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EFCC, Police, Judiciary Probing Alleged N125b Army Shopping Complex Fraud ….Businessman Mr. Whoba Ogo, Banks, Lawyer, Army Generals Others Suspected

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Security agencies, the military, the judiciary and the Central Bank of Nigeria (CBN) have launched a probe over an alleged N125billion 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 CBN (Bankers Committee) are separately examining allegations linking a businessman, Mr. Whoba Ogo, a lawyer, very 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 acknowledge a question sent to his official mobile line by text message.

 

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 are discovering evidence of money laundering, advance fee fraud, forgery, stealing and criminal conspiracy and conversion of over N125billion against Ogo and the other suspects.

 

Mr. Ogo is to have fled the country with his family to the United States of America (USA).

 

 

It was also learnt that the N125b complex is the property of a firm, Woobs Resources Limited, which 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.

 

Our informants within the EFCC and NPF, on oath of anonymity, reported that very senior politicians and high-level government functionaries have been procured to extinguish the ongoing investigation or scuttle this matter by every means, which, with the benefit of hindsight, might not be unconnected with the delays noticed with securing justice from the courts and enforcing such judgment.

 

Our correspondents are also investigating roles of these 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 connived with several accomplices to unlawfully remove him from the firm, to clear the way to defraud the company.

 

Onyemenam, an architect, said that the fraud was committed in the course of the company’s execution of the 24 years 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 criminally converted the money belonging to the company and has been using same to acquire properties in Nigeria and abroad.

 

According to him, Ogo absconded with his family to Texas, the USA over 23 months ago immediately the EFCC commenced its investigation in May 2021, from where he has 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 N125billion 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 years 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 2 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.

 

James 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 27th April, 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, saying they are still perpetuating illegalities in the management of the Arena, “in clear violation of the aforementioned court judgment.

 

Yhe revenues generated from the Arena since 2011 are being criminally diverted to other private purposes.”

 

 

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, changed 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.

 

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Adeleke swears in new Osun LG chairs, urges good governance

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Osun State Governor, Senator Ademola Adeleke, on Sunday, inaugurated the newly elected local government chairmen and councillors in the Saturday poll.

Adeleke urged them to focus on good governance while warning against any attempt to forcibly occupy council secretariats.

He also expressed gratitude to President Bola Tinubu for resisting attempts by some forces to destabilise Osun State.

Speaking at the swearing-in ceremony in Osogbo, the governor described the occasion as a major milestone in the state’s democratic process, emphasising that the election was conducted in line with due process.

“We are here to conclude a democratic process for which we all laboured so hard to achieve,” Adeleke said.

Before proceeding with his address, the governor called for a minute of silence in honour of those who lost their lives during the “illegal APC takeover of local government secretariats.”

The governor recounted the journey leading to the local government election, stating that the Osun State Independent Electoral Commission had duly followed all legal procedures.

“The state electoral body had issued due notice of election a year ago. I know the commission had complied with all extant rules and procedures which led to the emergence of new local government chairmen and councillors,” he stated.

While acknowledging the legal controversies surrounding the election, Adeleke affirmed that his administration acted within the ambit of the law.

“It is, however, a thing of joy that the facts are out in the public domain, and we are satisfied that we are on the side of the law within the context of the rule of law and the constitution,” he added.

Call for Good Governance….

Addressing the newly sworn-in officials, Adeleke charged them to be “agents of change, community developers, and deliverers of the dividends of democracy.”

“You have the mandate to deliver on good governance in your respective local governments.

“I charge you to develop plans of action within the manifesto of the Peoples Democratic Party (PDP).

“As our government is transforming the state for the better, I call on you to be agents of change,” he said.

The governor also appreciated the people of Osun for their steadfast support, assuring them that his administration would remain committed to their welfare.

“Osun people demonstrated courage and passion to exercise their voting rights, and they did so by massively supporting our party despite all the constraints. We will not fail you. People’s welfare will continue to be our watchword,” he promised.

Adeleke commended OSIEC, security agencies, and state officials for ensuring the success of the election.

Appreciation to Tinubu

In a significant moment, the governor expressed gratitude to President Bola Tinubu for resisting attempts by some forces to destabilise Osun State.

“I should not end this address without acknowledging the contributions of Mr. President, Senator Bola Ahmed Tinubu.

“I am most grateful to Mr. President for rejecting efforts by some forces to plunge Osun into chaos,” Adeleke stated.

He reaffirmed his commitment to upholding the rule of law and the constitution in governance and conflict resolution.

Warning Against Forced Takeover
The governor strongly advised the newly elected chairmen and councillors to avoid confrontation at local government secretariats, citing an ongoing legal process to resolve the leadership crisis.

“I urge you and your councillors to please stay away from the council secretariats to avoid any clash with those whom the police had aided to forcefully occupy the local government secretariats,” Adeleke cautioned.

He referenced an Osun State High Court ruling that had affirmed vacancies in both chairmanship and councillorship positions before the election on February 22, 2025, assuring that his administration would rely on the judiciary to remove those illegally occupying the secretariats.

“Please be patient and always abide by the rule of law,” he advised.

With that, Adeleke formally declared the swearing-in of the elected local government officials.

“It is on this note that I, Senator Ademola Jackson Nurudeen Adeleke, the Executive Governor of Osun State, hereby effect the swearing-in of elected local government chairmen across Osun State. Congratulations and God bless you,” he concluded.

 

 

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Alcohol, tobacco record highest inflation rate

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The National Bureau of Statistics has disclosed that alcoholic beverages, tobacco, and narcotics recorded the highest inflation rate at 14.80 per cent, according to its latest rebased Consumer Price Index for January 2025.

In a graphical illustration presented in its CPI report, the NBS noted that the alcohol and tobacco item division was followed by restaurants and accommodation services, which had an inflation rate of 14.14 per cent, while transport and clothing and footwear recorded 12.77 per cent and 12.73 per cent, respectively.

The report, which rebased Nigeria’s CPI to 2024 as the new base year, revealed that headline inflation stood at 24.48 per cent in January 2025, meaning that the general price level of goods and services rose significantly compared to the same period in 2024.

The report by the NBS read, “The rebased All Items index in January 2025 was 110.68, while the headline inflation rate on a year-on-year basis stood at 24.48 per cent in January 2025.

“This means that the general prices of goods and services in Nigeria increased by 24.48 per cent compared to January 2024.”

The CPI rebasing was necessary to reflect current economic realities and consumption patterns in Nigeria.

The rebased CPI structure covers 934 product varieties, classified under 13 divisions based on the 2018 Classification of Individual Consumption According to Purpose.

The divisions include food and non-alcoholic beverages, clothing and footwear, transport, housing and utilities, furnishings, health, communication, and education, among others.

The weighting structure was adjusted to account for changes in consumer spending, with food and non-alcoholic beverages maintaining the highest weight at 40 per cent, although it declined from 51.8 per cent in the previous base year of 2009.

According to the report, inflationary pressures varied across different categories, with food and beverages inflation at 10.64 per cent, reflecting the continued rise in staple food prices.

The personal care, social protection, and miscellaneous goods and services division recorded 12.04 per cent inflation, while furnishings, household equipment, and routine household maintenance saw an inflation rate of 11.48 per cent.

The health sector recorded 9.42 per cent inflation, while housing, water, electricity, gas, and other fuels increased by 7.61 per cent.

The education sector and insurance and financial services recorded the lowest inflation rates, standing at 4.88 per cent and 4.65 per cent, respectively. Information and communication, which was newly assigned a higher weight in the rebased CPI, had an inflation rate of 7.54 per cent.

The recreation, sport, and culture category recorded 6.85 per cent, highlighting moderate price increases in these services.

The NBS report highlighted the divergence in inflation trends between urban and rural areas, with urban inflation at 26.09 per cent, while rural inflation stood at 22.15 per cent.

This suggests that price pressures were more severe in urban areas, particularly in sectors such as housing, transportation, and restaurant services, where cost increments were more pronounced.

The rebasing exercise introduced new methodologies to enhance the accuracy of inflation tracking.

Data collection was fully digitised, replacing paper-based surveys with computer-assisted personal interviewing devices, which allowed real-time transmission and verification of price data.

The high inflation rate for alcoholic beverages and tobacco is linked to multiple factors, including excise duties, exchange rate volatility, production costs, and supply chain disruptions.

We further observed that Imo State emerged as the most expensive state to reside in Nigeria following the rebasing of the Consumer Price Index by the NBS.

The development marked a significant shift in Nigeria’s inflation rankings, as Bauchi, which held the top spot for seven consecutive months, was dethroned.

The change comes after the NBS updated its methodology, adjusting the base year from 2009 to 2024, revising the weighting structure, and expanding the consumer basket to better reflect household spending patterns.

Earlier, the Statistician-General of the Federation and Chief Executive of the NBS, Prince Semiu Adeyemi, said, “Rebasing our GDP and CPI allows us to align with these transformations, providing a more precise and relevant picture of Nigeria’s economic landscape.

“This process is foundational to informed policymaking, strategic planning, and effective governance; hence, it is one exercise that the NBS is conducting with significant importance and professionalism.”

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Fire guts MTN booster station in Oyo

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An MTN booster station located on the premises of the University of Ibadan, Oyo State, was gutted by fire on Saturday.

Our Investigations revealed that the fire, which broke out at the booster station within the Faculty of Nursing, was caused by an electrical surge.

One of the witnesses told our correspondent that “the incident occurred in the early hours of Saturday around 4 am.”

Another source said, “The incident affected the Mikano electrical generator, board, and other telecommunications gadgets in the booster station.”

When contacted in Ibadan, the state capital, the Special Adviser on Fire Services Reform to Governor Seyi Makinde and Chairman of the State Fire Services Agency, Moroof Akinwande, confirmed the incident.

He said the booster station belonged to the MTN.

He said, “The state Fire Service’s prompt response doused the fire at the MTN booster station beside the Faculty of Nursing, University of Ibadan.

“The fire incident was reported exactly at 04:00 hrs on Saturday, February 22, 2025.

“The fire personnel, led by ACFS Olubunmi, were promptly deployed to the scene and arrived on time.

“On arrival, we met the Mikano electrical generator and board on fire. We quickly joined hands with the university’s fire marshals, and the fire was extinguished completely. The fire was caused by an electrical surge”, he explained.

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