Why Tinubu Must Address the Fraud At The Regulatory Agency
Like a cancerous tumour, the Assets Management Corporation of Nigeria (AMCON) has afflicted the Nigerian business landscape for a long while. Rid of ethics, its operatives parade their penchant for sleaze and vulgar acquisition of assets to the delight of cronies and consternation of their hapless victims…..CONTINUE READING...CONTINUE READING
Just recently, the Economic and Financial Crimes Commission (EFCC) detained the receiver manager appointed by AMCON, for Arik Nigeria Limited, Kamilu Omokide, over financial mismanagement and diversion of monies totalling billions of naira.
Omokide was detained alongside one Captain Samuel Caulcrick in connection with the alleged illegal sale and tear down of $ 41 million CRJ 1000 aircraft which was operated by Arik Air.
Their arrest followed a petition written by human rights lawyer, Femi Falana (SAN), who is also Arik Nigeria Limited’s lawyer.
In a copy of the petition, Falana detailed how there had been humongous financial fraud and sale of assets reaching over N120 billion.
The petition, addressed to the EFCC chairman, and dated April 27, read, “We have the firm instructions of our client to request you to embark on a full investigation of the criminal diversion of the sum ₦120,000,000,000.00 (One Hundred Twenty Billion Naira) and other financial improprieties arising from fraud, financial mismanagement and misappropriation of funds from the management of Arik Nigeria Limited Assets by the official receiver manager and his cohorts.
“Whilst we hope that the issues raised in this letter will be given the required attention, please accept as usual the assurance of our professional regards.”
In a separate incident, four Lagos residents have also accused AMCON of fraudulently selling a multi-millionaire naira property to an alleged crony.
The residents, Abubakar Hammed Zephaneal, Chukwuma Christian, Uche Uwaezuoke and Jacob Okon, who made the allegation in a court filing by their lawyer, DodoTafari Legal Practitioners, narrated how AMCON had plotted to evict them out of the premises at NO. 7 Yusuf Oloriode Street, Olodi – Apapa, Lagos to give way for the fraud.
They added that the said property was later sold to a man, Chigozie Henry Aguguo, who was alleged to be a close ally of the AMCON leaders.
Clearly, the new administration of President Bola Ahmed Tinubu must beam its searchlight on AMCON to sanitize it, the same way it has done with EFCC and the CBN.
President Tinubu’s government must address the anxieties, doubts, lack of trust and suspected double standards that tend to make AMCON as presently constituted a smokescreen by the financial regulators to achieve some hidden agenda, aimed to acquire major shareholdings in banks and other financial establishments, through nationalization, to enable certain interest groups to buy into the banking system…..CONTINUE READING
