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Failed Banks: Odili, Lafiagi, Others Fingered

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Senators on Tuesday named Nigerians who abused their positions in banks, borrowed loans worth N53.3 billion, and refused to pay them back, which made the banks to go under.

A report presented to the senate by its committee on banking, insurance and other financial institutions listed a former governor, a former managing director of banks as contributors to such collapse.

A letter dated June 27, 2008 sent by the Nigerian Deposit Insurance Cooperation (NDIC) to the senate NDIC committee attached a list of ‘insider credits’ of 13 closed banks as at June 2008.

But it noted that in view of the fact that the accounts are insider related, the records are constantly reviewed and reconciled.

Those listed include former Kwara State Governor, Mohammed Lafiagi (N1,156,776.57 unlimited personal guarantee); Sanusi Ado Bayero (N45,003,963.93); former Gulf Bank Managing Director, Babajide Rogers (N11,874,216.56); Chrome Services and Related Companies chairman, Emeka Offor (N3,850,016,620) personal guarantee of Offor and 100,000 units of ordinary shares of Environmental Remediation Holding Corporation, USA), and another N3,850,016,620 loan without guarantee.

Victor Odili, N41,103,498.56 – fixed and floating debenture on the assets of the company, N2,628,979.05; N10,856,129.75.

Owner of liquidated All States Trust Bank now Federal Airports Authority of Nigeria (FAAN) chairman, Ebitimi Banigo, Nta Henshaw, and others (N48,551,995,304.83); former Progressive Peoples Alliance (PPA) Governorship candidate Remi Bakare (N1,093,247,535.40); Mike Ajegbo (N210,291,896.21); C.M. Ibeto (N643,340,680.92); and former Information Minister, Dapo Sarumi (N3,847 743.90).

Oluwaogbon Motors chairman, S.O. Bakare (N544,585,269.86 and N21,311,398.59); former City Express Bank chairman, Samuel Adedoyin; former City Express Bank chief executive officer, Sola Adeoti, Former Minister of State for Health, Funke Adedoyin (N5,131,275,864.01); and Angela Onyeador (N30,755,363.13-legal mortgage).

Committee chairman, Nkechi Nwaogu, noted that 50 banks failed because of the huge debts that were never paid, including 36 which crashed before consolidation in 2005, and 14 after consolidation.

But less than two minutes after she read out the list, threatening death text messages flooded her mobile telephone, according to Eyinnaya Abaribe who sat beside her.

Based on the death threats, senate president David Mark, directed the inspector general of police, Mike Okiro, to provide personal security for all the 12 members of the committee immediately.

He lamented that the debtors could go to the extent of threatening the lives of the committee members when they are supposed to be ashamed.

Mark told the committee members: “You have performed wonderfully well and there is absolutely nothing for you to fear because you have done what you ought to do for your country.

“All those sending text messages to you should think twice about what they have done to this country rather than having effrontery to send text messages to you.

“All of us here take collective responsibility for this report. It is not a report from senator Nkechi Nwaogu”

Chairman, Rivers State Council of Traditional Rulers and Oba of Ogbaland, HRM, Eze Chukwumela Nnam Obi (right), with former Head of State, Major-General Muhammadu Buhari as guests at the first Marshall Harry Memorial Lecture in Port Harcourt, last Monday. Chris Monyanaga.

Chairman, Rivers State Council of Traditional Rulers and Oba of Ogbaland, HRM, Eze Chukwumela Nnam Obi (right), with former Head of State, Major-General Muhammadu Buhari as guests at the first Marshall Harry Memorial Lecture in Port Harcourt, last Monday. Chris Monyanaga.

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FG Begins Tolling On Abuja-Keffi-Akwanga-Makurdi Highway

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The Federal Government yesterday began the tolling of the 227.2km Abuja-Keffi-Akwanga-Lafia-Makurdi Highway with the inauguration of the Garaku Toll Plaza axis of the road.
Certain categories of vehicles, including security, diplomatic, ambulances and tricycles are, however, exempted from the tolling.
The Tide’s source reports that the road is a Public Private Partnership (PPP) project under the aegis of the Infrastructure Concession Regulatory Commission (ICRC).
Speaking during the inauguration, the Minister of Works, David Umahi, described the corridor as a vital infrastructure route in Nigeria.
According to him, it is essential for both the economic and social activities of the central and northern parts of the country.
Umahi was represented by the Minister of State for Works, Bello Goronyo.
He recalled that the Federal Government under the previous administration in 2023, executed a 25-year toll of rates concession agreement with MS China Harbour Operations and Maintenance Company.
The Minister said that the government rehabilitated and upgraded the roads through the preferential credit loan from China Exim Bank.
He explained that it was agreed, among other things, that the road would be tolled, and maintained by a private party and revenue collected would be used to repay the loan.
“The Abuja-Keffi-Akwanga-Makurdi project is the first among the nine corridors being concessioned under the Highways Development and Management Initiative (HDMI) Phase 1 to commence operations.
“In the coming months, the Federal Government will continue with the launching and operationalisation of the remaining ones located across the six geopolitical zones of this country.
“This initiative has opened a new chapter in the history of Nigeria, as it gives the Federal Government the opportunity to overcome bad routes,” he said.
Umahi said the collection of tolls would generate the much-needed revenue for the maintenance and expansion of the Renewed Hope Road Agenda of President Bola Tinubu.
He said that the Tinubu administration was committed to building a robust, interconnected infrastructure for socio-economic growth.
“The toll order fee schedule for Abuja-Keffi-Akwanga-Lafayette-Makurdi Federal Highway has been designated as follows: cars-N500; SUV Jeep-N800; minibuses N1000, and multi-axle vehicles, trucks and buses N1600.
“However, frequent road users like the commercial light vehicles defined under the Federal Highways Act, will enjoy a 50 per cent discount.
“Authorised vehicles, pedal vehicles, tricycles, motorcycles, and other modes of two or three wheels transport used by mainly disadvantaged populations will be offered a 100 per cent discount,” he said.

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Foundation Seeks Community Approach To Tackle Climate Change

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A non-governmental organisation, Ashoka Ford Foundation, is seeking for a community approach to tackling climate change.
It also needs local engagement in shaping policies that drive environmental sustainability.
The Director of Ashoka Anglophone West Africa, Mrs Josephine Nzerem said this at the Climate Justice Environmental sustainability Committee of Practice organised by the foundation in Port Harcourt.
Nzerem said the Climate Justice Community of Practice (CJOP) was an initiative launched in 2024 to foster collaboration among key stakeholders in addressing environmental challenges in the Niger Delta.
According to her, “This ongoing efforts focus on engaging the Alode Community at Ajuri Palace Water Works Road, Alode, Nchia Eleme, Rivers State to deepen grassroots participation and drive sustainable climate change,” she said.
She further said that the Climate Justice Community of Practice (CJCOP) was designed to be a transformative platform where government agencies, civil society organisations, private sector players and educational institutions can create solutions that prioritise climate resilience and equitable environmental policies.
“Ashoka’s approach emphasises grassroots mobilisation and institutional collaboration to ensure inclusive and community driven solutions
The CJCOP will equip young people with the knowledge and tools needed to advocate for climate justice, build sustainable solution and actively participate in decision making process.
Nzerem also said that climate change also breeds gender-based violence as women and children have become the most vulnerable, and stressed the need for the women to make their voices loud on the issue.
“The intersection of gender-based violence and climate change is often overlooked.Women and youth who are disproportionately affected, struggle to have their voices heard and recognised. Many fear speaking up, yet their own experiences are critical to shaping effective solutions,” and added that achieving true climate justice requires a holistic approach, one that integrates every aspect of life to build a sustainable and equitable future.
Meanwhile, the Rivers State Government has assured of its preparedness to partner with relevant stakeholders to address the issue of climate change in the state.
Commissioner for Information and Communications, Warisenibo Joe Johnson said this at the Climate Justice Environmental Sustainability Committee of Practice conference organised by Ashoka Ford Foundation in Port Harcourt.
The Commissioner who spoke alongside his Environment counterpart, Tambari Sydney Igbara said the government will not allow the activiaties of the multinational corporations operating in the State to impact negatively on the lives of the people.
He also described the state as very safe for investors, adding that night life has returned to Port Harcourt, the state capital.
On his part, the Commissioner for Environment, MrTambari Sydney Igbara said the government is happy to see groups such as Ashoka Ford Foundation coming out to educate people about climate change.

He said the doors of the ministry is open to suggestions on how to address the issue of climate change in the state and other environmental issues in the state.

Also speaking the Regional Director Centre For Development Support Initiative (CEDSI) Dr Mina Ogbanga said time has come for community voices to be heard as far as climate change was concerned.

She said this was necessary as the effects of climate change are being felt by communities.

John Bibor

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Okehi Clan Demands Recognition, Upgrade Of Chieftaincy Stool

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The people of Okehi Clan in Etche Local Government Area of Rivers State have once again made a passionate appeal to the Governor of the State, Sir Siminalayi Fubara, to consider recognising and upgrading the highly respected stool of their monarch, Eze Ibezim Eke, Onyerishi Agwuru (IV).
The people made the call during the coronation of Dr Chike Promise as the Chimereugo 1 of Etche land by His Eminence Ochie Emmanuel Opurum, 0nyishi /Ochie of Etcheland.
The Community Development Committee (CDC) Chairman of UmuolaObibi, Prince Udo Njoku, who spoke on behalf of the people, stressed that if the monarch is given government recognition, it would enhance the people’s participation in governance,as they are one of the most peaceful people in the State and have total support for the Governor and the overall development of the State.
Also speaking, the newly crowned Eze of Etcheland, Eze Promise assured his people that he would be a servant leader as he has always been to them.
He used the medium to thank the governor of the state for his development strides in Etcheland, while also promising to work cordially with the state government to maintain peace at all times within his domain.
Eze Promise was well celebrated by his people on his coronation as the community was agog on the day.

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