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Tag: Corporate Affairs Commission (CAC)

  • CAC, SMEDAN unveil free registration drive for 250,000 MSMEs

    CAC, SMEDAN unveil free registration drive for 250,000 MSMEs

    The Corporate Affairs Commission (CAC) in partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) have launched a nationwide drive to provide free business registration for 250,000 nano, micro and small enterprises.

    A Memorandum of Understanding was signed by both organisations to kickstart the process of free registration, as the agencies decried that formalization has long been a hurdle for many small businesses, with cost, bureaucracy and lack of awareness thereby keeping millions of entrepreneurs in the informal sector.

    The Director General, Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) Charles Odii disclosed this during the signing of Memorandum of Understanding MOU with the Corporate Affairs Commission CAC in Abuja, lamenting that this often denies small businesses access to finance, markets and government support.

    He said, “The new CAC–SMEDAN scheme removes these barriers by covering the cost of registration and linking beneficiaries directly to SMEDAN’s MSME database.  Through this database, registered businesses will gain access to aftercare and opportunities such as grants, capacity-building programmes, technical support and market linkages.

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    Speaking, the  Registrar-General, CAC,  Hussaini Ishaq Magaji explained that

    the  drive is about breaking down barriers that keep small businesses informal, stating that by removing the cost of business name registration for 250,000 businesses, the government will be  helping more entrepreneurs take the first step toward growth, legitimacy, and access to bigger opportunities.

    It is also an investment in the MSME ecosystem, as the Commission is forgoing approximately N3 billion in registration fees to make this possible. The free business name registration drive is designed to strengthen Nigeria’s MSME ecosystem by promoting formalization and reducing barriers to growth, in line with the Federal Government’s Renewed Hope vision.

    The two heads of agencies lauded President Bola Ahmed Tinubu for his strong and meaningful commitment to MSME development and the broader economic agenda, noting that the initiative reflects his vision of lowering barriers for entrepreneurs and creating an enabling environment for growth.

  • Businessman arraigned for allegedly forging CAC stamp

    The police yesterday arraigned a businessman, Manessah Adam, 41, in a Wuse Zone II Magistrates’ Court, Abuja, for allegedly forging a Corporate Affairs Commission (CAC) stamp.

    The defendant is charged with forgery.

    The police prosecutor, Adeyemi Oyeyemi, told the court that Mr Ifeka Jerome, of Corporate Affairs Commission, Abuja, reported the matter at the FCT Police Command, Abuja on February 20.

    He alleged that Azeez Yusuf reported to the commission that the defendant collected N60, 000, with a promise to register his company with the CAC.

    Oyeyemi alleged that the defendant forged the official stamp of the commission with which he used to stamp Yusuf’s application letter and presented same to him as the original from CAC.

    He said during police investigation, the defendant allegedly confessed that he forged the CAC stamp.

    The prosecutor said the offence contravened Section 364 of the Penal Code.

    However, the defendant denied committing the offence.

    Mr Simon Dauda, counsel to the defendant, applied for bail on liberal term.

    Magistrate Elizebeth Jones-Winnie granted the prayers of the counsel and admitted the defendant to N500,000 bail with two sureties in the like sum.

    She said the sureties must sign a bond and produce any utility bill.

    The magistrate said the sureties must reside within the court’s jurisdiction.

    She adjourned the case till March 27.

     

  • Dogara dispels allegations of witch hunting over investigation of NDPHC

    The Speaker of the House of Representatives,  Yakubu Dogara has said that the investigation of the Niger Delta Power Holding Company (NDPHC) Ltd over alleged  misappropriation of over N10 trillion ($30b) should not be misconstrued as witch hunting.

    The Speaker said the company that is being funded by tax payer’s money has refused to follow due process by failing to present its expenditure to the National Assembly while spending without legislative approvals.

    He said the investigation of over $30b of public fund by the company since 2005 was borne out of the need to find a lasting solution to the challenges in the nation’s power sector that has adversely affected all efforts to transform the nation’s economy.

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    NDPHC Ltd, established in 2005 was funded with $8.5b by the Federal, States and Local governments (LGs) with the Federal government bearing 47 percent of the cost while and 53 percent was shared by the State and 774 LGs.

    The shareholding composition of the company was 937,648,742 for the Federal Ministry of Finance Incorporated, 710,864,796 shares for States, 351,486,461 shares for LGS and 1 share for the Nigeria National Petroleum Corporation (NNPC).

    Dogara, spoke Thursday at an investigative hearing by the Darlington Nwokocha-led ad hoc Committee where he said the House was particularly concerned about making the NDPHC to work to fulfil its intended objectives as an important agency in the nation’s electricity industry.

    Represented by the Deputy Minority Leader, Chukwuka Onyeama (PDP, Anambra), the Speaker said the House will not relent until all allegations of misuse of N10.08 trillion (about $30b) by NDPHC is unraveled.

    He said the investigation became imperative as more than half of the money was sourced from the Excess Crude Account (ECA) belonging to the three tiers of government.

    He said: “From the information made available to the National Assembly, the NDPHC Ltd. has since 2005 invested over $30b, over half of which was sourced from the ECA belonging to the three tiers of Government, while the balance consists of funds from other investors.

    “As a Limited Liability Company, the operations, management and accounting procedures of the NDPHC Limited is subject to the overriding provisions of the Laws of the Federal Republic of Nigeria in general, and the Companies and Allied Matters Act, (CAMA), in particular.

    “However, the available information is that the Company has failed to comply with very serious and important provisions of the Law, such that the very essence of the company, and by extension the NIPP, is seriously threatened.

    “Furthermore, the NDPHC does not submit its annual budget and project plans for appropriation by the National Assembly, while, as alleged, it also generates Internally Generated Revenues (IGR) in trillions of Naira, which cannot be determined because it is neither divulged nor paid into the coffers of the Government, but rather expended by the company without Legislative approval or input from the other tiers of Government.

    “Most importantly, information available from the Corporate Affairs Commission (CAC) conveys very disturbing signals that the trillions of Naira purportedly invested into the NIPP by the Federal, the 36 States and the 774 Local Governments have not been securitized as only two billion Naira is said to be registered as shares in the CAC for the three tiers of Government”.

    However, while NDPHC’s Chairman, Managing Director (MD), Chinedu Ugbo claimed to be unaware of specific allegations of funds misappropriation, the Association Local Governments of Nigeria (ALGON) disclosed that it was unaware of its participation in the formation of the company.

    The MD sought the indulgence of the Committee to amend the presentation earlier made to the Committee after the legal representative of the company, Olusola Oke, a Senior Advocate of Nigeria (SAN) was denied audience by the Committee

    Ugbo afterward restated the submission of his legal adviser that he was unaware of the specific allegations of financial infractions.

    He pleaded for time to enable him report back at a later date for a comprehensive response to the allegations.

    On his part, the Director General of the Nigerian Governor’s Forum (NGF), Abdullateef Shittu, who could not make a comprehensive submission, however disclosed that shares belonging to the Local Governments were delivered through the NGF.

    Shittu pleaded with the Committee for more time to provide detailed information requested due to the short notice of the invitation.

    On his part, the consultant that represented ALGON, Mohammed Ali said the organizational was not aware of its investment in NDPHC.

    Ali said ALGON has never been invited to NDPHC’s Annual General Meeting (AGM) and neither has it received Share Certificate or dividends for its investments in the company since inception in 2005.

    ALGON demanded for 10 years audited account of the company to enable it make informed decision on what next step to take about its investment in the company.

    A member of the Committee, Abiodun Olasupo (Oyo state) wondered whether NGF was trying to shield certain interests by failing to make a detailed presentation on account of short notice.

    He said ALGON got the invitation same time with NGF and was able to make its presentation.

    Earlier, Committee Chairman Nwokocha said the House was forced to launch the investigation due to the avalanche of petitions on allegations against the composition, management and operations of the company.

    “This investigation into afford all stakeholders an opportunity to participate and be heard on this issue of national importance,” he said.

    The hearing was adjoined indefinitely.

  • ‘Osinbajo for Ondo MSME clinic Thursday’

    The Ondo State Government says the Vice President, Prof. Yemi Osinbajo, will  be in the state on Thursday for the inauguration of  the Micro, Small and Medium Enterprises ( MSME ) Clinic in Akure.

    The clinic was an initiative of the office of the Vice President in partnership with the Federal Ministry of Industry, Trade and Investment as well as  11 other federal agencies.

    This was revealed during a news conference on Sunday in Akure by the Special Adviser to the Governor on Public and Inter-Governmental Affairs, Mrs Olubunmi Ademosu.

    According Ademosu, the programme would kick off on Wednesday while the Vice President is expected in the state on Thursday for the inauguration.

    She said  the Ondo State Government had  put in place all the required structures and processes that would ensure the success of the programme, adding  that the state government was targeting no fewer than 10,000 beneficiaries.

    “The Akeredolu’s administration has always prioritised the people as a key point of his administration as all programmes we have carried out have been evenly implemented.

    “We have also ensured that political influence is avoided with the commitment to facilitate a sense of belonging to residents of the state.

    “The Micro, Small and Medium Enterprises Clinic will never be an exemption,’’ Ademosu said.

    She expressed confidence that the programme would go a long way in raising  a new set of entrepreneurs while the existing ones would be guided on the best steps to take to add value to their efforts.

    “ Owners of micro, small and medium enterprises are expected to focus on capacity building before accessing the most appropriate financial facility.

    “This is why you have businesses that open and shut down in less than few months of establishment.

    “Access to finance for at least five years is the right structure for these businesses and government is already working toward  addressing that with the establishment of the Development Bank of Nigeria ( DBN ), ‘’she said.

    The Special Adviser explained that the idea of the MSME Clinic is part of the efforts of the Buhari administration to close the gap between  enterprises and relevant government agencies.

    She also said that agencies like NAFDAC, Corporate Affairs Commission ( CAC ), Standards Organisation of Nigeria ( SON ), Bank of Industry ( BoI ), Federal Inland Revenue Service (FIRS) and others serve as facilitators of businesses and not obstacles to business development in the country.

    Similarly, the Ondo State Commissioner for Commerce and Industry, Mr Timehin Adelegbe, said the implementation of the programme was timely.

    “It is coming at a period that the Akeredolu administration is intensifying efforts at creating a conducive environment for small scale businessmen in the state,’’ he said.

    NAN

  • Ex-NIA DG Oke fraudulently converted agency’s funds, says EFCC

    Ex-NIA DG Oke fraudulently converted agency’s funds, says EFCC

    The Economic and Financial Crimes Commission (EFCC) Thursday accused former National Intelligence Agency (NIA) Director-General Ayodele Oke of fraudulently converting the agency’s funds.

    It alleged that Oke’s wife, Folasade, used part of the funds to buy Flat 7B in Osborne Towers on 16 Osborne Road, Ikoyi, where large sums of foreign and local currencies were recovered.

    The Federal High Court in Lagos Thursday ordered the flat’s temporary forfeiture to the Federal Government.

    It will be permanently forfeited if no one turns up to justify ownership within 14 days, Justice Saliu Saidu ruled.

    He ruled on an application by the EFCC, which was moved by prosecuting counsel Mr Rotimi Oyedepo.

    The commission said Mrs Oke made made cash payment of $1,658,000 in tranches of $700,000, $650,000 and $353,700, for the flat’s purchase between August 25 and September 3, 2015.

    EFCC, in a supporting affidavit deposed to by an investigating officer, Mr Musa Giwa, said Mrs Oke gave the cash to a bureau de change operator, Alhaji Shehu Usman Anka, to pay for the flat.

    It alleged that the money was fraudulently converted by Oke.

    EFCC said: “The sum of $1,658,000 which Mrs Folasade Oke gave in cash to Alhaji Shehu Usman was part of the funds belonging to the Federal Government of Nigeria which was fraudulently converted by Mr Ayodele Oke whilst serving as Director-General of NIA.

    “The funds used to acquire the property sought to be forfeited in the name of Chobe Ventures belong to the Federal Government of Nigeria but was fraudulently converted to the use of Chobe Ventures. It is in the interest of justice to grant this application.”

    The sums found in the flat are $43,449,947 (about N13billion), N23, 218,000 and £27,800 (about N10.6milion).

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    The court ordered their forfeiture to the Federal Government on June 6.

    The NIA through Oke claimed ownership of the funds, following which he was suspended and subsequently sacked by President Muhammadu Buhari.

    Justice Saidu Thursday granted an interim order forfeiting the flat and its appurtenances.

    EFCC said they were reasonably suspected to have been acquired “with the proceeds of unlawful activity.”

    He ordered EFCC to notify Chobe Ventures in whose possession the flat was found to appear in court and show cause within 14 days why the property should not be forfeited to the Federal Government.

    The court also directed the commission to publish the interim order in a national newspaper for the respondent or anyone interested in the property to show cause within 14 days as to why a final forfeiture order should not be made.

    EFCC said when it recovered the huge cash from the flat on April 12, it also recovered several documents indicating that the flat belonged to Chobe Ventures, including invoices and cash receipts issued to the company.

    It wrote the Corporate Affairs Commission (CAC) for the particulars of Chobe Ventures’ directors.

    The CAC responded, stating that the directors of Chobe Ventures were Mrs Folade Oke and Mr Ayodele Oke Jr.

    EFCC said Mrs Oke bought the flat in 2014 from a firm, Fine & County International Realty, through one Rawlings Ehumadu.

    According to the commission, Mrs Oke instructed Alhaji Anka to transfer the funds to Fine & County.

    EFCC said Fine & County acknowledged receipt of payment for the flat as well as additional N9.4million professional fees for services rendered Chobe Ventures.

    “After the payment to Fine & County, a deed of assignment in respect of the property sought to be forfeited was executed. Upon the execution of the deed, the property was handed over to Chobe Ventures,” EFCC said.

    The commission alleged that the money used in acquiring the property was “fraudulently converted” by Mr Oke while serving as NIA Director-General.

    Justice Saidu adjourned till November 30.

  • FG saves N24.7bn from TSA, IPPIS/BVN monthly – Buhari

    FG saves N24.7bn from TSA, IPPIS/BVN monthly – Buhari

    President Muhammadu Buhari says Federal Government’s leveraging on Information and Communication Technology ( ICT ) and the enforcement of Bank Verification Number ( BVN ) has saved the nation of N24.7 billion monthly.

    The president disclosed this when he declared open the 2017 eNigeria Conference, organised by National Information Technology Development Agency ( NITDA ) at the International Conference Centre, Abuja, on Tuesday.

    The president also revealed that the implementation of the Integrated Payroll and Personnel Information System ( IPPIS ) and Bank Verification Number (BVN) had eliminated ghost workers and reduced waste, thereby saving the nation N20 billion monthly.

    He said that the consolidation of 20,000 accounts had saved the nation N4.7 billion.

    According to him, the TSA policy has also facilitated transparency, accountability and ease of transactions and payments between government and businesses as well as government and citizens.

    “We have done a lot to transform our government, especially in the areas of strategy, policies and digital infrastructure investments.

    “You may recall that on assumption of office, we enforced the policy on Treasury Single Account (TSA). Today, we are all witnesses to the impact it has made on our financial management.

    “We have so far consolidated over 20,000 accounts, resulting into about N4.7 billion monthly savings.

    “In addition, the policy facilitated transparency, accountability and ease of transactions and payments between government and businesses as well as government and citizens.

    “Another initiative leveraging on ICT and making huge impact on the economy is the introduction of the Integrated Payroll and Personnel Information System (IPPIS) and Bank Verification Number (BVN).

    “Its implementation has helped to eliminate the menace of ghost workers, thereby reducing waste in the system by saving government over N20 billion monthly.

    President Buhari described his presence at the event as a demonstration of his commitment and strong belief in using ICT as a major driver of developmental governance and economic reform plans aimed at bringing about the true CHANGE his administration promised Nigerians.

    According to him, ICT is strategic in driving productivity and efficiency in all sectors of the economy.

    He noted that currently, almost all sectors of the nation’s economy leverage on ICT to increase efficiency, productivity and performance.

    President Buhari commended NITDA’s efforts on fostering the patronage of indigenous IT products and services through continuous engagement with indigenous OEMs, relevant stakeholders and other laudable initiatives.

    He observed that ICT played a pivotal role with agencies of government such as the Corporate Affairs Commission ( CAC ), Federal Inland Revenue Service ( FIRS ) and the Nigeria Immigration Service ( NIS ).

    He stated that the affected agencies had leaned on ICT in improving public service delivery in an efficient and transparent manner.

    “So far, 31 reforms have been completed by the council and these reforms are already making noticeable impact on our economic diversification efforts.

    “The Agency’s efforts at enforcing Federal Government’s directive on ensuring that all ICT projects in the country are cleared by it before implementation are highly commendable.

    “These efforts will ensure that government’s ICT procurement is transparent.

    “It is aligned with government’s IT-shared vision and policy, save costs through promotion of shared services, avoid duplication, ensure compatibility of IT systems, thereby improving efficiency across government and enforce the patronage of indigenous companies.’’

    The president expressed the hope that the conference would come up with practical, viable solutions and recommendations to further develop local content in ICT as well as how it could best regulate the deployment and use of ICT systems to foster a digital economy in Nigeria.

    The president used the opportunity of the conference to express displeasure over refusal of some heads of government’s ministries, agencies and departments to wear the Armed Forces Remembrance Emblem.

    He noted that very few of dignitaries at the conference wore the 2018 Armed Forces Remembrance Day emblem, which he inaugurated on Wednesday.

    He urged all heads of ministries, departments and agencies to wear the emblem with pride, to encourage the legionnaires as well as families of those who paid the supreme price for the unity of the nation.

    Buhari said the emblem launch was a worthy tradition of recognizing and appreciating the sacrifices of the veterans in the First and Second World Wars, Nigerian Civil War and Peace Support Operations around the world.

    The three-day conference has as theme: “Fostering Digital Economy through Local Content Development and Effective Regulations.”

    NAN

  • CAC Designs Portal For Company Registration To Curb Fraud

    CAC Designs Portal For Company Registration To Curb Fraud

    The Acting Registrar-General of the Corporate Affairs Commission ( CAC ), Lady Azuka Azinge yesterday in Kano said the Commission has introduced online registration method aimed at curbing the menace of fraudsters and middle men.

    Speaking during a sensitization progarmme in Kano, Lady Azuka said the online registration method will go a long way in removing hiccups and ambiguities hitherto associated with registration of companies in the country.

    According to her, the sensitization visit is organized in collaboration with the Presidential Enabling Business Environment Council ( PEBEC ).

    She added that its intention was to bring together the management of the Commission, stakeholders and members of the public to interact on issues pertaining to the current reform initiatives of the Commission to provide enabling business environment in the country.

    “The Kano sensitization programme which is the second in the series is in pursuant to the 60 days Action PLAN OF THE Federal Government on Ease of Doing BUSINESS IN Nigeria. The first visit was held in Lagos on the 19th October, 2017.”

    In her goodwill message, Dr. Jumoke Oduwole, Senior Special Assistant to Vice President Yemi Osinbajo, on Trade and Investment, represented by Ms Rebecca Dokun, a Reform Leader with EBES, hailed the CAC reform initiatives and urged stakeholders and members of the public to take advantage of the Company Registration Portal (CRP) to register their business directly without hitches.

  • FG to launch One-Stop-Shop for MSMEs

    FG to launch One-Stop-Shop for MSMEs

    In fulfillment of its mandate to significantly spur Micro, Small and Medium Scale Enterprises ( MSMEs ) the Federal Government would launch one-stop shops in no fewer than seven states across the country.

    The measure is to facilitate smoother government regulation and interface between entrepreneurs and agencies of government.

    Read also: UNIDO upgrades MSMEs’ financial literacy 

    The Vice President’s Spokesman, Laolu Akande, said in a statement on Monday that already one such one-stop shop for MSMEs in Plateau State was launched in Jos on Aug. 24, and was being housed by the Plateau State Micro-Finance Development Agency (PLASMEDA).

    According to him, the states that are next in line are Abia, Cross River, Ogun, Akwa Ibom, Kwara, Kano, Benue and the FCT.

    He said that the shops were slated to take off between September and October, adding that more of the one-stop shops are expected to be launched in other states before the end of the year.

    The one-stop-shop is aimed at bridging the information gap between micro and small investors and regulatory agencies of government.

    Such agencies include the National Agency for Food and Drug Administration and Control (NAFDAC), Corporate Affairs Commission (CAC), Standards Organization of Nigeria (SON), Federal Inland Revenue Service (FIRS), and others.

    Akande said that the MSMEs clinics which held in several States already had provided the opportunities for entrepreneurs and local producers in the MSME level to interact with regulatory agencies.

    Read also: ‘Accounting can sustain MSMEs in Nigeria’

    He added that the One-Stop Shop would create an ongoing opportunity in a permanent location to achieve the same purpose.

    The One-Stop Shop programme is part of the on-going Nationwide Micro, Small and Medium Enterprise Clinics for Viable Enterprises (MSME Clinics) initiated by the Presidency in January 2017.

    The MSMEs Clinics, one of the diversification initiatives of the Buhari administration, was designed to give small businesses the opportunity to interact with the industry regulators in an effort to spur local production and harness the nation’s export potential.

    Read also: Entrepreneurship, Key to ending Youth Unemployment in Nigeria- YPNI

    The agencies to be housed in the One-Stop Shops are the Bank of Industry (BOI), Bank of Agriculture (BOA), CAC, FIRS, SON, NAFDAC, and the Industrial Training Fund (ITF).

    Others are the Nigerian Export-Import Bank (NEXIM), Nigerian Export Promotion Council (NEPC), and Small & Medium Enterprises Development Agency of Nigeria (SMEDAN).

  • Activities pick up as CAC staff ends strike

    Activities pick up as CAC staff ends strike

    The Corporate Affairs Commission (CAC) on Thursday resumed official business activities as its staff union called off the week-long strike over non payment of entitlements by the management.

    The offices of the commission at its corporate headquarters, Abuja, officially opened for customers and staff to carry out daily business transactions.

    The News Agency of Nigeria (NAN) reports that aside official duties, commercial and private businesses by food vendors and hawkers adjacent to the building, also resumed fully.

    A cross section of the vendors said they were excited that the union and management had reached an agreement, adding that their businesses could now flourish.

    Mrs Roseline Okoye, said “I used to make more than N10,000 a day but since the strike started, I didn’t even sell up to N400 because no customers”.

    Mr John Martins, commercial photocopy operator, said that the strike had caused him a lot of losses.

    “You can imagine since the strike started I sometime cannot make my transport fee back home because no customers.

    Mr Samuel Ebenezer, a photographer, expressed gladness over resumption of work.

    “You can see customers are here to take passport photographs.

    “This shows that I will go back home smiling. It has not been easy since the strike started.

    Mr Ibrahim Abdullahi, a member of CAC staff, said “staying at home doing nothing was not easy for me”.

    Mrs Ruth Balogun said “I pray for positive changes as the union and management work together”.

    The Amalgamated Union of Public Corporations, Civil Service Technical and Recreational Services Employees (AUPCTRE) CAC Chapter, embarked on a warning strike over alleged non-payment of salary arrears on July 17.

    During the dispute, the union blocked the premises of the commission, preventing its top management staff from accessing their offices.

    The strike was called off on the order of the National Industrial Arbitration Court, Abuja, on July 26.

    The court ordered AUCPTRE to unblock the premises, to allow staff and business activities to resume.

    The strike, which started on July 17, lasted for eight working days.

    The Chairman, Staff Union CAC, Mr Ibrahim Kirfi, told NAN that the strike had been called off.

    The commission’s spokesperson, Mr Godfrey Ike, said the strike had been called off and staff were now in their offices working.

    ” We want to take the past behind us and move forward,” Ike said.

  • Atiku’s wife to court: Pastor who defrauded me of N918m was my ‘errand boy’

    Atiku’s wife to court: Pastor who defrauded me of N918m was my ‘errand boy’

    Mrs Titi Atiku, wife of former Vice-President Abubakar Atiku, told an Ikeja High Court that Akpan-Jacobs, the pastor, who allegedly defrauded her of N918 million was her “errand boy”.

    Titi made this claim while being cross-examined on Wednesday by Mr Amos Ibe, the defence counsel to Akpan-Jacobs.

    “I paid N49 million for the land used as the premises of THA Shipping, my partner Fred Holmes never contributed to the buying of the land but he contributed to the building of the property.

    “The N49 million was given to Akpan-Jacobs to purchase the land, but did not know who he bought the land from.

    “He never contributed a dime, he was just like an errand boy,” Atiku said.

    The News Agency of Nigeria (NAN) reports that the Economic and Financial Crimes Commission (EFCC) had charged Akpan-Jacobs with a 14-count charge bordering on conspiracy, stealing and fraudulent conversion of property worth N918 million belonging to THA Shipping Maritime Services Ltd.

    THA Shipping Maritime Services Ltd, a company created in 2000, is owned by Atiku, Akpan-Jacobs and Fred Holmes, her German business partner.

    Atiku was alleged to be the majority shareholder with 49 per cent shares, while Holmes and Akpan-Jacobs each had 25 per cent shares.

    Akpan-Jacobs, who also doubled as the company’s Managing Director and Secretary, was alleged to have gone to the Corporate Affairs Commission (CAC) to alter the share holding in his favour and forged the company’s board resolutions.

    He allegedly allotted 70 per cent shares to himself and 15 per cent shares each to Titi and Holmes.

    According to the EFCC, welding a fraudulent shareholding power, Akpan-Jacobs sold a property belonging to the company to Dana Motors Nigeria Ltd for N918 million.

    The property is located at Plot C63 A, Amuwo-Odofin Commercial Layout along Oshodi-Apapa Expressway, Lagos.

    Responding to Atiku’s claim that Akpan-Jacobs was her errand boy, Ibe asked: “He was made a Managing Director (MD), how can an errand boy be made an MD ?

    “He was made an MD to stand in for Mr Fred Holmes because Holmes had not resigned from his job.

    “When it was time for Akpan to step down as the MD, he refused because by then he had perfected his fraudulent acts.”

    The wife of ex-VP denied Ibe’s claims that Akpan-Jacobs owned and promoted THA Shipping Maritime Services Ltd and only brought her on board to bring in big briefs and clients.

    “Is he the one who bought the land, built the building? He was merely supervising.

    “My clout gave the company a lot of prestige, a lot of people wanted to do business with us and people brought a lot of containers to us,” she said.

    NAN recalls that while giving evidence on May 23, Atiku had told the court that she had used her maiden name, Florence Doregos, for business transactions because she was serving in government at the time.

    She denied Ibe’s accusations that Akpan-Jacobs never forged her signature either as Florence Doregos and Titi Abubakar in company documents.

    Mrs Atiku also denied Akpan-Jacobs claims that she never contributed to the construction of the building that housed the company.

    “I have a breakdown of the costs used in the construction of the building, Akpan-Jacobs gave me the breakdown in 2002 but he did not sign it.

    “I never said the property was built by Julius Berger, Mr Holmes was a Julius Berger staff and he might have used his connections to make the building a solid structure.

    “There was a document that Akpan-Jacobs had showed me that was signed Abubakar, I told him that that was not Titi Abubakar’s signature.

    “He forged Florence Doregos signature in a number of documents,” she said.

    Atiku also told the court that she and Holmes on April 6, 2009 passed a resolution removing Akpan-Jacobs from the ownership of THA Shipping Maritime Services Ltd.

    “He had sold the property by the time we passed that resolution but we wrote to Akpan notifying him of what we wanted to do.

    “My lawyer, Mr Chima went to Dana Motors Ltd made efforts to stop the sale of the property because by then, they had not given Akpan much money for the sale of the property.

    “When Mr Chima went to Dana Motors Ltd to tell them that the property was not for sale, they confided in him that the property was sold to Akpan for N918 million.

    “I only gave power of attorney to one Ms Springerbeck, a German citizen; I, however, reverted the power of attorney to my lawyer after I noticed that she had a lot of excesses.

    “Akpan used the property as a collateral for a loan from First Bank because he needed funds to run for governor of Akwa-Ibom.

    “When he could not pay the loan and settle his creditors, he sold THA Shipping Maritime Services Ltd.

    “I am not aware that a deed of assignment was signed by a secretary and director of the company, Akpan did not introduce any secretary to me,” she said.

    Mr Babatunde Sonoiki, the EFCC counsel, while re-examining Atiku, asked if she signed any the company resolutions used in the alleged fraud.

    “Did you ever sign board resolutions assigning anyone as company secretary, approving the sale of the property and to loan money from First Bank on behalf of THA Shipping?”

    Atiku replied: “I never signed any board resolution for any of those purposes.”

    Justice Oluwatoyin Ipaye adjourned the case until July 6 for continuation of trial.