News

Alleged N117bn Diverted Funds: Group Asks Court To Compel EFCC, ICPC To Probe Rivers Past Administration

Published

3 years ago

June 1, 2023

Editor

A group, Incorporated Trustees of Peoples life Improvement Foundation (PLIF), and a prominent indigene of Rivers State, Precious Elekima, has asked the Federal High Court in sitting in Port Harcourt to compel the Inspector General of Police (IGP); the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other related offences Commission (ICPC) to probe the deployment of Rivers State’s funds in the past eight years.

Elekima and PLIF, in their suit, accused the past administration of allegedly diverting huge funds to the tune of N117bn belonging to Rivers State.

In a suit marked: FHC/PH/CS/199/2023 filed on May 30 in the Port-Harcourt division of the court, Elekima and the PLIF said their resort to the court was as a result of the alleged failure of the IGP, the EFCC and the ICPC to act on their petition, dated May 23, 2023, which had since been submitted to them.

Elekima and the PLIF want the court to among others, declare the 1st to 3rd respondents (the IGP, the EFCC and the ICPC) have the statutory duties and powers to investigate their petition against the immediate past administration in the state and some named banks of Rivers State “and to prosecute any of them found to have contravened any law within their respective statutory mandates.”

The named banks are: Access, Ecobank, First City Monument Bank (FCMB), Fidelity, Guaranty Trust, Unity, Union Bank, Wema, Zenith, First Bank and Heritage Bank.

They equally want the court to issue “an order of mandamus directing the 1st to 3rd respondents to investigate the criminal allegations made to them against the 4th to 16th respondents (past administration and the banks) in the said petition and prosecute them or any of them found culpable of the said criminal allegations.”

Elekima and the PLIF claimed that they possess information and documents showing that huge funds were diverted from the Rivers State’s coffers during the past administration.

They stated that in the course of their official activities they “became aware and have reason to reasonably suspect and believe that the 4th respondent in his capacity as Governor of Rivers State, during his tenure conspired with officials of the Public Service of Rivers State and officials of the 5th to 16th respondents (the banks) to fraudulently withdraw and encash the humongous sum of N117bn funds belonging to the Rivers State Government in excess of the threshold permitted by extant laws and financial regulations with intent to misappropriate and divert same and did in fact divert same for his personal benefit.”

Elekima and the PLIF added that they “reasonably suspect that the 4th respondent, in conspiracy with other officials of the Government of Rivers State and 5th to 16th respondents fraudulently withdrew, laundered and embezzled huge funds from the Rivers State internally generated revenue collected and domiciled in several accounts with the 5th to 16th respondents.”

They stated that they “reasonably suspect that the 4th respondent also diverted and fraudulently misappropriated huge public funds belonging to the Government and people of Rivers State to his private use, and deployed same in the construction of his expansive palatial private property and residence located along Ada George Road Port Harcourt Rivers State which property and estate is worth and valued far Beyond his legitimate earnings.”

Filed along with the suit for judicial review, is a motion ex-parte in which they are seeking leave to apply for an order of mandamus and for service of originating summons on the 1st to 3rd respondents in Abuja.

News

Transfer: Premier League Clubs Scramble For Dele-Bashiru

Published

5 hours ago

May 6, 2026

Editor

Lazio midfielder, Fisayo Dele-Bashiru is a subject of interest from three Premier League clubs, according to Sky Sports.

Lazio reportedly rejected offers from Nottingham Forest and Bournemouth for the Nigeria international in January.

La Biancolesti are bracing for more interest in Dele-Bashiru ahead of the summer transfer window, according to Sky Sports.

The 24-year-old has two years left on his contract with the Serie A club.

The attacking midfielder joined the Rome-based club from Turkish Super Lig outfit Hatayspor in 2024.

He has been a regular feature for Lazio this season.

News

Xenophobic Attacks: Nigerian Students To Picket MTN, MultiChoice, Other Businesses

Published

6 hours ago

May 6, 2026

Editor

The leadership of the National Association of Nigerian Students, NANS South-West Zone D, has announced plans to picket South African companies in Nigeria following the ongoing xenophobic attacks in the country.

DAILY POST reports that some Nigerians were recently killed in South Africa over the violent attacks.

A statement issued to newsmen by Comrade Adeyemo Josiah Kayode, Coordinator, NANS South-West, Zone D, said that the association is mobilizing to take decisive and lawful action by organizing peaceful picketing and mass advocacy against South African business interests operating in Nigeria.

“We categorically state that the continued targeting of Nigerians under any guise is unacceptable and must come to an immediate end.

“This will include major corporations such as MTN Group and MultiChoice Group. It is morally indefensible for businesses to thrive in an environment where the lives of Nigerians are protected, while Nigerians are subjected to fear and violence elsewhere.

“This contradiction will no longer be tolerated,” the statement said.

News

N5m, N10m Zero-interest Loans: SheVentures Opens Applications For Women Entrepreneurs

Published

8 hours ago

May 6, 2026

Editor

First City Monument Bank (FCMB) has opened a new round of applications for its SheVentures proposition, offering zero-interest loans of up to ₦10 million to women entrepreneurs to ease access to working capital and support business growth.

The facility provides loans ranging from ₦500,000 to ₦5 million under a general category, and ₦5 million to ₦10 million for sector-specific businesses, with funding capped at up to 50% of an applicant’s average monthly turnover.

At the centre of the offering is a 0% interest rate, with all charges embedded in a transparent structure.

Repayment is structured over four or six months, allowing businesses to match obligations with their cash flow cycles.

Yemisi Edun, Managing Director and Chief Executive of First City Monument Bank (FCMB), said the initiative reflects a deliberate approach to inclusive growth.

“Inclusive growth requires access to capital and the right conditions for businesses to deploy that capital effectively.

“Women-led enterprises are critical to economic activity, yet they face structural barriers.

This intervention aims to help close that gap by providing financing that supports job creation, business expansion, and long-term sustainability for women entrepreneurs.”

“Access to affordable finance remains a major constraint for women entrepreneurs,” said Nnenna Jacob-Ogogo, Group Head, SheVentures and Impact Segments at First City Monument Bank (FCMB).

“By removing the cost barrier and offering quick, flexible funding, this zero-interest loan is designed to safeguard existing jobs, enable businesses to invest in growth initiatives, and foster resilience in challenging economic conditions.”

Women-owned businesses account for a significant share of Nigeria’s small and medium-sized enterprises but continue to face high borrowing costs and limited access to credit.

Through these efforts, SheVentures tackles persistent financing gaps facing women-led businesses, combining targeted funding with broader support to empower women entrepreneurs, encourage business innovation, and enhance their ability to compete on a national scale.

Applications for the zero-interest loan are now open.Apply now.