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WEMA Bank Swims in IGR Controversy as Forensic Auditor Petitions EFCC

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5 years ago

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WEMA Bank
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By NGIJ team of Oluwasegun Abifarin and Olawale Abideen

Widely reputed as the longest surviving and most resilient indigenous bank in Nigeria, Wema Bank Plc, according to its corporate philosophy, “has over the years, diligently offered a fully-fledged range of value-adding banking and financial advisory services to the Nigerian public.

”

But recent development is threatening the bank’s ambition and reputation “to give every customer a delightful and memorable service experience.”

According to the document received by the Nigerian Guild of Investigative Journalists, NGIJ, Niger State governor, Alhaji Abubakar Sani-Bello in a letter dated 23/07/2015 from the office of the Permanent Secretary, Ministry of Finance, Malam Zakari Abubakar appointed Ori Adeyemo, a Lagos based forensic expert as consultants to investigate deductions of unremitted 10% Withholding Tax on Credit Interest by some banks operating in the state.

However, an instruction was passed by the then Finance Ministry Permanent Secretary to its supervised Niger State Board of Internal Revenue of Adeyemo’s full appointments to cover all the banks in Niger State.

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At the end of the forensic investigation, the total refundable by the Wema Bank stood at N192, 963 million out of the N4.6 billion due to the state by 12 banks and one Micro Finance institution.

In his petition to the EFCC, obtained by the NIGJ team. Adeyemo alleged he was reliably informed that the Board had given clean bill of health and letters of non-indebtedness to the said compromised concerned banks.

He added that by a letter dated 29/01/2019, Wema Bank Plc. also sent in a reply to the Board’s earlier N192, 963,839.30 Best-of-Judgement (BOJ) demand letter as initiated by us.

The consultant also alleged that the Board “went ahead to try and sell-out this assessment to persons unknown so far who relied on our reports in lowering the assessment to sum for reasons unknown after unbridled reports mutilation and suspected behind-the-scene negotiations all in a bid to deprive the Niger State Government of its hard-earned Internally Generated Revenue (IGR).”

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He added that the “total commissions and/or dues fraudulently lost thereto and/or withheld by the Niger State Board of Internal Revenue is N910,422,825.32, which “we hereby request that the EFCC use its wide-ranging investigative powers to help recover for us.”

The petitioner also included a compact disk (CD) detailing all completed jobs in intellectual properties as so far executed by the consultant for the Niger State Government enabling it to demand for an additional but unpaid N732,143,601.52 commission sum.

“Consequently, in the light of the mutual agreement that have with the Niger State Government, we are entitled to 15% of the established N1,131,931,579.67 liability assessment per completed assignments for N178,279,223.80 sum, which we hereby demand that EFCC should assist us to collect from the Niger State Board of Internal Revenue and its collaborators”, Adeyemo said.

Meanwhile, Wema Bank’s Corporate Communication Manager, Mrs. Funmi Falola, debunked the allegations, saying that from their investigation, there is no such liability on the neck of the bank anywhere.

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Abdulrahman Obaje
Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Business and Economy

Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo

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2 months ago

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November 24, 2024

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Kogi GOBO Initiative Empowers Petty Traders in Kabba Central Market, Reinforces Support for Governor Ododo
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By Abah Benjamin Eneojoh

The Kogi Forum of Senior Special Assistants (KFSSA) and leaders of the Governor Ododo Business Outreach (GOBO) today 22-11-2024 visited Kabba Central Market to empower local traders and engage community leaders.





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This outreach program marked a significant step in bringing socioeconomic development closer to the grassroots.

Led by Hon. Yahaya Shehu Ahmed, Chairman and Director General of GOBO, the delegation began their activities with a courtesy visit to the palace of His Royal Majesty, Oba Solomon Dele Owoniyi. The traditional ruler commended the initiative and the foresight of Governor Ahmed Usman Ododo in appointing competent individuals dedicated to improving the lives of citizens.

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The team then visited the official residence of the Executive Chairman of Kabba-Bunu Local Government Area, Hon. (Barr.) Zacchaeus Dare Michael. He expressed his appreciation for the efforts of KFSSA and GOBO, noting that the outreach was a commendable step toward bridging the gap between government appointees and the grassroots.

At Kabba Central Market, the GOBO team provided direct financial support to 20 petty traders, including sellers of berneseed, tomatoes, and roasted plantains. Each beneficiary received 50,000 naira to expand their businesses. The gesture aimed to improve the economic situation of the traders and inspire confidence in the government’s dedication to addressing the needs of ordinary citizens.

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The initiative also included plans to monitor the progress of the beneficiaries, ensuring that the financial assistance achieves its intended purpose. Hon. Femi Esemikose and Hon. Augustine Egbebi were tasked with following up on the traders’ activities.

The success of the Kabba-Bunu outreach is expected to serve as a model for similar initiatives in other parts of Kogi West Senatorial District and the state. As the GOBO program continues to expand, more communities will benefit from its efforts to empower individuals and enhance economic development.


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Abdulrahman Obaje

Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Naira appreciates N28.85 against dollar at official market

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2 months ago

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November 22, 2024

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Naira Denomination
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The Naira on Thursday, November 21st, 2024 appreciated at the official market trading at N1,658.67 against the dollar.

Data from the official trading platform of the FMDQ Exchange, revealed that the Naira gained N28.








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This represents a 1.7 per cent gain, compared to the previous trading date on Wednesday when it exchanged at N1,687.52 to a dollar.

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However, the total daily turnover reduced to 163.66 million dollars on Thursday, down from to 173.29 million dollars recorded on Wednesday.

At the Investor’s and Exporter’s (I&E) window, the Naira traded between N1,707.50 and N1,631.00 against the dollar.

Source: NAN


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Abdulrahman Obaje

Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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Governor Ododo Endorses GOBO Initiative, Empowering Small-Scale Entrepreneurs and Vulnerable Populations

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3 months ago

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November 7, 2024

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Governor Ododo Business Outreach GOBO
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By Abah Benjamin Eneojoh

The Executive Governor of Kogi State, His Excellency Alh Ahmed Usman Ododo has thrown his weight behind the Governor Ododo Business Outreach (GOBO) initiative, a program aimed at uplifting marginalized groups and providing economic opportunities at the community level.





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During a strategic meeting with the Kogi State Forum of Senior Special Assistants in his office on 06-11-2024, the Governor expressed his support for GOBO, which aligns with his vision of inclusive governance.

Launched on October 31, 2024, GOBO has already shown positive impact, with increased visibility and support among petty traders and small businesses. The initiative provides sustainable business avenues for those previously lacking access to financial resources and market opportunities.

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Hon. Yahaya Shehu Ahmed, Chairman of the Kogi State Forum of Senior Special Assistants, thanked the Governor for his encouragement and support.

The Governor commended the forum’s dedication to GOBO and its commitment to improving citizens’ quality of life, assuring continued support and encouraging ways to deepen GOBO’s impact across the state.

The forum also presented an award of excellence to former Governor Alhaji Yahaya Adoza Bello, recognizing his contributions to the state’s growth and effective governance , particularly the choice of Gov Ododo and his Deputy.

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This development is consistent with research highlighting the importance of government support for entrepreneurship development in Kogi State.

Shehu noted that Small and medium-scale enterprises have significantly contributed to the state’s economic growth, stressing that the GOBO initiative demonstrates the power of grassroots-driven solutions and inclusive growth, marking a step towards sustainable development in Kogi State.


Author Profile

Abdulrahman Obaje

Abdulrahman Obaje
Prince Abdulrahman Obaje is a Media, Information and Computer Technology Consultant. A quintessential Journalist, online marketer, social media strategist, Mathematician and Computer Scientist is based in Abuja, Nigeria. He is the Founder and the Publisher of The Informavores!. You can reach me on +234 805 939 5252 or send i-witness report directly to me on news@informavores.com.ng.
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