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EFCC Balances Action with Fairness as it Sanitizes Nigeria’s Corporate Sector-By Adedayo Samson

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5 years ago

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While fighting corruption at all levels is a laudable effort, balancing action with fairness in the prosecution of justice remains pertinent in the operations of a law enforcement agency. Faced with such moral dilemma, the Economic and Financial Crimes Commission (EFCC) has ramped up its efforts to sanitize Nigeria’s corporate sector.The Commission’s attempt to rid the country’s private sector of criminals and criminality through checks and balances has led to the investigation of some businesses across several industries and the imposition of fines on some. While top shots found culpable of economic malpractices are undergoing prosecution, companies and their executives hitherto scrutinized are being acquitted. In particular, the EFCC has scaled up its scrutiny of the telecoms and lottery industries.One of the notable cases is EFCC’s investigation of telecoms giant, MTN in 2019 over alleged irregularities in the process of its listing on the bourse of the Nigerian Stock Exchange (NSE). In May 2019, the firm had listed by introduction, 20.4 billion ordinary shares at N90 on the NSE. In less than a week, the share price had risen to N131 as scarcity drives up its value. Many believed the company did not follow due process and had given insider information to some of its major shareholders, a move that led to artificial scarcity of the company’s shares following the announcement of the IPO. However, while acknowledging that it was under investigation by the EFCC, MTN reiterated that it had not been accused of any wrongdoing by the anti-graft agency. After further explanations from the Securities Exchange Commission (SEC), MTN was let off the hook.Similarly, in January 2020, Premier lotto, Nigeria’s foremost and perhaps, oldest lottery firm became the subject of a routine EFCC inquest to investigate alleged tax evasion based on unsubstantiated accusations from a competitor. An Executive Director of the company and son of the founder, Segun Adebutu, who was incidentally at the Premier Lotto office on the day, was invited to the anti-graft agent’s office for questioning without detainment. After due investigations, and further clarifications from the company, the EFCC found no malpractices in the affairs of Premier Lotto and Segun Adebutu.  The matter was thereafter summarily dismissed, and the petition was closed. In its bid to sanitize the lottery industry, the EFCC went into a partnership with the National Lottery Regulatory Commission (NLRC) in July 2019. The deal involves agreement for support in the areas of information sharing, intelligence gathering, enforcement and prosecution. With the new agreement, it became easier for the anti-graft agency to detect cases of foul play in the hitherto opaque Nigerian lottery industry, which is reportedly worth about $70 billion. The partnership with the NLRC is already yielding some results as the EFCC recently announced the discovery of 35 illegal lottery business operators in the country.EFCC’s scrutiny of the telecoms sector revealed a boost early in the years, when the House of Representatives Committee on ICT revealed that commission will join the committee to investigate telecom providers, over alleged non-remittance of the one per cent annual turnover to the National Information Technology Development Agency (NITDA). According to the Reps committee, the telecom companies are owing up to N200 billion in pending remittance to NITDA for infrastructure provided. While some people see the EFCC’s intervention in the affairs of the business world as being overbearing, others see it as a means of reining in some of the excesses of the businesses and protecting the consumers who are serviced by these businesses. Nevertheless, these moves have yielded some benefits. They have checked the excesses of the telecoms operators and brought in more revenue for government in form of fines. Lastly, thanks to the cooperation of some key lottery operators, the EFCC has made the industry more transparent and accountable. 

-Samson writes from Lagos.

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Aare Adetola Emmanuelking Honored with Prestigious OSCOTECH Fellowship Award

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4 weeks ago

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December 13, 2024

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Esa-Oke, Osun State — The Chairman and CEO of Adron Group, Aare Adetola Emmanuelking, has been conferred with the prestigious 2024 Osun State College of Technology (OSCOTECH) Fellowship Award (FOSCOT). The honor was presented during the institution’s 8th Combined Convocation Ceremony, in recognition of his outstanding achievements and enduring contributions to society.

The event, held at the OSCOTECH campus in Esa-Oke, Osun State, witnessed a gathering of prominent dignitaries, including the Executive Governor of Osun State, Senator (Dr.) Ademola Adeleke; members of the Osun State House of Assembly; Permanent Secretaries; and esteemed royal majesties, including Oba Adeyemi Akanbi and Oba Festus Kayode Awogboro. The fellowship award was also conferred upon other distinguished individuals, including the Owaniran of Esa-Oke, Oba Adeyemi Adediran, and Yeyeluwa Modupeola Adeleke Sanni, sister to the Osun State Governor.

In his acceptance speech, Aare Emmanuelking expressed heartfelt gratitude for the recognition, reflecting on his transformative journey from a student at OSCOTECH to a successful entrepreneur and community leader. He stated, “Twenty-seven years ago, I walked these very grounds as a student, full of dreams and aspirations, like many of you here today. My time at OSCOTECH shaped the foundation of who I am today, instilling in me not just technical skills but the values needed to unleash my boundless potential.”

Aare Emmanuelking further extended his appreciation to Governor Ademola Adeleke, the Rector of OSCOTECH, Dr. S.A.O. Adegoke, and the entire OSCOTECH community for the esteemed honor. He also commended the institution’s staff for their unwavering dedication to academic excellence and called on alumni to uphold the legacy of OSCOTECH by contributing to its growth and development.

This recognition underscores Aare Emmanuelking’s relentless commitment to fostering societal progress through innovation, leadership, and philanthropy. The Adron Group Chairman’s contributions to the housing sector and community empowerment continue to set a benchmark for excellence and service.


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Tayo Ayinde, other topshots, Honour Ikeja APC Chairman At Son’s Wedding

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1 month ago

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November 30, 2024

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It was an atmosphere filled with love when the families, friends and associates of Mayegun Adekunle Dally-Adeokun, Olori-ebi of Adeokun-Olaboyede(Olisa) royal family, Ijebu-Ode honoured him and his beautiful wife, Evangelist Olayide, in Ibadan, Oyo state at the walimatul-Nikkah of his son, Lukmon Adekunle Jnr to his beau, Faahidat Omowunmi, delectable daughter of Alhaji Suleyman and Alhaja Tawakalit Balogun on Saturday, 23 November 2024 .

The colour of the day, Teal Green and Magenta ruled the hall of the Citron Events Centre as guests turned out glamourously to celebrate with the couple.

The solemnization of the union was done in a strict Islamic tradition. Nikkah lecture was given by Sheikh Dr. Bashir Ayodeji Eleshinmeta, Ansar-ud-Deen Society, Missioner, Oyo State. Are Dr. Abdul Rafiu Ademola Sanni, President, Ansar ud deen Society( Nigeria and overseas) was the father of the day.,

Distinguished guests at the wedding included: Oba Abdul Rasheed Adesanya, FCA, Olisa of Ijebu-Ode; Hon. Tayo Ayinde, Chief of staff to Lagos Governor, Babajide Sanwoolu; Hon Seyi Lawal, member, Lagos House of Assembly, representing Ikeja State Constituency I; Hon Damola Kasunmu, member of Lagos State House of Assembly representing Ikeja State Constituency II; Alhaja Afusat Abioro, Iyasuna of Ikeja; and Engr Mojeed Balogun, Chairman, Ikeja Local Government Area among others.

The Nikkah was followed by a classy reception and after party where guests were treated to continental and traditional dishes even as drinks flowed freely

 

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Oando Boss, Wale Tinubu, Celebrates Alake of Egbaland at 80

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1 year ago

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September 14, 2023

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Alake of Egbaland

The Group Chief Executive, Oando Group, Mr. Adewale Tinubu, CON, has felicitated the Alake of Egbaland, Oba Adedotun Aremu Gbadebo, on his 80th birthday.

The oil mogul, in a message made available today, Thursday  September 14, 2023 congratulated the revered and respected monarch, who is also the Chairman of Oando Group, on the milestone.

Tinubu wrote: “I felicitate the Chairman of Oando, His Royal Majesty, the Alake of Egbaland, on his landmark 80th birthday.

Kabiyesi, your leadership and wisdom have been a beacon of inspiration to us all, and we, who have been privileged to know and work with you, have been positively impacted by you.

“80 years is truly a blessing from God, and I wish you good health, and many more years of impactful leadership.

“May your reign be blessed with continued success and your legacy forever etched in history. Kabiyesi o.”

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