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Scandal! Sterling Bank, MD of Eatrich Farms, Sam Afolabi defraud 40 staff of N88m spurious loans

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A smudge of fraud has hit Sterling Bank as the founder of Eatrich Farms, Lagos, Sam Afolabi, in connivance with some bank officials, has defrauded staff of the farm and the bank to the tune of N88 million.

Afolabi conspired with some bank staff to jointly steal the money by getting the bank to process a loan of about N2.2 million for each of the 40 staff amounting to N88 million using the employees accounts without their knowledge.

The spurious “loan’’ of N88 million was disbursed to the account of the Managing Director/founder of the farm which has now collapsed, also without the consent of the employees.

The Foundation of Investigative Journalists (FIJ) investigations revealed that Afolabi, who is now on the run, had directed all the employees to open Sterling Bank accounts in March 2021 and thereafter asked the unsuspecting staff to apply for a “Sterling Bank Sway Loan’’, a type of agricultural loan to help fund one of his projects.

The staff members, however, did not smell a rat that Afolabi and the bank staff were out to defraud them.

“The farm staff thought the MD wanted to pay them via the new accounts, but only for them to discover that he wanted them to apply for loans.

“The company announced that it wanted to set up a fish farm in Odogbolu, Ogun State. The agreement was that the company would set up a farm for us using the loan.

“And that when the fish ponds are ready for harvesting and booming, they would sell them and return the capital (loan) to Sterling Bank with interest. They were also promised payment of the share of the profit,” a staff narrated the story.

According to him, shortly after they agreed to fill out the forms for the loans, Eatrich Farms crashed.

It was also gathered that in October 2021, more than 250 investors lost their savings to Sam Afolabi’s Eatrich Farms and Food Ltd.

Following the crash of his company, Afolabi has since bolted with the investors’ money.

On realizing that Afolabi was swindling them through a Ponzi scheme and after the company had collapsed, the staff members created a WhatsApp group, added the Sterling Bank staff, and told them we were no longer interested in getting loans from them.

“At that time, the bank had not disbursed the loans and the staff sent links to many media houses about Afolabi’s fraudulent acts,’’ the source also said.

In December 2021, the staff said he woke up to the rudest shock of his life when Sterling Bank sent out a reminder (messages) that he had not made a repayment out of his N2.2 million loan.

He said he was surprised because he had not applied for any loan but the fraudulent bank staff had conspired with Afolabi to go ahead to process the loan.

“The bank processed the loans without informing the owners of the accounts, and when the loans were disbursed, Sterling Bank did not alert them, either by email or via SMS.

“It was when they had moved the money out of our accounts that we saw the alerts. Some didn’t even get the alerts until the banks started notifying them that they should pay what they owed. This was when the loan date was almost due,” the source recounted.

Another source said: “In the WhatsApp group of ex-staff I belong to, over 40 people are there. As of now, others are not aware that such has happened. And right now, those Sterling officials have left the group.”

Contacted for comment, the spokesperson of the bank refused to pick calls put across by our reporter or respond to e-mail sent to the organization on the fraud.

Also, Sam Afolabi, the MD/founder, has refused to respond to text messages sent to his phone or even pick calls.

It will be recalled that in September 2021, Afolabi had ordered the arrest of his now ex-staff members for daring to protest non-payment of their outstanding salaries.

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ENHANCING PUBLIC SAFETY AND SECURITY: THE HALO TRUST AND US GOVERNMENT PARTNER TO PROVIDE AMMUNITION HANDLING AND ACCOUNTING TRAINING AT IKEJA LAGOS.

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The Nigeria Police Force Explosive Ordnance Disposal – Chemical Biological Radiological and Nuclear (NPF EOD-CBRN) has successfully completed the first batch of training for 19 personnel on Ammunition Handling and Accounting Course. The training, held in Ikeja, Lagos, from December 3-20, 2024, was organized by The HALO Trust and sponsored by the United States Department of State’s Bureau of International Narcotics and Law Enforcement Affairs.

According to The HALO Trust’s Country Director for Nigeria, Prince Ganiyu Otunba, this training is part of aholistic NPF-HALO developed project aimed at supporting personnel capacity building, addressing equipment needs, and enhancing the operational readiness of the NPF EOD-CBRN Command to mitigate explosive ordnance threats in Nigeria. A second batch of 22 personnel is scheduled to undergo the same training in January.

The Inspector General of Police, IGP Kayode Adeolu Egbetokun PhD, NPM, through the CP EOD–CBRN CP Patrick Atayeroexpressed gratitude to the Bureau of International Narcotics and Law Enforcement Affairs andThe Trust HALO for their support.

The training aimed to equip NPF EOD-CBRN personnel with the knowledge, skills, and best practices necessary to handle and account for ammunition and explosives safely and securely. The course also focused on ensuring proper accounting and record-keeping, preventing theft and diversion, reducing the risk of unplanned explosions at munitions sites, and promoting international best practices.

The NPF appreciates the support provided by the United States government, which will have a profoundly positive impact on the society.

CP Patrick Atayero emphasized the importance of responsible ammunition management in preventing the proliferation of illicit weapons and reducing the risk of unplanned explosions at munitions sites. He urged all stakeholders to collaborate with the Police in efforts to prevent the diversion, misuse, and unauthorized handling of explosive and other hazardous materials.

About HALO

The HALO Trust is the world’s largest humanitarian organization engaged in the field of Mine Action and weapons and ammunition management. With over 35 years’ experience, The HALO Trust is the most experienced organization in the field of Weapons and Ammunition Management, rehabilitating and constructing armouries and ammunition stores to international standards, disposing of unsafe and unserviceable weapons and ammunition, and building national capacity to allow for the safe, accountable and secure management and control of weapons and ammunition.

The HALO Trust presently implements Mine Action and weapons and ammunition management projects in 30 countries and territories. In 2024, HALO trained a total of 106 Nigeria security forces personnel in weapons and ammunition management.

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Aliu Gafar delivers stellar performance as Esusu in Femi Adebayo’s Seven Doors

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By Rtn. Victor Ojelabi

The much-anticipated movie series Seven Doors by Femi Adebayo has finally premiered, currently showing on Netflix, captivating audiences with its intricate storytelling and compelling characters.

The movie begins with a haunting scene of seven women under a mysterious spell leaping to their deaths from a waterfall, setting the tone for a gripping tale that unravels in Ilara Kingdom.

The series explores various societal issues, including corruption, greed, gluttony, family values, malicious conspiracies, and the delicate balance of law and order.

Central to its plot is the calamitous fate of Oba Adedunjoye, the Onilara of Ilara, whose failure to perform traditional rites—symbolised by knocking on seven doors—unleashes devastating consequences on his kingdom.

At the heart of this chaos is Esusu, a malevolent and exiled villain whose return wreaks havoc.

Esusu, a ni ohun t’Eledumare o ni.
Eledumare o ni ika, ika ni Esusu

The character of Esusu, pivotal to the story’s depth, is masterfully brought to life by Aliu Gafar.

Gafar’s first appearance, late in Episode 2, immediately shifts the narrative, introducing a chilling force that spares no one, not even the royal family. His commanding portrayal encapsulates the essence of Esusu, a man whose wickedness defies comprehension.

The backstory reveals Esusu’s sinister pact with Ọba Adejuwọn, an ancestor of Adedunjoye.

Desperation led Adejuwon to seek Esusu’s help to evade death—a move that came at an unthinkable cost, forgetting that bi alọ ba lọ, abọ nbọ (a pendulum that swings to is still coming to swing fro).

Esusu’s return demanded not only royal treatment but the freedom to live as he pleased, challenging the very fabric of the kingdom.

Gafar embodies this complex character with remarkable precision, delivering a performance that is both chilling and unforgettable.

With almost two decades in Nollywood, Aliu Gafar has solidified his reputation as a versatile and dedicated actor.

His extensive filmography includes acclaimed productions such as Jagun Jagun, Anikulapo, Iyalode, Eefin, and Omo Ajele.

His role in Seven Doors further cements his legacy as a master of his craft, showcasing his ability to seamlessly portray multifaceted characters.

The Yoruba actor has also garnered accolades for his work, including the Best Actor award at the Dallas International Yoruba Movies Awards for his role in Peregun.

His commitment to the industry and his talent for captivating performances continue to make him a force to be reckoned with in Nollywood.

In Seven Doors, Gafar’s nuanced performance as Esusu elevates the series, demonstrating his ability to command attention and bring depth to a complex narrative.

His contribution to the Nigerian film industry remains invaluable, and his portrayal of Esusu is a testament to his enduring excellence.

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Ogun State Prominent Monarchs, Business Tycoons, Others Honor Olusho Agba At The Confession 2024

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The Olusho Agba’s confession 2024 attracted more dignitaries as three respected monarchs in Ogun honour the event by physical appearance, alongside side most prominent CEOs in Ogun.

 

The royal fathers present at the laudable event held at Continental Suits in Abeokuta include HRM Oba Oyabanji Adetunji (Oloja Of Oja Odan) HRM Oba Buhari Makinde (Oniwoye of Iwoye Land) HRM. Oba Lukmon Kuoye (Olu of Imasayi).

 

Also Chief Executive Officer of IBD Foundation, Dr. Mrs. Lara Dende, the Chief Executive Officer of Pelican Valley Nigeria Limited Amb. Dr Tunde Adeyemo and CEO of Zolakaz Oil and Gas Alh. Sanni Azeez was also present at the event.

 

The Confession 2024 features a series of content creators, comedians, singers and dancers, and artists of different fields such as Dr Smile, Hafeez Oyetoro (Simply Saka), Woli 3310, Chukwuka Jude, Babalegba

Biola Adekunle, Femi Obimodede, Ishau Abidemi, and many more.

 

Below are some pictures from the event…

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