The Edo State Governor-Elect, Monday Okpebholo, on Wednesday, called on banks to halt the granting of loans to the state government during the transition period.

He also raised concerns over the alleged looting of government funds and properties by officials of the Governor Godwin Obaseki-led administration.

In a statement released by his Special Assistant on Media, Godswill Inegbealso, Okpebholo called on the Economic and Financial Crimes Commission and the Department of State Services to investigate the matter.

On Tuesday, the All Progressives Congress set up a 24-member transition committee, led by former Deputy Governor Pius Odubu, to meet with the state government committee ahead of the handover on November 12.

The statement read: “With great shock, we regret the widespread reports of looting of government funds and properties by officials of the outgoing administration from the Government House, Benin City.

“It is sad that barely one month to the handover, the outgoing administration of Governor Godwin Obaseki is still allegedly obtaining loans from banks and other financial institutions under very shady headings.

“We are also aware of the massive looting and vandalism of properties, including vehicles, furniture, gadgets, household utensils, and even carpets from offices and residences of the Edo State Government.

“This unacceptable behaviour undermines the trust and faith of our citizens in those entrusted to serve them over the past seven years.

“In light of the foregoing, we call on the relevant authorities, including the EFCC, police, and DSS, to investigate the allegations thoroughly and ensure that those found guilty are held accountable while protecting Government House and offices from vandals.”

It added: “Banks and other financial institutions are, by this notice, cautioned to desist from any dealings that would undermine the finances of the state, especially the granting of loans to the Edo State Government during this transition period.

“The Accountant General of Edo State is hereby advised to uphold the principle of integrity in his duty, as it is the only action that will put his name in gold.

“We want to state unequivocally that there will be dire consequences for any act of impunity and theft committed by any person or institution found wanting in this regard.

“We will continue to monitor the situation until the last day of the outgoing administration. Senator Monday Okpebholo will not condone any form of unethical behaviour, as he stresses a zero-tolerance policy for corruption.”

When contacted, the Commissioner for Orientation and Information, Chris Nehikhare, said he would respond to the statement on Thursday.

Meanwhile, the government has advised Okpebholo’s associates to wait until November 12 to commence governance, rather than making spurious allegations and claims aimed at creating the impression that there are two governors in Edo State.

A statement by the Special Adviser on Media Projects, Crusoe Osagie, described the statement from Okpebholo’s media assistant as spurious, noting that it was not only incoherent and riddled with fake news, but also contained unfounded conjectures aimed at undermining the government.

He said: “A self-styled special assistant, whom nobody knows, issued a statement to create the impression that there are two governors in Edo State.

“Assuming he is truly speaking for the Governor-Elect, Monday Okpebholo, the immodesty is most reprehensible. He made wild allegations, which he cannot substantiate because they are barefaced lies.

“It is quite understandable that these elements are angling for jobs, but there must be some clear-headedness and not this resort to outlandish and amateurish mudslinging.

“The next administration begins on November 12, 2024, and actors representing the incoming administration should wait for this date to arrive before they begin to govern, as there cannot be two governors of Edo State at the same time.”

The United States government has asked a US District Court, Northern District of Georgia to approve the forfeiture of approximately $14 million in assets from Allen Ifechukwu Athan Onyema, the CEO of Air Peace, following a recent superseding indictment.

This is contained in an indictment, which outlining serious allegations of fraud and money laundering against Onyema and his associate Ejiroghene Eghagha, who is the Chief of Administration and Finance at Air Peace.

The indictment includes multiple counts against the defendants: Count One alleges conspiracy to commit bank fraud, while Counts Two through Four detail instances of bank fraud.

Count Five pertains to conspiracy to commit credit application fraud, followed by Counts Six through Eight for credit application fraud. Additionally, Counts Nine through Thirty-Five address charges of money laundering.

If convicted of the offenses outlined in Counts One through Five, the defendants will be required to forfeit any property derived from the alleged criminal activities, including significant sums held in bank accounts tied to their businesses.

Specifically, the U.S. government seeks forfeiture of:

$4,017,852.51 from a JP Morgan Chase Bank account held by Springfield Aviation Inc.

$4,393,842.05 from a Bank of Montreal account, also associated with Springfield Aviation Inc.

$5,634,842.04 from another Bank of Montreal account linked to Blue Stream Aero Services, Inc.

The indictment further states that if any of the forfeitable properties cannot be located, have been transferred, or diminished in value, the U.S. intends to seek the forfeiture of other assets belonging to the defendants equivalent to the value of the forfeitable properties.

The legal actions are being pursued under the oversight of U.S. Attorney Ryan K. Buchanan, along with Garrett L. Bradford and Christopher J. Huber.

Recall that the U.S. government indicted Allen Onyema, CEO of Air Peace, on charges of obstruction of justice.

Onyema was said have allegedly submitted false documents to hinder a federal investigation into bank fraud and money laundering, alongside Ejiroghene Eghagha, the airline’s Chief of Administration and Finance.

The U.S. Attorney’s Office claims that Onyema and Eghagha used fraudulent export letters of credit to transfer over $20 million into U.S. bank accounts between 2016 and 2018, intended for purchasing five Boeing 737 aircraft. Investigations revealed that the documentation was falsified and that Springfield Aviation, owned by Onyema, had no legitimate role in aviation transactions.

Following the initial charges, the indictment states that Onyema and Eghagha instructed a manager at Springfield Aviation to sign a backdated contract, which was then submitted to U.S. authorities to obstruct the investigation and unfreeze bank accounts.

U.S. Attorney Ryan K. Buchanan emphasized that Onyema used his airline as a cover for fraud and attempted to impede the investigation.

In response to the obstruction of justice indictment against Allen Onyema and Ejiroghene Eghagha, Air Peace Limited acknowledged that the charges are part of an extended legal process related to previous financial misconduct allegations.

The airline emphasized that both executives remain innocent until proven guilty, and assured the public that ongoing legal proceedings will not impact the safety or daily operations of the airline.

Nigeria and the United Arab Emirates (UAE) are eagerly making plans to explore the limitless business opportunities present in both countries.

This was the talking point at an exclusive business forum organised by Consulate General of the United Arab Emirates in Lagos and the leading financial advisory firm in Nigeria, Woodhall Capital, at the prestigious Lagos Continental Hotel in Victoria Island, Lagos, recently.

Themed “UAE-Nigeria: Investors’ 1st Meeting”, the objective of the forum was to create a platform for the government of the UAE to meet with top and carefully selected members of the Nigerian business community.

The founder of Woodhall Capital, Moji Hunponu-Wusu, revealed to the top business leaders that the government of The UAE believes in Africa and is willing to continue supporting the continent.

“Woodhall Capital is a financial services firm, which raises international funding for banks, corporates and governments. We set up in 2014 and the story of why we’re here began in 2020, when we took the leap to open an office in Dubai.

“And the reason why we thought we should pull you into what we feel has been a monumental leap in the history of Woodhall Capital is what happened after we decided we were going to open in Dubai. I was reluctant because I’m European-based; I grew up in Europe.

“We then decided at one point during COVID-19 to set up in Dubai, and just look at what it has taken us—four years under that; we raised just under half a billion dollars from the support that Dubai and Middle East banks have given to Woodhall Capital, believing in this Africa that so often the rest of the world has pulled out on. As a matter of fact, we closed a $150 million transaction last Friday with a corporate here in Nigeria.

“The UAE government has decided that it would collaborate, not only with Woodhall Capital, but they are looking for captains of industry. And when we were given the brief to put this forum together, they wanted to show that if they can collaborate with us, they’re willing to have discussions not only with us, but they are also interested in the clients we represent,” she stated.

While adding that the forum is an avenue for an open discussion about the best of Nigeria and Africa, Hunponu-Wusu also announced that the UAE government has welcomed the firm to open in Abu Dhabi, the capital of the UAE.

In his speech, the Consul General of the UAE in Lagos, His Excellency Dr. Abdulla Al Mandoos, revealed that Nigeria is a key West African country with many opportunities and challenges.

“I firmly believe that with the esteemed individuals gathered here today, we have an opportunity to accomplish significant achievements for both the UAE and Nigeria. Our vision is to engage with Nigeria and explore how we can contribute further to the growth and development of both countries,” Dr. Al Mandoos stated.

The Consulate General of the UAE in Lagos also stated that its government has prioritised humanitarian activities and attracting FDI (Foreign Direct Investment). It has also identified Nigeria as a key and strategic partner because of esteemed investors like yourselves and several investment indicators, thus making the Consulate in Lagos and the Embassy in Abuja an extension of this objective.”

While, the Consulate General is the official contact point assigned by the UAE government to help carry out its activities in Lagos, Nigeria, which include economic, cultural and humanitarian endeavours. However, it was emphasised that the consulate is also tasked with facilitating investment between Lagos- Nigeria and the UAE.

While outlining reasons the UAE should be the preferred investment destination, it was mentioned that the UAE has a very strategic geographical location with access to over 200 cities, more than 400 direct shipping lines for import and export, and top-notch infrastructure.

“The UAE is also the first in the region to achieve macroeconomic stability, earning an Aa2 Moody’s rating. This became more evident in 2022, when we attracted over $20 billion in terms of FDI” he said.

During the open discussion, the industry leaders as well as Woodhall Capital were given the opportunity to present their capabilities, their concerns and deliberations on how they would want the Consulate General of the UAE in Lagos to support the establishment and operations of their businesses in the UAE.

In his words, the founder of A2Energy Limited, Abdul Abiola, believed that the forum provided a platform for the exchange of ideas from masters in different industries, and that the UAE’s partnership with Nigerian businesses would go a long way in fostering innovations useful to both countries.

“We focus on clean energy and our goal is to accommodate innovation for energy transition. For Africa to grow, we need energy, and as much as we’re still focusing on fossil fuels, climate change is real. For A2Energy, our focus is on how we can develop innovation for the growth of Africa, and coming to this event has been really exciting because we’ve received different ideas from different counterparts from different industries to unlock investments,” he added.

Akinsola Akeredolu-Ale, Chief Executive Officer of Lagos Commodities and Futures Exchange (LCFE), believed that the efforts of the Nigerian government in attracting investments into the country are beginning to bear fruit.

“Market infrastructure, where we operate, is a particular sector of the market that allows you to use templates and mediums for people to engage in trades with each other, which is called a commodity exchange; and that’s why we are here today.

“What the UAE delegates have been able to do underscores the fact that some of the roadshows the federal government has held are bearing fruit now, and they are coming home to establish that the UAE is ready to do business with Nigeria. They have a consulate and embassy that handle their economic affairs here.

“I’m happy to be part of this conversation because for the market infrastructure that creates enablement for capital mobilisation, particularly in the agricultural and solid minerals sectors, we’ve been able to move the conversation to a very high level today,” Akeredolu-Ale emphasised.

For Woodhall Capital, having benefited so much from establishing its roots in Dubai by telling the African story to the international community, Nigerian businesses can dare and be bold enough to set up in the financial markets of the world, connecting the world to Nigerian captains of industry with integrity as its primary objective.

“We proudly say to the world that there are Nigerians we can showcase—Nigerians with integrity and serious about doing business. And that there are global captains of industry emerging from the continent of Africa, and particularly my home country, Nigeria,” Hunponu-Wusu announced.

The resumption of Emirates Airline’s daily flights in and out of Nigeria is further evidence that the business communities of Nigeria and the United Arab Emirates (UAE) are ready and willing to explore the limitless business opportunities present in both countries.