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Nigeria Police, Others Probe Alleged N125Billion Shopping Complex Fraud Linked To Businessman, Banks, Army Chiefs
Investigators, it was learnt, have also linked the crime to a major foreign exchange racketeering involving some commercial banks in violation of CBN Forex regulations.
Security agencies, the military, the judiciary and the Central Bank have launched a probe into an alleged N125 billion fraud affecting a 24-year concession agreement with the Nigerian Army Shopping Complex – The Arena at the Ikeja Cantonment, Lagos.
It was gathered that investigators from the police, Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (Bankers Committee) are separately examining allegations linking a businessman Mr. Whoba Ogo, a lawyer, senior officers of the army, bankers and a security firm, among others, to the crimes.
Mr. Ogo did not respond to our correspondent’s enquiries on his Facebook page and on WhatsApp.
He also did not reply to a text message sent to his mobile line.
Investigators, it was learnt, have also linked the crime to a major foreign exchange racketeering involving some commercial banks in violation of CBN Forex regulations.
Several sources close to the investigation told our correspondent that the security agencies have been finding evidence of money laundering, advance fee fraud, forgery, stealing and criminal conspiracy and conversion of over N125 billion against Ogo and the other suspects.
Our investigation shows that Mr. Ogo is believed by investigators to have fled the country with his family to the United States of America (USA).
It was also learnt that the N125 billion, and counting, is the property of a firm, Woobs Resources Limited whose Managing Director/Chief Executive Officer, Arc. James Onyemenam, has already petitioned the Inspector-General of Police (IGP) and the EFCC.
Onyemenam, it was gathered, has also filed and won suits against Ogo at the Lagos Court of Arbitration and the Federal High Court of Nigeria while another suit is pending at the Court of Appeal.
Sources within the EFCC and NPF reported that senior politicians and high-level government functionaries have been procured to kill the ongoing investigation or scuttle the matter by every means, which with the benefit of hindsight may be connected with the delays noticed with securing justice from the courts and enforcing judgments.
Our correspondents are also investigating the roles of the institutions in the matter and why it has taken almost 12 years to resolve the matter, despite judgments from a court of competent jurisdiction
In two of the petitions that prompted the investigation, seen by our correspondents, Onyemenam urged security agencies to get to the root of the matter.
He identified Ogo as his former business partner and minority shareholder, who allegedly connived with several accomplices to unlawfully remove him from the firm, to clear the way to defraud the company.
Onyemenam, an architect, said the fraud was committed in the course of the company’s execution of the 24 year-concession to design, finance, construct and operate a modern market (the Nigerian Army Shopping Complex – The Arena) at the Ikeja Cantonment, Lagos.
In his petition, he told the IGP and the EFCC chairman that Ogo in connivance with several accomplices, including bank officials converted the money belonging to the company and had been using same to acquire properties in Nigeria and abroad.
According to him, Ogo absconded with his family to Texas, US over 23 months ago immediately the EFCC commenced its investigation in May 2021.
He alleged that from there, Ogo had continued to carry out his illegal activities.
Several sources confirmed to our correspondent the claim that Ogo had fled abroad.
The CEO appealed to the IGP to direct investigation into the case with a view to arresting and prosecuting the suspects, if the investigation finds them culpable.
Onyemenam, a majority shareholder in the firm, made the allegations in a May 18, 2023 letter to the IGP titled “Complaint of criminal conspiracy to wit: money laundering, advance fee fraud, forgery, stealing and criminal conversion of the sum of N125 billion and counting, property of Woobs Resources Limited against one Whoba Ogo and others.’
He said: “Mr. Whoba Ogo (a director and minority shareholder of the company) and I entered into a Joint Venture Agreement (JVA) by which we agreed to use the company as the joint venture vehicle to bid for and execute The Arena project for the Nigerian Army;
“I am aware that as from 2009 to date the suspect Whoba Ogo and others have conspired amongst themselves together and with the company’s banks to criminally convert the sum of N125 billion and still counting using the same to acquire properties all over Nigeria and abroad.
“As the majority shareholder and Managing Director/Chief Executive Officer of the company, I hold 275,000 shares out of the company’s issued share capital of 500,000 shares.”
He explained that the Nigerian Army granted the company a 24-year concession to design, finance, construct and operate a modern market (the Nigerian Army Shopping Complex – The Arena) located at the Ikeja Cantonment, Lagos on a Build, Operate and Transfer basis.
The Arena, with all its infrastructure, is expected to be transferred back to the Nigerian Army at the expiration of the 24 years and two years construction moratorium.
It was also noted that the financing of the project was carried out with borrowed funds from his banker, Messrs. Oceanic Bank International Plc (now Ecobank Plc) and other creditors (ie. contractors and consultants).
He added: “I got a final award dated 6 March, 2015 from an arbitration tribunal.”
The tribunal award, seen by our correspondent in the petition, decided that:
The Joint Venture between Mr. Whoba Ogo and James Onyemenam is valid, enforceable and subsisting.
James Onyemenam is the holder of 275,000 out of the 500,000 fully paid up shares of the company.
The resolution by which Mr. Whoba Ogo purported to remove James Onyemenam as Managing Director/Chief Executive Officer of the company is contrary to the Joint Venture Agreement and is consequently set aside.
Onyemenam remains the Chief Executive Officer and Managing Director of the company. Sterling Chambers (Barristers and Solictors) remain the Company Secretaries of the company.
The petitioner noted that furthermore, the Federal High court in Lagos in a judgment delivered by Justice Faji on April 27, 2020, dismissed Ogo’s application to set aside the arbitral award and granted his application for the enforcement of the said award as well as perpetual injunction restraining Whoba Ogo from obstructing his contractual rights.”
He accused Ogo, one Victor Ukutt of Victor Ukutt and Co., Col. Kingsley Umoh and his security company of illegally taking over The Arena since October 2011, alleging that they are still perpetuating illegalities in the management of the Arena, “in clear violation of the aforementioned court judgment”.
“The revenues generated from the Arena since 2011 are being criminally diverted to other private purposes,” he alleged.
He alleged that the suspects fraudulently opened several new bank accounts without the Board of Directors’ resolution so that they can divert the company’s funds, change the mandates of the company’s accounts with several listed banks of which they are joint signatories without the approval of the Board of Directors of the company.
It is indeed suspected that some bank officials are in collusion with the the alleged suspects in illegally operating accounts without the appropriate mandates from the directors of the company.
He said Ogo, his wife and Ukutt were illegally diverting proceeds from the Arena using shell companies to launder the proceeds of their crimes.
He alleged that it is from the proceeds of these illegal transactions that Mr. Whoba Ogo and his wife Safiya Ogo acquired the following properties listed in the petition: Sandworth Court, Arepo; Sandworth Court, Ajah; Sandworth Court, Karu; L’arcade Mall, Owerri; L’arcade Guest House, Owerri; Sandworth Garden, Owerri; a parcel of land located at Ibeju-Lekki; land located at Ibeju-Lekki containing 488 plots; Plot 87 Oyediran estate, Yaba, Lagos; Block 80 Flat 2 Glover estate, Ebute Metta, Lagos; 30.63 hectares of land located at Ibah, Lagos; 4808 Coventry Lane, Arlington TX 76017 Texas, USA and Pent floor apartment at Lekki Phase 1, amongst others.
source : saharareporter
The Lagos State Government has said it would soon arrange a meeting with developers/owners of distressed buildings on how best to address the redesign and remodelling of such structures by November.
This was disclosed recently by the Commissioner for Physical Planning and Urban Development, Oluyinka Olumide, at a function in Alahusa, Lagos.
Olumide said the prevalence of distressed buildings in different parts of the state was worrisome and needed the urgent attention of all stakeholders.
He said, “The Ministry of Physical Planning and Urban Development as mandated by the Lagos State Urban and Regional Planning and Development Law, 2019, as amended, was willing to extend its responsibility for approving the remodelling of existing buildings to provide technical assistance to developers and owners of distressed buildings, especially on the design and remodelling of such buildings.
The Federal Government has instructed the contractors responsible for the 107km Enugu-Onitsha road dualization to expedite the project.
This directive was given by the Minister of Works, Senator David Umahi, during a meeting with MTN, the Enugu State Government, and the contractors, RCC Ltd and Nigercat Ltd, on Friday.
According to a statement released on Friday, the minister said he is disappointed over the slow pace of work on the project, he said, “Let me express my disappointment over the slow pace of work on that project. It is one of the worst roads in this country.
“Everywhere we have diversion; diverting from the one that RCC and Nigercat had completed, the contractors are not kind enough to even put stone based on the diversion points.”
He added, “So, by the reason of the launching of our Operation Free our Roads, it is now a violation of the policy on the side of the controllers and directors of the Federal Ministry of Works where we have vehicles falling on any project that is ongoing or where there are potholes on our roads.”
He also blamed the sufferings of road users on the lack of commitment and insensitivity of the contractors.
“The public must know that the President’s intention is not for them to suffer while trying to fix the roads, and it is their right to insist that contractors should fix the roads that they are engaged on,” he said.
The Minister commended the Enugu state government for their resolve to fund the construction of a 20 KM section of the road and expressed hope that MTN would execute the second phase of the project.
He noted, “Why the Enugu State government is intervening is because of the slow pace of work by the contractors and because of funding issues. The essence of tax credit is for funds to be made available. And so, I don’t see RCC going to keep their promise to finish this project in 6 months.
“My advice to MTN is to look for another contractor within that axis if they want to get the job done. Division of labour is even the best. While they are doing the road, and if Nigercat is doing a good job, you can give them greater scope to do if you want to finish that job.”
He warned contractors that the Federal Government would not accept phased handovers of projects and has phased out Variation of Price in contract administration.
The Ekiti State government has intervened to resolve a longstanding land dispute between the Elepe of Epe-Ekiti, Oba Ayodele Adesoye, and the Atolagbe family. The government cautioned against the misuse of modernization as an excuse to disregard traditional customs.
In line with the community’s traditions, the government has ordered the release of resources, including palm trees at Oko Oba Farmland, to Oba Adesoye for his administration. This decision ensures the continued adherence to age-old practices.
Ekiti State Deputy Governor, Chief (Mrs) Monisade Afuye, announced the resolution in Ado-Ekiti. The decision was made after considering the Elepe’s claim to Oko Oba Farmland based on historical evidence.
Mrs. Afuye acknowledged the Elepe’s right to be the custodian of Oko Oba Farmland, citing longstanding traditions that support his claim. The decision reflects the importance of respecting historical practices and ensuring their preservation.
The deputy governor, however, told the monarch in clear terms that other princes and princesses from all the three ruling houses should be allowed to farm on the land without payment of royalty.
Mrs Afuye appealed to the community to comply with the government’s position to restore unity, peace and orderliness to the beleaguered community.
Oba Adesoye expressed gratitude for the government’s decision and pledged to foster peace and unity between the throne and the community, aiming to accelerate Epe’s development.
Representing the Atolagbe family, Dr. Yemi Agbeleoba acknowledged their willingness to cede Oko Oba Farmland to the monarch. However, he emphasized the need for all three ruling houses to participate for a lasting and traditional solution.
Agbeleoba expressed appreciation for the government’s directive, believing it will contribute to resolving the long-standing conflict.
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