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Groups calls for Wema Bank’s CEO immediate dismissal
The Transparency Nigeria Group has called on the Central Bank of Nigeria to fire Ademola Ademise, the Chief Executive Officer of WEMA Bank, for alleged fraud.
In a statement issued by Dahiru Mohammed, the company’s Communications Director, the group claimed that Ademise had excessively exploited his position as CEO of Wema Bank and had broken various CBN regulations.
Wema Bank, according to the group, covered up a large fraudulent scheme undertaken by firms and proxies of Bola Tinubu, the National Leader of the All Progressives Congress.
“By doing so, Mr Ademise failed in his fiduciary duty and allowed a strong politician to utilize Wema Bank as a clearing house for laundered monies,” TNG stated, calling for his immediate removal.
The group referred to a story dated November 23, 2020 by Peoples Gazette where bank records showed that Ocean Trust Limited, a company linked to Tinubu, shuffled billions of naira between its accounts with Wema Bank.
The newspaper documented the transaction between January and June 2019 on how Ocean Trust summarily moved N16.4billion from its operations accounts into a fixed deposit account all domiciled in Wema Bank.
This was after the court case involving Dayo Apara, a former Managing Director of Alpha Beta, a company partially owned by Tinubu.
Ocean Trust was specifically mentioned in Apara’s court documents as one of the firms allegedly used to siphon funds from Alpha-Beta, the controversial Lagos tax contractor.
According to the report, Alpha Beta received billions from Lagos treasury since Tinubu was governor.
Apara claimed the firm received N150billion in the past 15 years from Lagos.
On January 2, 2019, Ocean Trust moved N1.5billion from its 0702892574 Wema Bank account to another 0122613238 account within Wema Bank.
The description for the transaction was labelled “Closure proceeds”.
A week after on January 9, N800million was transferred to the same bank account.
On January 16, 2019, N500million was also transferred to the same account. N1.5 billion, N800 million, and N500 million were transferred to the 0122613238 Ocean Trust account on February 1, February 8 and February 15 in 2019, respectively.
The same account got N1.5 billion on March 4, while N800 million and N500 million were transferred on March 11 and 18, 2019.
On April 3, the account received yet another N1.5billion while N800million was credited to it on April 10 and another N500million on April 17.
N1.5 billion was moved to the account on May 3 while N600million and N500million were credited to the account on May 10 and May 17 respectively.
On June 3, N1.5billion was transferred to the Ocean Trust account with another N600million on June 10 and another N500million on June 17.
Joseph Aloba, father of late singer Mohbad, reveals his life improved significantly after his son’s passing, attributing it to divine help
Joseph Aloba, the father of late Nigerian singer Mohbad, has shared how his life has seen a remarkable improvement since the tragic passing of his son in September last year.
Speaking in an interview with media personality Akin Abolade, Aloba expressed gratitude for the unexpected blessings he has received, which he credits to the combined influence of Mohbad’s spirit and God.
In the emotional interview, Aloba revealed that Mohbad had made significant plans to support him, but these ambitions remained unfulfilled due to unforeseen circumstances before the singer’s untimely death.
However, he stated that since Mohbad’s passing, he has experienced an outpouring of support from well-wishers who have provided him with essential items, including a car.
“Let me just say yes, my life got better after Mohbad’s death because he is my friend. He had it in plan to do many things for me, but they didn’t allow him to do them,” Aloba explained.
“After his death, it was the spirit of Mohbad, and that of God combined together that began to send people to assist me. Even the car and everything I have now, it was people that gave them to me, and it is beyond ordinary.”
Reflecting further, Aloba noted that the assistance he now receives mirrors the intentions his son had for him. He added, “Those were the things he was meant to be doing for me, but they didn’t allow him to do them.”
The late Mohbad, born Ilerioluwa Oladimeji Aloba, passed away under mysterious circumstances in September 2024, leaving fans and the Nigerian music industry in mourning. Investigations into the cause of his death remain ongoing, with many still seeking answers.
Kogi State Governor Usman Ododo ends the controversial tax clearance policy, ensuring students’ education rights remain protected
Kogi State Governor, Alhaji Usman Ododo, has ordered an immediate halt to the policy requiring parents to present Tax Clearance Certificates (TCC) for their children’s enrollment in state-owned tertiary institutions.
This decision follows public outcry and protests led by civil society groups, who argued that the policy infringed upon the right to education.
Announcing the directive during a media briefing in Lokoja, the Chairman of the Kogi State Internal Revenue Service (KGIRS), Alhaji Sule Enehe, stated that the move reflects the governor’s commitment to accessible education.
“The governor responded swiftly to public concerns, emphasizing that education must remain accessible to all Kogi State students,” said Enehe.
The policy, introduced to encourage tax compliance, drew criticism for potentially denying access to education for students whose parents were unable to provide TCCs.
With the directive now revoked, students can register and gain admission without the previously mandated requirement.
Enehe, however, reminded residents of their constitutional duty to pay taxes, noting that non-compliance could restrict access to benefits such as bursary allowances.
He added, “Parents must play their part by paying taxes to support state education and other social amenities.”
Highlighting further reforms, Enehe disclosed that KGIRS has ramped up efforts to eliminate illegal tax practices. Since the crackdown began, 43 illegal tax collectors have been prosecuted, while several corrupt staff members have been dismissed.
To streamline operations, the revenue service has digitised tax payment systems, allowing individuals and businesses to fulfil their obligations more efficiently.
KGIRS reported steady revenue growth in recent years, with collections rising from ₦17 billion in 2021 to ₦27.7 billion in 2024.
The service has set an ambitious target of ₦35.1 billion for 2025, aiming to sustain the state’s developmental initiatives.
Governor Ododo’s administration continues to prioritise education, as seen in the establishment of three state-owned universities.
The governor’s directive aligns with the broader goal of ensuring that financial barriers do not hinder educational access for Kogi State students.
This decisive action signals the government’s resolve to balance tax compliance with the constitutional right to education, fostering both development and inclusivity.
Nigeria’s headline inflation rate has risen to 34.80% in December 2024, driven by increased demand during the festive season. The report highlights ongoing economic challenges despite a slight month-on-month decrease
Nigeria’s headline inflation rate surged to 34.80% in December 2024, according to the National Bureau of Statistics (NBS).
This marks a slight increase from 34.60% in November, driven by heightened demand for goods and services during the festive season.
The year-on-year comparison shows a significant 5.87 percentage point rise from 28.92% in December 2023, pointing to a persistent inflationary trend.
However, month-on-month inflation decreased marginally, falling to 2.44% in December from 2.64% in November 2024.
Urban areas experienced a more pronounced inflation rise of 37.29%, while rural areas saw an inflation rate of 32.47%.
Despite this, the month-on-month decrease offers a sign of easing inflationary pressure. Analysts emphasise the need for effective monetary and fiscal measures to stabilise prices and address the persistent economic challenges.
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