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Obazee, Banker Recounts Ordeal in Hands of EFCC

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Sunny Obazee, an investment banker faced for seven years, humiliation, rejection and prosecution for alleged N855 million fraud at defunct Platinum and Habib Bank (PHB) which he joined as Divisional Director Investment Banking in December 2007.

Obazee, Banker Recounts Ordeal in Hands of EFCC

Obazee was arraigned and tried by the Econonic and Financial Crimes Commission (EFCC) alongside Anayo Nwosu, Olajide Oshodi, Ashok Israni (Indian businessman), Sunny Obazee, Keystone Bank and NULEC Industries Limited on 13 counts of conspiracy, fraudulent diversion, obtaining under false pretences and theft before Justice Kudirat Jose of the Lagos High Court, Igbosere in 2011.

But on December 9, Justice Jose discharged and acquitted Obazee in a judgement that sent Nwosu, Oshodi and Israni to five years in prison each on seven counts; a fine of N20million to the federal government against Keystone Bank and Nulec Industries on three counts, as well as restitution of N395million to the victim of the fraud Chief Chukwudozie of Dozzy Oil and Gas.

For Obazee, the trial years were days of torture, emotional and psychological traumas especially because the fraud he was accused of started at least two years before he joined the bank.

“The mental torture was great. At a point, I had to file a case of breach of human rights against the EFCC because they were harassing and intimidating me with calls and intermittent detention after we had been admitted to bail.

“I have a boy and a girl and both were studying in Canada; all of us, including my wife, were broken down emotionally. In fact, one day in 2015, I put a call to my son and told him we would be going to court the following day and he told me that he was not feeling okay because he kept thinking about my ordeal.

“He said he could not move one of his legs and one arm. He was crying on the phone. He said he did not want to tell me about his situation so as not to compound my problem. I had to call my younger brother, who is a medical doctor in the United States to go and help check on him.

“The second day in court, I sat down weeping profusely and a lady lawyer in the EFCC team had to go and explain my situation to Rotimi Jacobs, the lead lawyer for the agency, who brought the matter to the attention of the court.

“The court magnanimously granted that I be allowed to go and see my boy. Only God helped me not to lose a boy who was close to finishing his university education over a case I knew nothing about. I would have lost Edosa over nothing.

“I was denied of my promotion, sacked and my official car collected. By the virtue of my position, the bank ought to give me two cars and a generator every four years, but before the trouble started, they only gave me one car and a generator. While they sacked me when I was still pursuing the matter, I wrote them on the need to reconcile what I need to get from them or return to them.

“They said they were coming to take the car and the generator and I was not at home the day they came, but they took away the car and said my dogs did not allow them to take the generator, only for them to later write that I am owing them N12 million for the generator.

“In the course of the trial, a friend recommended me to a British firm coming to Nigeria and who needed an investment banker.

“I met the officials and we discussed and I told them that I had an issue with EFCC and that I was sure I would come out unscathed when we departed, they never got across to me again. The EFCC stamped me with an indelible mark,” he told The Nation.

Genesis of the fraud

Israni, the owner of NULEC Industries Limited, had taken some loan from then-BankPHB and his debt rose to N130million around June 2007 and then he decided to raise capital for his company through Private Placement.

Consequently, the bank constituted a team to make a presentation to the authorities to be the Issuing House for the exercise and by then, Obazee had joined BankPHB and was leader of the team by virtue of his position.

A series of events followed the success of the bank in securing the mandate to be the Issuing House for the Private Placement exercise.

Obazee said: “NULEC gave us the mandate to be the Issuing House. I was not in Corporate Finance; the person who headed it was a Senior Manager. Also, the offer for the Private Placement was not underwritten by the bank. If that was the case, I would have been required to sign and the bank would have needed an Approval Memo, as that would mean we were exposing the bank to some risks.

“The document they produced said the transaction should be underwritten by the bank, but that was not done. I was not a signatory to the account and nobody in my division was. The allotment of the shares was done by the bank and I was not involved also. I did not ask anybody to falsify any report. We asked that a Reporting Accountant and a Solicitor be appointed for the transaction.

“The job of the Reporting Accountant was to verify the viability of NULEC Industries Limited and NULEC would do two or three years projection about its activities and what it wanted to use the funds for. In the course of the trial which lasted seven years, the Reporting Accountant gave evidence that NULEC was viable as of the time the money was given to it. “When we handled the offer, the company was not dead. I personally committed N5.7 million to the Private Placement. However, we all witnessed how the Capital Market crashed in 2009. A company, Dozzy Oil and Gas Limited, owned by one Chief Chukwudozie, committed the sum of N855 million to buy 600 million units of the shares at N5 per share.

“Other things being equal and in accordance with the regulations, if the shares were listed as planned, the company and its owners would have made N3billion from the sale of the shares and about N2 billion as profit. Unfortunately, the Capital Market collapsed.

“By the time the market collapsed, it affected a lot of things, even banks and BankPHB was not left out. Chukwudozie started making a demand for his money and some of my colleagues in the bank were being interrogated and probed by the EFCC.

“I came back from leave in 2011 and I was asked by the management to go to the EFCC office to explain myself. Before this time, some of my colleagues were already being investigated by the agency. It was at the EFCC office that I met Chukwudozie for the first time. I explained to him that the ugly development was as a result of the market collapse and I also invested some funds into the project and that if I did not believe it would work, I would not have done so.

“The next thing was that I was made to write a statement and asked a series of questions. I was now joined with those who had been under investigation for two years over the matter.

“I knew I was not involved in any criminal activity. Though I am from a humble background, my father, who worked in the palace of the Oba of Benin, wrote on the lintel of his house, in Bini Language, that good name is better than gold and silver and he inculcated that in his children.

“We were arraigned in 2011 and re-arraigned on 15-count amended charge in October 4, 2016. They still wanted to amend the charges again this year, but the court refused to entertain that.

“Each time they amended the charges, it was like starting all over again. I just wish the stain the trial put on me is removed. The establishment of the EFCC is laudable, but their activities must follow due process and based on facts.

“My son and daughter came all the way from Canada to be in court on the day of judgement because they know the type of father and parents they have. I am grateful to God that in the end I was vindicated,” he said.


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UK Pledges €1Bn to Fight against Malaria in Nigeria

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The UK has pledged £1 billion to Nigeria’s fight against malaria and other diseases from 2024 to 2026.

UK Pledges €1Bn to Fight against Malaria in Nigeria

Ebere Anyachukwu, health adviser at the British High Commission, announced this on World Malaria Day in an interview with NAN.

This contribution supplements existing funds from other donors and will primarily support the procurement of insecticides, treated bed nets, malaria diagnostics, and chemoprevention efforts.

“There are some states in Nigeria where malaria is seasonal. Those are states where chemoprevention is used to prevent children from coming down with malaria,“ he said.

“In those states, malaria spreads in a few months within a year, and during that period, there is a high level of malaria transmission in children, resulting in lots of deaths.”

The health adviser said children in such states are usually given malaria drugs, whether or not they have the infection.

He said the UK is a big contributor to the global fund, currently supporting about 13 states in Nigeria.

He listed the states to include Adamawa, Delta, Gombe, Jigawa, Kaduna, Kano, Katsina, Kwara, Niger, Ogun, Osun, Yobe and Taraba.

“With the global funding support, there has been a significant reduction of malaria-related deaths in children in Nigeria,“ Anyachukwu said.


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60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech

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The story has often been told in tech circles of how a relatively unknown Nigerian female student became a sensation of sorts among the international student population back in the early 80s in India owing to the unusual course of study she was undertaking.

60 Hearty Cheers to Chioma Ekeh, Africa’s Leading Unusual Female Tech

Chioma Ekeh

Electing to study Mathematics at Bachelor’s degree level – a course that required not only battling differential equations, calculus, advanced algebra, and so on, but also pitting one’s wits against that of wizened professors – is not a task for the faint-hearted. But that was the path that this unusual lady took at Punjab University, located in the culturally rich and aesthetically pleasing city of Chandigarh, India.

It was a decision that would lead Chioma Ekeh (nee Emelonye) along the path of meeting the love of her life, a certain Leo Stan Ekeh and returning to Nigeria with him to play a leading role in shaping the course of technology distribution in Africa.

Undoubtedly, unusual may also be a word that defines Chioma and Leo Stan Ekeh’s remarkable journey together. A power couple and exemplary partners who have worked together for over 30 years building a successful technology empire is a rarity, one that is not often seen.

That sojourn to India and her subsequent career trajectory laid the groundwork for the impressive reputation Chioma Ekeh has built in the highly competitive technology space. Business associates and representatives of global brands never fail to cite her intellect and brainpower.

Job seekers who cross her path during interviews often recall being asked to solve a simple arithmetic problem. For those who eventually become employees, there is never-ending adulation.

Her husband, Leo Stan Ekeh, describes her as the integral analytics, the backbone behind the brilliant success of the Zinox Group where she has continued to support all the businesses across the board.

Such is the cerebral aptitude of this unusual woman that she is reported to have taken the stage once at a company-wide business review to present a financial report punctuated by humongous accurate numbers, figures and percentages, all from memory and without recourse to any notes, a device or an actual presentation document.

Born on April 25, 1964, the story of the impressive diffusion, accessibility, useability and affordability of cutting-edge technology devices and solutions in Nigeria and indeed, sub-Saharan Africa will be grossly incomplete without a detailed citation on Chioma Ekeh and the leadership role she has played – one she has continued to play as a silent innovator and disruptor–alongside her legendary spouse.

A Fellow of the Chartered Institute of Certified Accountants (FCCA, UK), Mrs. Chioma Ekeh is the brains behind TD Africa, a regional technology distribution powerhouse headquartered in Nigeria and with branches across Africa and in four other continents.

A company she led from start-up stage, TD Africa with Chioma Ekeh as CEO, pioneered ICT distribution in Sub-Saharan Africa and has remained the industry leader by market share in the region and the biggest provider of credit to resellers.

Founded in 1999, TD Africa is Africa’s leading distributor of technology and lifestyle products, boasting an unmatched and growing network of partnership with global brands like HP, Microsoft, Apple, Starlink, IBM, Dell Technologies, Ring (by Amazon), Cisco, Lenovo, APC by Schneider Electric, Samsung, Bosch, Phillips, Logitech, Vivo, among several others. Under Chioma’s exemplary leadership, the company has achieved numerous milestones, earned a long list of local and international awards/accolades and ensured Nigeria and indeed Africa is reckoned with at the global table of technology conversations and discussion-making.

However, this remarkable story may have turned out differently, had Chioma not returned to Nigeria under the guidance of her husband.

Armed with a formidable Mathematics degree after completing her studies in India, Chioma had the world at her feet and was the toast of leading companies the world over.

Moving to the United Kingdom at the invitation of her husband, Chioma joined the exalted league of Chartered Accountants and thereafter, bagged an MBA at the reputable Heriot Watts University.In 1987, she joined Sterling Deveraux as an Investment Analyst, engaging in researchand analyzing assets, such as stocks, bonds, currenciesand commodities.

Her acumen and exceptional skills were growing in demand and before long, she left Sterling Deveraux, joining the London Borough of Lewisham as an accountant in 1988.

Between 1988 and 1991, Chioma’s sterling work saw her rise swiftly through the ranks at the London Borough of Lewisham, moving from Accountant to Senior Auditor and then to Financial Auditor.

Certainly, Chioma Ekeh had a clear path to becoming CFO and possibly CEO at the London Borough of Lewisham or even going on immediately to taking up other elevated roles at other organizations. But the love of motherland and the call of her husband – Leo Stan Ekeh – to return home to Nigeria with him and build a technology legacy for Nigeria and Africa proved too strong.

Back home, Chioma Ekeh’s initial area of responsibility was with Task Systems Ltd., the first of many companies in the Zinox Group set up by Leo Stan Ekeh.

She took up the position of Financial Controller and spent six achievement-filled years at Task before driving the vision of technology distribution birthed by her husband in launching TD Africa where she became the company’s pioneer CEO.

A quiet, unassuming tech icon, Chioma Ekeh has acquired a well-deserved status as unarguably one of Nigeria’s top three leading Women-in-Tech, a female technology business leader with extensive years of proven capacity in building high-performing teams and transforming businesses beyond stakeholders’ expectations.

In partnership with her husband, Chioma Ekeh has played immense roles in growing and nurturing partner businesses, launching several thriving new businesses and successfully closing some of the biggest acquisitions in the technology space in Nigeria.

The Tech Experience Centre – Africa’s first technology experience centre – located at Yudala Heights, a sprawling edifice in the heart of Victoria Island – is another project that has Chioma Ekeh’s indelible signature on it.

The launch of the Tech Experience Centre in October 2020 received high praise from the Nigerian government and representatives of global Original Equipment Manufacturers (OEMs).

Under her guidance, Celebrating You, an annual showpiece celebratory event hosted by TD Africa has become unarguably the biggest year-end event in the Nigerian technology industry for over a decade.

Also, she has spearheaded several CSR projects, including The Herwakening – an empowerment programme for female entrepreneurs– and Girls in ICT – a project targeted at encouraging young girls to take up STEM (Science, Technology, Engineering, Mathematics) disciplines and considering careers in technology.

As she turns 60, Chioma Ekeh deserves rarefied mention and unmitigated encomiums. An amazon, this unusual female tech icon who has shattered several glass ceilings, knows no fatigue and has continued to innovate, effortlessly leading from the front.

 

 


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Academic Technologists Propose N350,000 Minimum Wage

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National Association of Academic Technologists (NAAT), has proposed N350,000 as the new minimum wage for Technologists in the tertiary institutions.

Academic Technologists Propose N350,000 Minimum Wage

Comrade Ibeji Nwokoma, national pesident of NAAT, stated this at 5th National Delegate Conference in University of Abuja.

Nwokoma, said the proposal was based on the present economic situation in the country occasioned by the removal of fuel subsidy, high inflationary rate and the attendant hardship.

Nwokoma maintained that technology rule the world and advanced development and shaping the landscape of education in developed countries.

Prof. Tahir Mamman, minister of Education, said the federal government will soon introduce the policy that will make skill acquisition compulsory for primary and secondary schools.

The minister said global space is driven by technology which the advanced world is using to solve problems and gaining grounds.

The Union protect, defend, and promote the rights and well being and interests of all members and to advance the cause of members, employed in Nigerian Tertiary Institutions Universities, Polytechnics, and Colleges of Education.

The theme of the conference is, “Technology, a recipe for national development and socioeconomic growth in the 21st century: the Nigeria quest for a better tomorrow.”

 

 


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