NDIC Drags Microfinance Boss, Directors To Court Over Misappropriation Of N617m

The Managing Director of the defunct Integrated Microfinance Bank, Mr. Akinteye Simon Ademola, has been arraigned before a Lagos Federal High Court by the Nigeria Deposit Insurance Corporation (NDIC), over the misappropriation of the sum of N617,753,246.98 property of the bank.

Ademola was charged alongside Mrs. Doyin Abiola, Dr. Jerry Orimovuohoma and Mr. Oladapo Bello, who were directors of the defunct bank between 2006 and 2008.

They are facing a five-count charge that borders on misappropriation of the bank’s funds.

The accused were said to have granted unauthorised loans to themselves and other related companies in large sums without collateral contrary to section 516 of the criminal code and section 23(4) of the Failed Banks(Recovery of Debts) and Financial Malpractices in Banks Act.

According to the charge-sheet, the accused persons were alleged to have conspired among themselves and committed a felony to wit: granting of unauthorised credit facilities to the tune of N327,566,000 naira to themselves and other related companies without collateral.

The second count read that the Managing Director of the bank caused the sum of N131.176million to be withdrawn by Adewale Ayoade, the head of treasury, which the boss converted to his personal use, contrary to section 19(1)(d) of the Failed Banks(Recovery of Debts) and Financial Malpractices in Banks Act as amended and punishable under section 20(1)(a) of the same Act.

The third count says that Mrs. Doyinsola Abiola, while being the Director of the bank between 2006 and 2008, recklessly granted unauthorised credit facility to the tune of N26,611,246.98 to herself without collateral contrary to the accepted norm of the bank.

In count four, Jerry Orimovuohoma was alleged to have recklessly granted unauthorised credit facility to the tune ofN29,200,000 himself without collateral and contrary to section 19(a)(i) of Failed Banks(Recovery of Debts) and Financial Malpractices in Banks Act as amended and punishable under section 20(1)(a) of the same Act.

The count five read that Oladapo Bello, another Director of the bank, recklessly granted unauthorised credit facility to the tune of N3,200,000 to himself without collateral and recourse to the bank’s norm.

Only the Managing Director of the bank, Ademola was present in court when the matter came up yesterday before Justice Okon Abang.

The failure of the other accused persons to appear stalled proceedings, as the Acting Director of Public Prosecution, Mr. Akin Akintemi requested for time for all the accused to be arraigned in court together.

Justice Okon Abang obliged, adjourning the matter till December 10, 2013 for the arraignment of the accused persons.

Activists Protest Governor Fashola's Presence At Baba Omojola's Burial

Lagos State Governor, Mr. Babatunde Raji Fashola was greeted with series of embarrassing songs as he arrived home of late political activist, Baba Omojola after the his body arrived home for his lying-in-state at his family's residence in Surulre, Lagos State.
The governor arrived with his convoy unable to go into the premises due to presence of a van that contained speakers blaring comradely songs for the activists at the venue.
The van was used to obstruct movement of vehicles into the residence. Upon his arrival however, aides of the governor who wanted to take their convoy in ordered that the van be removed for the governor, but the activists insisted the governor must alight from own his car and walk into the premises like others did. One activist, Debo Adeniran, who coordinated the van said with sarcarsm, that the governor could call his LASTMA officials to tow the van out of the way.
Upon realizing the seriousness of the activists, Mr. Fashola stepped down from his car and walked into the premises.
But as Mr. Fashola inched towards the house, more activists who had learned of his arrival took the microphone to sing anti-oppressor government song. Some lines in their songs tagged the governor "Ole-ole", translating to the calling the governor a  thief.
The activists also substituted imperative words into their chorus, asking Mr. Fashola to leave the event to avoid his further embarrassment.
It was not known whether the governor had intention to stay long enough to address participants, but he left soon as the chants by activists gained more tempo.
Asked why Mr. Fashola had to be rejected at the event, the activists told our source that the governor was only a hypocrite pretending to be familiar with the late Baba Omojola.
A comrade said: "You won't believe they (government) don't allow Baba into their office whenever he was there on pressing public issues that affect the masse. But now that Baba is dead, Fashola is now here to show fake familiarity"
Another activist said it was now common for politicians to take advantage of the death of Comrades to woo families and relations of the bereaved.
"They did same when Gani Fawehinmi died. They hated him when he was alive because he spoke bitter truth to them and also challenged them to court especially on fake Toronto certificate of Tinubu, but after his death, they began pretending they were best of friends with him and began creating park and programs to deceive the public", a civil society leader who was present during the incidence said.
"That has become their forte. They suppress voices of the masses but whenever a strong activist whose voice gave them nightmare dies, they rejoice by sponsoring his funeral", he added.
The Lagos State Government tarred the Chief Onitana Street where Baba Omojola lived as part of gestures for his funeral. During a brief chat with SaharaTV crew recently, son of Baba Omojola, Akinola Omojola commented that it takes a prominent person to die for Government to repair a road in Nigeria.
It would be recalled that Lagos State Commissioner for Transportation, Mr. Kayode Opeifa was also booed recently as he strayed into the night of tributes and socials in memory of Late Chief Gani Fawehinmi.
"They are all hypocrites and we will continue to embarrass them if they won't stop insulting us to our face by pretending they were friends with our gone heroes", a protester said.

source. saharareporters

Anambra State Gubernatorial Election Day Coverage 1

PHOTONEWS: 

Sights and sensations at Etisalat, Lagos Photo grand opening

Held at the Ocean View in Eko Hotel & Suites, Victoria Island, the Grand Opening inaugurated the fourth edition of the LagosPhoto Festival, themed The Megacity and the Non-City. This year’s theme explored two sides of Lagos which showed how developments in Africa’s urban centres and technology changes have transformed the Lagosian’s sense of place in a globally connected world.

Sponsored by Etisalat Nigeria, entries portraying the theme were sent in by budding photographers. 26 photos were shortlisted for the competition, including entries by Adeniyi Ayodele (Untitled), Olakunmi Agbaje (Lekkoyi), Oluwatoni Omidiji (Floating Marina) and Omololu Omolayo (BRT State of Mind) and Ayodeji Adeogun (Ogba Fisher). Continue...

The Grand Opening, which was opened to the general public, also featured exhibitions by Nigeria’s best photographers, alongside works by international photographers from over 15 countries. Participating artists included Nigeria’s Kelechi Amadi-Obi, Jelili Atiku, Adeola Olagunju, alongside Benin Republic’s Leonce Agbodjelou, Zimbabwe’s Kudzanai Chiurai, Cameroon’s Samuel Fasso, Italy’s Nicola Lo Calzo, France’s Patrick Willocq, Turkey’s Ahmet Polat and Spain’s Critina de Middel. A sensational part of the night was the display of large scale outdoor prints.

The LagosPhoto Festival, which is the first and only international arts festival of photography in Nigeria, began in September.

At last, Enugu first lady Clara Chime leaves government House

                        First lady Clara Chime 

It's good to cry to the press o. After months or even years of being illegally detained at Enugu State Government House by her husband, Governor Sullivan Chime, Enugu First Lady Clara Chime has finally left her marital home. Clara left the Govt House in the early hours of yesterday morning Monday November 11th according to reports.

The governor, with the assistance of security operatives attached to Government House packed Clara Chime's personal effects, forced her out of the lodge and took her to mother's residence at House 67 located at the Coal City Garden Estate behind, CBN headquarters in Enugu.

Clara has vowed never to return to her husband again.