Headlines

Police burst Nigeria’ s self-styled ‘King of Money’ in 1 billion naira fraud

By Owolola Adebola

Widely known within the social circles as the new Nigeria’s king of money, self-styled Osita David, of K.D.Likeminds has finally been unmasked by police detectives attached to the G7 Team, an arm of the Force Criminal Intelligence and Investigation Department, Alagbon Close, Lagos as a crook with multiple identities.

His arrest was effected penultimate week.

As at the time of his arrest, he had succeeded in duping unsuspected Nigerians to the tune of over a billion naira.

Dependable sources at the police apex criminal investigations unit informed our dog -eared correspondent that prior to the arrest of the suspect, the police at Alagbon had received various letters of complaints from the victims of the arrested alleged fraudster, detailing how Osita David had played the fast one on the Intelligence of many Nigerians.

He was said to have coerced his victims into parting with their hard-earned money in a well-coordinated scheme to sustain his flamboyance lifestyle.

The suspect’s mode of operation was to place advertisements at some public places informing Nigerians of the need for them to invest little money and get big dividends in 30 days.

It was like the modern-day wonder banks.

While doing this, the suspect’s foot soldiers would be going around with handbills to smooth-talk individuals on the financial benefits accrued from such a business venture that takes little or no labour to harvest.

He reportedly told his victims that, his company was into “Estate Affairs, Bureau- de -change operations, Financial Affairs, Sand mining, Motor-parts, Agriculture and a host of other money-spinning concerns.

In one of his advertisement billboards, K.D.Likemind Stakeholders boasts of having branches spread across Lagos and Ogun states and even a branch in the United Kingdom.

We exclusively gathered that Osita David, also known as King of money, was so fortunate in the non-existence scheme to the extent that, within a short period of time, thousands of gullible investors who swallowed his baits hook, line, and sinker started pouring in millions of naira.

While Osita David was smiling to the bank on daily basis, his victims waited patiently for the 30 days ultimatum for them to get returns on their investment that never came.

Beyond this, the suspect soon forgot his promise to the investors as he started acquiring state-of-the-art automobiles, choice properties across the states of the federation.

” The money kept pouring into his account and he smiles to the bank almost on daily basis. The suspect soon forgot his promises to the investors as it began to acquire state-of-the-art automobiles which he cruises around with security escorts”, our source squealed.

On the maturity date, he reportedly paid some dividends to those that were ready to make trouble in the event that the suspect reneged on his promise.

“He would tell others to come at a later date by cajoling them to reinvest the capital while promising them only the interest”‘the source added.

Continuing, the source said: ” before long, Osita David would tell other investors some cock and bull stories on why there had been a delay in the payments”.

When it becomes glaring that Osita was playing on their intelligence, they made complaints to the police at Alagbon, who stormed the suspect’s residence with a warrant of arrest.

At the suspect’s residence, detectives recovered four SUV cars, a house under construction at the Ipaye area of Lagos, hectares of land in Epe, another house under construction in his village among other choice properties suspected to be proceeds of crime.

On interrogation, the suspect told detectives that, he had made full preparations to jet out of the country but for their timely intervention.

He told detectives that he was surprised to see them.

Confirming the story to our correspondent, Mr.Galadanchi, an Assistant Inspector General of Police at the Force Criminal Intelligence and Investigation Department(FIID) Alagbon, Lagos said that, the suspect would be taken to court at the end of the investigation.

” We are still looking for his accomplices, his foot soldiers. There is no hiding place for criminals”, he said.

Headlines

I was never in charge of maritime industry —Saraki

Senator Gbemisola Saraki, Minister of State for Transportation in a hearty discussion with Amaechi when the going was good

Eyewitness reporter

For three years after she was named the Minister of State for Transportation in 2019, Senator Gbemisola Saraki said she was never in charge of the maritime sector.

Her assertion contradicted the gentleman’s agreement between her and Rotimi Amaechi, who until his resignation from Mohammed Buhari’s cabinet to pursue his failed presidential ambition, was the Minister of transportation.

Amaechi, as the then supervising Minister, in 2019, had delineated the duties of the two heads of the ministry to avoid any possible clash of interests.

At one of the public functions held in Lagos in 2019 at the beginning of his second term in office as the Minister of Transportation, Amaechi publicly declared that while he would focus his attention on railways due to the enormity of the project and its importance to the national economy, Saraki will be in charge of the maritime industry with his occasional supervision, especially as it concerns maritime security.

Ameachi had then acknowledged that he had abandoned the maritime industry for the rail sector when he first served as transportation minister from 2015 to 2019 but said his minister of state, Senator Gbemisola Saraki, will fill the gap during his second term in office.

“In my first term as minister, I completely abandoned the maritime sector to the heads of agencies.

“This time around, that won’t be happening again as I have instructed that the Hon. Minister of Transportation for State should personally supervise the maritime agencies, while I just oversee what is happening” Ameachi had declared.

However, Senator Saraki subtly debunked the claim three years after when she said that she was never in charge of the sector.

The minister was reacting to an inquiry from the curious journalists last week Friday why it took her one year to the end of her four-year tenure to come on a familiarisation tour of the sector she was supposed to be superintending.

“I was never in charge of the maritime sector. I was asked to supervise road transport” the Kwara State-born politician declared.

Her revelation confirmed the widely held belief among the stakeholders that there was a repressed and smouldering animosity between the two Ministers.

Though Saraki tried to downplay the cat and mouse relationship with her former boss, stakeholders however believed that the two Ministers never got along well with each other.

Sources pointed to instances when the two Ministers were tactically avoiding joint attendance at maritime events.

Impeccable sources whispered to our reporter that the festering feud became noticeable when Saraki began to boycott events in the industry with her former boss.

It was further learnt that the boycott of events in the industry by the Minister of state may be a subtle protest against the apparent arrogation by Amaechi of official duties of the junior Minister which has led to the redundancy of Saraki.

It was gathered that throughout 2019 and the better part of 2021, Amaechi allowed Saraki to take charge of events in the maritime industry.

Sources claimed that towards the end of last year and since the beginning of 2022 up till his resignation as the Minister, Amaechi may have reneged on the gentleman’s agreement between him and his minister of state.

“During this period, the Minister took over the functions hitherto reserved for the Minister of state.

”This development seems to have irked Saraki who felt the Minister was trying to make her reductant.

“That was when she started to boycott functions at the maritime industry where she and her principal were likely to meet” a source who was in the know confided in our reporter.The absence of the minister of State at major maritime events became noticeable during landmark events such as NIMASA’s unveiling of wreck removal in 2021, the World Maritime Day, 2021, and the inspection of the Lekki deep seaport by President Muhammadu Buhari.

It could also be recalled that Amaechi had made a couple of visits to the Lekki deep seaport, even on a Sunday, before the presidential visit, none of which Saraki attended.

Concerned maritime stakeholders claimed that the recent action of Ameachi, who is widely regarded as the ”Lion of the Niger Delta” may appear bossy to Gbemisola Saraki, who is also a strong-willed woman.

“The two Ministers are of strong-willed personalities who don’t brood nonsense.

“We all know the political antecedents of Amaechi who has a domineering posture.
“
” Gbemi is also made of sterner stuff given her role in the “Otoge” political tsunami in Kwara which eventually swept off Bukola Saraki, her blood brother, from the political dominance in Kwara politics, a role which earned her the present position in the present dispensation.

“So, I don’t see how Amaechi, who has domineering posture could lord it over Gbemi, who is equally a woman of strong character, without skirmishes” a knowledgeable analyst declared.

However, stakeholders were skeptical if Senator Saraki could achieve much of the promises she made during her week-long tours of Lagos ports last week given barely one year she has as a member of the Buhari Administration before it is wound up.

The Minister came on the tour in the company of some Directors in the ministry.

“Today is my fifth week of assuming the leadership of the Ministry of Transportation”, she declared last week Friday in Lagos.

“We came to take stock of the sector. We had taken the stock of the Road sector,” she said.

Giving her summation of her findings at the end of the tour, she declared” Apapa and Tin Can ports are in terrible need of repairs.

“We will go and come back for repairs.

“We have the short, medium, and long-term plans for this. We need to start with rehabilitation here. Another problem here is power”

The Minister met various groups who are stakeholders in the industry.

Among them are women groups in maritime, terminal operators, stevedores, maritime workers union groups, haulage, and transport operators, maritime lawyers, freight forwarders, and maritime press.

Headlines

We have political will to ensure CVFF is disbursed—-Saraki

Senator Gbemosola Saraki, Minister of State for Transportation

—- expresses sadness over unending delay

Eyewitness reporter

The Minister of State for Transportation, Senator Rukayyat Gbemisola Saraki has expressed willingness to muster the necessary political will to ensure the controversial Cabotage Vessels Financing Funds (CVFF) are disbursed before she leaves office.

She expressed sadness over the delay in the disbursement of the interventionist funds, 19 years after it was set up which she said was critical to the empowerment of the struggling indigenous ship owners.

The Minister made this commitment Friday during the interactive media parley she held in Lagos to round up her week-long tours of Lagos ports.

The Minister, who was fielding questions from journalists, declared that her ministry would work with the National Assembly to expedite action of the disbursement process.

She disclosed that she was part of the senators who passed the Cabotage Act in 2003 which gave birth to the CVFF and it was disheartening that 19 years later the funds are yet to be disbursed.

“It is really very disheartening that the fund has not been disbursed but we will work with the National Assembly to ensure its disbursement.

“Just watch, it has to be disbursed, especially with the coming on stream of the African Continental Free Trade Area (AfCFTA).

“In the course of this visit, I have also interacted with so many stakeholders, including the indigenous ship owners.

“I know the number of vessels that Nigerians had 10 years ago and I know how many they have now.

“The funds is very critical for the empowerment of indigenous ship owners and we know many of them have gone under”

“It is really a shame that this fund has not been disbursed, I learnt the value is $350 million now and I am not sure any part of it is missing.

” We will work with the National Assembly to pass the guidelines. It is not really about the Federal Ministry of Finance but I think it is more of the political will to disburse it and I think we have the political will to do so.”

The Minister disclosed that the guidelines for the disbursement of the fund have been formulated and awaiting the approval of the National Assembly.

She added that the disbursement would follow the approval by the National Assembly after beneficiaries must have been shortlisted.

According to her, the approval would soon be secured and the fund disbursed in no distant time.

She regarded the non-disbursement of the CVFF as a national shame and embarrassment.

CVFF is a two percent contribution by indigenous ship owners on every Cabotage contract executed and is meant for fleet expansion and empowerment of the shipping capacity of indigenous ship owners.

Since 2003 when the Cabotage Act was enacted and 2006 when the CVFF guidelines were enacted, no disbursement was made as the funds have become a subject of controversy and subject to serial abuse.

Headlines

P&ID fraud : Court convicts, winds up Marqott Nigeria Limited.

Owolola Adebola

Justice D.U Okorowo of the Federal High Court sitting in Abuja has convicted and wound up Marqott Nigeria Limited, one of the 30 companies associated with the Process and Industrial Development Limited, P & ID, for money laundering.

The company was convicted on Thursday, June 16, 2022, after being found guilty of four-count charges bordering on money laundering preferred against it by the Economic and Financial Crimes Commission, EFCC.

Count one of the charges read: “That you, Marqott Nigeria Limited, being a designated Non-financial Institution; and Giovanni Beccarelli, Valentina Fantoli, and Dimitri Duca, being directors of and signatories to the bank account of Marqott Nigeria Limited, sometime in September 2014, in Abuja, within the Abuja Judicial Division of the Federal High Court, failed to comply with the requirements of submitting to the Federal Ministry of Industry, Trade and Investment, a declaration of activities of Marqott Nigeria Limited contrary to Section 16(1) (f) read together with Section 5(1)(a)(ii) of the Money Laundering (Prohibition) Act, 2011(as amended and you thereby committed an offence punishable under section 16(2)(b) of the same Act.”

Count two read: “That you, Marqott Nigeria Limited, being a designated Non-financial Institution; and Giovanni Beccarelli, Valentina Fantoli, and Dimitri Duca, being directors of and signatories to the bank account of Marqott Nigeria Limited, sometime in September 2014, in Abuja, within the Abuja Judicial Division of the Federal High Court, failed to develop programs to combat money laundering and other illegal acts, to wit: failure to designate at management level a compliance officer within any strata of Marqott Nigeria Limited, contrary to Section 16(1)(f) read together with Section 9(1)(a) of the Money Laundering (Prohibition) Act, 2011 (as amended) and you thereby committed an offence punishable under Section 16 (2)(b) of the same Act”.

At the point of the first arraignment on February 7, 2022, the defendant pleaded “not guilty” to the charges, setting the stage for a full trial.

In the course of the trial, the EFCC presented many witnesses and tendered many documents as exhibits.

In his judgment, Justice Okorowo found Marqott Nigeria Limited guilty of all the four-count charges and convicted it accordingly. He also ordered that the company be wound up and its entire assets forfeited to the Federal Government of Nigeria.

Marqott was first arraigned on Monday, February 7, 2022, for being an accomplice in the $9.6bn Gas Supply and Processing Agreement between the Ministry of Petroleum Resources and P&ID.