Tension continues to rise in the Lagos State political arena as the impeached Speaker of the House of Assembly, Honourable Mudashiru Obasa, insists that his removal was invalid. Obasa, who returned to Lagos on Saturday after a foreign trip, has declared that the impeachment carried out by the Assembly using what he described as a “fake” mace cannot stand.

Speaking to supporters at his former official lodge in Ikeja, Lagos, Obasa dismissed the allegations against him, maintaining that he remains the Speaker of the House until what he called the “right process” is followed. However, his claims have sparked widespread skepticism and criticism, with many questioning the validity of his support base.

“All members of the House are aligned with the new Speaker, Rt. Hon. Mojisola Lasbat Meranda, so who exactly are Obasa’s supporters?” asked Lovers of Lagos, a pro-democracy advocacy group. “The former Speaker must tell us who is truly standing by him, as the Assembly has moved forward under its new leadership.”

Obasa’s Claims and Rebuttals

In his address, Obasa attempted to debunk the allegations of financial impropriety leveled against him. “Is it possible to construct an ordinary gate with N16 billion? It is not the wall of Jericho or the wall that demarcated the United States of America and Mexico,” he said, mocking claims of financial mismanagement.

He further refuted accusations of overspending on vehicles and events. “How can they say we bought one Hilux bus for N1 billion each and 40 pieces for N40 billion? Talking about Thanksgiving, they should compare the one they said we spent N200 million on and the one organized by the state government.”

Despite his attempts to clear his name, observers note that Obasa failed to provide any proof of his claims or explain his controversial leadership style. Critics also highlighted that the allegations were endorsed by 32 lawmakers who signed his impeachment notice—a majority that reflects broad discontent with his tenure.

Questions About His Support

Obasa’s insistence that he remains the rightful Speaker has drawn sharp criticism. Members of the Assembly and political groups have dismissed his claims as baseless, pointing out that the new leadership enjoys overwhelming support.

“All members of the Lagos State House of Assembly stand firmly with Rt. Hon. Mojisola Lasbat Meranda. Obasa should tell us who his supporters are because the Assembly has spoken, and the era of impunity is over,” a prominent lawmaker said anonymously.

Police Involvement and Allegations

Obasa also alleged that the Lagos State Commissioner of Police led a team of officers to invade the Assembly on the day of his impeachment. According to him, over 200 policemen also surrounded his private residence in Agege, blocking the entrance and preventing his family from leaving.

However, political analysts have criticized Obasa for what they describe as an attempt to play the victim while avoiding accountability for the allegations against him. “He’s trying to distract Lagosians from the real issues. The allegations against him are serious, and he has yet to adequately address them,” said a Lagos-based political analyst.

A Divided Legacy

Obasa, who has served as a lawmaker since 2003 and is the longest-serving member of the House, claimed that his removal was politically motivated and orchestrated during his absence. He further alleged interference in the Assembly’s affairs, stating that due process was not followed in his impeachment.

However, his critics argue that his leadership style and alleged authoritarianism had alienated many of his colleagues, culminating in his removal. The Assembly, under the leadership of Speaker Meranda, has vowed to uphold transparency and accountability, signaling a new era in Lagos politics.

As Lagosians await the resolution of the crisis, one question remains unanswered: who are Obasa’s supporters, and can they rally enough influence to back his claims? Until then, the former Speaker’s declarations appear to be a lone cry in the face of overwhelming opposition.

In October 2024, employees at Marasoft Pay, a Nigerian fintech founded by Emmanuel Marakwe-Ogu, experienced what seemed like a long-awaited resolution: payment of two months of overdue salaries. But their relief was short-lived.

Within days of receiving their payments, employees were stunned to discover that their accounts—along with the accounts of those they had sent money to—were frozen. The funds, they learned, had been traced to a suspected fraudulent source, according to six former employees who spoke with TechCabal on condition of anonymity for fear of retaliation.

Marasoft Pay, which operates in Kenya and Nigeria, allows businesses and individuals to collect payments via its platform. However, because it does not hold local licenses in Kenya, it processes transactions through a Flutterwave wallet which it has used since 2022. Kenyan court documents showed that Marasoft was one of the fintechs that deposited over $55 million into Flutterwave in 2022.

“Marasoft Pay is not a partner of Flutterwave but a customer. It was a business that processed payments through Flutterwave,” Flutterwave told TechCabal. Smaller fintechs typically process payments through licensed fintechs, as banks do not onboard unlicensed fintechs.

The series of unfortunate events began on October 16, 2024, when a glitch allowed Marasoft access to more funds than it had in the wallet, enabling the company to withdraw over ₦84 million ($54,000). According to transaction records seen by TechCabal, CEO Marakwe-Ogu initiated 102 withdrawals from his Marasoft account within 12 hours, each linked to his phone number and bank verification number (BVN).

The timing of the glitch could not have been more fortuitous: it came a week after employees stopped working due to growing frustration over unpaid salaries. While the company paused operations on October 10, it continued to process transactions.

Between October 16 and 17, Marakwe-Ogu paid ₦35 million in overdue salaries directly from the Flutterwave wallet. In a WhatsApp chat with employees seen by TechCabal, Marakwe-Ogu admitted to using his company account to pay salaries after employees noticed that the payments did not come from the human resources account.

Employees were right to be worried. Days after receiving salary payments, their accounts were frozen, and over 40 workers began a legal battle to unfreeze their funds.

“Unfortunately, we are unable to lift the PND (post no debit) on the account at this time. The funds deposited into your account have been traced to a fraudulent merchant, and investigations are currently ongoing,” read an email from a senior customer experience associate at Flutterwave to a former Marasoft employee.

After paying employees from the Flutterwave wallet, Marakwe-Ogu transferred ₦49 million to various accounts through payment processors like Transact Pay, a European fintech that generates virtual accounts, to a VFD Bank account he controlled, complicating retrieval efforts, according to account statements seen by TechCabal.

A week later, on October 24, TransactPay sent a recall request for ten transactions worth ₦19.3 million, copying former Marasoft employees. By then, several Marasoft employees’ accounts were frozen, and many were left scrambling for answers.

While Marakwe-Ogu continued to tell employees that the restrictions were a mistake and would be lifted, he agreed to a five-month repayment plan with Flutterwave expiring in February 2025, a former employee with direct knowledge of the matter said. Flutterwave declined to comment on the repayment plan, citing confidentiality.

“It went from a situation where we thought the salary payment was a temporary issue to one where it was clear this was deliberate,” said one former senior employee who asked not to be named discussing an ongoing issue.

Marakwe-Ogu also requested a recall of the salaries through the Nigerian Inter-Bank Settlement Scheme (NIBSS) using Marasoft, an email seen by TechCabal showed. By November, it became clear that the situation was worsening, and employees began resigning. As the employees pushed for answers, he removed them from the company’s WhatsApp group and stopped taking their calls, complicating their efforts to get the restrictions lifted.

“People believed in the company’s mission and endured two months of delayed payments. But this time, it became clear that it wasn’t just a minor issue—it was deliberate,” a former senior employee who asked not to be named for fear of reprisals told TechCabal.

The fallout from the incident has been painful. One employee, whose account was blocked, was forced to borrow money from her father to refund her co-contributors in an esusu after her funds were frozen.

“I was left in a very difficult situation. It was stressful for both my father and me,” she told TechCabal, asking not to be named so she could speak freely.

Marasoft resumed operations in January and at least eight employees have returned to the fintech despite the frozen accounts and owed salaries.

Marakwe-Ogu did not respond to requests for comments.

Source: Tech Cabal

Former President Olusegun Obasanjo has described ‘The Catalyst: Nigerian Tech Evolution through a Journalist’s Lens,’ authored by the immediate past Editor of The PUNCH, Mr Dayo Oketola, as an essential educational resource material.

Speaking during a courtesy visit by the author to his Olusegun Obasanjo Presidential Library residence in Oke Mosan, Abeokuta, the former President praised the book as a comprehensive contribution to the body of knowledge in the Nigerian tech ecosystem.

Obasanjo unveiled the book on September 17, 2024, during an exaugural lecture in honour of Oketola following his successful run as Editor of PUNCH Weekend Titles and later Editor of The PUNCH.

He said, “I have started reading your book; it’s good. It’s a comprehensive resource on telecoms. It details some of our achievements in the telecoms sector. It is a good reference material for all. You have done well, and I must commend your efforts.”

He prayed for the author and endorsed the book saying it’s a must-have for readers, researchers and followers of the nation’s enduring telecoms trajectory. He also encouraged him to write more books.

Obasanjo recalled how his administration generated over $280 million from GSM licences that would have been given away for $3 million by his predecessor.

He also revealed how much he wanted Vodafone, a British telecoms giant, to participate in the licence auction, hoping the company could join others in opening up the nation’s telecoms market.

The former President further revealed how he approached Tony Blair, a former United Kingdom’s Prime Minister, to encourage Vodafone to foray into the Nigerian market.

However, he commended MTN, Econet (now Airtel), Glo, and later Etisalat (now 9mobile) for making the investments while others were dragging their feet.

“MTN, Econet, and Glo paid over $280 million while Etisalat, which came later, paid $450 million. That was one of the very profitable government businesses that we did,” Obasanjo said.

Obasanjo described Nigeria as a good country and wished the citizens peace in 2025.

Oketola, on November 15 kick-started the ‘Catalyst Book Tour, an international book tour, beginning in Abuja and continuing in Lagos, Akwa-Ibom, Delta, as well as the UK, US, and Canada, among other locations.

“The international ‘Catalyst Book Tour’ will include readings, book signings, fireside chats, and interviews, serving as a platform to share insights from my 20 years in journalism while celebrating my contributions to the telecom industry’s knowledge base. It will also provide a chance to connect with friends, colleagues, critics, and fellow book lovers, both locally and internationally,” he said.

The book is available at Rovenheights Books nationwide.