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EFCC Indicts Tunde Ayeni in N29.5bn Fraud, Exonerates Capt Hosa Okunbo from Alleged Corruption
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…As Hon.Ned Nwoko Rubbishes Ayeni’s Allegations
Efforts by the former managing director of the defunct Skye Bank PLC, Olatunde Ayeni to implicate and smear the reputation of the Chairman of Ocean Marine Solutions Limited (OMSL), Capt. ldahosa Wells Okunbo, and the company in an allegation of illegal diversion of N29.5 billion cash from the bank, have been dismissed by the Economic and Financial Crimes Commission (EFCC) after a thorough investigation.
The Streetjournal Magazine is an online investigating media house that specializes on systematic, serious crimes, political corruption or corporate wrongdoing.
Labour suspends 2-weeks planned industrial action against CAC
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By Johnbosco Agbakwuru – Abuja
The Amalgamated Union of Public Corporations Civil Service Technical and Recreational Services Employees AUPCTRE has suspended for two weeks its planned industrial action over the alleged maladministration in Corporate Affairs Commission, CAC.
The management of CAC was accused of stopping salaries of workers even before queries were issued, at the peak of the COVID-19 pandemic.
The union among other issues accused CAC management of unilaterally restricting staff vacancies against the recommendations of the committee on the commission’s organogram, and particularly expressed disgust at what it called “unjustified barring of certain categories of staff from writing promotion examination”.
BACKGROUND
The Companies and Allied Matters Act (Chapter C20) Laws of the
Federation of Nigeria 2004 (“CAMA 1990”) was initially
made law in Nigeria in 1990 as a decree of the military
government. It was modelled on the English Companies Act
1985. For thirty years, there were no significant amendments
to the CAMA 1990, notwithstanding that England has, over the past
three decades, amended and replaced its own Companies Act.
Nigerian companies had to, essentially, rely on a 30-year old law
to govern the way businesses operate in our dynamic and
exponentially evolving global community. However, this all
changed on Friday the 7th of August 2020, when President Muhammadu