Professor Yemi I sunbajo’s firm, Simmons Coopers is fingered in Alleged N100bn Alpha Beta Scam

​

A company in which Vice-President Yemi Osinbajo has a stake, Simmons Coopers Partners, has been linked to another firm, Ocean Trust Limited, which was fingered in an alleged N100bn scam involving Alpha Beta Consulting Limited and Alpha Beta LP.
Ocean Trust Limited, which was accused of being a conduit for diversion and laundering of funds by Alpha Beta, listed Simmons Coopers as its company secretary, documents exclusively obtained from the Corporate Affairs Commission by Saturday PUNCH showed.
Simmons Coopers was listed as a company in which Prof Yemi Osinbajo (now Vice-President) had a stake in his asset declaration form in 2015, according to the statement by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu.
In a petition submitted to the Economic and Financial Crimes Commission in July 2018, Dapo Apara, the erstwhile managing director of Alpha Beta, had alleged that Alpha Beta owed the Federal Government N100bn in unpaid taxes spanning over 10 years, adding that the firm usually laundered funds through another firm, Ocean Trust Limited.
He alleged that the firm was being protected by powerful politicians.
The petition by Apara’s lawyer, Adetunji Adegboyega, read in part, “Over the years, the company (Alpha Beta) has been protected and shielded by some powerful politicians and people in the society which made them to always boast of being untouchable.
“But our client, feeling the need not to keep quiet again and strengthened by his belief in the fact that the government of President Muhammadu Buhari is keen on fighting corruption which has been the bane of our country, is of the firm view that it is time to expose and open the can of worms called Alpha Beta Consulting.
“Our client is of the firm belief that it is time for the commission to step in and conduct a holistic investigation into the activities of Alpha Beta Consulting Limited and Alpha Beta LLP with a view to uncovering the massive corruption, money laundering, tax evasion, etc., going on in the company.
“Kindly note that one of the companies being used to perpetrate money laundering by the company is still another company named Ocean Trust Limited.”
Osinbajo’s reaction
When contacted on the relationship between Osinbajo’s firm, Simmons Coopers and Ocean Trust, the Senior Special Assistant to the Vice-President on Media, Mr Laolu Akande, said he would not comment on the matter unless Saturday PUNCH showed him the document indicating Simmons Coopers was Ocean Trust’s company secretary.

Inksnation is a scam, See review below

3 Months ago, Inksnation had all the backing and evidence it was 100% legit with the key to make over 1 million individuals millionaires. 

   Omotade, a Blogger swing into action to entail with the little evidence I had that it was scam.

Slooreview also published it was scam but he was labeled as a Blogger aiming at defaming Inksnation Pinkoin. Let leave what Omotade went through and why he deleted his own review.

This time again, I

Omotade confidently coming out to say it’s scam and will never be actualized with some of his well tangible evidence below. Please don’t forget to share the article 

Inksnation Review

The founder of Inksnation wrote a letter to Nigeria Fraud Agency “EFCC” exposing his platform and making a public life threatening declaration, while some bloggers said it wasn’t official, I can’t tell.

But it went viral and it bought the heart of hundreds of persons to believe it is real.

For those who don’t know, Inksnation is an online multi earning platform where members are obligated to sign up with a token and patiently watch it yeild Mills.

Inksnation came with different types of membership packages ranging from Bronze, Silver, Gold and Diamond and everyone had reasons to try it.

To subscribe for the Inksnation bronze plan, it cost as low as N1000.

Bronze plan features include sign up bonus and monthly salary and an IBGrant of N1,800,000.

Inksnation Letter to EFCC

Omotade Sparks Amos Sewanu the founder of IBSmartify is writing to inform your agency that IBSmartify will be embarking on a poverty eradication and smart urbanization scheme from the 12th of November with the aim of ending poverty in Nigeria in 6-9 months and smart urbanization of states in 1-4 years with our IBledger Blockchain’s first token called IBNaira.

In regards to this, I know this will be huge and massive, so i want your anti-graft agency to understand that blockchain is not a scam but an opportunity to transform Africa.
__________________________

He Said, He have no business with the letter written as it doesn’t change anything to me.

Right now, The Securities and Exchange Commission of Nigeria (SEC Nigeria) has put out a cautionary statement warning the public of illegal products of InksNation, the most popular being Pinkoin.

According to the regulator, the activities of IBSmartify, the registered brand name behind the projects, which is promoting a blockchain known as iBledger (iBcashcryptocurrency) and InksNation are not registered or regulated by the commission.

Is Inksnation Legit – NO

Apart from confirming that InksNation or iBSmartify is not registered with SEC, SEC has declared the InksNation product ‘illegal.’

Consequently, SEC has warned the general public that dealing with InksNation is at their own risk. SiBAN saw this risk–very high risk–earlier and immediately alerted the members of the public.

By paying older investors with newer investors’ funds without selling any product or service from which profit is redistributed, the InksNation’s scheme has an obvious Ponzi scheme feature.

Inksnation Scam – YES

Inksnation claims that by 16 June 2020, one #Pinkoin (PKN) is worth $1,433.7278, only second to bitcoin in terms of coin price and 6 times bigger than Ethereum. This self-pegged coin price is a SCAM.

Inksnation claims that #Pinkoin has a market cap of over $200 billion ($206 billion by 15 June). This is more than Bitcoin ($over 173billion) and Ethereum (over $26billion) market caps. They have no trade volume and no listing on exchange yet.

Slooreview Exposed Inksnation

The founder of Slooreview shared his exclusive interview with the founder of 

Inksnation proving it’s scam.

Inksnation Registration

As once stated, Inksnation registration was 100% free for every interested individual.

However, to instigate seriousness it had to go with a fee, and that’s why the cheapest goes for N1,000.

• Email Address
• User Name
• Phone Number
• Country
• Password

Inksnation Login

Before you have access to Inksnation login page, it’s obvious you must registered successfully.

To login Inksnation only the below is needed

• User name
• Password

Disclaimer

This Inksnation Review Article isn’t aimed at defaming Inksnation nor is it targeted to promoting them.

This article is strictly for enlightening purposes and a honest guide from our perspective.

Team holaminews is no third party and we can’t handle any complients whatsoever.

Source: Xycinews

Govt Urged To Retrieve Looted Properties, Prosecute Culprits

As the various allegations levelled against Ibrahim Magu, the suspended Acting Chairman of the Economic and Financial Crimes Commission (EFCC), continue to generate reactions, the Federal Gov­ernment has been urged to retrieve all re-looted properties that has been sold at giveaway prices from whoev­er bought them.

Sunday Independent in separate interviews with legal practitioners and human rights activists advised that the Justice Ayo Salami panel should recommend the immediate retrieval of such assets from the buyers while investigation and due diligent prosecution of all indicted persons should be carried out.

While some of them said that anybody who bought the property innocently should retain what he bought without liability, but that the fraudulent officer should go to jail, some are of the opinion that any person and cronies, as culprits being in possession of looted cum stolen property, should be made to face the wrath of the law.

However, they called for an open and fair hearing for Magu and any­one that might be investigated or put on trial, as they said that if the alle­gations were investigated and found to be true, it would be a great setback to President Muhammadu Buhari’s anti-corruption crusade.

Femi Aborishade, a human rights lawyer, said though the EFCC under Magu embarked on media trial of its suspects and that Nigerians should not assume that Magu was guilty of the allegations, they remained alle­gations and he should be presumed innocent until proven guilty in the court of law.

He said that the allegations against Magu should not end at the level of the presidential investiga­tion panel, but that he should be charged to court along with others suspected to have helped themselves illegally, if found culpable.

He added that the loot should not only be retrieved but all those found guilty should be brought to justice by serving jail terms as the courts may deem fit under the law.

Goddy Uwazurike, a lawyer, stat­ed that re-looting and looting are both financial crimes and that it is a gross breach of duty and confidence for an officer entrusted with the re­sponsibility to betray such.

“There is a higher punishment for a person entrusted with respon­sibility than an ordinary looter. Any innocent purchaser for value retains the property he bought. The fraud­ulent officer will go to jail but the innocent purchaser has no liability. It is for the government to investi­gate and confirm the innocence of a buyer,” he said.

Uwazurike also said that any bank that colludes with officers to steal money or manipulate banking records has committed multiple offences and so should bear the li­ability.

Onyeisi Chiemeke, a Lagos-based lawyer, said the principle should be that no public fund should be looted.

“Something is wrong when we begin to fear that that which has been recovered may be taken again. But fundamentally, we need to query a system that makes it possible for public office holders to steal public fund,” he said.

Adeola Soetan, National Coordi­nator, Democracy Vanguard, in his own view said the suspicion that the recovered loots are being re-looted has been a sing-song over the years.

He said that there must be open and fair hearing for Magu and anyone that will be investigated or put on trial can defend themselves properly.

“I have no problem that the Pres­ident, whose mantra is anti-corrup­tion war is trying to look into the books of the EFCC or any other an­ti-graft agency. But, we must insist on open and fair hearing for Magu and anyone that will be investigated or put on trial so that they can defend themselves properly.

“All allegations are still specula­tive until when the panel submits its report and Magu is put on trial if need be and if found guilty that will be a great setback to the remnant of Buhari’s anti-corruption crusade. It will be very embarrassing for anti­corruption czar to be caught stealing recovered loot.

He said that Nigerians will lose total confidence in EFCC, ICPC and government’s anti-corruption war.

“It is a common knowledge that no mega fraud is successful without the connivance of the banks because most Nigerian banks are owned by big public thieves and the banks are purposely created for racketeering, this is the reason while the economy is going down, banks are declaring huge profit in billions. Our banks are part of the channels of looting by the corrupt bourgeois class; the institu­tion is not developmental at all.

“Government can retrieve any recovered assets sold to anyone or organisation illegally that breaches the rules. It may take some legal trip and time but it is possible if the gov­ernment has the courage.

Wale Ogunade, another legal practitioner, said that though they are still investigating the matter but that there is no smoke without fire.

He said there is no transparency, that what Magu ought to have done is to announce and make public the details and addresses of the seized properties and put it on the website of the EFCC for Nigerians to see, but since that was not done, it gives room for suspicion.

“These recovered assets that have been re-looted obviously is a shame­ful thing for it to be re-looted. Gov­ernment can retrieve any assets that has been illegally acquired or taken or gotten by fraud.

“The proper thing to do is to be publicised and it would be done through a public auction where everybody have assess and not that it would be locked and some people will have access to the detriment of others, so to me government has all the right to retrieve those assets that were found out to be sold to cronies, friends and relatives of Magu or any of his persons that are so involved,” he said.

Oladotun Hassan, Chairman Eti-Osa Bar Forum, stated that it is not new as previous chair of the anti-graft agency had had similar penchant records of grabbing and re-looting.

“Magu’s probe presumably is premeditated attrition to settling political scores amongst the highest echelons and gladiators eggheads of the ruling All Progressives Congress (APC), but to Nigerians and global community it expository reality show on how we are fundamentally unprepared for succinct democracy in Nigeria.

“Inevitably, there ought to be due diligent, prudent, fidelity and untainted disclosure in accordance with the EFCC Act of proper records of account of all material evidences and recovered assets and properties, particularly the discovered missing 322 out of the 836 recovered proper­ties in March, 2018 and other alleged corruptive tendencies.

“Unfortunately, most of the for­feited re-looted properties and pro­ceeds of corruption were found in custody of top EFCC officials, cro­nies and associates of the Acting Chairman and other recommend­ed beneficiaries, wherein records show they were clandestinely sold at a giveaway price.”

Oladotun stated that the probe panel needed to treat such accom­plice’s persons and cronies as cul­prits being in possession of looted cum stolen property if found cul­pable then the full wrath of the law should take its course.

“It is unacceptable fact and im­proper to re-loot recovered assets, it consequently amounts to deceit, lack of transparency, unlawful possession of recovered properties, nondisclo­sure and concealment of facts, lack prudential accountability, distortion and mutilation of official records.

Speaking further, he said the con­spiracy theory is unprecedented and highly expository to see how banks are now brokers and conduits of cor­ruption in Nigeria, in gross violation of the Central Bank of Nigeria’s Es­tablishment Act.

“It is illegal and unprofessional conduct for those identified finan­cial institutions to utilize or inter­fere with recovered financial assets in their custody in an unjustified manner.

“Highly regretful and improper to see how banks are also alleged to be conniving with EFCC to di­vert, steal looted funds by allowing the commission to place monies in interest yielding accounts, is rather compromising, fraudulent and crim­inal, such financial house needed to be vicariously liable for the acts of their staffs, while such staff be pun­ish for such criminal infractions,” Oladotun added.

Suraju Olanrewaju, Chairman, Human and Environmental Devel­opment Agenda (HEDA Resource Centre), said he is convinced that a huge percentage of the allegations are not true and they are just delib­erately concocted to give Magu a bad name.

“I was shocked seeing media re­port saying Magu did not declare the interest on the recovered N500 billion. He did not just recover N500 billion, he recovered N543 billion and even in the letter from the Office of the Attor­ney General, it saves the money in the CBN account.

“Every Nigerian knows that the Federal Government operates Trea­sury Single Account (TSA), which is domicile with the Central Bank of Nigeria. Every Nigerian should by now know that you can’t keep Fed­eral Government money again in the commercial bank, even the one that was recently allowed under the COVID-19 arrangement, the Feder­al Government had to issue a state­ment specifying those banks where you can domicile some of the con­tributions.

“There is a recovery account in the central bank so if there is any money that you will find in the commercial bank that is collected with the recovery process, it would be those money that were actually traced with those accounts that the EFCC would have applied for to the bank and to the court to have inter­im forfeiture or where they placed ‘post no debit’ instruction that can be in the bank pending the conclusion of the investigations or the prosecu­tion process and the moment that is forfeited, there is no way you can disgorge interest from the principal.

“The whole amount is moved to the treasury account by that bank that is a concern, so there is actually no way somebody could have done an arrangement with that.

“There is the allegation that over 300 properties cannot be accounted for where are they, list them recov­ered from who? So, it is not just suf­ficient enough to say he recovered over 500 properties and they say they could not account for over 300 where are they? Some of the allegations are fabrications.”  

There should be no sacred cow in an investigation of NDDC scam, Group tasks FG, Niger Delta stakeholders

A group has reacted to startling revelation arising from the investigation of the Federal government intervention agency, the Niger Delta Development Commission.

Addressing newsmen on Friday in Abuja, the Civil Society Advocacy Groups for Accountability and Probity advised those whose names have been mentioned in the alleged sleaze not to frustrate government in its efforts of the forensic audit of the agency and the ongoing investigation by the various committees of the National Assembly.

Mr Solomon Adodo and Mr Igwe Ude-umanta, Convener and Co-convener of the group respectively lauded the initiative of the Federal Government to conduct a forensic audit of the NDDC ahead inauguration of its substantive Board.

“As the group that keeps watching on Society, the media is aware that since President Muhammadu Buhari vowed to sanitize the Niger-Delta Development Committee (NDDC) last year, it has received support by concerned Nigerians, but has also been under heavy politicization by those who know that their hands are soiled. They have taken to the media (social and traditional), organized protests, sponsored riots all to no avail. They tried to discredit the wisdom and discretion of Mr President in taking some administrative decisions such as the setting up of an Interim Management Committee to carry out a thorough forensic audit. As we speak today, the probe into the activities of the various previous managements of the NDDC is ongoing and being thoroughly carried out by the Interim Management Committee.

“The will of the Federal Government to confront the ills in the NDDC is unshaken. So, politics has increased in order to divert attention. But of particular worry is the reason why the former Acting Managing Director of NDDC, Dr Joi Nunieh has refused to answer her summons to appear before the Investigative Committee of the House of Representatives on the NDDC. She has also refused to yield to the Nigeria Police for questioning. What else could be the reason except for evasion of justice?

“And it becomes more worrisome when Governor Nyesom Wike of Rivers State, shields her from arrest, claiming that she was being abducted and that he was protecting a citizen of Rivers State. Gov. Wike has always found reasons to obstruct investigations. We are sad that Wike who claims to be the defender of Rivers people only extends that defence to those who have been accused of feeding fat on the country or other crimes. He should desist forthwith. And he should release Dr Joy Nunieh to the Nigeria Police for investigation.”

The group further asked the former Managing Director of the NDDC, Dr Joy Nunieh to explain her stewardship and come clean on all allegations levelled against her.

It further urged President Mohammadu Buhari to remain resolute in his commitment to sanitise the NDDC for the benefit all of Niger Deltans and assured him of total support to actualize his vision.

Magu’ll be cleared of allegations, reinstated, says counsel

The suspended acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, on Thursday expressed confidence that he would be reinstated to office.

Magu, who was suspended last week by the President, Major General Muhammadu Buhari (retd.), over corruption allegations levelled against him at the ongoing proceedings of the Justice Ayo Salami-led presidential investigative panel, said the charges levelled against him were trumped up.

He spoke to our correspondent through his lawyer, Mr Wahab Shittu, who said he had his instruction to give an update on the probe to Nigerians.

Shittu said, “I have the instruction of Mr Magu to tell Nigerians that he is not against the ongoing probe.

“Mr Magu asked me to tell Nigerians that he is not against the probe. The allegations against him are trumped up. He strongly believes that his name will be cleared and he will be reinstated back to the office.”

Meanwhile, Shittu on behalf of Magu sent a letter to the panel denying a series of allegations reported in the media.

Specifically, he denied giving N4bn to Vice-President Yemi Osinbajo and giving N28m to Mr Femi Falana (SAN).

Both Osinbajo and Falana had separately denied the allegations.

The letter titled, ‘Publications prejudicial to the proceedings of this honourable panel,’ was sent to the panel on Thursday.

Shittu stated that the “serial falsehood publications in the media” in respect of matters  “never featured in the proceedings of this honourable panel.

He said, “The charges against our client are trumped-up allegations designed to tarnish his image and rubbish the credibility and image of the EFCC which has been stellar and outstanding under our client’s watch.

“Based on the above circumstances, our client was not given adequate time and facilities for his defence and his demand for a copy of the allegations against him has not been honoured till date.

“We appeal to the honourable panel to consider the above and uphold the fundamental rights to a fair hearing of our client.”

On the allegation of giving N4bn to Osinbajo, the letter read, “Our client strongly denies this falsehood against the respected Vice President of the Federal Republic of Nigeria.

“Our client has never given the sum of N4bn or any sum at all to Prof. Yemi Osinbajo SAN, GCON, Vice President of the Federal Republic of Nigeria, as wrongly reported.”

He also described the allegation of giving N28m to Falana as “complete fabrication”.

He stated, “Our client never gave N28m or any amount to Mr Femi Falana SAN as maliciously reported.

“Our client also denies any link with a Kaduna-based bureau de change operator as alleged.”

Shittu said Magu “confirms that his house was searched last Monday in his absence while in custody, but no incriminating evidence was found. It is untrue as reported that some dollars and expensive jewellery and wristwatches were found. Our client states that the search into his house did not reveal any incriminating evidence or materials. The cars removed from his residence were official vehicles assigned to our client as acting chairman of the EFCC.”

 

The letter also stated that Magu had not been confronted with alleged illegal foreign exchange transactions and that “no such report was tendered by NFIU in any proceedings before this panel involving him till date.”

It added, “Our client states categorically that the maximum forex transactions he has been involved in are the sum of $10,000 till date.

“Our client also wishes to place on record that he has no link with a Kaduna-based bureau de change operator as erroneously reported in the publication.”

On the alleged N573m Dubai property, his lawyer said the allegation “is an outright falsehood and is denied by our client in unmistakable terms”.

The letter also denied the allegation of diversion of interest on recovered assets.

It stated, “Our client states that all recovered funds are lodged in the TSA account with the Central Bank of Nigeria.”

Delaying Magu’s prosecution, threat to anti-graft war – PDP

Meanwhile, the Peoples Democratic Party has urged the Federal Government to immediately charge Magu to court.

In a statement titled, ‘Fraud Allegations: PDP Demands Magu’s Immediate Arraignment in Court …Rejects Pat on Wrist Approach,’ signed by the National Publicity Secretary of the PDP, Kola Ologbondiyan, on Thursday, the PDP said the delay in arraigning Magu was raising concerns about the anti-graft war.

The PDP said, “The delay is heightening suspicion in the public space over alleged attempt to give Magu a soft landing in order to cover up for certain top officials of the Buhari administration as well as some leaders of the All Progressives Congress alleged to have been indicted by the suspended EFCC chairman.

“The expectation of Nigerians therefore is for the Federal Government to immediately arraign Magu before a court of competent jurisdiction and prosecute him in line with the dictates of our laws.”