took N5.5 million out on July 10th, with another N11 million withdrawn on August 15th. Preferred Global wired N9 million to his account on November 8th as he received another N6M from the company on December 27, 2017. News source: Secret reporters

May 15, 2022 0 comments

Headlines

Ex-Zamfara Governor, Yari, Flown To UK In Wheelchair

by Leading Reporters February 12, 2022

written by Leading Reporters

Yari was in a bad shape medically when he was brought to the airport ahead of the six-hour-long flight to the UK on a British Airways aircraft.

Abdul’aziz Yari, a former governor of Zamfara State, has been flown to the United Kingdom in a wheelchair, according to SaharaReporters.

Yari was in a bad shape medically when he was brought to the airport ahead of the six-hour-long flight to the UK on a British Airways aircraft.

“Yari is flying to UK on British Airways flight for a medical trip. He was even brought in a wheelchair,” a source at the airport confirmed to SaharaReporters on Saturday morning.

The 54-year-old politician was governor of Zamfara State from May 2011 to May 2019.

In April 2021, Yari was detained by the Economic and Financial Crimes Commission over alleged illegal financial dealings and misappropriation of funds.

Before then in February of that year, he was also grilled by EFCC operatives in Lagos after which the Federal High Court in Abuja ordered the final forfeiture of funds belonging to him domiciled in Zenith and Polaris banks.

Among alleged financial infractions against Yari include the sum of $56,056.75 reportedly lodged in his account with Polaris Bank; N12.9m, N11.2m, $303m, N217,388.04 and $311.8m said to be kept in different Zenith Bank accounts in his name and companies.

February 12, 2022 0 comments

Exclusives

Nigeria Security Printing And Minting Plc: The New Cash-Cow Being Milked By Emiefele’s Loyalists: MINT MD/CEO May Head NDIC

by Leading Reporters January 5, 2020

written by Leading Reporters

The fortune of Nigeria Security, Printing and Minting, MINT is currently on a downward trend under its current Managing Director Mr. Abbas Masanawa.

MINT, as the company is popularly known is now run by gang of thirsty hawks, mainly Emiefele’s boys and loyalists right from his days at Zenith Bank.

These men are more concerned with bleeding the company than building it. For instance, the Katsina State born Managing Director, Mr. Masanawa-led MINT board has concluded plans to increase the remuneration of the board members and key staff by 60%, while a paltry 15% salary increment is being considered for staffs who toil under excruciating working condition every other day, including Sundays to keep the company running.

Aside from that, the current MINT Chief Executive Officer and Managing Director has suspended series of incentive programmes initiated by his predecessor that saw an upward surge in productivity and profitability. Instead, he is diverting the benefits to himself and his gang-men, while productivity and profitability keep dwindling. Again, the company board structure is so one-sided. Again, Mr. Masanawa has resumed the era of unnecessary casualization of staff.

Mr Masanawa has been the CBN Governor’s ally and right-hand-man who worked with him in Zenith bank. MINT is currently experiencing abysmal performance as a result of the nepotistic tendencies, ineptitude, and recklessness of the current Masanawa-led management. But instead of showing him the way out, the Central Bank of Nigeria Governor, Godwin Emiefele is bracing Mr Masanawa’s ineptitude by expanding the executive capacity of the company’s top management. Currently, Seven senior officers of the Central Bank of Nigeria have been deployed to MINT. Despite this, the performance of the company still at its lowest level.

According to investigation carried out by this news platform, Emiefele is worried at the dwindling fortune of that company. But he is constrained from effecting efficiency in MINT. One, because of the bond that exists between him and the current Managing Director of MINT dating back to their days in Zenith Bank. Emiefele would rather continue to plunge in more resources than to show Masanawa the way out.

In fact, it is highly believed that Emiefele is considering moving Masanawa of his post as the MD, to another juicy agency under CBN. There is every likelihood that Emiefele may send Mansanawa to head the Nigeria Deposit Insurance Corporation, NDIC. A source described it as a smart way of easing him out from MINT to enable a total overhauling of the company and thus return it to the path of profitability. Masarawa may be calling the shot in the Nigeria Deposit Insurers Corporation NDIC any time soon, according to an insider information. NDIC is another parastatal under the supervision of CBN. Others include MINT, NIRSAL

Prior to being appointed the Managing Director of Nigeria Security, Printing Minting Ltd, Masarawa was Emiefiele’s errand boy while the latter held sway as the Group Managing Director of Zenith Bank. But there relationship transcends what is known to be a normal boss-staff relationship, it has esoteric origin.

He is one of the trusted allies of the current CBN Governor not because he was too smart to hold that position, but because over the years, his loyalty to the then GMD of Zenith Bank and now the current Central Bank Governor has been enigmatically deep. In fact, it was rumored that Emiefele had already promised to clear the way for Masanawa to become a Deputy Governor of Central Bank when a vacancy was created as a result of the exit of one of the Deputy Governors who went to contest for gubernatorial election in his home state.

Prior to the emergence of the erstwhile Managing Director of the company, MINT never posted any tangible profit. Corruption, nepotism, casualization of staff and recklessness was the order of the day. MINT at that point was surrounded by hawks who nearly ran down the company.

Nigeria currencies at that point were printed overseas, particularly Malaysia. Most staff were on contract employment for as long as 10 to 15 years. Amidst these, the Hawks held sway and continued to bleed the fortune of that company. Unfortunately, the vices that truncated the profitability of MINT has returned again with Emefiele hitmen dominating every corner without tangible results and improvement.

January 5, 2020 0 comments