Over N500 million was alleged to have disappeared under the watch of former president of the Nigerian National Petroleum Corporation (NNPC) Cooperative Multipurpose Society Limited, CMS, Lagos, Mr. Joseph Adeleke Ojeyemi.
The money, which belonged to the group, was alleged to have been siphoned during Ojeyemi’s tenure as President of the cooperative society. This period covered January 1, 2011 to December 2015.
The matter, which has been dragged to the Lagos State office of the Economic and Financial Crimes Commission (EFCC), witnessed the arrest of Ojeyemi.
It was gathered that the embezzlement wouldn’t have come to light, if not that some staff, who described themselves as Concerned Members of the society, wrote anonymous petition and distributed it to all and sundry until it got to the top hierarchy of the society, leading to internal and external auditors scrutinising the society’s accounts.
The petition stated in part: “As President of the society, Ojeyemi engaged in series of activities that were tantamount to embezzlement of the society’s fund and investment.”
The petition alleged diversion of funds and cooperative’s assets by Ojeyemi. He was also alleged to have collected N90 million loan from the cooperative. On December 20, 2015, the Society had its Annual General Meeting, which held at Regency Hall, Ikeja.
The members looked downcast as it was highlighted that the society recorded a loss of N720 million in 2015.
The new President of the Society, Mr. Akin Akinrera, during his speech, presented the loss. Our correspondent gathered that the cooperative owed members over N800 million.
Some of the members at the AGM alleged that the new president had been shielding Ojeyemi because they are close friends.
A member said: “Ojeyemi has crippled the society so much that there are no funds to pay members.
We heard that some staff of the society may be sacked due to lack of funds. Can you imagine that? He should refund our money!” According to the external auditors, Abdullahi Bin Suleiman and Co, Chartered Accounts (ABS), the total amounts estimated to have been embezzled under Ojeyemi’s watch is N508,909, 388.80.
The ABS, which carried out a forensic audit of the society, stated in its report: “These figures may change as more revelations and investigations are made.
We have seen funds transferred between the society and some related companies, individuals receiving funds and the society making payments to organisations and inflated prices of goods and services, and made payments to companies with limited or no trading history and very large cash withdrawals from the society’s bank account by Mr. Ojeyemi and some other individuals.”
The report also stated that there are several investments and assets of the society, but which were not handed over by the immediate past President, Ojeyemi.
ABS argued that further work was needed to support the EFCC and other law enforcement agencies in investigating these matters.
The reports added: “In this regard, we encourage the society to continue to support and sustain the oversight and thus to support ongoing investigations in order to ensure convictions and, if possible, reparations or recoveries.
The absence of effective internal audit and control mechanisms in the society had also facilitated the impunity that took place during the years 2011-2015.
For example, there were no complete monthly bank reconciliations to expose errors or irregularities in the bank accounts.”
ABS, after its forensic auditing, suggested that the society should petition the EFCC, to invite Ojeyemi and collaborators for interrogation and prosecution, in order to recover all the funds, investments and property that were allegedly diverted.
It was gathered that during ABS investigations, Ojeyemi kicked against invitation of external auditors to audit the society’s account.
He also argued that whatever he did was in accordance with the law of the society. When asked about his over N90 million loan profile, he responded that the loan profile was wrong.
He noted that whatever was happening to him presently was politically generated. When Ojeyemi was arrested by the EFCC on December 17, there was wild jubilation among some members. But some of those members are now grumbling that since the arrest of Ojeyemi, there has been a silence of the graveyard from the EFCC.
They alleged that EFCC might be shielding Ojeyemi, with the idea of sweeping the matter under the carpet. One of them said: “Since his arrest, everything had been quiet. We don’t even know what is happening.
We thought that by now, Ojeyemi would be making a plea bargaining deal to return some of our money.
We don’t understand what is going on in the EFCC.” The EFCC spokesman, Wilson Uwujaren, said that Ojeyemi had been arrested and was still in their custody. He added: “Ojeyemi is currently in our custody.
We’re not shielding him. We’re on the matter. Hundreds of cases are brought to the EFCC and the cases had to be checked, to know those the EFCC will accept or reject. After accepting the case, it had to be assigned to a team.
It should be noted that the team also had other cases they are investigating. “People expect that immediately they report a matter to the EFCC, other cases would be dropped to focus on theirs.
It’s not like that! People want everything to be quick and over with; but it takes time to do these things.
We’ve arrested the prime suspect and he’s in our custody. The society had confidence in the EFCC, which was why the matter was reported to the commission. The society should allow the commission to do its work. They shouldn’t make insinuations.”
