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The abrupt collapse of one of Nigeria’s foremost commercial banks, Afribank Nigeria Plc, is not unconnected to mismanagement, crime and alleged fraud. The French investors’ bank was established in 1959 and operated as commercial bank, real estate, and insurance broker.

 

It had over 250 branches nationwide and rated in Nigeria’s “first four” until 2009 when the biggest financial heist was discovered among its top management executives, bulk of the reason the bank failed recapitalisation deadline issued by the Central Bank of Nigeria that year.

 

First in the list was the executive director, Treasury and Financial Institutions, Public Sector/Transaction Services, and Corporate Support, Mr Jibrin Isah, now the senator representing Kogi East senatorial district. Isah was dismissed from AfriBank in 2009 for alleged financial malpractices, frauds, and economic crimes.

 

Following his dismissal, Jibrin was arrested along with Mr. Sebastian Adigwe, Mr Chinedu Onyia, Mr Henry Arogundade, Mr Peter Ololo, Falcon Securities ltd, Osa Osunde, Isa Zailani and charged for financial malpractices, fraud, and Economic crime.

 

Thereafter a 36-count charge bordering on theft and alleged wrongful conversion of millions of shares belonging to Afribank Plc, valued at N87 billion were brought against the former Chief Executive Officer of the bank, Mr Sebastian Adigwe, Jibrin Isah, Mr Chinedu Onyia, Mr Henry Arogundade, Mr Peter Ololo, Osa Osunde and Isa Zailani who were ordered by Justice Olabisi Akinlade to be remanded in Economic and Financial Crimes Commission, EFCC, custody by an Ikeja High Court.

 

They were accused of conspiracy, receiving stolen property and stealing the sum of N87 billion belonging to Afribank and were subsequently docked. The accused persons were alleged to have stolen the money which was fraudulently converted to the use of AIL Securities Limited, Asset Management Nominees Holding Limited and Falcons Securities Limited belonging to them.

 

It was a brazing and audacious criminal act to what transcend the modern-day stealing of the Nation’s resources by public office holders. No bank would have survived with such humongous amount of money unaccounted for. However, Senator Jibrin Isah and co were arraigned, but, to the consternation of everyone, Echocho was made a third witness against his fellow culprits despite palpably indicting evidences not minding that as the bank’s treasurer the responsibility of portfolio (liquidity, capital efficiency/adequacy and yield) management, trading/hedging, asset liability management and funds transfer pricing were all his; ironically, it was on all these premises that the bank was liquidated. Clearly. it was a high-level conspiracy and scheme abetted by the sleight hand of the relevant authorities.

 

Subsequently, Echocho was never seen in court again while Farida Waziri’s Economic and financial Crimes commission played ‘the blind eye’ with spurious claims that Jibrin was nowhere to be found.

 

It is rather unfortunate, Nigerians play to the gallery of victims of bad leadership, wherein they are either conscious or indeliberate accomplices. Jibrin Isah courtesy of the position he occupied in the defunct AfriBank played the lead role in insolvency, illiquidity and mismanagement of the institution leading to its unavoidable collapse. But how he bought justice over reducing Waziri’s EFCC to a mocking reference left much to be desired.

 

The U.S global watch was the first to react to the anti-graft agency’s loss of credibility and huge dent on Nigeria’s fight against corruption. And though, Waziri was later dismissed, the EFCC has existed at the whims and caprices of corrupt public and private corporate officials as the case of Afribank enunciates.

 

For a better understanding of Isah’s alleged shady deals in AfriBank, the petition written by an Abuja based Lawyer, Barrister Kayode Ajulo to the EFCC on the 30th of May 2012 is a veritable reference material:

 

“PETITION ON BEHALF OF MR. GBOLAHAN PETERS AND AHMED IBRAHIM AGAINST FORMER EXECUTIVE DIRECTOR OF AFRIBANK, ALHAJI JUBRIN ISAH OF CONSPIRACY, FINANCIAL MALPRACTICES & ECONOMIC CRIMES. REQUEST FOR PROSECUTION OF ALHAJI JUBRIN ISAH

We write as Solicitors to Mr. Gbolahan Peters and Alhaji Ahmed O. Ibrahim of Forum for Zero Tolerance to Financial Crimes, Abuja (hereafter referred to as your Petitioners) and wish to draw your attention to the criminal indictment against Mr. Jubrin Isah the erstwhile Executive Director of Afribank Nigeria Plc and the seemingly conspiracy by your Commission under the leadership of your predecessor to bringing him to justice.

Mr. Jubrin Isah, (herein after referred to as the Suspect) was the Executive Director of Afribank Nigeria Plc, who was disengaged through the dissolution of Executive Management team of some Banks in August, 2009, over financial malpractices and mismanagement of the Afribank Nigeria Plc.

Sequel to the dissolution, the Suspect was arrested and severally investigated subsequently upon which he was indicted and first arraigned with Sebastian Adigwe, Osa Osunde, Isa Zailani, Chinedu Onyia, Henry Arogundade, Falcon Securities Ltd, and Peter Ololo before the Federal High Court, Lagos with Charge No. FHC/L/294/09.

 

Moreover, in the Amended Charges filed of 13th April, 2010, the 33 amended count charges against the Suspect and others revealed that the Suspect and others mismanaged and thereby committed a financial crimes to the total tune of over 60 Billion contrary the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks Act Cap. F2 Laws of the Federation of Nigeria, 2004, the Banks and Other Financial Institutions Act and the Investments & Securities Act.

The Suspect and his co-accused were also arraigned before the High Court of Lagos State, Ikeja in May 2011 with Charge No. 10/160C/2011 However, to the consternation of your Petitioners and in what can only be depicted as a scheme and official conspiracy, all the charges against the Suspect were dropped while the prosecution team turned him to prosecution witness without any justification.

 

We wish to note that your Petitioners’ apprehension is not unfounded as the followings justified their fear:

1. During the Suspect’s initial criminal trial at Federal High Court, Lagos, in 2009, the Suspect, though was charged as co-accused was never brought before the court but was busy campaigning to become Peoples Democratic Party flag bearer in Kogi State, while your Commission under the leadership of your predecessor, Mrs. Farida Waziri maintained that the Suspect is nowhere to be found.

2. The Suspect by the summary of the charges, facts and circumstances of his indictment was not only the Executive Director of AfriBank Nigeria Plc, but by his admission in his statement made to your Commission, was in charge of Investment Banking, covering Treasury, Financial Institution, Federal Public Sector, Private Banking, E-Solution and Corporate Support, thereby making him to played the leading role in the offences charged.

3. Instances abound in the trial where other accused have queried your Commission’s decision to make the Suspect, your witness instead a co-accused considering the enormity of his indictments.

4. All the transactions of the Banking and Financial malpractices which formed the indictments of the Suspect and others were well documented of which his indicted as the principal accused person and thereby made him being turned to prosecution witness defective.

5. The absence of the principal accused person in the trial as co-accused would spell doom for the prosecution of the charge.

Against this background, our extant brief is to ask you to use your good offices to review the decision of your predecessors, and ensure that the Suspect is brought to book for his liabilities in the financial malpractices and economic crimes.

You are no doubt aware that it is now an established fact within and outside the shore of Nigeria that the bane of Nigeria under-development is as a result of economic crimes in public and private sectors.

This fact is very compelling that it lead to the establishment of your Commission to effectively tackle and curb the trend. No doubt, you are also aware that your Commission’s glooming public perception in fighting the economic crimes is not unconnected with your Commission’s wittingly and/or unwittingly insincerity and seemingly lack of will to prosecute those who have been apparently indicted like in the case of the suspect.

Your Petitioners cannot therefore allow this obvious inequality without it been addressed and it is in the circumstance of the foregoing that your petitioners in consideration of Section 24 of the Constitution of the Federal Republic of Nigeria 1999 (as amended) and other enabling laws in Nigeria request your quick review of the indictments and prosecution of Alhaji Jubrin Isah for the purpose of bringing him to book for financial malpractices and economic crimes perpetrated while serving as Executive Director of Afribank Nigeria Plc.

TAKE NOTICE that if by 7th June, 2012 no practical steps and demonstration of good faith to bring Alhaji Jubrin Isah to book is taken, we shall without further notice, set in motion, machinery of justice to compel you to do same.

It is our firm confidence that by your Commission’s claims that no one is above the law, you will not hesitate to investigate the above allegation and bring the culprit to book.

Thanks for your mutual belief in the supremacy of the rule of law. Accept, please, the firm assurances of our highest regards.

Yours truly,

 

Pp: KAYODE AJULO & CO. CASTLE OF LAW.

Z. A. BABAH, ESQ. Ag. Head of Chambers

Omolola AWOLOLA, ESQ. Counsel

c.c.:

1. President of Federal Republic of Nigeria, Abuja;

2. Hon. Attorney-General of the Federation, Abuja;

3. Secretary to the Government of Federation, Abuja.”

 

It has been thirteen years since Jibrin Isah and his accomplices allegedly destroyed one of Nigeria’s finest financial institutions and thirteen years since the criminal trial of those who superintended the collapse of the bank. But as is the case with some of Nigeria’s criminal trials, the issue of Afribank has seemingly gathered dust in the shelves of the EFCC and the Nigerian judiciary while some of the shareholders and depositors of the banks who are lucky to be alive watch-on while those responsible enjoy the loot, occasionally brazenly.

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Bashir Adewale Adeniyi: adeptly navigating customs complexities with commitment and proficiency

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By Oladapo Sofowora

 

 

Whether admired or criticized, Comptroller General of Customs, Bashir Adewale Adeniyi MFR, is unwavering in his mission to transform the Nigeria Customs Service. His primary focus is to safeguard the nation’s borders against economic sabotage while boosting revenue and facilitating seamless trade relations between importers and exporters, ultimately fostering economic growth and stability for Nigeria.

 

Since his appointment by President Bola Ahmed Tinubu’s administration last year, Bashir has utilized his exceptional acumen and strategic insight to elevate this crucial law enforcement agency. Many initially doubted his ability to succeed, but he is decisively silencing his critics with impressive outcomes that have solidified the customs agency as one of the largest revenue-generating bodies in the country, channelling trillions of Naira into government coffers annually and enhancing trade facilitation.

 

Adeniyi, often dubbed the “new sheriff in town,” is unyielding in his approach, having made it clear to those who previously exploited systemic weaknesses that their days of advantage are numbered. A natural team player, he leads not from behind a desk but from the forefront, diligently ensuring that every loophole is sealed. Those who have profited at the country’s expense feel the consequences, as Adeniyi pursues them relentlessly.

 

He believes that for the customs service to function optimally, it must not only focus on revenue generation but also strive to portray Nigeria positively on the global stage. To that end, he has streamlined the cargo release and evaluation processes through cutting-edge technology, significantly reducing the bureaucratic red tape that plagued the service. While his reforms have drawn ire from some quarters, he remains undeterred. Adeniyi has equipped all commands and zones, preparing them to combat both internal and external corruption. Smugglers, in particular, now view him as a formidable obstacle.

 

In a resolute effort to protect Nigeria’s agricultural sector, Adeniyi has strategically assigned capable personnel to the nation’s borders, issuing a stringent directive that anyone attempting to undermine the Nigerian economy is seen as an enemy and will face no leniency. This has resulted in tighter border security and has enabled local producers to flourish, attracting increased investment in vital sectors, especially agriculture. Internally, CGC Adewale is effecting a groundbreaking reform of the customs workforce by emphasizing professionalism and ethical standards. He has initiated extensive training programs focused on customs law, risk assessment, and technology, aiming to cultivate a skilled workforce equipped to tackle contemporary customs challenges.

 

His unwavering stance against corruption, coupled with a strong emphasis on accountability, seeks to restore public confidence in the Nigeria Customs Service. By fostering a culture steeped in ethics, CGC Adewale aspires to elevate the agency into one that commands respect for its integrity and fairness. Adeniyi also recognizes the significance of collaboration; thus, he actively partners with other agencies to forge a synergistic relationship, sharing intelligence that effectively combats smuggling and enhances the interception of illegal goods. The agency has recently reported seizures worth billions while intercepting arms and ammunition, marking a significant turn in fortunes as he strives to solidify the Customs’ reputation as a reputable agency, reversing the negative narrative that has long surrounded it.

 

Under his stewardship, he has prioritized the welfare of staff, the development of women, and the motivation of officers, fostering a dedicated workforce eager to protect the nation from economic sabotage. Significant seizures from petroleum products to endangered species parts, such as pangolin scales, donkey skins, and elephant tusks, alongside smuggled vehicles, have underscored Adeniyi’s commitment to elevating the agency above others. The digitalization of key customs processes has made trade more efficient, decreasing unnecessary human interaction to minimize corruption.

 

Despite the considerable challenges faced, during Adeniyi’s tenure, Customs has remarkably generated an impressive N5,079,455,088,194.38, exceeding the 2024 target of N5 trillion. As part of ongoing reform measures, six beneficiaries of the Authorized Economic Operators (AEO) program have been selected, with an additional 21 requests processed under an advance ruling initiative designed to expedite customs decision-making on import and export cargoes before they arrive at the ports. Adeniyi’s significant strides, alongside streamlined cargo alerts, have begun to reshuffle the customs landscape in Nigeria, introducing hope and renewed purpose to this vital service.

 

Beyond the realm of security, the collaborative efforts extend into vital economic initiatives such as the African Continental Free Trade Area (AfCFTA). This ambitious project aims to create a cohesive market across the continent, fostering seamless trade among African nations. Adewale’s significant involvement in the development of AfCFTA-related policies highlights his unwavering commitment to transforming the Nigeria Customs Service (NCS) into an agency that not only facilitates economic integration but also harmonizes customs standards across Africa.

 

This harmonization is crucial for streamlining trade flows and unlocking a plethora of economic opportunities. Despite facing fierce opposition and deliberate campaigns aimed at undermining his reputation, Adeniyi has remained resolute, undeterred by the negative tactics employed by his detractors. He continues to focus on his responsibilities with diligence and integrity. While some have resorted to disparagement, Adeniyi has made sizable advancements toward realizing his ambitious vision of elevating the customs service to an esteemed position on a global scale.

 

This commitment to progress is exemplified through the ongoing Comptroller of Customs conference, aptly themed “Nigeria Customs Service: Engaging Traditional and New Partners with Purpose.” This conference, which had been previously halted for several years, has been revived since Adeniyi took the helm, offering the NCS a platform to engage in meaningful discussions. It serves as an opportunity to reassess strategies, ensuring the agency remains afloat and true to its potential in enhancing trade facilitation while also safeguarding our local economy.

 

True to the adage that the reward for a job well done is more work, Adeniyi is prepared to meet the challenges head-on, ready to deliver exceptional results regardless of the circumstances. The Nigeria Customs Service has never experienced such a level of organization and efficiency since its inception, earning it recognition as one of the most structured agencies in Nigeria today. This achievement is a testament to Adeniyi’s dedication and commitment to promoting excellence and prosperity within the service.

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FG spent N19bn on presidential planes in 15 months

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At least N19.43bn was spent on the maintenance and operations of the Presidential Air Fleet from July 2023 to September 2024, we learnt.

 

Checks on Gov Spend, a civic tech platform that tracks and analyses the Federal Government’s spending, showed that for 2024, the payouts amounted to N13.55bn, representing 66 per cent of the allocations for the fleet in the 2024 fiscal year.

 

Most disbursements were labelled ‘Forex Transit Funds,’ typically funds allocated for foreign exchange requirements to facilitate international transactions and engagements

 

Strategy, Mr Bayo Onanuga, said, adding that it “will save Nigeria huge maintenance and fuel costs, running into millions of dollars yearly.”

 

The new Airbus A330 is just one of several aircraft currently on the Presidential Air Fleet, arguably one of Africa’s largest, with around 11 aircraft of various makes and models. Until August, it comprised the 19-year-old B737-700 and a 13-year-old Gulfstream Aerospace G550.

 

The BBJ was acquired during the tenure of former President Olusegun Obasanjo at $43m but became a money guzzler as it aged.

 

Onanuga, defending the purchase of Airbus A330, argued that the new Airbus 330 aircraft and the costs of maintaining the air fleet were not for the president but in the interest of Nigerians.

 

It’s not President Tinubu’s plane; it belongs to the people of Nigeria, it is our property…the President did not buy a new jet; what he has is a refurbished jet – it has been used by somebody else before he got it, but it is a much newer model than the one President Buhari used.

 

The one President Buhari used was bought by President Obasanjo some 20 years ago. There was a time when the President went to Saudi Arabia, and the plane developed some problems. The President had to leave the Netherlands with a chartered jet.

 

“Nigerians should try to prioritise the safety of the President. I’m not sure anybody wishes our president to go and crash in the air. We want his safety so that he can hand it over to whoever wants to take over from him,” Onanuga said.

 

The presidential aide said he discussed with the National Security Adviser, Mr Nuhu Ribadu, on the faulty plane [Boeing 737 jet] and he said the maintenance costs were excessive because of the age of the aircraft, hence the need for another plane.

 

The presidential fixed-wing fleet includes a Gulfstream G500, two Falcon 7Xs, a Hawker 4000, and a Challenger 605.

 

Three of the seven fixed-wings are reportedly unserviceable. Meanwhile, the rotor-wing fleet includes two Agusta 139s and two Agusta 101s, all operated by the Nigerian Air Force but supervised by the Office of the National Security Adviser.

 

Former President Buhari promised to reduce the number of aircraft in the PAF to the absolute necessary.

 

In April 2023, three jets were put up for sale, but there were no specifics on which.

l

However, efforts to sell one of the Dassault Falcon 7x and the Hawker 4000 in October 2016 stalled when a potential buyer reduced their initial offer from $24m to $11m.

 

Since 2017, budgetary allocations for the fleet have shown a growing trend, with one exception in 2020.

 

In 2018, the fleet’s budget rose significantly by 66.13 per cent to N7.26bn, driven by a substantial increase in capital project allocations while maintaining similar levels for recurrent costs. This upward trajectory continued into 2019, slightly increasing the total allocation to N7.30bn.

 

The exception came in 2020, when the budget dropped by nearly seven per cent to N6.79bn, primarily due to decreased overhead costs, a reflection of the global economic impacts of lockdowns and disruptions in operations.

 

By 2021, however, the budget surged dramatically to N12.55bn—a record increase of 84.83 per cent from the previous year.

 

In 2022, maintenance expenses for each aircraft ranged from $1.5m to $4.5m annually.

 

The 2022, 2023 and 2024 appropriation acts earmarked N12.48bn, N13.07bn and N20.52bn respectively.

 

On his way to the 2024 Commonwealth Heads of Government Summit in Samoa, a foreign object damaged the cockpit windscreen of Vice President Kashim Shettima’s GulfStream aircraft during a stopover at JFK Airport in New York.

 

According to Lee Aerospace, manufacturers of the Gulfstream, jet windshields consist of thick multilayered structures of varying layers of glass and transparent acrylic built to withstand collision with a 2kg object.

 

However, damage to the windshield must have affected its inner layers. While specific prices for replacement can vary based on supplier, labour rates and regional costs, estimates suggest that a single windshield replacement for a G550 can range from $50,000 to $70,000 for part and labour costs.

 

 

 

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