Tag: money

  • Money down the drain

    •That is what spending $300m to fix any of our refineries is

    For how long will the Buhari administration continue to dilly-dally on the nation’s refineries? Just when we thought that it was close to pushing through an agreement to cede their financing and operations to the private sector, Minister of Petroleum Resources, Ibe Kachikwu, in a stupendous volte-face has again recanted. Kachikwu, aside denying knowledge of plans to concession the Port Harcourt refinery also stated that a technical committee set up by the government to undertake a review of repair of the refineries was coming up with a holistic investment figure to fix them.

    Now, the same refinery – once described as scrap by Kachikwu, would, according to him, require $300 million to repair. And then the catch – it was better to engage the company that built the refinery, in the first instance, for its repairs, due to the availability of spare parts and knowledge of the configuration.

    If only the nation has not been on this route before. The same proposal to bring the original equipment manufacturers was made by the administration of President Olusegun Obasanjo, following the bungling of the Turn Around Maintenance (TAM) by the administration of General Sani Abacha. Soon after the proposal was made public, vested interests came together to frustrate the plan. With limited options left to revamp the refineries, Obasanjo, with only a few days left in office later handed over the Port Harcourt and Kaduna refineries to the Bluestar Consortium for $750 million –amidst the charge of not following due process – a charge that would be upheld by his successor, the late President Umaru Yar’Adua, who aborted the deal barely two months after Obasanjo’s exit from office.

    Thereafter, it has been a case of jumping from frying pan to fire. Whereas the late President Yar’Adua prevaricated to no end – understandably due to his then failing health; President Goodluck Jonathan who took over following his demise kept pouring billions of naira into what had become a bottomless pit.  As for the agreement signed by the administration with the Chinese government on May 13, 2010, for the construction of three greenfield refineries in Lagos, Bayelsa and Kogi states for a princely sum of $23 billion, it is yet to see the light of the day.

    It is unfortunate that the Federal Government cannot make up its mind on what to do with the refineries. Ten years after the sale – which from the benefits of hindsight ought to have been allowed to stand, neither the country’s quest for uninterrupted fuel supply nor the Nigerian National Petroleum Corporation’s fortune has been enhanced in any shape or form. If anything, the conditions of the four refineries continue to deteriorate; and this is in spite of the nearly $2 billion allegedly sunk into the various TAMs ever since. If we had imagined that the earlier signals from the minister in favour of letting the moribund entities go would herald a fresh push for their long-term sustainability in private hands, this has since given way to a frenetic pace to bring them up with public funds even if it means risking further damage to an already strained treasury. Of course, President Buhari has always believed that the entities should be in government’s hands, even in their obsolete state.

    Should the Buhari administration proceed with doling out the proposed $300 million on the proposed TAM, it would have merely followed the path of the administrations before it – a path that led nowhere.  Even if the economy were less challenged as it is currently, the idea of throwing nearly a third of what is required to build a modest refinery into refurbishing those scraps would be absurd. It is akin to putting money into a bad venture. It makes neither business nor economic sense.

  • CYPREX DROPS NEW TRACK, ‘MONEY’

    BUDDING afro pop singer, Chukwuyem Onyemaka Romeo, aka Cyprex, has dropped yet another spanking new single from his yet to be released album titled Money.

    The new track is coming on the heels of the success of his previous single, Colombi, featuring Oritsefemi and Harrysong.

    Commenting on the new track, the DG Records artiste’s manager, Jegbefume Henry, one of the brains behind the success of Osinachi singer, Humblesmith said; “Since he hit the music scene, the act known as Cyprex has been redefining the sound and heating up the airwave. His last single, Colombi, featuring Oritsefemi and Harrysong, two music heavy weights was a resounding success.

    “Now he is poised to heat up the music scene again as he drops his latest single titled Money. Fans should watch out for this act. He is the future of Nigerian music. Lovers of good music, keep a date with him as he unleashes his latest single on Tuesday, July 25.”

    Henry added that the single will be on music blogs across social media platforms for free downloads. Also, the accompanying video for the track was directed in Lagos by Matt Max and produced by Emani.

    Born March 9 and discovered by Elema Chuks Ozuem, the CEO, DG Records, the act is currently being managed by one of the hottest music managers in Nigeria, Jegbefume Henry.

    His first singles, My Time and Honey dropped in 2016 to wide acclaim. And the success was flowered by Colombi with a video directed by Mat Max. On the academic front, Cyprex is not found wanting. He went to Medical school before studying Environmental Science at Delta State University up to Masters Level.

  • Badoo: ‘Church leaders must reject suspicious money’

    Lagos cleric, Prophet Lai Bamidele, has said most church leaders in the country “suffer integrity deficit.”

    Bamidele, who is General Overseer of Glorious End-Time Evangelical Ministries, a church with headquarters in Oko-Oba, Lagos, said if the churches had been playing their roles effectively, criminal activities would have abated.

    Bamidele said the recent Badoo ritual killing syndicate in Ikorodu, was clear evidence that most men of God often looked the other way when rich, ritual killers give huge sums of money to church without defined jobs.

    He said: “While many other factors contribute to crime, I am of the belief that many men of God in this country are liable in the way they encourage people of shady character to bring money, without bothering to find who such persons are. Integrity is the hallmark of success in life. The leader we are having in this country today lack integrity.

    “It has also entered into churches. Pastors don’t preach righteousness again; they do not speak holiness again. Pastors only preach prosperity. When they bring money, you don’t ask them where they got the money from. You will say ‘God has blessed the church’ and that is why the church is polluted today.

    “There is no more truth in the church; even if it is blood money, as long as it is fat, you will collect it. Until the church of God starts saying the truth, we are going nowhere as a nation.”

  • Diamond Bank, refund my money!

    SIR: I paid some bills through POS with my Diamond Bank card on March 2, only to be debited twice. I have called, mailed and gone to their branch in Wuse2 Abuja since. Although they promised to refund, I am yet to get the money.

    If they can do this to me, just imagine how many Nigerians who are not even literate with similar complaints endure on daily basis.

    I plead with Diamond Bank PLC to refund the product of my sweat.

     

    My GSM: 08079301310

    Acc No: 0084718162

    Opaluwa Omera,

    Abuja.

     

  • Money, money everywhere

    •EFCC’s exposure of hidden funds calls for investigations on the who’s, how’s and wherefore’s of the cache

    Nigeria’s ship of state is today literally marooned in the desolate place of severe economic recession with the vast majority of the populace slipping deeper into poverty in its diverse manifestations. Yet, this pervasive scarcity of money to sustain life in a meaningful way for millions of Nigerians exists side by side with the apparent superfluity of funds, albeit illegally acquired and hidden away in the most unbelievable of places, to satisfy the greed of a conscienceless minority.

    The discovery in recent times of huge illicit cash hauls comprising diverse currencies in the most nondescript of locations is unquestionably a positive fallout of the current anti-corruption onslaught, which is a signal policy of the President Muhammadu Buhari administration. In particular, the new administrative initiative, designed to encourage Nigerians to report cases of corruption to the authorities with the promise of whistleblowers receiving 2.5% to 5% of recovered ill-gotten funds, has been largely responsible for the exposure of these astounding cases of brazen rape of the public treasury.

    In one of the shock finds in February this year, for instance, the Economic and Financial Crimes Commission (EFCC), recovered $9.8 million and another 74,000 Pounds Sterling belonging to Mr Andrew Yakubu, a former Group Managing Director (GMD) of the Nigerian National Petroleum Corporation (NNPC) in the Sabon Tasha slum area of Kaduna State. On March 4, the anti-crime agency seized bundles of purported luggage containing about N49 million abandoned by yet unknown persons at Kaduna Airport. The public was to be once again traumatised not long after on April 7, when another huge discovery of N448 million was made and confiscated at a bureau de change shop in Victoria Island, Lagos; a premise that had reportedly been abandoned for two years.

    Right now, the EFCC and the presidency are striving to get to the root of the latest and largest mystery recovery so far of the humongous cash of $43 million, N23.2 million and 27, 800 pounds in a flat at the Osborne Towers, a highbrow residential apartment in Ikoyi, Lagos.  This is not to mention the substantial sums of money traced to a number of obscure and shadowy accounts in some banks. Ordinarily, these serial high profile revelations and impoundment of plundered funds ought to earn the anti-corruption agency deserved plaudits. Rather, and perhaps understandably, the EFCC has been widely criticised for its failure in virtually all cases to identify and disclose the owners of the seized funds.

    True, a valid case can always be made for the anti-corruption agencies to enhance their efficiency through more rigorous and painstaking investigations, making maximum use of the latest scientific and technological innovations. Even then, there is also some merit in the immediate public disclosure of these uncovered stolen funds without waiting to discover who the owners are. For one, these operations are necessarily surreptitious and designed to achieve maximum surprise. Delaying the announcement of recovered funds may give perpetrators of the crime the opportunity of pre-emptive action to distort, manipulate and confuse public opinion to their advantage.

    Again, apart from leading to unhealthy rumours and speculations, cloaking the recovered funds in a veil of secrecy under the guise of further investigations may make anti-corruption agents vulnerable to the temptation of entering into noxious pecuniary deals to the detriment of the credibility of the anti-graft war. The important and commendable thing is that the EFCC immediately seeks legal forfeiture of confiscated funds to the Federal Government, thus making it imperative for anyone laying claim to such money to prove their case in the open court or forever keep his or her peace. It is equally important to make full public closure of how these recovered funds are ultimately expended to prevent their being re-looted and enhance public confidence.

  • Stop demanding money from politicians

    Speaker of the Akwa Ibom State House of Assembly, Rt. Hon. Onofiok Luke, has said  politicians’ urge to steal public funds results from unrealistic demands made on them by citizens. He said political office holders are usually pushed to use illegitimate means of making money, because their loyalists expect them to meet personal, family and community needs that go beyond politicians’ earnings.

    Onofiok made this revelation when he delivered the second public lecture of Ritman University in Ikot Ekpene. He urged political leaders not to bow to pressure to steal public funds, saying they must show transparency and accountability in the management of the nation’s wealth.

    In his lecture titled: Good governance and community development, Onofiok said community development promotes the ability of community members to collectively make better decisions about the use of resources for their growth.

    To achieve community development, the Speaker said members must be ready to embrace attitudinal change and re-orientation. He said: “Just as the leaders strive to build an efficient and empowered community, rather than personal empires from the common wealth, people must be ready to support the effort by changing their attitude towards development. Aside campaign promises, citizens must stop making demands from politicians. Sweet without sweat is not sustainable.”

    Onofiok said good governance should be judged by accountability, transparency, rule of law and civil society participation in the decision-making process.

    The Vice-Chancellor (VC), Prof Celestine Ntuen, said the lecture was aimed at informing the public on national values. He described the school as a “place where knowledge crystallises into development and the creative capacities of humans to reach the zenith”.

    Pro-chancellor and Governing Council chairman of the University of Benin (UNIEN), Senator Bob Effiong, hailed Ritman varsity’s agenda to transform its host community into an economic hub, noting that the institution’s strategic plan would make it stand out as the best private university.

    Chairman on the occasion and VC of Akwa Ibom State University, Prof Eno Ibanga, hailed the lecturer for “incisive analysis” of developmental challenges facing rural communities.

    Chairman, Board of Trustees of Ritman University, Sen. Emmanuel Essien, said establishment of the school had proved to be the best achievement of the Ritman Group of Companies. He said the quality of scholars assembled by the school showed that the university was established to address knowledge deficit in the country.

  • We need to read books, not just money

    Truth is, where there is a dearth of books, foolishness abounds. Foolishness multiplies because scientific enquiries and breakthroughs are stifled, while artistic endeavours are also neglected.

    We live in strange times indeed, but they are not interesting ones. You know the times are strange when you are getting one hour of electricity supply to your house from your own clodhopper Disco in seventy-two hours. You say that is not strange? I’m sure I beg your pardon. I forget that there are people who are not supplied any electricity in six months. Ok. Let me try again. You know the times are strange when apartments that should hold clothes and furniture hold bales of bank notes; and banks that should hold bank notes are holding empty vaults.

    It is a little like a story I once told but for the sake of those of us who were not there then, I will delightfully tell it again. There was once a rich man who had a grown up son. But this man was desperate to have his son become a renowned violinist. The young man had no such ambition but you know, when you are a rich man… Anyway, to realise his dream for his son, this rich man paid, blackmailed or convinced a renowned violinist to endorse his son’s violin playing abilities by accompanying him (the son) on the piano in a public concert. The violinist in turn convinced a pianist friend of his to turn the pages (of his music sheets) for him while he played.

    Well, you can imagine the result of this talent mix but this is what a music reviewer wrote. ‘Last night, I was at a strange concert. The man whom we admire when he plays the violin played the piano. The man whom the world recognises as a renowned pianist turned the pages.

    But the man who should have turned the pages played the violin. What could they have been thinking?’ Yes, indeed, what could anyone have been thinking leaving these bags and bags of foreign and local currencies in an apartment in Lagos? Worse, what could any civil servant have been thinking, as I heard it, cutting grasses instead of… well, serving?

    Then, to top it, what could our whistle-blowers have been thinking snitching on their fellow Nigerians? Oh, we’ve talked about whistle-blowers? So sorry. Imagine, snitching is not only a virtue now, it even pays! Can you hear someone ask, ‘how did he make his money? Oh, he blew the whistle on his boss’. Clearly that is one group smiling to the bank legitimately. The wonder is that the rest of us are not seeing anything wrong with this picture. Instead, we are all too busy holding our hurting stomachs because of hunger and deprivation and envying whistle-blowers.

    Anyway, it is time again to celebrate books and copyright this year, but we can hardly raise any toast. There is a standard joke among academics. It is said that when people become professors, they no longer want to read books; they want to ‘read’ money. Just think, if they all now go to read money, who will profess for us, particularly in books? No sir, we do not need them to ask us the rhetorical question: who steals N15b and keeps it in an apartment? We know the answer to that: a Martian. What is going on inside his head? We also know that: Martian music that he alone is hearing and dancing to. We also do not need them to ask for us, who cuts grass with millions of naira? We know the answer to that too: a confused Martian pretending to be a Nigerian.

    The other day, someone tried to explain to us that Nigeria is poor because it had not paid much attention to studies in science and technology. I laughed with only one side of my mouth. I believed that man had only a hammer in his hand, so he tended to see the problem as a nail, as the Chinese would say. He was partially right; but from my little study, I would say that Nigeria is poor because it has not paid any attention to anything that is not printed in Naira notes.

    Nigerians only pay attention to anything that carries a price tag to it. They are not interested in any scientific breakthrough. They are not interested in any artistic endeavour. All, to a man, are only interested in making money illegitimately; in fact, the more illegitimate, the better the sum.

    Truth is, where there is a dearth of books, foolishness abounds. Foolishness multiplies because scientific enquiries and breakthroughs are stifled, while artistic endeavours are also neglected. So yes, we need writers of books to show us to ourselves. The writers would tell exactly why laying so much emphasis on controlling either the country or billions of sums usually would make the individual or entity come up empty handed. It never has brought out any tangible results. We learn through books that having inordinate ambitions for oneself or one’s tribe never augurs well. Nature will always correct any imbalance resulting from falsity and injustice.

    Books are man’s veritable source of truth and justice. There is no greater destruction to the human society a government can do than to deprive it of books. The Nigerian government is actively destroying the Nigerian society by denying it free access to books; it’s worse than book haram is doing. Lack of access to books is the sure pathway to lack of knowledge and a highway to a closed mind and ignorance. Ignorance cannot benefit anyone, least of all the ignorant. If the ignorant had access to knowledge, I bet you he would not be happy with his ignorance. Now, I have no idea what that means but no matter.

    Anyhow, a walk through any bookshop in Nigeria reveals a very sorry state. It will reveal the leftover pickings of an era of dependency on foreign books. In other words, once upon a time, our bookshops sold nearly only foreign books. But now, since dollars are no longer available, there is a diminished supply of these books to sell. Unfortunately, there are no Nigerian-made books to take their place on any subject, just name it, even in light reading materials. Why is this so?

    As we said earlier, people are not writing. Everyone in the land is encouraged to go after counting or ‘reading money’ rather than go after seeking and disseminating knowledge or information. Have you noticed that instead of books, people keep shops? Have you noticed that writers of books are not celebrated? The only people given chieftaincy titles are kidnappers (high on the list), well-established armed robbers, politicians, top-ranking soldiers, etc. These are the ones people call to their events. Poor writers of books are hardly thought to be good for anything in Nigeria except to be shown to little children as something not to aspire to.

    More importantly, most governments in the world recognise the importance of books; so they put as little restriction on its production as possible. Not in Nigeria though; the government seems to have gone all out to destroy the book industry since the seventies. It has done this by not only putting people lacking in the appropriate knowledge in charge of affairs concerning the book industry (or anything else for that matter), it has also used heavy importation tariffs to discourage local productions. It is time Nigeria started to put things right. In practically every sphere of public life, Nigeria has put the ignorant on the violin, the violinist on the piano and has made the pianist to turn the pages as our story illustrates.

    We can go after money, but we must get knowledge first so as to know how to use the money rightly. Without knowledge from books, our monies will keep ending up in apartments and shops.

     

  • FirstBank money transfer services goes nationwide

    FirstBank money transfer services goes nationwide

    FirstBank of Nigeria Limited money transfer services is now available nationwide.

    Confirming this development, FirstBank’s spokesperson, Folake Ani-Mumuney in a statement said, customers can now share love with family and friends using FirstBank’s international money transfer services nationwide. “We would continue to offer products and services uniquely designed to treat our customers like the valued personae they are,” she stated.

    “These services are also available at weekends as well as on public holidays at some dedicated branches. With Western Union, customers can conveniently receive money from abroad and send money from Nigeria to over 200 countries and territories worldwide and recipients can receive funds straight to their accounts.

    “Another money transfer service provided by FirstBank for its customers is MoneyGram. With this service, users can now receive money from loved ones abroad or send to them from Nigeria. FirstBank is the leading agent bank for MoneyGram in Nigeria and has been recognised for its increased transaction volume among other agent locations.

    “The bank also offers the RIA money transfer service with which customers can receive money from loved ones abroad directly into their accounts in Naira. RIA money transfer service also offers the option of cash pick up at over 750 FirstBank branches nationwide. With TransFast, users can initiate money transfer online which can be received directly into FirstBank accounts here in Nigeria. Now isn’t this just convenient?” the statement  added.

  • DEBIE-RISE  AND I PLAN  TO MAKE MONEY,  TRAVEL TOGETHER –BBNAIJA EVICTEE  BASSEY EKPEYONG

    DEBIE-RISE AND I PLAN TO MAKE MONEY, TRAVEL TOGETHER –BBNAIJA EVICTEE BASSEY EKPEYONG

    Big Brother Naija house, evicted housemate Bassey Ekpeyong, in this interview with JOE AGBRO JR, explains why he refrained from romantic liaisons in the house and why he’ll  continue working with fellow housemate Debie-Rise. Excerpts

    WHEN you were evicted, you left the Big Brother House so swiftly. Did you know you were going to be evicted?

    Of course not, I wasn’t expecting to leave the house but I had planned for the worst while hoping for the best. I wasn’t expecting the best. Okay, if I leave the house, what am I going to do, how am I going to react? So, I had all those things in thought. I had my though process wrapped around the reality.

    And you were smiling all through. Internally, were you really happy or was the smile just a front?

    Well, sincerely, the kind of person I am, I’m a very positive person and I always try to see the good in every situation. At that point in time, I was very confident in myself that ‘okay, I have come here and I have achieved all that I wanted to achieve, show myself to Africa, show myself to Nigeria as someone who can do things as many as possible. So to me, that was me winning. So, I may not have won the N25 million but I won my own competition and that was why I was smiling because I had already let everything I had out. So, I was smiling because I was satisfied that I had achieved that.

    You were without internet and your phone throughout your stay in the house. Who was the first person you called when you left the house?

    The first person I called was my elder brother and I told him, “yes oo, I don carry my phone now. Oya, let’s start talking.”

    You’ve been outside the house and you’ve been running things. so far, Nigeria has seen you, Africa has seen you. What have you gained? Any endorsements?

    Well, a few companies have approached me for endorsements and my management team has been working hand in hand with these companies to draft out a good agreement. So yes, there are some endorsements in view. I really appreciate Nigerians for even appreciating the little I had to offer.

    Would you like to name some of the companies?

    Well, Pay Porte actually has something for me and it is in view. And hopefully before the end of June, we should see something coming from that angle. And the other companies do not want to be mentioned until the deal is done.

    In your interview immediately after you left the house, you talked about having a girlfriend. How did your girlfriend take all your acts in the house?

    Well, you know how it is. She was slightly jealous that I did one or two things in the house but nothing a few pieces of pizza and ice cream couldn’t solve (laughs).

    Up till last Sunday, Debie-Rise sang you a birthday song and you confessed that you really liked her. If you weren’t already committed with a girlfriend outside, would you have had a relationship with her?

    Well, never say never. But the reality is I have a girlfriend outside so I wouldn’t want to do anything that negates the commitment I have. However, Debie-Rise and I have grown to become very close and this is a friendship I believe will stand the test of time as we have plans of making money together, visiting places together. So, Debie-Rise is very very great friend and I appreciate her for that.

    But she doesn’t know you have a girlfriend outside, does she?

    Oh, she knows. I laid my cards out on the table. Everybody in the house, everybody in Nigeria knows.

    You also said in the interview that some of the ladies were trying to get to you but you held back. Now Nigerians watched what happened in the Jacuzzi, kissing sessions and some Nigerians even criticised BBN as being immoral. What were really happening in the house?

    Well, nothing over the tops happened. The few times those things happened was when we had the ‘Kissing Festival’ and then we would task each other to kiss each other. And that was about the only thing that happened. So, I’m sure Nigerians understand.

    T-Boss became the most nominated housemate for eviction, yet some of the males crushed on her. Did you?

    Yeah, I particularly find T-Boss attractive and I said that right from the first day I stepped into the house. And that hasn’t changed. I may not have physically interpreted my likeness for her but I I found her attractive and over time, we became close enough and friends. And then, I related to her on a purely friendship basis. Yeah, I find her attractive but nothing erotic could come out of that.

    It’s curious but with ladies wanting you, why didn’t you yield for any of them?

    Because the reality is that we don’t have that kind of time to build on anything concrete. And then, you cannot be pressured by the attention of other people to fall into something you do not intend to further, which is why I decided to be friends with basically everybody.

    And then, you don’t know who is leaving the next Sunday. So, you don’t want to start something now and then end up losing the next Sunday or even stay till the end and end up coming outside and become another break-up story. So, for me, friendship is a hard currency. And I decided to build on the fact that I could make friends who would last long enough for me. And that was what I was doing exactly in the Big Brother house.

    Now that you’re outside the house, what did you realise you missed the most?

    Men, I missed my phone and I missed my family.

    The show is ending on Sunday, who are you tipping to win?

    Well, I would like Debie-Rise to win, quite sincerely.

  • ‘I didn’t steal SUG money’

    ‘I didn’t steal SUG money’

    The embattled Students’ Union President of the Adekunle Ajasin University, Akungba-Akoko (AAUA), Adegbola Odunyemi, has denied embezzling the union’s money for which he was impeached. YOMI AYELESO (Business Administration) writes.

    The last may not have been heard about the controversy rocking the Students’ Union Government (SUG) of the Adekunle Ajasin University, Akungba-Akoko (AAUA) in Ondo State.

    Penultimate week, Student Representatives’ Council (SRC) members impeached the union president and treasurer for alleged corruption. Their impeachment led to a crisis which prompted the management to close the union building.

    But, the embattled president, Adegbola Odunyemi, denied the allegation, just as facts emerged on the political undertone that led to his removal.

    Before his removal, CAMPUSLIFE gathered that four members of the union’s executive, at a meeting, suspended Adegbola for forgery. The meeting was convened by General Secretary Segun Odunayo. It was attended by Financial Secretary Segun Bello, and Assistant General Secretary, Seun Akinola. The Vice President, Folusho Ayeni, was said to have supported the meeting in absentia.

    But, other members of the executive did not support Adegbola’s  suspension, claiming that it was unconstitutional. The vice president, it was gathered, is the only one empowered by the union’s constitution to convene such meeting, and not the General Secretary.

    Adegbola’s indictment by the SRC’s investigation panel led by Kayode Fagoroye paved the way for his removal. The panel indicted Adegbola for alleged corruption and forgery.

    But Adegbola is still laying claim to the seat, describing his impeachment as laughable. He denied misappropriating the union’s funds, saying his travail was a product of “mischievous politics” by his “ambitious” opponents.

    He said: “The union fund was never embezzled or misappropriated as alleged by these few ambitious individuals. When we came on board, we were given N2.2 million as take-off grant. Out of this money, about N800,000 was spent to pay the allowances of the union members, including members of SRC, electoral committee and judicial arm.

    “We used N300,000 to repair the two buses of the union. Office of the Social Director received over N200,000 to organise freshers’ orientation and social events. We sent N70,000 as the running grant for the Office of the Senate President and we were left with money for capital projects.”

    Adegbola argued that he was not allowed to defend himself before Ethics and Privileges Committee of the House,empowered by the union’s constitution to decide impeachment and suspension of any member.

    He said he was not invited by the SRC panel to defend himself before his impeachment.

    The SRC Chief Whip, Chinedu Onele, said members did not form a quorum at the sitting where the president and treasurer were impeached.

    He said: “The Senate President called a kangaroo sitting in his office with just eight SRC members and without informing the Deputy Senate President, Chief Whip and mace bearer. The impeachment is null and void.”

    Also, an SRC member, Ayodeji Ogunyemi, said Adegbola’s impeachment did not follow the requirements of the union’s constitution, calling it a “conspiracy and coup”.

    Ayodeji said: “If anybody has any allegations against the president, he should write formally to the House and follow constitutional procedures instead of going against the constitution.”

    Meanwhile, Dean of Students’ Affair, Dr Bolanle Ogungbamila has faulted Adegbola’s impeachment, saying the union’s constitution was not followed. He said the school had set up a panel on the  crisis.

    He advised the union members not to parade themselves as leaders pending the submission of the  panel’s report.