Ikoyi Collapsed Building: Building Collapse Rooted In Decline Of Ethics’ — Lagos Panel Submits Report On Ikoyi High-RiseBuilding Collapse Rooted In Decline Of Ethics’ — Lagos Panel Submits Report On Ikoyi High-Rise | GOVERNMEND

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The panel set up to investigate the Ikoyi building collapse has submitted its report to the Lagos government.
On November 1, 2021, the 21-storey structure, which was being developed by Fourscore Homes, caved in.
Femi Osibona, owner of Fourscore Homes, was one of the 43 persons who died in the collapse.
Following the incident, Babajide Sanwo-Olu, governor of Lagos, had set up the panel to investigate the circumstances that led to the building collapse.
Submitting the report on Wednesday, Toyin Ayinde, a town planner who chaired the panel, urged governments at all levels to ensure that ethics and due diligence are followed during building constructions.
“Having spent approximately six weeks on this assignment, we now wish to make our submission to the governor of Lagos state who constituted the tribunal. We need to note, however, that building collapse is rooted in the collapse of values, morals and ethics which we need to work on as a nation,” he said.
“We cannot sow the wind and not expect to reap the whirlwind. Therefore, ethics and due diligence need to be restored.
“To execute this assignment successfully, the tribunal visited the project site for a general assessment; coordinated the activities of the consultants who conducted tests on the site; received and reviewed documents from relevant MDAs; conducted 35 interview sessions; interrogated a total of 91 persons; requested and received a total of 21 memoranda; and accessed the home of the late CEO of Fourscore Heights Limited, Mr. Olufemi Osibona, with a view to gathering any other useful/relevant information to support the tribunal’s fact-finding mission.
“We are therefore pleased to present to Mr. Governor the report of the inquiry carried out by the tribunal containing the various findings, and the recommendations which we hope the government would be able to implement in order to bring a lasting solution to incidence of building collapse, not only in Lagos state, but nationally.”
Following the submission of the report, Sanwo-Olu set up a committee to work towards implementation of the recommendations of the panel.
The new committee will be chaired by Tayo Bamgbose-Martins, commissioner for special duties, while other members are Hakeem Muri-Okunola, head of service; Moyosore Onigbanjo, attorney-general of Lagos; and Abisola Olusanya, commissioner for agriculture.

Source: Cable News

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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