Hon. (Barr.) Asiwaju Yinka Mafe Inside The Bus With The Students.

Hon. (Barr.) Asiwaju Yinka Mafe Inside The Bus With The Students.

It takes greatness to identify greatness in others, AYM; the one and only grassroot politician in Remoland has done the usual thing today when he visited Remo Secondary School (RSS).

He was seen inside the school bus amidst of the students, he encouraged them all to be more focused on their studies and urged them to shun every form of immoral act that could jeopardised their futures.

AYM says and I quote "I feel so much delighted and fulfilled any moment am in the midst of the younger generations" They are my people and being with them brings back old time memories" Once upon a time, I was like them.

All the students were so happy seeing AYM in their midst, they were all echoing #MafeLafe#. May I quickly remind us that one of AYM's project was the free bus scheme, #MafeLafeBus# used in conveying students in Remo federal constituency. Hardly would you see a student in Remo that wouldn't know the so called #MafeLafeBus#

AYM was also spotted along Ikenne road, Akesan road and within Sagamu driving the #MafeLageBus, conveyed the students of RSS, Mayflower, Remo Divisional high school, Methodist com. College etc. And he dropped them at their various destination.

For the betterment and upliftment of Remoland, we all have a roll to play, I there beseech everyone to support Asiwaju Yinka Mafe for member, house of representatives, Remo federal constituency in the coming general elections.

Still on the matter... #MafeLafeLabuja2019!

Ladoja failed to return ‘stolen’ funds, says EFCC

Ladoja failed to return ‘stolen’ funds, says EFCC

The Federal High Court in Lagos yesterday heard that a former Oyo State Governor Rashidi Ladoja allegedly did not return his share of the funds he received from sale of the state’s shares.

Ladoja is on trial for allegedly converting N4.7 billion from the state treasury to his personal use.

But he denied the allegation.

The Economic and Financial Crimes Commission (EFCC) charged him with Waheed Akanbi, his commissioner for Finance, for alleged graft.

An EFCC investigator, Abubakar Madaki, who testified, averred that the former governor gave instructions in 2007 that the shares, worth N6.6 billion, be sold at discounted rates without the Executive Council’s (Exco’s) resolution.

The witness said the money allegedly went to Ladoja, his family and friends.

According to the investigator, Ladoja engaged Fountain Securities as a portfolio manager to sell the shares at a discounted rate.

The shares were acquired by McLace Securities.

“In the course of our investigation, about N500 million was recovered from McLace Security, Fountain Securities and other stockbrokers,” Madaki said.

According to him, Ladoja promised to return his share of the money, but never did.

“The EFCC recovered over N500 million and some vehicles. All the recoveries were remitted to the Oyo State government, except the money and vehicle that Ladoja got, which he claimed he would return, but never did,” Madaki said.

The witness said money recovered “was the balance that was supposed to be paid to the state government but was shared”.

Madaki said the Nigeria Stock Exchange (NSE) launched an investigation into how Oyo State shares were sold.

The witness said EFCC also discovered that a residential apartment, called Quarter 361, was purchased by Ladoja’s former Executive Assistant Adewale Atanda on the former governor’s behalf with proceeds of shares from Heritage Apartments, the state’s broker.

To verify that the property was acquired with the shares’ proceed, Madaki said EFCC requested the payment details and discovered that a cheque was written by Heritage Apartments.

The witness said Atanda bought 14 cars for lawmakers as well as for Ladoja and his wife, using loan obtained from Wema Bank Plc.

He added: “They used the shares’ proceeds to offset the loan they took from Wema Bank. The accused benefited from the vehicle. The wife also benefited.”

The witness said investigations were extended to the Corporate Affairs Commission (CAC) to unravel the identity of another company, Bistrum Investment Limited, also used in the transfer of Oyo State funds.

He said although the first accused denied knowledge of Bistrum, he admitted knowing one its directors, who he said was his cousin.

Madaki said further investigations confirmed that Atanda’s account in Lagoon Homes, which also received part of proceeds from stock brokers, was issued a bank draft of N70 million.

The EFCC accused Ladoja and Akanbi of converting Oyo State’s N1,932,940,032.48 to their personal use through the Guaranty Trust Bank account of a company, Heritage Apartments Limited.

The prosecution said the former governor removed £600,000 (about N240,219,945) from the state’s coffers in 2007 and sent it to Bimpe Ladoja in London, United Kingdom (UK).

Ladoja also allegedly bought an armoured Land Cruiser Sport Utility Vehicle (SUV) with N42 million for himself, using public funds.

The EFCC investigator accused the former governor of converting N728,600,000 and another N77,850,000 in 2007.

He was said to have also transferred N77,850,000 to Bistrum Investments, which he allegedly nominated to help him buy a property, Quarter 361, in Ibadan, Oyo State capital.

The alleged offence contravenes sections 17(a) and18 (1) of the Money Laundering (Prohibition) Act, 2004, punishable under sections 14 (1), 16 (a) (b) and 18 (2).

Ladoja and Akanbi pleaded not guilty.

The trial continues today.

We gave lawmakers N17bn to pass 2015 budget —Okonjo-Iweala

We gave lawmakers N17bn to pass 2015 budget —Okonjo-Iweala

Former finance minister Ngozi Okonjo-Iweala has revealed the blackmail and arm twisting that characterised budget passing by the National Assembly during the Goodluck Jonathan Administration.

Okonjo-IwealaShe cited an instance in 2015 when the National Assembly leadership forced the executive arm to part with N17 billion for the federal lawmakers to pass that year’s budget.

That, she said, was at a time crude price had gone down drastically.

The N17 billion alleged bribe, according to Okonjo-Iweala in her book Fighting Corruption is Dangerous:The Story Behind the Headlines, was besides the NASS N150 billion annual ‘standard’ budget.

She described federal legislators as a tough political group to deal with.

Her words: “The legislature was concerned largely about three things—the size of its own budget; the nature and the size of the capital budget, particularly investment projects; and the number and geographical location of the projects.

“Senators and Representatives felt that their role as appropriators of the budget was not just to vet and approve budget parameters and oversee budget implementation, but also to shape the size and content of the budgets, including details of specific projects.”

She said members of the NASS Finance and Appropriation even felt ”they had the right–indeed the duty–to get into the details of the budget formulation and preparation process all along the budget value chain.”

The ex-minister said the NASS leadership, working through the various committees, “sought to add more to individual projects or create completely new, unappropriated major projects, thereby distorting the budget.”

But she explained that “not all National Assembly members supported these unfortunate manipulations of the budget.”

She added: “National Assembly members had negotiated large increases in the National Assembly budgets and would brook no discussions or challenges on the issue.

“Their operational budget had ballooned to N150 billion or 16 per cent of the budget and almost 3.5 times the 2006 budget (in naira).”

Okonjo-Iweala said when it was proposed that the lawmakers should give up some of their benefits in view of dwindling revenue in 2015, they bluntly refused to do so.

“By the time we presented the budget on December 16, 2014, oil prices had fallen further to $58 per barrel.

“We were prepared and we knew we had to trigger the additional expenditure and revenue measures in 2015 to make the budget work.

“This would be tough, given that we had entered an election year,” she said.

 ”Indeed, legislators initially refused to accept any cuts to their regular N150 billion budget, despite dwindling revenues.

“But eventually, they agreed to a 13 per cent cut against a backdrop of ministers accepting a voluntary 50 per cent cut to their basic salaries.

“In a tough session with the National Assembly’s ad hoc committee on the budget (made up of chairs of the Finance Committee and Appropriation Committee of both chambers and other leaders of the National Assembly), an additional N20 billion was re-introduced as election expenses for National Assembly members.

“We insisted the amount be dropped because it nullified the 13 per cent cut made to their statutory budget, but managed to reduce the N20 billion figure by only N3 billion to N17 billion.

“This became the price to pay to have the 2015 budget passed.”

Okonjo-Iweala was Jonathan’s finance minister from August 17, 2011 to May 29, 2015.

She had served in the same capacity in the Obasanjo government.

The Federal Government proposed to spend N4.454 trillion that year.

Nollywood mourns as actress, Aisha Abimbola 'Omoge Campus' dies of breast cancer

Breaking: Nollywood mourns as actress, Aisha Abimbola 'Omoge Campus' dies of breast cancer

Nollywood has been thrown into mourning once again as popular actress, Aisha Abimbola otherwise called 'Omoge Campus' has been reported dead.

The 46-year old pretty actress reportedly died of breast cancer last night, according to her colleague, Bisola Badmus.


Details of her death still remains sketchy but LIB gathered that the actress passed away in Canada.

FG begins repair of Lagos-Abeokuta road

FG begins repair of Lagos-Abeokuta road

The Federal Ministry of Power, Works and Housing on Monday inaugurated the rehabilitation of the Lagos-Abeokuta Expressway, with an inspection tour of the road.

The Director, Federal Highways, South-West, Mr. Olalekan Busari, said the road had been neglected by previous administrations before it was re-awarded to Julius Berger for construction this month.

According to him, the project is divided into two sections, the first of which starts from Ile Zik in Lagos, spanning about 20 kilometres, while the second section falls in Ogun State and covers 60km.

Busari said the project had suffered several setbacks in the past but that the current administration was resuscitating it as part of its mandate to deliver infrastructure development to Nigerians.

He stated, “It is a complete total rehabilitation of the entire road this time around, and it is awarded at N22.387bn and the contract period is for two and half years, and we hope the contractor will actually deliver.

“Julius Berger has the capacity and the Federal Government is very determined to properly fund this road project so as to deliver it on time. The first section was to rehabilitate the Ota-Abeokuta section, which was awarded to Julius Berger in 2009 at the sum of N11.6bn. However, due to lack of funding, the project dragged on until 2010 that it was completed at a contract price of N14.6bn.”

Busari added, “Addendum 2 was awarded in 2006, consisting of the rehabilitation of the construction of the flyover at Ota and the construction of the roundabout, as well as the strengthening of the Lagos-Ota road at a sum of N9.6bn that time. The contract was eventually partially completed in 2010. In 2011, Section 3, Phase 3 was awarded at a contract sum of N10.6bn.

“The scope of work was to complete the work on the section on phase two, which is the construction of the flyover, as well as construction of the crash barriers and the strengthening of the Lagos road. It was awarded in 2011 at a contract sum of N10.6bn due to delay in the execution of the project and lack of funding by the previous administration. The job started and was stopped again in 2012 basically due to lack of funding and lack of priority.”

Busari explained that the road was important to the socio-economic development of the South-West and the entire nation, as well as it being the link to the Republic of Benin.

The Federal Controller of Works, Lagos, Mr. Adedamola Kuti; and the Federal Controller, Works, Ogun, Mr. Olukayode Popoola, both said they had put measures in place for traffic management and diversions so as to reduce the hardship of road users

Julius Berger’s West Division Manager, Mr. Wolfgang Loesser, stated that the firm was first carrying out repairs of bad portions of the highway to ease gridlock before the major rehabilitation work.