EFCC Probes Alleged Fraud Involving Ministry of Humanitarian Affairs

GovernMend Nigeria January 6, 2024 0

Allegations of financial impropriety have surfaced within the Federal Ministry of Humanitarian Affairs and Poverty Alleviation, with a document revealing that Minister Edu Betta purportedly disbursed N585,198,500.00 into a personal account. The document, reportedly signed by Edu and addressed to the Office of the Accountant-General of the Federation, instructed the disbursement of the sum to an individual named Oniyelu Bridget. The payment, intended for vulnerable groups in Akwa Ibom, Cross River, Ogun, and Lagos states, was allegedly made into Oniyelu’s account.

In response to the allegations, Rasheed Zubair, the Special Assistant on Media and Publicity to the Minister, defended the payment, stating that it followed due process. According to Zubair, the payment to Oniyelu Bridget’s account was legitimate as she serves as the Project Accountant of Grants for Vulnerable Groups. He clarified that the N585.198 million grant was meant to benefit vulnerable groups in the aforementioned states as part of the Renewed Hope Grant for Vulnerable Groups, a social intervention scheme of the Federal Government.

The controversy sparked discussions on social media, with many questioning why such a significant amount of public funds would be directed to an individual’s account. Public sector financial regulations of 2009 prohibit the payment of public funds into private accounts, citing that doing so is deemed fraudulent. This development comes in the wake of President Bola Ahmed Tinubu’s recent suspension of the National Coordinator of the National Social Investment Programme Agency, Halima Shehu, over alleged financial misappropriation.

Shehu was detained and questioned by the Economic and Financial Crimes Commission (EFCC) in connection with an alleged N44 billion fraud, leading to the freezing of N30 billion from the agency’s accounts. Additionally, former Minister Sadiya Umar-Farouq was invited by the EFCC for questioning regarding a financial scandal involving a contractor named James Okwete.

Source: Daily Post

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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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