Jonathan’s Power Minister, Wakili Imprisoned Over Alleged N27 Billion Fraud | GOVERNMEND

GovernMend Nigeria March 9, 2021 0

This action followed the two counts bordering on corruption and abuse of office slammed on Wakil on Monday by the Economic and Financial Crimes Commission before the court.

A Federal Capital Territory High Court has ordered a former Minister of State for Power, Mohammed Wakil, to remain in prison custody till March 31, 2021 over financial mismanagement involving the Power Holding Company of Nigeria.

Wakil, a former lawmaker, was charged alongside two companies –Corozzeria Nigeria Limited and Pikat Properties Nigeria Limited, for allegedly receiving N148 million as gratification from Bestworth Insurance. 

Brokers Limited out of the N27.1 billion approved outstanding insurance premiums and claims of deceased and incapacitated staff members of the defunct Power Holding Company of Nigeria, PHCN.
This action followed the two counts bordering on corruption and abuse of office slammed on Wakil on Monday by the Economic and Financial Crimes Commission before the court.
Count one of the charge reads: “That you Muhammed Wakil, while being Minister of Power and managing director of Corozzeria Nigeria Limited, and Corozzeria Nigeria Limited, on or about 22nd December, 2014, in Abuja within the jurisdiction of this Honourable Court did corruptly receive the sum of N118 million through Corozzeria Nigeria Limited’s Polaris Bank Account No. 4010023658 from Bestworth Insurance Brokers Limited out of the sum of N27.1 billion being the sum approved for the payment of outstanding insurance premiums and claims of deceased and incapacitated staff of Power Holding Company of Nigeria ( PHCN), and thereby committed an offence contrary to Section 8(1)(a) of the Corrupt Practices and Other Related Offences Act, 2000 and punishable under Section 8(1)(b)(ii)of the same Act.”
When the charges were read, the defendant pleaded “not guilty.”
Counsel for the prosecution, Benjamin Manji, asked the court to set a date for commencement of trial and for the remand of the defendant at a correctional centre, pending trial.
However, counsel for the defendants, B.C Igwilo SAN, prayed the court to grant bail to the 1st defendant.
But the prosecution counsel opposed the oral application, while urging the court to order the defendant to file the application formally.
Justice SB Belgore however adjourned the matter till March 31, 2021 for the determination of bail application and remanded the defendant in the custody of the EFCC.
The anti-corruption agency had in 2018 arraigned Wakil, and four others at the Federal High Court, Maiduguri, Borno State, for another case of an alleged collection of $115 million from a former Minister of Petroleum Resources, Diezani Alison-Madueke, to prosecute the 2015 general elections.
Wakil, a native of the Damboa Local Government Area of Borno State and a law graduate from the University of Maiduguri, was the Minister of State for Power in Nigeria during Jonathan’s administration.
He was also a member of the National Assembly and vice chairman of the Peoples Democratic Party.
During former President Olusegun Obasanjo’s administration from 1999 to 2003, Wakil was the Majority Leader in the House of Representatives of the Federal Republic of Nigeria.

Source: SaharaReporters

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BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.<br><br>This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.<br><br>In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.<br><br>Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.<br><br>Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.<br><br>In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.<br><br>In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

BF Borgers, an accounting firm owned by former US President Donald Trump, has been accused by the Securities and Exchange Commission (SEC) of engaging in widespread fraud and operating a “sham audit mill.” The SEC alleges that BF Borgers committed “deliberate and systemic failures,” including the fabrication of audit papers and false assurances to clients regarding compliance with accounting standards.

This fraudulent activity, described as “massive,” occurred between January 2021 and June 2023, impacting over 1,500 SEC filings and more than 500 public companies. As a consequence, the SEC has permanently barred BF Borgers from practicing as accountants before the agency and imposed a severe penalty, including a collective fine of $14 million against the firm and its owner, Benjamin Borgers.

In a statement, Gurbir Grewal, director of the SEC’s enforcement division, declared that Borgers and his “sham audit mill” have been permanently shut down. The SEC has notified public companies that engaged BF Borgers to seek new accounting firms.

Trump Media & Technology Group, chaired and majority-owned by Donald Trump, was among BF Borgers’ clients. While Trump Media may be the most high-profile client, BF Borgers served around 350 clients subject to SEC rules during the mentioned period. However, the SEC review only examined BF Borgers’ work for public companies, excluding its services to Trump Media when it was private.

Trump Media, despite its significant valuation on Wall Street exceeding $9 billion, generates limited revenue. Its social media platform, Truth Social, faces challenges, with a notable decline in average daily active US users on iOS and Android in April. Despite this, Donald Trump remains a prominent user on Truth Social.

In response to the SEC’s actions, a spokesperson for Trump Media expressed readiness to collaborate with new auditing partners in compliance with the SEC’s order. BF Borgers did not provide a comment on the allegations.

In summary, BF Borgers, owned by Donald Trump, faces severe consequences following accusations of fraud by the SEC. The firm’s practices, characterized as a “sham audit mill,” have led to permanent suspension and hefty fines. Trump Media, among BF Borgers’ clients, is navigating challenges despite its substantial valuation, particularly with its Truth Social platform experiencing a decline in user engagement.

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