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Beyond Akinlade’s Dark Revelations About Ladi Adebutu – In the House of Betrayal, Walls Crumble on the Edifice of Deceit

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4 months ago

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– The Unholy Alliance That Would Have Plunged Ogun into an Abyss”

– The Mirage of Ideology: A Power Grab Disguised as Leadership

In the grand theater of Nigerian politics, alliances are often forged not out of shared ideals but out of expedience. The coalition between Ladi Adebutu and Adekunle Akinlade was a classic case of such convenience—a marriage of strange bedfellows united only by their lust for power.

As the dust of the 2023 election settled, it became glaringly evident that their partnership was devoid of any genuine ideological foundation. Akinlade’s recent outburst, declaring that Ogun State was spared a calamity by Adebutu’s defeat, underscores the hollow nature of their alliance. It is an indictment not just of Adebutu’s leadership but of the entire campaign—a campaign that was more about seizing power than serving the people

The Illusion of Unity: When Convenience Breeds Contempt
Beneath the glittering facade of political ambition often lies a festering rot—a decay of principles, honour, and integrity. This grim reality has been laid bare in the aftermath of Ogun State’s 2023 gubernatorial race, where the once allied forces of Adebutu and Akinlade unraveled in a spectacle of mutual disdain.

Akinlade, the erstwhile deputy governorship candidate under the banner of the People’s Democratic Party (PDP), has unleashed a scathing tirade against his former running mate, Adebutu, painting a picture of a disaster narrowly averted. Had Adebutu triumphed in the election, Akinlade argues, it would have heralded a season of despair for Ogun State—a sentiment that speaks volumes about the crumbling alliance that was, perhaps, doomed from the start.

A House Divided
Akinlade’s condemnation of Adebutu goes beyond mere political rhetoric; it reveals deep-seated animosity and a fundamental lack of trust that had simmered beneath the surface of their public alliance. His comparison of Adebutu to a child trapped in a man’s body—a leader bereft of the mental fortitude and maturity required for governance—lays bare the fractures that have long existed between them. This characterization is more than just an insult; it is a stark admission that their union was never truly cohesive, never truly built on a shared vision for Ogun State. Akinlade’s remarks are not just the sour grapes of a defeated politician—they are the bitter truths of a man who now feels unshackled by the chains of a failed alliance.

The Mirage of Ideology: A Power Grab Disguised as Leadership
What emerges from Akinlade’s diatribe is the revelation that their campaign was a mirage—an illusion of unity masking a void of ideology. In the absence of a coherent philosophy or vision, their joint ticket was nothing more than a vehicle for personal ambition. Akinlade’s declaration that Adebutu’s victory would have spelled disaster for Ogun State is a damning critique of their shared enterprise. It exposes their campaign as one driven by a hunger for power, rather than a genuine desire to uplift the state. The partnership was not rooted in a commitment to the people of Ogun but in a selfish pursuit of political dominance—a pursuit that, had it succeeded, would have left the state in ruins.

The Specter of Calamity: What Might Have Been
Akinlade’s imagery of divine intervention, with an imam’s prayer as the fulcrum that tipped the scales away from an impending disaster, is as poetic as it is ominous. The suggestion that Ogun State narrowly avoided a period of sorrow and backwardness paints a chilling picture of what could have been. It is a stark warning to the electorate of the dangers of electing leaders whose ambitions are not grounded in a sincere commitment to governance. Akinlade’s words serve as a cautionary tale—a reminder that the consequences of such ill-fated alliances can be catastrophic, not just for the politicians involved, but for the entire state they seek to govern.

A Prelude to Disaster: The Incompetence That Never Was
In his scathing assessment, Akinlade portrays Adebutu as a man wholly unfit for the rigors of leadership. His accusation that Adebutu’s father still provides him with a weekly allowance is a metaphorical dagger, cutting to the core of his former running mate’s credibility. This image of a man-child, incapable of managing his own affairs, let alone the complex machinery of state governance, is a brutal takedown of Adebutu’s persona. It suggests that Ogun State was saved not just from poor leadership, but from a catastrophe of incompetence that would have set the state back by years. The notion that Adebutu, despite his advanced age, lacks the maturity and judgment necessary for governance is a potent indictment, one that raises serious questions about the decision-making processes that led to his candidacy in the first place.

The Aftermath: End of a Fraught Alliance
As the political landscape of Ogun State continues to shift in the wake of the 2023 elections, the fallout between Adebutu and Akinlade serves as a sobering reminder of the dangers inherent in political alliances born out of expediency rather than conviction. Akinlade’s blistering critique of his former ally is not just an attack on Adebutu, but on the very nature of their campaign. It is a repudiation of the opportunism that drove their bid for power, and a stark warning to those who would seek to govern without a clear and principled vision.

Subheading: A Cautionary Tale: Lessons for the Electorate
In the final analysis, the saga of Adebutu and Akinlade is a cautionary tale for the electorate—a reminder that not all that glitters is gold. The allure of charismatic leadership and grand promises can often mask deeper flaws—flaws that, if left unchecked, can lead to disastrous consequences. Akinlade’s revelations should serve as a wake-up call to the people of Ogun State and beyond: to look beyond the surface, to question the motivations of those who seek their vote, and to demand leaders who are not just ambitious, but principled and committed to the common good.

The Path Not Taken: A Glimpse into a Dark, Alternative Future
As Ogun State moves forward under the leadership of Governor Dapo Abiodun, Akinlade’s words hang in the air like a specter—a glimpse into a dark alternative future that, by his account, the state narrowly escaped. The story of Adebutu and Akinlade is not just a tale of political betrayal, but a profound lesson in the perils of leadership unmoored from principle. It is a reminder that in the world of politics, as in life, the choices we make—and the alliances we form—can have far-reaching consequences. And sometimes, as Akinlade so vividly illustrates, the most important victories are the disasters we manage to avoid.

 

Source: The Capital

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EFCC Bursts Syndicate of 792 Cryptocurrency Investment, Romance Fraud Suspects in Lagos … Arrests 193 Chinese, Arabs, Filipinos, Others

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3 days ago

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December 18, 2024

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The Executive Chairman  of the Economic and Financial Crimes Commission, EFCC, Ola Olukoyede, has  disclosed that the Commission, in a landmark raid,  arrested 792 suspects  for their alleged involvement in cryptocurrency investment fraud and romance scam.

The  suspects were apprehended on Tuesday, December 10, 2024, in a surprise operation at their hideout, an imposing seven-storey edifice known as Big Leaf Building, on No.7, Oyin Jolayemi Street, Victoria Island, Lagos , following verifiable intelligence received by the Commission.

Speaking during a media briefing on Monday, December 16, 2024,   at the Lagos  Zonal Directorate of the Commission, Olukoyede stated that  148 Chinese, 40 Filipinos, two Kharzartans, one Pakistani, one Indonesian were arrested during the operation.

The EFCC’s boss,  who spoke though the Director, Public Affairs, EFCC, Commander of the EFCC,  CEWilson Uwujaren, further stated that the  foreign nationals used the facility, which could be mistaken for a corporate headquarters of a financial establishment, to train their Nigerian accomplices on how to initiate romance and investment scams and also used the identities of their Nigerian accomplices to perpetrate their criminal activities.

According to him, “All the floors are equipped with high-end desktop computers. On the 5th floor alone, investigators recovered 500 SIM cards of local telcos that were bought for criminal purposes.

“ Their Nigerian accomplices were recruited by the foreign kingpins to prospect for victims online through phishing, targeting mostly Americans, Canadians, Mexicans, and several others from European countries.

“They usually arm them with desktop computers and mobile devices and create fake profiles for them.

“The Nigerian accomplices are equally provided with logs that allow them access to foreign communication lines and victims, which they chat with on WhatsApp, Instagram and Telegram.”

While giving  further details about the modus operandi of the syndicate, the EFCC Chair said the Nigerian accomplices, who are assigned WhatsApp accounts linked to foreign telephone numbers, especially from Germany and Italy, engage victims in romantic conversations as well as phantom business and investment discussions to trick them to shop on the purported online investment shopping platform called www.yooto.com.

He added: “For those who show interest, activation fees for an account on the platform starts from $35USD.

“Investigation revealed that the criterion for recruiting these young Nigerians is proficiency in the use of computers, especially typing skill. Those who passed the test are given desktop computers and mobile devices and then taken through a two-week induction on how to personate foreign females in romance scam chats and convince victims to invest in their employers’ cryptocurrency investment scam.

“Once the Nigerians are able to win the confidence of would-be victims, the foreigners would take over the actual task of defrauding the victims and proceed to block their Nigerian accomplices from the network. This would then leave them in the dark about the transaction.”

He, however, said the Nigerians involved in the alleged fraudulent activities “do not know the owners of the ‘company’ they work for because they are not offered letters of appointments or receive payment from a corporate account.”

According to him, the  suspected Nigerian accomplices are usually paid either in cash or through an individual’s account.

Olukoyede said the Commission was working with its foregoing partners to establish the extent of the scam and the accomplices as well as the likelihood of any collaboration with organized international fraud cells.

The EFCC Chair also used the occasion to debunk the notion that Nigerians are behind the tonnes of frauds emanating from the country.

“Foreigners are taking advantage of our nation’s unfortunate reputation as a haven of frauds to establish a foothold here to disguise their atrocious criminal enterprises. But, as this operation has shown, there will be no hiding places for criminals in Nigeria,”he said.

Also speaking during the occasion , the acting Zonal Director, Lagos Zonal Directorate of the Commission, Michael Wetkas, sought greater collaboration with the media in the fight against  corruption and economic and financial crimes.

Items recovered from the suspects include desktop computers, mobile phones, laptop computers and cars at the point of arrest.

The suspects will be charged to court after investigations are concluded.

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Kogi Governor Ododo Allegedly Spends N400million To Build ‘Intruders Gate’, Another N439million To Produce Staff Of Office For Chiefs

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2 weeks ago

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December 4, 2024

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About N400million was spent by the Governor Usman Ododo’s administration in Kogi State for the construction of what was tagged “Intruders gate”, a copy of the 2024 state budget performance report obtained by SaharaReporters has revealed.

An intruders gate, also known as a security gate or anti-climb gate, is a type of gate designed to prevent unauthorised access to a property, building, or restricted area.

The primary purpose of such gate is to provide an additional layer of security and protection against potential intruders.

The budget document seen by SaharaReporters showed that the Governor Ododo-led government had in the last 9 months spent N398,817,976.33 on “intruders gate instead of the N100,00,000 appropriated and approved in the 2024 budget by the Kogi State House of Assembly.

This suggested that N298,817,976.33 was allegedly illegally spent above the budget ceiling on such gate.

However, where the gate was mounted by the government wasn’t disclosed in the document.

A further check on the report revealed that N439,500,000.00 has so far been spent in 2024 for the “production of customised staff of office for graded chiefs” in the state.

These spendings are coming at a time when residents of the state like other Nigerians are going through a spike in cost of living, hardship and hunger.

Earlier, SaharaReporters reported how the Ododo-led government spent N2.9billion for the Government House minor capital works and remodelling government house between January and September 2024.

The review showed that while the state budgeted N100 million for government house minor capital works, it has ended up spending N784 million within nine months.

Also while the government budgeted N962million for remodeling government house structure, it has spent N2.2 billion within nine months.

The review further showed that based on the details published by the state government, it has continued to overshoot budgetary allocations.

For instance, N50million was budgeted for renovation of Speakers’, honourable members residential quarters, within nine months however N58.7 million was spent.

Renovation of honourable speaker and deputy speakers lodge stood at a budgeted amount of N50 million , however N52 million was spent within nine months.

Maintenance of the Secretary to the State Government’s official residence and landscaping stood at a budget of N10million, however within nine months N13.8million was spent.

Construction of Mosque and Chapel in the government house was budgeted at N25 million, however the state spent N86.4 million within nine months.

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Audit report reveals CBN’s non-disclosure of $40.23bn in reserves, policy violations under Emefiele’s tenure

Published

3 weeks ago

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December 3, 2024

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The Central Bank of Nigeria (CBN) failed to disclose details of the nation’s external reserves, valued at $40.23 billion, in its 2021 financial year report, as stated in the latest findings from the Office of the Auditor General of the Federation.

The 2021 audit report, released in December 2024, further exposed violations of internal policies on dollar time deposits by the CBN under the leadership of Godwin Emefiele.

Emefiele, whose tenure as CBN governor ended in June 2023, is currently facing charges by the Economic and Financial Crimes Commission (EFCC) at the High Court of the Federal Capital Territory, Abuja.

The EFCC accuses him of obtaining $6.2 million under false pretenses, using a forged letter purportedly from the Secretary to the Government of the Federation dated January 26, 2023.

The letter allegedly requested a contingent logistics advance from the CBN, which Emefiele falsely claimed was authorized by the president.

The audit also scrutinized the CBN’s adherence to its revised Investment Policy, raising additional concerns about financial management during the period under review.

“For the year 2021 financial year, the Bank failed to publish the position amounting to US$40,230,803,228.80 of the country’s external reserves to the public,” the report stated.

The report further noted that there was no waiver or new policy introduced during the period that could explain the non-disclosure of the external reserves.

It attributed the failure to weaknesses in the internal control systems at the Central Bank of Nigeria (CBN).

The report also pointed out that this lack of transparency violated Article 15(v) of the CBN’s revised Investment Policy, which mandates the Bank to define the content, form, and frequency of reports on external reserves to ensure transparency.

The Auditor General expressed concerns about the significant risks associated with this breach, including a lack of accountability, diminished transparency, and potential harm to Nigeria’s economic credibility.

The report cautioned that foreign investors are not sufficiently informed about the country’s economic status, which could undermine investor confidence.

In response to the audit query, the management of the Central Bank of Nigeria (CBN) stated that “information on the external reserves position is available to members of the public on the Bank’s website under the Reserve Management tab.”

The report also mentioned that the Central Bank’s Monetary Policy Committee (MPC), which convenes every two months, provides updates on the reserves.

However, the Auditor General’s assessment concluded that the bank’s response did not effectively address the fundamental issue at hand.

“The response from the Management failed to address the issue raised,” the report said, maintaining that its findings remain valid.

The Auditor General’s report recommended that the CBN governor be summoned before the National Assembly’s Public Accounts Committees to explain the failure to publish the reserves.

It also called for potential sanctions under the Financial Regulations Act of 2009, citing serious misconduct.

Additionally, the report suggested that “sanctions relating to gross misconduct prescribed in paragraph 3129 of the Financial Regulations 2009, should apply.”

The audit also uncovered a violation of the Central Bank of Nigeria’s (CBN) Money Market Policy, in addition to the non-publication of reserves figures. It revealed that a $26.05 million dollar time deposit exceeded the mandated maximum maturity period of three months, rolling over for five months without the required waivers.

This deposit, made on October 21, 2021, matured on March 21, 2022, in direct contravention of internal policies designed to manage liquidity and credit risks.

The Auditor-General attributed this breach to weaknesses in the CBN’s internal control systems.

In its defense, the central bank argued that its policies allow for extensions of up to one year for specific transactions, asserting that the dollar deposit was in compliance with these provisions.

However, the Auditor-General rejected this explanation, pointing to insufficient evidence to support the bank’s claims.

The report recommended that the CBN governor appear before the Public Accounts Committees of the National Assembly to justify both the failure to publish reserves and the extension of the dollar deposit’s maturity.

Additionally, it called for sanctions against the CBN under the Financial Regulations Act of 2009 for gross misconduct.

“The CBN Governor should be requested to: Furnish the Public Accounts Committees of the National Assembly with the evidence of approval to extend the maximum maturity period of US$26,051,039.29 deposit of the CBN for five months instead of three months, and Otherwise, sanctions relating to gross misconduct prescribed in paragraph 3129 of the Financial Regulations 2009, should apply,” it said.

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