Monday, February 3, 2014

How Diamond Bank lost N6bn Unsecured Loan to UK Firm

Diamond-Bank-0409
The financial crisis that rocked Nigerian banks in 2008 may be far from over as indications have emerged that some banks hid unsecured loans in billions from the Central Bank of Nigeria (CBN) and as a result failed to sell same to the Assets Management Corporation of Nigeria (AMCON).
Specifically, YemojaNews investigation has revealed that Diamond Bank Plc lost N6 billion (N1.1 billion or 18.1 per cent above its PAT in its last financial year) to Allan Dick West Africa (ADWA) Limited, a telecommunications services firm promoted by its parent company in United Kingdom known as ADC.
The portfolio investors had obtained an unsecured loan amounting to N6 billion from Diamond Bank Plc in 2007.

Newswatch Editor Dies of Gunshot Wounds


Hours after he was shot twice in the stomach by suspected armed robbers, the Deputy Editor of Saturday Newswatch, Mr. Toyin Obadina, died in the early hours of yesterday.
Obadina, who was shot by suspected armed robbers at the Ikorodu area of Lagos on his way home after the day's work, was rushed to the Lagos State University Teaching Hospital (LASUTH), Ikeja, where doctors battled to save his life.

Wednesday, January 22, 2014

Microsoft Nigeria Top Director, Emmanuel Onyeje In Sex Scandal

The National Industrial Court has awarded the sum of N39.6 million in favour of a former Enterprise Marketing Manager of Microsoft Nigeria Limited, Mrs Ejieke Maduka, who was sacked after she complained she was sexually harassed by her immediate boss.

In a judgment delivered by Justice O Obaseki-Osaghae, the court held that Mrs Maduka’s fundamental rights were violated and her pride, dignity and sense of self-worth injured by the actions of the respondents.

The respondents in the suit were: Microsoft Nigeria Limited; Microsoft Corporation; Emmanuel Onyeje, former Country Manager of Microsoft Nigeria; and Adefolu Majekodunmi.

The claimant had in the suit said that she was sacked for refusing to succumb to the sexual advances of her immediate boss, Onyeje, as well as an insider dealing involving Majekodunmi.

She also sought a declaration that the termination of her employment by the 1st and 2nd respondents through their agent, the 3rd respondent, was as a result of her refusal to succumb to the sexual harassment from the 3rd respondent.

The claimant further stated that the ratification of her termination by the 1st, 2nd, 3rd respondents and the subsequent conduct of the respondents constituted a violation of the applicants Fundamental Right to Human Dignity and Freedom from Discrimination, as guaranteed by Section 34 and 42 of the Constitution of the Federal Republic of Nigeria.

But the first defendant (Microsoft Nigeria Limited) asked the court to dismiss the suit on the ground that it has a right to hire and fire the claimant, adding that her sack had nothing to do with her alleged refusal to succumb to the sexual advances of her immediate boss.

The 1st respondent stated that it was not only the claimant’s employment that was terminated but that others were also affected, as the company was restructuring and downsizing at the time.

The company also denied that Onyeje sexually harassed the claimant, while Microsoft Corporation, on its part, prayed the court to strike its name out from the suit, as it did not employ or sack the claimant, adding that it owed her no duty of care.

On his part, Onyeje denied ever sexually harassing the claimant. His only witness, Awawu Olumide Sojunri, who testified during the trial, said she never saw him sexually harass any female staff. She, however, admitted during cross examination that while on an official trip to Atlanta, the United State, Onyeje touched and poked her, as well as some of her colleagues.

But the court, which had earlier struck out Majekodunmi from the suit on the ground that he is not a proper party in the judgment, held that the claimant is entitled to an award of general damages in the interest of justice, since she has disposed to the fact that her annual pay is N13. 225million.

Justice Obaseki-Osaghae stated that there was no evidence of downsizing or restructuring at the material time before the court; neither were the names of the other employees who were also affected by the exercise provided before the court.

Sunday, January 12, 2014

How LASAA Defrauds Lagosians With 2013 Lagos Countdown


Thousands of revelers had horrific experience making their way into the clear space for the Lagos Countdown 2013, making the event dubbed as 'Africa’s biggest New Year eve party', a major letdown.

The countdown into the New Year was marred by very poor organization, barring a lot of revelers from enjoying the night as unannounced tickets had to be tousled for.

Making its debut in 2012, the Lagos Countdown recorded massive turnout on the Bar beach front where notable musicians performed on an elaborate stage after poorly fired pyrotechnics, turned the entire expanse of Bar Beach and Ahmadu Bello road into a carnival ground. The event was free to attend.

A similar round of excitement was anticipated at the annual event but revelers were stunted and ‘tased’ by private security officials as unannounced tickets were required to make way to the various sections before the stage.

“I never know we will have to get ticket to attend the event” lamented a mother of three teenagers who came with her kids and some of her neighbor’s.

“It was not announced, nobody knows of such a development because last year, my younger brother attended the program and he returned home telling us about the excitement and how people turned out. That is why I decided to come along with my children and their friends, only to get here and be told we have to buy the ticket” said the very distressed mother.  This was at just before midnight.

Organizers of the event, Lagos State Signage and Advertisement Agency (LASAA), had in the last one month, undertook a massive publicity campaign across all media platforms about the program of the countdown without any reference to the need that tickets must be procured for the final event.

The month long countdown, which commenced with series of activities on the beach from December 8 was free to anyone and no announcement was made about buying ticket for the final day.

Meanwhile tickets to gain entry into the event were not readily available as it was gathered that organizers of the event and some of the sponsors were responsible for issuing out ‘invitations’ to people to attend the event.

"Why should entry into a program organized by government with taxpayers fund, be based on invitations by private companies" lamented Emmauel Ajayi, referring to the invitations issued by the sponsors.

"This is just confirming that all this Fashola government is concerned about  is catering for the rich" Emmanuel declared, adding that "I mean, how can a poor man like me who does not know anyone in the companies get an invitation?"

"These companies have now given the tickets out to just their family and friends."

A telecoms company, which is one of the sponsors (Airtel) however, ran short promo days to the concert on some radio stations in the city.

Subscribers to the telecoms were asked to text a code to 35299 at the cost of N100 to get the ticket. Dangote, Zenith bank and Nigerian Breweries were amongst the other major sponsors of the Lagos New Year party.

"Why can it not be free like it was last year" Emmanuel further asked as he claimed the first edition did not even as much sponsors as it did last year."

It was observed that the invitations, printed as tickets were sold at ridiculous prices at the event, as the program was about to commence.

The tickets for regular stand was retailing for as much as N5, 000 and above by random men who approached desperate revelers who sought to make their way into the concert ground after discovering they have to get tickets.

A man who identified himself as Chibuike, confirmed that he paid N5, 000 for the regular ticket which he bought from "guys around the beach."

“The money I had on me was to be spent here on food and beer but when I was told I have to buy the ticket, I had to change plans” he lamented.

This poor organization led to chaotic scenes at the various entrances into the performance ground and some people lined up by the other side of the road outside the barricaded space.

They were prevented from reaching anywhere near the metallic barricade by heavily armed soldiers and police officers.

"Is this a war scene" wondered an American traveller, Zakiya Muwwakkil, who was visiting Lagos for Christmas, at the sight of the armed military officers mounted on armored tanks all over the grounds.

The night was even made worse for some people who become disorderly on the long queues as private security operatives from Hogan Guards, were seen tasing people with police tasers, thereby passing electric shock to people’s body for being rowdy.  There were a number of such horrendous moments across all the entry points.

Another major flaw of the 2103 Lagos Countdown was the arrangement of space reserved for attendees. There was the regular, VIP and VVIP. Chairs and table was the only difference between the regular and VIP with barbed wired demarcating the two while the VVIP were seated on the elevated platforms beside the mighty dykes that curtail the ocean surge.

The VVIP also had exotic drinks and shimmering decorations raised above the space.

Revelers not able to secure the front seat across all the spaces were denied any chance of seeing what was going on the stage. Big screens that were erected strategically in the last edition were not available this time around.

There were only two such big screens but they were surprisingly placed beside the stage, thereby giving people on the front roll multiple views at the expense of those at the back.

Despite the cozy provisions made for Very-Very Important Personalities, the VVIPs had to abandon their seats and thronged the front row to get a view of the performances, to the displeasure of the early birds.

“Organizing a big event like this, extra-large screens should have been provided at different spots to enable people that will be at the back to get a view of what is going on, on the stage at ease” a government official who does not want to be identified lamented.

Compared to Lagos Countdown 2012, the pyrotechnics of the 2013 Lagos Countdown was not as impressive.

The fireworks, which commenced after the midnight crossover into 2014 seemed not properly organized, as the smoke of prior explosions would not exhaust before the next explosion comes on and the smoky view spoils what should be the spectacular view.

Despite launching the pyrotechnics from a peninsula farther from Bar Beach, the fireworks explosion was so close to the revellers that the sand carried along from the launch site was trickling on the revelers and most worse, on to the VIP and VIP wit their drinks and food on the table.

The event however lived up to its expectation with the expected performances, which ran till the break of dawn. Notable artistes such as D’banj, Burna Boy and Wizkid were delayed till the very early hours of the morning when a lot of people were exhausted and started taking their leave.

Lagos Countdown is fashioned after similar event in major cities around the world, such as Sydney, Dubai, New York, and London where thousands people gather in well-designed squares to merry and countdown into the New Year.

The Lagos Countdown which seeks to institute an enduring crossover tradition, signifying the end of one year and the celebration of the beginning of another is the brainchild of Lagos State Governor, Mr. Babatunde Fashola and is organized on behalf of the state government by LASAA.

Saturday, January 11, 2014

Maheeda Pose With Guys Completely Nude

Maheedah was caught completely nude in a movie set with this guys.

Wednesday, December 18, 2013

N1B Fraud Rocks UBA
How the Management Deposited the Money into Driver’s Account
The EFCC Roles in the Cover-Up


Internal manipulations and sharp practices that characterized the collapsed and merging of Banks in Nigeria have been reinvented in the United Bank for Africa, UBA.
The ongoing manipulation recently took its toll at the UBA branch, at Area 3 Abuja where the management is perfecting every known financial shenanigan cover up the cesspit the bank has been known for over the years.

Saturday, December 14, 2013

Labour Party Expels Gbenga Daniel

Gbenga Daniel is a two-term Ogun governor
The Labour Party has dismissed the immediate past Ogun State governor, Gbenga Daniel, from its fold.
The party announced the dismissal in a statement jointly signed by its Ogun State Chairman, Simeon Olabode, and Secretary, Sunday Oginni.
Mr. Daniel, elected two-term governor on the platform of the Peoples Democratic Party (PDP) in the state was expelled from the Nigerian ruling party for alleged anti-party activities. He joined the Peoples Party of Nigeria, PPN, just before the 2011 general elections, before joining the Labour Party, alongside many of his supporters, after the election.
In dismissing the ex-governor, the Labour Party accused him of causing confusion in the party.
“Our position was not a fight against those who choose to join our progressive mind set,but against tyranny called Otunba Gbenga Daniel (OGD),” the party leaders said.
“OGD as an institution he claimed to be has lost all traits of democratic ethos and pursues personal agenda rather than our collective aspiration.
“He is known to destroy political foundations of individual and groups as evidence of his destruction and destabilization of PDP in 2011. Whatever he was today was made by PDP who gave him the lifeline in 2003 to become governor,but he later bite all fingers that feed him including former President Olusegun Obasanjo.”
The Labour Party leaders added that they “put him (Gbenga Daniel) on probation of one year from December 2012 to December 2013.
“But because of the trait of the mischief and callousness he had demonstrated so far and at certain times during his probation period,we told him to formerly resign his membership of PDP despite his suspension by the ward executive of ogd ward in Sagamu.
“We also told him to resign his membership of PPN because he has shown us the INEC certificate issues to PPN for registration, he has also at different times shown us the registered certificate of SDP as political party.
“One then wondered what manner of a man is Danielgate, who wants to belong to four different political parties at the same time.”

The Labour Party also said Mr. Daniel’s influence in Ogun politics was exaggerated; saying the governor lost his polling unit, ward, local government, federal constituency, senatorial and the state, during the 2011 elections.
“We now wonder,what magic he want to display to win any election in our dear state,Ogun State,” it said.
The party said it would become, without Mr. Daniel, who is also being prosecuted for alleged fraud, an enabling platform to advance all cause of the people of the state to good governance and economic advancement and development.
“In our collective appraisal of the political situation of our dear state, Otunba Gbenga Daniel is no more intending member of our great party,and he is hereby discarded away from our party, and we hope these explanation has diffused all dissenting speculation that were intended to cause disaffection among willing and committed member of Ogun Labour Party.
“We urge the people of Ogun State to be aware of this important information as Otunba Gbenga Daniel is no more a member of our party from today 13-12-2013. The Nigeria Police and all other security agencies are also to take note. OGD has now become a past tense in Ogun Labour Party,” the party leaders said.

Introducing E-Genti

Egenti
Egenti

 
Egenti Washington Maduka Young started to make music in his early days. In 2001, he teamed up with his friends to form a group called H.O.T Bonez. They were based in Orile-Iganmu, Surulere - Lagos. In due time, he broke out to pursue his dream  as 'Young Dinero'. Today he is simply known as E-Gent.

The singer who started as a hardcore rapper, later switched to explore other genres of the music art. According to him, the zeal to touch more people with his music explains the switch. "I believe music is a tool for communication and it will only be fair for everybody to understand and relate with my music, that is why I am in this business", he says.

Just released is his new single and video titled "Iroko". It is a mild reggae song with a bounce that will still get one moving. Explaining the message behind the song, E-Gent says, "Let's just say it is my way to let 'that special girl' know how she makes me feel".

E-Gent is signed to Gabson Management, a U.K based entertainment outfit.