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How I became rich, Peter Obi responds to Pandora Papers allegations

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PETER OBI

 

Former Anambra State governor and vice-presidential candidate of the Peoples Democratic Party in the 2019 general elections, Peter Obi, has said he was a trader who ventured into banking before he became a governor.

Obi said this during an interview on The Morning Show, an Arise TV programme that aired on Monday.

Obi was reacting to allegations from a report inspired by Pandora Papers which listed him as one of the personalities who clandestinely set up and operated businesses overseas, including in notorious tax and secrecy havens in the ways that breached Nigerian laws.

Obi reacted to the report, saying, “I did not in any respect whatsoever violate any law before, during and after my stewardship as the governor of Anambra.”

He added, “I think that the authors displayed ignorance on matters of Trust and International Investment Practices.”

Speaking during the programme, Obi answered a question on how he made money before becoming a governor.

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He said he ran a planned market management company, adding that he “was the sole importer of Heinz salad cream, just to give you an example of one company.

“I was the sole engineer of South African Breweries. I was also bringing in Ovaltine.

“The company I was with before, I left it for my brother who took over and paid me off. That company became the Next Cash and Carry which you see in Port Harcourt and Abuja.”

He further revealed that he used to import wine back in the days, adding that “everyone knew I was a very big trader.”

He said, “I had a very good business, but went into banking.

“I was sitting in the board of three banks and was the chairman of one before I became a governor.”

Obi also revealed that he had major shares in the banks where he was a board member.

He, however, stated that joining politics made him poorer even though he doesn’t regret the decision he took.

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I’ll continue to take difficult decisions — even if there’s short-term pain, says Tinubu

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President Bola Tinubu says he will continue to make difficult decisions on behalf of Nigerians.

Tinubu spoke during a meeting with Prime Minister Mark Rutte of the Netherlands on Thursday in The Hague.

 

Since his assumption into office in 2023, Tinubu’s administration has introduced new policies ranging from the removal of the petrol subsidy to the floating of the naira and the increase of electricity tariff.

 

Speaking at the meeting, Tinubu said the confidence he has in Nigerians gave him the courage to make difficult decisions on their behalf, given his full awareness of the “need to give them the long-term tools they need to succeed”.

Describing himself as a determined leader of the people, the president vowed to continue to “take the difficult decisions that will benefit our people, even if there is short-term pain”.

 

“We have gone through the worst of the storms,” Tinubu said.

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”I am unafraid of the consequences once I know that my actions are in the best long-term interests of all Nigerians.

 

“The Nigerian Naira is one of the world’s best-performing currencies today. We took the necessary risk, and all resilient Nigerians kept faith with us.

 

“They will be rewarded, and the reward will only be greater as we partner effectively with you on new opportunities for development.

“As leaders, we must take decisions for the benefit of our nations, and we cannot shy away from that.”

Speaking on investment opportunities in the country, Tinubu told the Dutch government official that Nigeria is well positioned to power the clean energy future of the world, including Europe, with its high-grade lithium deposits.

He said the West African nation offers immense opportunities across a pool of sectors, adding that his administration is deepening reforms to enhance the investment climate.

 

The president said Nigeria seeks robust, balanced, and mutually beneficial partnerships that will spur value-addition in areas like solid minerals.

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On April 22, Tinubu departed Abuja, the nation’s capital, for the Kingdom of The Netherlands on an official visit.

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N3bn fraud: Oyo-Ita, allies diverted public funds to private companies, EFCC witness tells court

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Hamma Bello, a prosecution witness, in the trial of Winifred Oyo-Ita, former head of service (HoS), has told a federal high court in Abuja how the first defendant and her subordinates allegedly diverted public funds into their private companies.

Oyo-Ita (first defendant) is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside Ugbong Okon Effiok (seventh defendant), Garba Umar (fourth defendant), her special assistants, and six companies: Frontline Ace Global Services Limited; Asanaya Projects Limited; Slopes International Limited; U and U Global Services Ltd; Prince Mega Logistics Ltd and Good Deal Investments on 18-count charges bordering on misappropriation, official corruption, money laundering and criminal diversion of funds to the tune of over N3 billion.

While being led in evidence on Thursday by Faruk Abdullahi and H.M. Mohammed, prosecution counsel, Bello told James Omotosho, the presiding judge, that Oyo-Ita used Slopes International Limited and Good Deal Investments Limited, fifth and sixth defendants, respectively, to fraudulently award government contracts to herself through Umar.

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He said the first entry transaction of Good Deal Investment Ltd in February 2019 showed that money was paid into its Zenith Bank account to the tune of N42,748,201.47.

 

The witness said Umar incorporated the company with Oyo-Ita’s full knowledge.

 

“We called for the account statements of these two companies, upon analyzing them, we realized he (Umar) was paid several sums of money from the Ministry of Power, Works and Housing where he is an employee,” Bello told the court.

“And upon interviewing the fourth defendant, he admitted that he was also a contractor. He also admitted to have paid the first defendant on several occasions from the proceeds of the transaction.”

 

He further disclosed that on April 27, 2019, a transfer of N20, 227,1 42 was made in the name of one Ibrahim Madu to the Zenith Bank account of Asanaya Projects Ltd.

 

He added that the mandate card of the account bears the signature and photo of the seventh defendant, Effiok.

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The witness also said the seventh defendant incorporated Asanaya Projects Ltd in his name with the knowledge of the first defendant, noting that approvals were granted while payments were made to the seventh defendant either through his personal account or to the account of the company.

 

“The seventh defendant upon interview, confirmed he never travelled for most of the funds he received and that the first defendant was aware and benefitted on several occasions from the funds. The account of U and U Global Services Limited was also opened by the seventh defendant,” he said.

 

“In summary, from 2015 to 2018, U and U Global Limited received several payments in the form of Duty Tour Allowances and estacodes.

 

“Sometimes, payments from the federal government were made directly to the account, for instance, on March 24, 2016, he received N40,313,453.58. This particular payment was from the federal government.”

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: Suleja jailbreak: FG orders manhunt for 109 fleeing inmates

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1. The Federal Government has ordered a comprehensive manhunt for 109 fleeing inmates of Suleja Medium Security Custodial Centre in Niger State. The inmates escaped on Wednesday night when a torrential rainfall pulled down the walls of the facility.

 

2. The All Progressives Congress, APC, yesterday proposed an all-inclusive government in Ondo State as a solution to its post-primary election crisis. The terms of reconciliation initiated by the National Working Committee, NWC, included the reconstitution of the State Executive Council and appointment of local government caretaker committee to reflect diverse interests.

 

3. The outcome of last year’s general elections reflected the will of Nigerians, the United States Department of State’s Bureau of Democracy, Human Rights, and Labour has said in a report. According to the report, many independent observers assessed the results of the presidential, legislative, and state-level elections during the year and concluded that they reflected the will of voters.

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4. Former Ondo State Deputy Governor, Agboola Ajayi yesterday won the governorship ticket of the Peoples Democratic Party, PDP, for the November election. Agboola was a candidate of the Zenith Labour Party, ZLP, in the 2020 election, but came a distant third.

5. A harmonised new minimum national wage may be ready on or before President Bola Tinubu’s first anniversary on May 29. A source in the office of the Secretary to the Government of the Federation (OSGF) which made this known to The Nation yesterday, said the new wage would meet the nation’s current economic reality.

 

6. Telecommunications operators in the country, including MTN Nigeria and Globacom, have asked for the Federal Government’s approval through the Nigerian Communications Commission to raise their tariff. The development came after foreign exchange losses and rising energy costs forced some of the operators to post losses last year.

 

7. The queues for Premium Motor Spirit, popularly called petrol, grew worse in Abuja and neighbouring Nasarawa and Niger states on Thursday, as the Nigerian National Petroleum Company Limited blamed the development on logistics issues, but was quick to state that it had been resolved.

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8. The Nigerian Navy said it has concluded arrangements to relocate the Naval Training Command headquarters from Lagos to Onne in Rivers State. The Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla disclosed this when he led a delegation of top officers of Navy High Command on a courtesy visit to the Rivers State Governor, Siminalayi Fubara, at Government House, Port Harcourt on Thursday.

 

9. The Edo State Police Command has arrested three pipeline vandals in the Obazagbon community of Orhiomwon Local Government Area. The suspects include Jackson Aluche, 45; Oke Okoro, 30 and Oluchukwu Chukwuma, 18. It was gathered that the incident occurred on April 14 at about 10:30 am.

 

10. The Nigerian military has closed its camp and withdrawn troops in Allawa community in Shiroro Local Government Area of Niger State, resulting in fear as residents fled the community over fear of attacks. Allawa community is one of the communities facing severe attacks by bandits and terrorists in Shiroro LGA of the state.

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