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INVESTIGATION

Homeowners accuse CMB Building Company, its CEO Mbagwu of fraud, petition EFCC

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The residents of Pearl Garden Estate and Pearl Nuga Park Estate located at Sangotedo in Lekki/Ajah area of Lagos State have petitioned against the CMB Building Maintenance and Investment Company Ltd to the Economic and Financial Crimes Commission (EFCC) over alleged fraudulent mortgage of some of their homes to secure unapproved bank loans.

Meanwhile, the association of homeowners in the estates have barred representatives of CMB, a building and maintenance firm owned by Kelechukwu Mbagwu from maintaining the homes at Pearl Nuga Park Estate and Pearl Garden Estate.

The separate petitions dated May 28, 2019 and addressed to the EFCC Chairman, Mr Ibrahim Magu, were signed by Mr Patrick Olowokere, the President of Pearl Nuga Estate and Reverend Adesola Adebawo, President of Pearl Garden Estate respectively.

According to the petitioners, CMB obtained a mortgage from Wema Bank Plc using the affected homes at Pearl Nuga Estate as collateral without the knowledge or consent of the affected homeowners.

Image: Repossessed property at Pearl Gardens Estate from fraudulently-obtained bank loan

“The affected homeowners, namely; Bridget Eko, Osagie Aimiehnoho Jude, Mr Akinola Alabi, Mrs Oluwadara Alabi, Nosakhare Igbinobi and Amos Gaga, paid CMB for those houses to be built and had taken possession of their houses from CMB at different times.

“CMB and Mr Mbagwu fraudulently withheld the title deeds of the houses from the affected homeowners as it withheld those of several other homeowners within the estate,” they alleged in a petition duly acknowledged and signed by the EFCC, copy of which was obtained by the News Agency of Nigeria (NAN).

However, the bank has begun a recovery of the six houses within the estate following the failure of CMB, the property developer, to repay the loan, according to the petitioners.

Similarly, Pearl Garden Estate also accused CMB of using the homes of four of their members — Mr and Mrs Michael Bassey, Mr Oyeleke Jegede, Mr Larry Amaraibi and one Mr Felix — who had already paid in full to allegedly obtain a N10 million loan from Diamond Bank (now Access Bank).

Meanwhile, the association of homeowners in the estates have barred staff or representatives of CMB from Pearl Nuga Park Estate and Pearl Garden Estate.

The petitioners said, “We have no other choice but to believe that other houses of our members and homeowners within the estates may be the subject of similar fraudulent mortgages.’’

Another resident, Mr A. Akeredolu, said: “Some of us have waited endlessly for the commencement of the ‘fictitious’ Pearl Royale Scheme, Pearl Garden Extension and Pearl Nuga Park.

“We paid for these in full since 2010 but have yet to be shown the location of our purchases, let alone the allocations.

“We know projects fail, but they have yet to make any official statement or promise of refund. These people are so bold and fearless, one wonders who is backing them!”

All efforts by our reporter to reach Mr. Mbagwu for his angle to the allegations proved futile as calls and text messages placed to his mobile line were not responded to as at press time.

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INVESTIGATION

Controversy trails emergence of Prof. Lilian Salami as UNIBEN new VC

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Professor Salami

The appointment of a substantive Vice Chancellor for University of Benin, UNIBEN is presently causing ripples at the institution as some concerned stakeholders have accused the management of allegedly working to impose an unpopular candidate on the school.

THE WITNESS reliably gathered that a Professor of Home Economics/Nutritional Education, Mrs. Lilian Imuetinyan Salami has emerged as the second female Vice Chancellor of the institution.

Her appointment came 28 years after Prof. (Mrs.) Alele William left as the first female Vice Chancellor of UNIBEN.

The Public Relations Officer of the University, Mr. Michael Osasuyi, confirmed the appointment in a statement on Friday in Benin.

She will take over from the outgoing Vice Chancellor, Prof. Faraday Osasere Orumwense, whose tenure ends in November.

Inside sources however revealed that the emergence of Professor Salami is a big shock, as she becomes the third person of Benin extraction in succession, to be named Vice Chancellor of the University.

Sources further disclosed that the new UNIBEN VC came second in the exam conducted for aspirants for the exalted position, after Prof. MacDonald Idu who scored the highest marks, while Prof. George Eriyamremu came third.

Professors​ Idu and Eremayanru are both from Delta State.

Born in Jos, Plateau State on August 8, 1956, Prof. Salami, (nee Emovon), hails from Benin.

Her early schooling started in Jos but was truncated by the Nigerian Civil War. She later completed her primary and secondary education in Edo State.

She obtained her West African School Certificate (O’ levels) from Baptist High School, Benin City.

She proceeded to the University of Wisconsin, Stevens Point Campus, United States of America, in 1975. She had her summer schooling in the University of Minnesota, St. Paul. She later transferred to North Dakota State University, Fargo after she got married in 1977, where she obtained her Bachelor of Science degree in 1979 in Home Economics and Master’s degree in Nutrition in 1982.

She returned to Nigeria in 1983 and enrolled to serve in the National Youth Service Corps in Benin City.

Upon completion of the national service, she made a brief start of her teaching career with the then University of Ife (now Obafemi Awolowo University).

Between 1985 and 1994, she lectured Nutrition at the University of Maiduguri, Borno State, Nigeria.

This was interjected when she gained admission into University of Nigeria, Nsukka for a doctoral degree in Human Nutrition in 1989 which she obtained in 1991.

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INVESTIGATION

OPS responsible for rising pension fund – PenCom

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The acting Director-General of the National Pension Commission, Aisha Dahir-Umar, says the total pension assets in Nigeria rose from N7.44tn in January to over N9tn as of March.

Dahir-Umar attributed the boost in the pension assets to the support of the organised private sector and labour.

The Pencom DG, who was represented by Salihu Bwala, made the disclosure on Thursday in Port Harcourt, Rivers State, during the Nigeria Employers’ Consultative Association and Pencom interactive session on current developments and challenges in the implementation of the Pension Reform Act, 2014.

She said, “The pension industry is one of the fastest growing industries in the country with the support of the organised private sector and labour.

“The Contributory PensionScheme plan currently has over N9tr pension assets. This feat could not have been achieved without the support of the organised private sector.”

She explained that the commission had developed a software application that tackled the problem of multiple registrations and urged employers to encourage their employees to avail themselves to their respective pension administrators for data recapture and regularisation.

– Source: PUNCH

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BUSINESS

Wema Bank, Dana Airline in alleged money laundering scandal

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One of the nation’s topflight banking institutions, Wema Bank and Dana Air, owners of Sri Sai Vandana Foundation, a Non-Governmental Organisation (NGO) have been fingered in a money laundering crime and may be prosecuted by the anti-graft agency.

According to a source, the airline’s inflight donation collected between 2014 and 2018 without following due process is the bane of contention.

“The EFCC will take it up. We will investigate and prosecute the crime element once prima facie is established,” the acting spokesperson of the Economic and Financial Crimes Commission (EFCC), Tony Orilade said.

Dana started Nigeria’s Sri Sai Vandana Foundation in 1995 and commenced the inflight donation in partnership with the Sickle Cell Foundation of Nigeria. But after the airline suffered a major crash in Lagos in 2012 in which 153 persons died, it ceased the collaboration, ‘re-strategised’, and solely ran the inflight donations.

Reports also reveal how Dana through Sri Sai Vandana Foundation, got the inflight donations between January 2014 and October 2018, raking in millions of naira deposited into the Wema Bank account number 0121291839 without due registration with the Corporate Affairs Commission (CAC), a prerequisite for complying with the Special Control Unit against Money Laundering (SCUML) regulations.

The EFCC official stated that the company will be sanctioned and that when there is a vacuum that is when we will lift the veil.

He further explained that by ‘lifting the veil’ he simply means “The company cannot run without humans. So, it is when everyone denies being members of the company that we go after the individuals.”

In line with the Money Laundering Prohibition Act, it is mandatory every Designated Non – Financial Institution, DNFI, to register with SCUML in order to legally operate in Nigeria.

Contravening the SCUML guidelines have some specific penalties, including “suspension or revocation of license, fines or imprisonment or both,” according to Sections 15 to 17 of the Money Laundering (Prohibition) Act 2011 (as amended).

It stipulates a maximum of 14 years jail term for an individual but, in the case of a corporate organisation, the law says such organisation would pay “a fine of not less than 100 percent of the funds and properties acquired as a result of the offense committed” and would also have its license withdrawn.

Precisely, the law defines the unlawful act listed in subsection (2) of the Act to include “corruption, bribery, fraud, counterfeiting, and piracy of products…or any other criminal act specified in this Act or any other law in Nigeria.”

As such, Wema Bank officials involved in Dana’s account opening process may as well be prosecuted by the anti-graft agency, as soon as SCUML forwards its findings to the EFCC.

Source: ICIR

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