Tag: bargain

  • Apply pre-emptive lessons from AGF plea bargain case

    Apply pre-emptive lessons from AGF plea bargain case

    The former Accountant General of the Federation 2011-2015, Jonah Otunla is reported to have returned N6.392billion N6,392,000,000  following a plea bargain with EFCC’s former head, Ibrahim Magu, who is himself under investigation. Magu is reported to have promised avoidance of prosecution in return for returning the money to government. However, EFCC is prosecuting and he, in return, is seeking the protection for breach of promise. This case firmly demonstrates the flaws in the plea-bargaining tool as operated in Nigeria. We were told there were plea bargains with others including the Abachas.

    What is the guiding principle in terms of percentage of stolen funds that Nigeria gets back with plea bargaining? Nigerians are unaware of the total stolen sum found before the N6.3b was identified as returnable. What exactly was found with him?  What has been left with him, remembering that every kobo is a lifeline taken from the hopes and dreams and table of every single child, youth, girl, boy and adult in Nigeria? Every single stolen naira is bloodstained and soaked in the blood of Nigerians. Why can’t the thieves see this damage before they steal? Why is our financial security system so weak, that more than N6 billion can disappear with no alarm-N40/Nigerian assuming a 160m population?

    Then even the next Accountant  General [2015-2022] Ahmed Idris was identified recently having stolen N109+billion and was only caught, not by EFCC or ICPC, but because he was reported to the police when he sent an 18 year old girlfriend  to purchase a house for herself. Luckily, she informed her uncle who, shocked, reported to the security agencies. It was only after that investigation, stimulated by an honest and protective uncle, that such that huge amount was discovered. He returned N30b initially = N187.5/Nigerian at a population of 160m.

    The questions are several. What demon possesses such high office holders, gatekeepers of Nigeria’s financial existence that they should fail, and undetected, rape and pillage funds they are sworn to safeguard and inform government of any thieves. How does any official get the arrogance and boldness to access and remove such a huge quantum of money in multiple fraudulent acts, without raising any red flags. Most other countries would have collapsed under the burden of such monstrous serial thefts. But there are many more similar frauds at federal and state and LGA levels and in MDAs. We must recover all our money from such people and not a plea bargain even before we know the total stolen. Theft of even N1 is fraud, corruption and can kill someone somewhere in the country. So, there should be no percentages kept by the thieves when interrogated. In fact, we must remember that because of this particular ‘big man in sensitive and responsible office’ fraud, our naira has become toilet paper, more of our children are born dead and more mothers die trying to give birth in hospitals unfit to deliver goats, our children go to places miscalled schools lacking in every form of learning aid from a decent learning environment like intact roof and furniture and toilets, wall charts, sports equipment a laboratories and libraries, well-educated and well remunerated teachers using modern teaching tools and schools and pupils  and even teachers lacking text books. There is blood on the ground. If we equate each naira stolen to a drop of Nigerian blood needlessly shed, we have 6,392,000,000 blood stains and  6,392,000,000 drops of blood shed by our citizens.   

    Read Also: Tinubu committed to improving lives of vulnerable communities – Shettima

    All the main issues around plea bargaining, full evaluation of the theft and recovery of the stolen funds- 100% recovery or less – must be discussed in public. A plea bargain in an honest society can never include allowing the thief to keep even N1 of the nation’s scarce resources. We must reject every effort to collaborate criminally with the thief and allowing the thief to keep even a naira. We must say ‘100% recovery of all identified stolen funds must be done.’ PLEA BARGAINING STEP ONE: CALCULATE ACCEPTABLE VALUE OF POSSESSIONS, EARNINGS OF THE THIEF TO ESTABLISH HONEST FINANCAL PROFILE.

    STEP TWO: 100% RECOVERY OF ALL, EXCESS OVER EARNINGS, STOLEN MONEY. NO KEEPING OF EVEN A SINGLE NAIRA.

    STEP THREE: CALCULATE PROSECUTABLITY IN PROPORTION TO DEGREE OF COOPERATION/TRUTHFULNESS OR LACK OF IT.  In other words, all must go to punitive prison in my view for at least life if theft is more than N10m, to compensate for the lives lost due to the absence of the stolen funds in Nigeria’s financial system. But a shorter prison time may be recommended for a cooperative thief who saved EFCC/ICPC investigative time, while a longer prison time may be demanded for the thief who is slow to reveal full ramifications of the corruption net around him or her.

    STEP FOUR: THE CRIMINAL JOURNEY SHOULD BE STUDIED, LESSONS TAUGHT TO SERVING EFCC/ICPC OFFICERS FOR IMMEDIATE PREVENTIVE IMPLIMENTATION to prevent a recurrence.

    STEP FOUR: THE RESULTS SHOULD BE MADE PUBLIC. 

    What are the lessons learnt from the ongoing Emefiele vs Nigeria case. It involves unbelievable sums that could topple any government. Are they recovered and hopefully not re-stolen. Even NASS’s failed oversight function allowed no audited accounts for eight years. 

    Of course, such thieves had predecessors who may require screening. Such cases should be taught immediately in our universities.

    Finally, did he do all the criminal paperwork and banking of N6,392,000,000 alone? Was he a fraudster surrounded by saints or accomplices?

  • Of 5% bargain-hunters & the London opera

    Of 5% bargain-hunters & the London opera

    Half a century ago, Major Kaduna Nzeogwu of the January 15 coup fame sneaked into the national lexicon the term “ten percenter” to describe the size of kickback demanded by politicians and other public officers then polluting the society.

    Over the years, descendants of “10 percent” would improve on their forbear’s technology by graduating greed to stratospheric heights, so much that increasingly, corruption in Nigeria was no longer content with swallowing the entire barn of seedlings, but “disappearing” the cache of cultivating tools like hoe and cutlass as well.

    Today, in a bizarre twist, there is a reversal of roles. Beginning from January, it is the supposed victim, the Federal Government, that now awards five percent cut as incentive to whistle-blowers on any loot located and unearthed.

    And a bounteous harvest it has been. Only penultimate Tuesday came a salacious report that N8.4b had been found nestling in an ECOBANK account, courtesy a tip-off by a whistleblower. Barely 24 hours later, 17 exotic cars were uncovered at a secret warehouse allegedly owned by former Customs boss (Abdullahi Dikko), courtesy another whistleblower.

    More including tricycles allegedly belonging to him were discovered at another location this week. Weeks earlier, a staggering $151m and N8b were similarly reaped within weeks the whistle-blower policy took off, according to the Information minister, Lai Mohammed.

    Apart from another haul of mould-smelling $9.2m dug out from Andrew Yakubu’s vault in a Kaduna slum. The whistle-blowing process is activated by furnishing the office of the Attorney General of the Federation or any of the designated channels with the lead. This, in turn, is forwarded to the Nigerian Financial Intelligence Unit and the Economic and Financial Crimes Commission for action.

    Typically, Abuja has since been making a song and dance of the scheme as yet another expression of a firm commitment to not only rid the land of sleaze but also raise its profile in the context of transparency and ease of doing business.

    Coming at a time of great financial stress in the land, the initiative would appear like the proverbial manna from heaven. So, what perhaps remains is for Abuja to let its town-criers add that the policy has, by default, availed citizens – particularly the unemployed – a means to earn a legitimate living.

    Only the unpatriotic would not see anything good in the latest gambit by the Buhari administration to curtail graft in the land. But one’s only observation is whether the time and energies presently dissipated celebrating the harvest were not better utilized towards institutionalizing the policy. We are told a bill had been sent to the National Assembly.

    So, who are those obstructing it? What happens where an informer has been paid but the ‘loot’ owner gets a court judgment invalidating the seizure? Any indemnity for such an outcome? For, in the absence of a durable legal framework, the present arrangement is perhaps only a shade better than a dignified racket.

    This is certainly not how it is done where the idea was copied from. In the United States, for instance, a bounty is not only assured the whistle-blower; there are adequate provisions in the law to save their necks against possible vendetta by those exposed.

    There is the Merit Systems Protection Board, a quasijudicial agency, that adjudicates whistleblower complaints. It draws oxygen from the Whistleblower Protection Act signed into law in 1989 by the administration of George Bush Snr.

    UNDER the European Union, officials are obliged to report fraud, corruption and other illegal activities under Articles 22a and 22b of the statute regulating staff conduct. In Britain specifically, there is the Public Interest Disclosure Act (PIDA) of 1998 to protect whistle-blowers.

    Only in Germany do we still encounter a reluctance on account of deep “cultural issues” despite repeatedly attempt by Angela Merkel administration to pull that through.

    There is a natural inclination to cloak things up. A mentality vividly captured by the very author of the German national anthem, the late Hoffmann von Fallersleben, who famously declared that: “The greatest rogue in the whole land is, and will remain, the informer.”

    So, what the Information minister should be telling us at this hour – almost half time of the Buhari administration – is what concrete steps are being taken in partnership with the legislature for a law to back and institutionalize the policy.

    Not until that is accomplished could we possibly have the comfort that Buhari had created a durable structure to sustain the anti-graft war and, more importantly, a guarantee that succeeding administrations would not turn back the clock’s hand.

    A corollary to the desired legal infrastructure will be a resolve to revisit the issue of fiscal federalism. When the huge sums so far harvested from whistleblowing are added to the colossal figures cited in Dasukigate, it is obvious that there is so much to steal in Abuja.

    By the current revenue-sharing formula, the Federal Government gorges on 52 percent of the nation’s earnings. While the 36 states and 774 councils with far greater responsibilities scrounge on less than 46 percent. Let it be recognized that it is partly this climate of glut that, in turn, feeds humongous larceny against which FG now ironically offers 5 percent “commission” to salvage.

    A more sustainable approach to cure the affliction is simply dismantle the structure that turns Abuja to a bazaar. In a way, Abuja’s culture of flatulence would also seem illustrated by the ongoing zig-zag from PMB’s medical camp in London where the notion of “awaiting result” now appears redefined as a euphemism for indeterminate presidential holiday.

    Before now, the mention of “awaiting result” would probably remind you of no more than the impressionable young adults in the neighborhood – the soon-to-be-undergrad – anxiously awaiting the results of the qualifying JAMB or WAEC exams.

    The phrase however acquired a new meaning four weeks ago when, on the eve of the expiration of PMB’s initial 10-day holiday, his handlers casually announced an extension to enable him “await the results” of the battery of definitive tests. Thereafter, mischief-makers took over.

    There was the pernicious rumor of death. Then last week, someone concocted the fable of “penis surgery”. The social media virtually went haywire following the report that “Muhammad Buhari” had undergone a medical procedure in the “private sector”. Coming when the only one widely known by that illustrious name was supposed to be on “medical vacation” in London, many did not wait to read the body of the story before concluding that, ha!, the jigsaw puzzle had finally fallen in place.

    It took hours before the purveyors of the “fake news” (apology US President Donald Trump), apparently now ashamed that it was a case of mistaken identity, began to roll back. It was eventually established that the Muhammadu Buhari that underwent penis surgery is actually a four-year boy who earlier suffered the misfortune of having his manhood severed by a wicked relation.

    But, truth be told, the flourish of “fake news” against PMB thus far would seem a bye-product of his own errors of commission and omission. Again, his publicists looked and sounded reactionary last Tuesday in another bulletin announcing yet another holiday extension. From the initial “awaiting result”, we are told the president had heeded advice by his physicians to “rest well”, till God knows when. This shifting narrative will only feed rumour mill the more. It is actually a self-inflicted ridicule.

    To be sure, I do not think any reasonable Nigerian would begrudge PMB for taking ill. What irritates is seeking to hush things up or make a subterfuge to a question otherwise requiring a simple answer. A more honest correspondence making it clear at the outset that the president needed medical attention the duration of which would be determined by his doctors would have saved all this embarrassment.

    Then, the mishandling of the softer issue. It is easy to see why things appear to be falling out of hinge. PMB’s two chief media handlers, Femi Adesina and Garba Shehu, are holed up in Abuja while their principal is cocooned in an undisclosed location in London and fiercely shielded from the public.

    ASSAILED relentlessly by a pesky public at home, the duo, ordinarily seasoned media managers, have had to resort to all sort of improvisations to manage an obviously awkward situation. It is difficult to tell how much access the duo have to their boss.

    From experience, I can tell that they can’t perform magic if they too have to depend on third party to source facts to compose releases. One can illustrate with the photographs of Aisha, the First Lady, and Sai Baba that made their way to the media a fortnight ago. In one, the wife, apparently perching on a side stool, was shown sidling to a rigid Sai Baba on the couch.

    The second picture was even more prudish: wife standing almost mechanically beside her husband, each bunching her/his hands and placing same gingerly on their lower tummy. Like starry-eyed pupils awaiting the teacher’s inspection at a Sunday school.

    But imagine if, for a change, Sai Baba had instead been shown placing an arm lovingly on the shoulders of his devoted wife. That is enough to cause a national sensation at home and maybe afford PMB a diversion he badly needs at the moment. By now, public attention would probably have shifted to the “loving Buhari”.

    The same way a make-over of bespoke Tuxedo and posh bow-tie had helped tweak public perception of him ahead of the 2015 polls. Surely, this is not the hour to envy Femi and Garba. The “Abiku” (spirit child) has turned the once revered native doctor to a laughing stock in the community.

  • Getting a better bargain

    WE all like to talk about great emotional exploits, the forever happy tales and tales of new hearts that have just been conquered. But this is just one side of the emotional coin. The other side which a lot of us like to sweep under the carpet  features the intrigues, treachery and blackmail, which are the strategies that help a greater number of people to survive in this highly competitive environment.

    While the exciting side of the emotional coin can be compared to that delicious and appetising menu, the other unsavoury side compares to the vomit. It is unpleasant in all ramification of the word.

    So, the big question is why do people who should know better end up being victims of the emotional vomit? you ask. The truth of the matter is that to be a complete heart, you must taste the two sides of the emotional coin. Allison’s heart has been in and out of the emotional tunnel and at a point, he felt he just needed a change of environment to get his sanity.

    “I relocated to a new neighbourhood about six months ago and I ran into an ex girlfriend. I was so excited with the connection and in a short while the old flames were re-ignited,” recalls Allison.

    He continued: “I thought she was the answer to all my emotional misfortune and started to build a new future together again. Unfortunately for me, I did not know that she had another motive. One day, I went to work and left her at home. When I came back home about five hours later, I realised that she had moved out with not just her belongings but everything I had laboured for all my life.”

    Like Allison, Dotun is also a victim of an emotional vomit. For about two weeks, Dotun could not eat, drink or work properly. His body, soul and mind were in disarray because the girl he loved so much dumped his heart in the garbage. This made him a shadow of his former self and he was sick.

    Dotun was in bad shape and he kept on vomiting. His younger sister gave him some medication and he felt better afterwards. By the time he got better, he realised that he was feeling very hungry and to make matters worse there was nothing to eat in the house. As he walked towards the bathroom, he saw the content he had vomited earlier on but sadly it had been polluted. This certainly cannot be consumed again, no matter how it is presented.

    Vomiting is the involuntary, forceful expulsion of the contents of one’s stomach through the mouth and sometimes the nose. This can be caused by a wide variety of conditions; it may present as a specific response to ailments like gastritis or poisoning, or some disorders ranging from brain tumours and elevated intracranial pressure to overexposure to ionising radiation.

    Interestingly, you can compare a failed relationship to these reactions. Going back to an ex therefore means going to an emotional vomit. It has become stale, offensive and unattractive. Why on earth would you want to go after emotion that should be flushed down the drain? Why would you waste your time and energy pursuing something that once gave you nausea? Why would you stuff your heart with something that stinks? Or why would you upset your stomach with content that has expired?

    The truth of the matter is that emotional vomits, most times, are not worth going after. You can be sure that whoever or whatever situation that makes them represent themselves has some ulterior motives.

    It is only a few relationships that enjoy smooth experience and become a reference point for others. The normal process is to run into a few bumps on the emotional corridor, rediscover your potential and see if you can still make it down the road.

    Usually, you can be successful when you recognise the problems and challenges ahead of time. From this point, you get better when you have found lasting solutions to the problems threatening your emotional existence.

    You will definitely have a much better chance of getting past them once the answers have been found.

    Even though every relationship has its ups and downs, successful couples have learned how to manage the bumps and keep their love lives going, says marriage and family therapist, Mitch Temple, author of The Marriage Turnaround.

    They hang in there, tackle problems, and learn how to work through the complex issues of everyday life. Many do this by reading self-help books and articles, attending seminars, going to counselling, observing other successful couples, or simply using trial and error.

    After six years, Deborah’s heart began to melt for affection. She also became desperate to settle down and have children with the new guy who found his way stylishly into her heart.

    Good news! Again, she was in a one-sided show and this dude just wasn’t ready for any emotional trap. On his part, Soji was just not ready to settle down and it was obvious that she was wasting precious time and emotional energy. For the records, he had repeatedly put off the wedding plans twice and this was the third attempt at making this marital dream a reality.

    Age was also not on his side and she began to wonder why he was being elusive at this stage. The chic in question was also intelligent, beautiful and hardworking. Now, he has suddenly cancelled all the arrangements, saying that he is just not ready for a serious relationship.

    Purposeful use of distraction techniques can actually be of benefit in coping with emotions that are strong, especially those that you are uncomfortable about.

    Fear, anger, sadness, and shame are emotions that are very difficult to deal with, and, as a result, they may lead people to using unhealthy coping strategies, such as alcohol or drug use. Although alcohol and drugs may initially work in taking away an intense feeling, this is only a temporary fix. In the long-run, alcohol and drug use often leads to more intense emotions and other problems.

    Given this, it is important to learn how to cope with very strong emotions by using skills that do not put you at risk for long-term negative consequences. One such skill is distraction and it helps to temporarily take your attention off of a strong emotion. Sometimes, focusing on a strong emotion can make it feel even stronger and more out of control. Therefore, by temporarily distracting yourself, you may give the emotion some time to decrease in intensity, making it easier to manage. Distraction is not about trying to escape or avoid a feeling. With distraction, it is implied that you eventually will return to the feeling you were having.

  • Supermarkets’ bargain tactics: who bears the loss?

    Supermarkets’ bargain tactics: who bears the loss?

    Shoppers are often deceived by the seemingly endless succession of rollbacks and extra free deals adorning supermarket shelves, trusting these supermarkets to help them save money. But the sincerity of these deals could be questionable, reports, TONIA ‘DIYAN

    It has become a usual practice that at this time of the year, discount prices on goods online and offline become the order of the day with shoppers scrambling for significant discounts on immediate buying because of the deal offers available.

    Asked if special offers are designed to provide the average shopper with good value or it is a mere bargain tactics for supermarkets, Femi Oluyole, a banker who was buying groceries from a supermarket in Anthony-Lagos thinks supermarket pricing policy is designed to increase margins primarily through convincing their ‘loyal’ customers into buying bargains that are not sincere bargains’.

    Adding that he finds it very confusing and time-wasting trying to work out which products are included in any offer, which is often not clear to him’. Oluyole said he noticed that in the home bake section of the store, there is a promotion to buy three items for the price of two. He also noticed a shelf full of items priced at only N15 each instead of their normal price of N50 per one.

    At Justrite Supermarket in Abule-Egba and Iyana-Ipaja, a shopper, Sholape Moyosore noticed that baking potatoes in a four pack which she uses for her baking as a caterer, all medium sized potatoes are charged at a premium price. She said: “I always understood a baking potato to be sold according to their sizes but the reverse is the case here.”

    She said also bought some grocery items from the supermarket for a certain price, but when she went back a few days later to buy more, the price had risen quite significantly. “When my husband queried this, he was told by an assistant (as if he was doing him a favour) to come back at the weekend as there would be a 20 per cent discount because of promotion. There was indeed, but the 20 per cent off still left the price far higher than when we had purchased the item originally. All this happened within the space of one week.”

    An elderly man, Pa Oluwole who has lived 40 years of his life in the United States, said he could not trust supermarkets because they are always saying they have the interest of their customers at heart when indeed, they are just out there to milk them.

    He said:  “Why should I trust supermarkets when they are always shouting about how they have the interest of their customers at heart? But I know how well they tell lies with their attractive offers. My daughter now shops for me at other outlets such as markets and small independent shops where many items are in fact cheaper and often better quality.”

    When price slashing and discount offers first became popular; supermarkets took advantage of what they saw as a veritable source of publicity and an opportunity to attract more customers. But, as the industry is growing and they are trying their hands in the marketing strategy, they say it has turned out that the deals weren’t offering the anticipated returns on investment.

    They often put attractive gift items on display as a bait to grab the shopper’s attention as soon as he walks into the store.

    All essential items are widely dispersed throughout the store. This is so that other ‘non-essential’ items can catch the shopper’s eyes as he walks around. He is being encouraged to spend more money.

    George Ukwunna is the Branch Manager of the Apapa Shoprite store. When The Nation Shopping met him to find out if the special offers which his store gives out on a daily basis are designed to provide the average shopper with good value for their money or if they are mere supermarket bargain tactics, he said: “Special offers are definitely designed to give customers value for their money.”

    He illustrated his belief by saying when a shopper buys an item at 20 per cent reduced cost from its market value, it gives him/her an opportunity to stock up while the offer last. According to him, the shopper will be able to save money by shopping at a well discounted price.

    A lady who simply identified herself as Rita said giving discount is another publicity stunt. Rita, who is the store manager for PEP, said because the store aims at getting publicity because they are new in the market, they have often introduced aggressive mark downs and promotions. She however said, “If it is all about the profit and not the customer’s satisfaction, the store won’t have an exchange policy. In other words, the customer is our priority and everything we do here, is at their interest.”

    The Nation Shopping gathered from a source that some supermarkets within the Lagos metropolis have decided to minimise, but not stop their price slashing strategy, saying the strategy may not actually be such a great thing for them after all. They have also realised that they are offering discounts against their best interests and may not actually present such inviting offers all the time.

    But, for the few customers, who visit after enjoying discounts, these supermarkets might decide that the idea is a bad deal and begin to turn their backs on it.

    Our source said it is only about three per cent of supermarkets which offer deals daily, weekly and monthly that end up sustaining their additional customers. Those who offer huge discounts and don’t retain their customers sometimes end up with low profits, loss of the initial patronage or no gain from the deals.

    However, some experts have said, bargains are not always what they appear to be. “For example, one customer picked up a 12-pack of toilet paper advertised as 30 per cent off. However, on closer inspection this was one of the more expensive packs on offer.”

    Speaking on the way forward for pricing and special offers, the Consumer Protection Council (CPC) has said it is calling on supermarkets to make their pricing clearer.

    CPC said: “We want them to show clear unit pricing – the price by weight, volume or unit – so that people can easily compare what they’re buying. We’re also putting pressure on them to sort out special offers so that they’re exactly that special which they are.

    “Last time we went round supermarkets with a trading standards officer and found lots of items that were over price in the name of promotional discounts and aggressive mark downs.

    “In some cases, products were listed as higher than they actually were. A 150g of detergent costing N300 was priced at N450. A 125g toilet cleaner for N350 was displayed as costing N500 for a bottle.

    “We checked the price per kilo, per 100g or per 100ml on a couple of products – looking at types of foods where errors have been spotted in the past. We found a quarter were wrong. In some of those cases, trying to buy the ‘cheaper’ product according to the unit prices displayed would have led to a consumer actually buying a more expensive item.”

    Advising shoppers, an expert says: “it is wise to check the price of individual items to see how much one will really save before purchasing”.

    He said products on the shelves at eye level are usually the most expensive items available. The supermarket’s own brand and economy items (cheaper products) are likely to be on the bottom shelf.

    For him, shelf labels make it hard for people to compare what offers the best value. By looking up on metric measurements, one can check different products and compare the price per weight/volume to see which products give the best value.

    Advising people to note that supermarkets have all their magazines stacked up by the counter, the expert said, they are strategically placed to give the shopper something to do whilst he/she queues up to pay for items.

    Other experts have said bargains are not always what they appear to be. “For example, when a customer picks up a 12 pack of toilet paper advertised as 30 percent off and takes a closer inspection at the item it will actually be one of the more expensive packs on offer.”

    Also advising parties involved, the Chief Executive Officer of Supermart, Mr Raphael Afaedor said::”If merchants are running deals, they should offer reasonable discounts that will still allow them earn profit at the end of it all.”

    He dded that customers, who are taking advantage of discount offers, should keep in mind that the goal of the supermarket is to make money, so sometimes; the offers might not be quite as great as the customer is hoping it will be.

    “The offer might be on products that a merchant wants to get rid off in order to accommodate new ones, or it might simply not be a really great discount.”

    Raphael, however, advised consumers should endeavour to carry out independent researches and confirm prices and product reviews before they jump on making a purchase offered as a discount sale.

    Having said all these, while price slashing, mark downs and promotions turn out to be bad business for many, there are still some supermarkets and shoppers who will make it available always or go for it when they go out shopping. Particularly at times like this when so many people do their shopping. Some merchants give out discounts on varieties of items they display daily and some shoppers will only visit such stores with discount offers.

     

  • See what Nnamani may forfeit in plea bargain

    See what Nnamani may forfeit in plea bargain

    About N21 billion properties and investments allegedly belonging to former governor of Enugu State, Senator Chimaroke Nnamani, may be traded off through plea bargain.

    Nnamani, who is facing multiple-count charges of corruptly enriching himself while in office, is said to be considering the option with a view to securing his freedom from the Economic and Financial Crimes Commission (EFCC).

    The former governor is already dusting his political shoes in readiness for the senatorial contest of Enugu East senatorial zone, which he represented from 2007 to 2011.

    He recently made attempts to rejoin the Peoples Democratic Party (PDP) to pursue his senatorial ambition but met a stumbling block in the state hierarchy of the party.

    EFCC sources hinted the reporter that these were apart from undisclosed cash to be retrieved from some foreign accounts he allegedly operated.

    The assets are currently being administered by a Lagos-based firm, Diya Fatimulehin and company, through a fiat issued by a Federal High Court, Lagos.

    Some of the businesses have already closed shop while others are on the verge of folding up.

    Some of the properties and investments the former governor was said to have agreed to forfeit are Rainbownet Limited, Enugu, an integrated Information Communication Technology (ICT) firm, said to be the largest such outfit east of the Niger, whose net assets are valued excess of N6 billion.

    Rainbownet with registration number 385700 had Nnamani’s elder sister Mrs. Chinero Nwaigwe as Managing Director and principal shareholder.  Although, the ownership was once shifted to an Enugu-based lawyer and property developer, a very close friend of former President Olusegun Obasanjo, the company has since closed its doors to business.

    Another is Mea Mater Elizabeth High School, in his hometown, Agbani – an ultra-modern coeducational high school worth about N5 billion, also with Mrs. Chinero Nwaigwe as chairperson of governing board.

    Yet another is the state-of-the-art Renaissance University, also in Agbani, a private university which is reputed to have gulped over N10 billion. It also used to have Mrs. Chinero Nwaigwe as the chairman of the governing council until a Bishop of one of the first generation churches in Enugu took over from her. The two institutions are still in session.

    There is also Renaissance University Teaching Hospital, Enugu. It is situated on an expansive 20-acre stretch covering parts of Rangers Avenue and Independence Layout. On that stretch of land did the legendary Michael Okpara build three ministers’ quarters which were allegedly demolished by Nnamani and converted to private use. Work was stopped at the site in the heat of the EFCC investigations in the state and nearly N3 billion including the cost of the demolished buildings have been sunk into the project.

    Others assets include the Cosmo 105.5 FM digital radio station in Enugu worth N400 million, and Marble Castle situated at Forest Crescent, GRA, Enugu worth N1 billion, as well as some choice estates scattered across Enugu, among other offshore estates. The Cosmo FM which took Enugu by storm and was becoming the most popular radio station in the Southeast, has been off the air for close to five years.

    At the Capital City Motors, the situation is like that of a cemetery, as workers in the company were said to have stopped coming to work for over five years.

    However, there was a snag in the negotiations as some legal authorities have explained to the EFCC that it has no powers to enter into plea bargain with corrupt officials and that it was only the court that can carry out such exercise.

    A Federal High Court in Lagos earlier granted an order for the seizure of all identified alleged ill-gotten properties of former Governor Nnamani.

    It was not clear whether the court will revoke its decision over the properties with regards to the latest plea-bargain going on between Nnamani and EFCC.

    Speaking on the development, one of Nnamani’s former commissioners, who pleaded anonymity, said the dwindling fortunes of the assets and investments is temporary as the case regarding them was still in court.

    He was of the view that the companies and schools finding themselves in a bad shape means that those holding them in trust are bad managers.

    “As soon as the case is disposed and the true owners of the assets determined, you will see that the situation will be turned around,” he assured.

    He, however, could not confirm whether there was an ongoing plea bargain or not.