Investigators have linked some crime to a major foreign exchange racketeering involving some commercial banks in violation of CBN Forex regulations.
Security agencies, the military, the judiciary and the Central Bank have launched a probe into an alleged N125 billion fraud affecting a 24-year concession agreement with the Nigerian Army Shopping Complex – The Arena at the Ikeja Cantonment, Lagos.
It was gathered that investigators from the police, Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (Bankers Committee) are separately examining allegations linking a businessman Mr. Whoba Ogo, a lawyer, senior officers of the army, bankers and a security firm, among others, to the crimes.
Mr. Ogo did not respond to our correspondent’s enquiries on his Facebook page and on WhatsApp.
He also did not reply to a text message sent to his mobile line.
Several sources close to the investigation told Sahara Reporters correspondent that the security agencies have been finding evidence of money laundering, advance fee fraud, forgery, stealing and criminal conspiracy and conversion of over N125 billion against Ogo and the other suspects.
Our investigation shows that Mr. Ogo is believed by investigators to have fled the country with his family to the United States of America (USA).
It was also learnt that the N125 billion, and counting, is the property of a firm, Woobs Resources Limited whose Managing Director/Chief Executive Officer, Arc. James Onyemenam, has already petitioned the Inspector-General of Police (IGP) and the EFCC.
Onyemenam, it was gathered, has also filed and won suits against Ogo at the Lagos Court of Arbitration and the Federal High Court of Nigeria while another suit is pending at the Court of Appeal.
Sources within the EFCC and NPF reported that senior politicians and high-level government functionaries have been procured to kill the ongoing investigation or scuttle the matter by every means, which with the benefit of hindsight may be connected with the delays noticed with securing justice from the courts and enforcing judgments.
Our correspondents are also investigating the roles of the institutions in the matter and why it has taken almost 12 years to resolve the matter, despite judgments from a court of competent jurisdiction
In two of the petitions that prompted the investigation, seen by our correspondents, Onyemenam urged security agencies to get to the root of the matter.
He identified Ogo as his former business partner and minority shareholder, who allegedly connived with several accomplices to unlawfully remove him from the firm, to clear the way to defraud the company.
Onyemenam, an architect, said the fraud was committed in the course of the company’s execution of the 24 year-concession to design, finance, construct and operate a modern market (the Nigerian Army Shopping Complex – The Arena) at the Ikeja Cantonment, Lagos.
In his petition, he told the IGP and the EFCC chairman that Ogo in connivance with several accomplices, including bank officials converted the money belonging to the company and had been using same to acquire properties in Nigeria and abroad.
According to him, Ogo absconded with his family to Texas, US over 23 months ago immediately the EFCC commenced its investigation in May 2021.
He alleged that from there, Ogo had continued to carry out his illegal activities.
Several sources confirmed to our correspondent the claim that Ogo had fled abroad.
The CEO appealed to the IGP to direct investigation into the case with a view to arresting and prosecuting the suspects, if the investigation finds them culpable.
Onyemenam, a majority shareholder in the firm, made the allegations in a May 18, 2023 letter to the IGP titled “Complaint of criminal conspiracy to wit: money laundering, advance fee fraud, forgery, stealing and criminal conversion of the sum of N125 billion and counting, property of Woobs Resources Limited against one Whoba Ogo and others.’
He said: “Mr. Whoba Ogo (a director and minority shareholder of the company) and I entered into a Joint Venture Agreement (JVA) by which we agreed to use the company as the joint venture vehicle to bid for and execute The Arena project for the Nigerian Army;
“I am aware that as from 2009 to date the suspect Whoba Ogo and others have conspired amongst themselves together and with the company’s banks to criminally convert the sum of N125 billion and still counting using the same to acquire properties all over Nigeria and abroad.
“As the majority shareholder and Managing Director/Chief Executive Officer of the company, I hold 275,000 shares out of the company’s issued share capital of 500,000 shares.”
He explained that the Nigerian Army granted the company a 24-year concession to design, finance, construct and operate a modern market (the Nigerian Army Shopping Complex – The Arena) located at the Ikeja Cantonment, Lagos on a Build, Operate and Transfer basis.
The Arena, with all its infrastructure, is expected to be transferred back to the Nigerian Army at the expiration of the 24 years and two years construction moratorium.
It was also noted that the financing of the project was carried out with borrowed funds from his banker, Messrs. Oceanic Bank International Plc (now Ecobank Plc) and other creditors (ie. contractors and consultants).
He added: “I got a final award dated 6 March, 2015 from an arbitration tribunal.”
The tribunal award, seen by our correspondent in the petition, decided that:
The Joint Venture between Mr. Whoba Ogo and James Onyemenam is valid, enforceable and subsisting.
James Onyemenam is the holder of 275,000 out of the 500,000 fully paid up shares of the company.
The resolution by which Mr. Whoba Ogo purported to remove James Onyemenam as Managing Director/Chief Executive Officer of the company is contrary to the Joint Venture Agreement and is consequently set aside.
Onyemenam remains the Chief Executive Officer and Managing Director of the company. Sterling Chambers (Barristers and Solictors) remain the Company Secretaries of the company.
The petitioner noted that furthermore, the Federal High court in Lagos in a judgment delivered by Justice Faji on April 27, 2020, dismissed Ogo’s application to set aside the arbitral award and granted his application for the enforcement of the said award as well as perpetual injunction restraining Whoba Ogo from obstructing his contractual rights.”
He accused Ogo, one Victor Ukutt of Victor Ukutt and Co., Col. Kingsley Umoh and his security company of illegally taking over The Arena since October 2011, alleging that they are still perpetuating illegalities in the management of the Arena, “in clear violation of the aforementioned court judgment”.
“The revenues generated from the Arena since 2011 are being criminally diverted to other private purposes,” he alleged.
He alleged that the suspects fraudulently opened several new bank accounts without the Board of Directors’ resolution so that they can divert the company’s funds, change the mandates of the company’s accounts with several listed banks of which they are joint signatories without the approval of the Board of Directors of the company.
It is indeed suspected that some bank officials are in collusion with the the alleged suspects in illegally operating accounts without the appropriate mandates from the directors of the company.
He said Ogo, his wife and Ukutt were illegally diverting proceeds from the Arena using shell companies to launder the proceeds of their crimes.
He alleged that it is from the proceeds of these illegal transactions that Mr. Whoba Ogo and his wife Safiya Ogo acquired the following properties listed in the petition: Sandworth Court, Arepo; Sandworth Court, Ajah; Sandworth Court, Karu; L’arcade Mall, Owerri; L’arcade Guest House, Owerri; Sandworth Garden, Owerri; a parcel of land located at Ibeju-Lekki; land located at Ibeju-Lekki containing 488 plots; Plot 87 Oyediran estate, Yaba, Lagos; Block 80 Flat 2 Glover estate, Ebute Metta, Lagos; 30.63 hectares of land located at Ibah, Lagos; 4808 Coventry Lane, Arlington TX 76017 Texas, USA and Pent floor apartment at Lekki Phase 1, amongst others.