EFCC quizzes Obi Cubana for alleged money laundering, tax fraud

Published

2 years ago

November 2, 2021

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The Economic and Financial Crimes Commission (EFCC) has invited Nigerian billionaire, Obinna Iyiegbu a.k.a. Obi Cubana.

The famous socialite and entrepreneur is being probed for alleged money laundering and tax fraud.

According to sources, Obi Cubana got to the EFCC headquarters in Jabi Abuja around noon on Monday.

In July, Obi Cubana dominated social media after the burial of his mother in Afor Uzo, Oba town in Anambra State.

Ex-leader of the Inspector-General’s Intelligence Response Team (IRT), Abba Kyari, was at the high-octane party. Kyari later described the club owner as a “good friend”.

READ EFCC arraigns Cubana manager over $164,000 Money laundering

Related Topics:EFCC OBI CUBANA OBINNA IYIEGBU

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UPDATED: Tinubu appoints Jim Ovia as chairman of education loan fund

Published

7 hours ago

April 26, 2024

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President Bola Tinubu has appointed Jim Ovia as the chairman of the Nigerian Education Loan Fund (NELFUND).

Ajuri Ngelale, presidential spokesperson, announced the appointment of Ovia, chairman of Zenith Bank, in a statement on Friday.

Ngelale said Tinubu believes that Ovia will bring his immense wealth of experience to ensure that no Nigerian student suffers a paucity of funds in the quest for tertiary education.

On April 3, Tinubu signed the student loans amendment bill into law to provide Nigerians with quality and accessible education.

The law will allow Nigerian students in tertiary institutions to access low-interest loans for tuition and other academic needs.

Subsequently, the president appointed Akintunde Sawyerr as the managing director and chief executive officer (CEO) of the fund.

Tinubu also appointed Frederick Oluwafemi Akinfala as the executive director of finance and administration, while Mustapha Iyal will serve as the executive director of operations of NELFUND.

READ I ran away from Nigeria to avoid being killed, Igboho tells Benin court

JUST IN: Tinubu appoints Jim Ovia as chairman of education loan fund

Published

9 hours ago

April 26, 2024

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President Bola Tinubu has appointed Jim Ovia as the chairman of the Nigerian Education Loan Fund (NELFUND).

Ajuri Ngelale, presidential spokesperson, announced the appointment of Ovia, chairman of Zenith Bank, in a statement on Friday.

More to follow…

READ Alleged N4bn money laundering: Obiano granted bail after arraignment, to submit international passport to court

ICPC detains TETFund boss ‘over questionable N7.6bn project’

Published

13 hours ago

April 26, 2024

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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has detained Sonny Echono, executive secretary of the Tertiary Education Trust Fund (TETFund).

Demola Bakare, ICPC spokesperson, confirmed the development on Friday.

Bakare said that Echono was invited by the anti-graft agency on Thursday.

“The executive secretary of TETFund is here with us. He has been invited for questioning. He is still in custody. He was invited yesterday.” Bakare said.

“He was invited on Thursday. He has not been released. He’s still with us. Investigation is still ongoing.”

It was earlier reported that TETfund awarded two contracts to Fides Et Ratio Academy and Pole Global Marketing (PGM) within two months at the cost of N3.8 billion respectively without the approval of the federal executive council (FEC), which is required for the contract size.

The contract was to provide capacity building course and learning management systems to about 2 million students across higher institutions in the country.

READ Election: 100 clerics declare support for Tinubu in Rivers

In a rejoinder, TETFund said it did not award N7.6 billion contracts to two companies without due process.

The agency said it was wrong to say they were contracts, whereas they were ICT projects implemented under a memorandum of understanding (MoU) which doesn’t require competitive bidding in public procurement.

TETFund further said its disbursement guidelines were approved by the president on the recommendation of the “Fund’s Board of Trustees and concurrence of the Honourable Minister of Education in line with the TETFund Act 2011″.

In an interview with TheCable, Echono said there was no form of irregularity in the N7.6 billion project.