Thursday, 18 December 2014

FIRST BANK MD, BISI ONASANYA IN $76M FRAUD SCANDAL



First Bank MD, Bisi Onasanya

Investigations has just unraveled a major scandal of the year at the epitome First Bank of Nigeria. The fraud largely centres on insider dealings, abuse of due process, diversion of funds, conversion, undue influence and wanton misappropriation with the MD of the Bank playing a key role and a beneficiary of the diversion and conversion as per the rules of vicarious liability.

According to our investigations, a fund amounting to over $76million supposedly kept with the Central Bank of Nigeria and purportedly under the control of the Nigeria Civil Aviation Authority (NCAA) has been siphoned out for unapproved and unauthorized expenses and budgets.

The fund which is in excess of N11billion has been spent over different contracts awarded by the Minister of Aviation Mrs. Stella Oduah and the Managing Director of FAAN Mr. George Uriesi without following due process, no approval of the Bureau of Public Procurement (BPP), no due process certificate issued, and no federal Executive Council approval.

These spending were neither budgeted nor appropriated in the 2012 Budget passed by the National Assembly, had no Federal Executive Council Approval and did not comply with the spending limits allowed by the delegated financial authority of the Government.

It could be recalled that Stella Oduah was disgraced out of office, over abuse of office and misappropriation of funds amounting to billions of naira, when she was still a minister.

Ms Oduah, was alleged to have used First Bank many times to perfect her financial misappropriation.

Funds in the BASA account was split into private accounts of contractors and some parastatals under the Federal Ministry of Aviation, in which Bisi Onasanya led First Bank of Nigeria is also a major beneficiary amongst other banks.

Now that the $76million has been diverted and spent, the Federal Ministry of Aviation has now devised a new method to further divert and spend all the current BASA income of over $80million received from the foreign airlines operating into Nigeria.

For instance the payments by airlines such as Lufthansa, British Airways, Emirates etc amounted to over $80million are now being diverted. This alarming situation of complete depletion of the BASA fund without any appropriation from the National Assembly or approval from the Presidency or Federal Executive Council or Bureau for Public Procurement is worrisome.

We reached out to Mrs Folake Anny-Mumuney, the Head Marketing and Corporate Communications department of the financial institution but she refused to reply to our messages before publishing the story.


Via Society Gist with intro by LBW

Lagos Paralysed by Xmas Traffic!



Picture depicts the traffic situation this morning in Lagos Nigeria, from the toll gate enroute the third mainland bridge. It is gradually becoming an annual logjam just like the debilitating traffic of sallah festivities. Hope the government of the day will explore more options to ease the perennial logjam.

Signature: Olugbenga LBW Lagos Bureau Chief

Wednesday, 17 December 2014

LONDON OKRIKA MARKET!!

For starters, this is Jand, yes, Bend Down Boutiques exist but they are not called that because there is no bending involved. Yes, you are basically buying the same dead or living people’s clothes and belongings but there is a difference—you pick them off a hangar and an Oyinbo will take your money and wrap your purchases for you, not a perspiring man wearing pencil jeans and sharing a plate of Nkwobi with flies whilst eating with the same hands he uses to serve you.



Here we use the word “Vintage” for Okrika. And you will go to proper shops to buy your vintage clothing. We call them “Charity shops,” “Shops,” and “Vintage Shops”

Basically, they all sell second-hand clothing but the Vintage shops are privately owned, may buy bales and sell to other people. The thrift or charity stores sell used clothes that people have donated and give some profit to the charity organisation running the shop. Do not turn up your nose because Okrika is such big business that Charity shops in the UK are now more than shoe shops. Oh yes. In fact, charity shops raise £200million every year, so that should tell you that even oyinbo like second hand tinz. What’s that? A point t note sha, you will not see pant and bra for sale in Jand as Okrika o; these things are needed more by your unfortunate relatives in Nigeria and Ghana.

There is also one category of bend-down boutiques in Jand that appears irregularly at the weekends, where people with broken teeth and equally broken English park their cars in a school playground, church yard or supermarket car park at the weekends and sell from their boot or just plonk everything on the floor. If they haven’t had the common-sense to put the wares on the table then yes, you will have to bend down to select what you need. But that shouldn’t be a problem for you so stop complaining because at least in Jand, you are not likely to raise your head and see someone you know (and pose for).

Signature:Sabinews

NAOMI-44 STUNS IN NAKED DISPLAY!




Biko how do these ladies manage to keep these physique? 44-year-old top model Naomi Campell showed off her incredible bod in a series of new photos as she is unveiled as the Agent Provocateur's Spring Summer 2015 campaign. More pics after cut…







Signature: DorisDosage



Russia To Supply Nigeria With Arms And Ammunitions

Nigeria will be receiving a new supply of arms and weapons from no less than Russia, the United States' archenemy.



According to portal channelstv.com, citing a report by global political risk consulting firm DaMina Advisors, Russia was more than eager to supply the Nigerian army weapons and helicopter gunships so as to fight and defeat the Boko Haram insurgents. The report noted, however, it was the country's scheme to amp its influence over other major oil producers as well as a means to scout new markets for its sanctioned local arms.

But Daniel Wagner, CEO of Country Risk Solutions, said that Russia agreed to the sale meant more than just the usual desire to help extinguish extremist movements from a certain country. Rather, it was more of the need in "finding alternative ways to bypass the conventional arms trade." Russian President Vladimir Putin, often described as this generation's global bad boy, could benefit from the arms sale as this will somehow counter that image.

Russia's economic prowess is currently on a downhill because of the sanctions it received, triggered by the Ukraine crisis. Wagner said it is without doubt that Mr Putin believes the arms exports will translate to much needed incomes for his country. The agreement with Nigeria calls for the sale of helicopter gunships and other significant equipment. Russia had even suggested extending a loan to Nigeria just so the weapons deal will start rolling. Mr Putin believed Russia will greatly benefit from the sales not just from Nigeria but from surrounding countries as well.

Based on data from the Stockholm International Peace Research Institute, in 2013, Russia was the world's number three arms exporter, next to the United States and China. The U.S. accounted for over 36 percent of global arms exports, China with 11 percent, and Russia, at 5 percent.

Apart from a change of suppliers, Nigeria has also closed a training programme provided by the US government's military for the Nigerian Army. It came a month after its request for Cobra attack helicopters got rejected by Washington.

"Like it or not, the Kremlin is having success in expanding its military and commercial footprint in areas where the U.S. and the West appear to be having declining influence." Wagner wrote in HuffPost. He added the Nigeria arms sale won't be the first. "On the grand chess board of global geopolitics, Russia is scoring some real points."