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Adeolu Adeboye, son of Redeemed Christian Church of God’s General Overseer, Pastor Enoch Adeboye, received over N8 billion from Kaduna State Government for a contract, but abandoned the project after 30% completion, SaharaReporters is reporting.
SaharaReporters learnt that Adeolu and his wife, who secured the contract through Ronchess Global Resources Plc during former Governor Nasir El-Rufai’s administration, have been evading accountability for the diverted funds and unfinished project.
Following Kaduna State Government and House of Assembly’s probe into the alleged fra¥d, the cleric’s son filed a suit (FHC/L/CS/1206/24) at the Federal High Court in Lagos. Adeolu seeks an injunction restraining the Economic and Financial Crimes Commission (EFCC), Kaduna State Government, and the House of Assembly from arresting or detaining him over the abandoned N17.26 billion project. The EFCC, Inspector General of Police, Assistant Inspector General of Police, Commissioner of Police, Lagos State Command, Kaduna State Government and Kaduna State House of Assembly are the 1st to 6th Respondents respectively.
A Kaduna State House of Assembly team inspected the Wusasa to Danmagaji Nagoyi Road project site (Kaduna North Local Government Area) on May 16, 2024, at 4:47 pm. They found the site abandoned by Ronchess Global Resources Plc, owned by Adeolu Adeboye. The project is an 8km road in Zaria. Though N8.195,014,236.95 had been paid for the project, the job was only 30 percent completed before being abandoned by the cleric’s son.
The period of contract is 18 months and the expected completion date was January 2, 2021. Meanwhile, the contract was awarded to Ronchess Global Resources Plc on September 15, 2020. The initial contract sum is N8.74 billion while the full contract sum was revised on December 6, 2022 to the sum of N17.26 billion.
However, to stop the probe, Adeolu Adeboye quickly ran to court to seek an “interim order restraining the 1st, 2nd, 3rd and 4th Respondents whether by themselves, their servants, officers or agents from taking any further step(s) in compelling the Applicant (him), either by arrest and/or detention, to attend the scheduled meetings of 8th July, 2024 or any other meeting or any meeting subsequently convened by the 1st-4th and 5th &6th Respondents in respect of the contracts awarded to Ronchess Global Resources Plc. which are presently subject of a pending civil action filed at the Kaduna State High Court…”
This is constituted as Suit No: KDH/KAD/594/2024: Ronchess Global Resources Pic v. Kaduna State Government, Kaduna State House of Assembly &2 ors. He sought the interim order pending the hearing and final determination of the Applicant’s (Adeolu) Motion on Notice for Interlocutory Injunction filed herein. Justice K.O. Ogundare of the Federal High Court in Lagos subsequently granted an interim order “to the Applicant (Adeolu) directing the parties herein, whether by themselves, their agents, officers, servants or otherwise howsoever to 4th Applicant and the threat of his arrest and detention by the 1st – 4th Respondents, the subject matter of this suit, pending the hearing and final determination of the Applicant’s Motion on Notice for Interlocutory Injunction filed herein.
The court also granted the following: “That an Interim Order is hereby granted to the Applicant restraining the Respondents from taking any or further steps in relation to the subject matter of this fundamental right action and issues canvassed therein, pending the hearing and final determination of the Applicant’s Motion on Notice for Interlocutory Injunction filed herein. “That the Applicant shall file an undertaking as to damages within seven (7) days. That this Order and the Motion on Notice shall be served on the Respondents within seven (7) days. That this case is adjourned to 20/9/2024, for hearing of the Motion on Notice.”
However, in a counter-affidavit filed by the EFCC sworn by a staff member of the anti-corruption agency, Mohammed Arabo on August 14, 2024 at the Federal High Court Registry, Ikoyi, the agency said after a critical analysis of the petition and interaction with the principal officers of the 6th Respondent, it “found evidence of fraud and criminal diversion of public funds against the Applicant (Adeolu Adeboye) and 26 other contractors”. Arabo identified himself as a member of the team set up by 1st Respondent (EFCC) to investigate the petition.
He further deposed that the “Applicant’s company, Ronchess Global Resources Plc abandoned the jobs even though the level of completion is 30%”.
Arabo confirmed that the “Applicant’s company, Ronchess Global Resources Pic has collected a sum of N8,185,014,328.95 (Eight Billion, One Hundred and Eighty Five Million, Fourteen Thousand, Three Hundred and Twenty Eight Naira, Ninety Five Kobo) even though the level of completion of the jobs is only 30% (thirty percent)”. He said, “In line with the practice of the 1st Respondent (EFCC), we sent invitation letters to the aforementioned contractor including the Applicant, to enable them to react to the allegations made against them by the 6th Respondent.
“The 1st Respondent invited 35 contractors indicted by the 6th Respondent. 16 Contractors reported and made statements to the 1st Respondent’s team while 9 others have requested to report at a later day. “The Applicant is one of the 10 other contractors that rushed to this Honourable Court for judicial cover from investigation.”
The lawyers representing the EFCC are Femi Falana (SAN), Mrs Funmi Falana (SAN), and Chukwuma Onwuemene Esq., all of Falana & Falana’s Chambers while the lawyers for the cleric’s son are Ebun-Olu Adegboruwa (SAN), Adedoyin Adesoji Esq., Oluwatosin Adesioye Esq., Omia Ejewentotor Esq., Ayorinde Ogundeji Esq., Emmanuel Omohavwa Esq., Percious Chukwu Esq., and Hannah Ayanwale Esq., all of Ebun-Olu Adegboruwa SAN & Company.
In the 1st respondent’s (EFCC’s) written address as argued by Falana (SAN), he lamented the tendency and temptation to “misuse the Fundamental Right (Enforcement Procedure) Rules randomly by the desire of legal practitioners to elevate the profile of their claim and sentimentally try to pressure up the court to have an early audience have always manifested in our courts”.
One of the issues for determination was whether the high court has the jurisdiction to hear and determine the Applicant’s case when the allegations of breach of fundamental rights do not constitute the principal claims.
Falana argued that the question to be “resolved is whether the applicant’s claim falls within the type that is enforceable as an infraction of fundamental right”. The EFCC’s counsel argued further: “The position of the law is that for a claim to qualify as falling under fundamental rights, it must be clear that the principal relief sought is for the enforcement or for securing the enforcement of a fundamental right and not, from the nature of the claim, to redress a grievance that is ancillary to the principal relief which itself is not ipso facto a claim for the enforcement of fundamental right.” Falana noted that “significantly, the claim of any breach is not like a magic wand which can be waved in the face of every claim and turn on the engine of enforcement of a right that may not be constitutional”.
Investopedia
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Royal Bank of Canada (RY) shares rose to a record high Wednesday after the bank reported earnings above analysts' estimates, thanks to growing profits in its personal banking and wealth management divisions.
RBC posted 14.63 billion Canadian dollars ($10.87 billion) in total revenue and C$7.33 billion in net interest income (NII), both above analyst estimates compiled by Visible Alpha. The bank reported C$4.49 billion in net income, beating analyst projections as it started to see a boost from its acquisition of HSBC Bank, which closed in March.
RBC's profits were up close to 17% from a year ago in personal and commercial banking, as higher deposit volume and NII helped fuel the division's growth. Profits also rose 30% and 23% in wealth management and capital markets, respectively, thanks to higher fees and municipal banking activity.
The company's acquisition of HSBC Canada contributed C$239 million to RBC's overall profits, as the deal closed in March. RBC has said the deal "better positions us to be the bank of choice for commercial clients with international needs, newcomers to Canada and globally connected clients."
The strong results came in contrast with recent reports from many of RBC's Canadian peers that missed estimates or reported lower profits or revenue from the same time last year.
RBC shares were up 2.4% to $119.15 Wednesday afternoon, and have gained nearly 18% since the start of the year.
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Instablog9ja
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15
The Police in Abuja have arrested a Naval Personnel identified as Able SeaMan Abdulrashid Mohammed, for the m3rder of the son of his boss who is a former Chief of Naval Staff, Vice Admiral Ishaya Iko Ibrahim.
FCT Police Commissioner, Benneth Igweh revealed that the Navy Rating had on Sunday, August 18, 2024, robbed the deceased, identified as Aminu Ibrahim, of an SUV and subsequently opened fir3 on him, k+lling him instantly.
“Police operatives took him into custody and preliminary investigation revealed that the suspect is a Sea Man of the Nigerian Navy on guard duty at the residence of a Retired Naval officer and the vehicle belongs to late Aminu Ibrahim (the son of late Admiral I. Ibrahim a former Chief of Naval Staff), who was k+lled and his Prado SUV snatched on 18/08/2024 at river Benue Street Maitama,” She said
She added that Mohammed attempted to escape from Police custody but was immediately rearrested. “The suspect freely confessed to being a member of a three-man gang that specializes in armed robbery/snatching of luxury vehicles and selling them off outside the FCT,” Igweh said.
During interrogation, the suspect confessed “I work at the house. He wanted to go out at night, around 11:30. He said he needed security. So, I followed him with my gun. Along the way, he stopped to check his ATM, as if he was going to buy something. I thought maybe I was going to escort him to a market or somewhere. Then, when I came out through the other door, I sh+t him, took the car, and left. I’m a guard and a seaman in the Navy. He did not do anything to me; I k+lled him to steal his car.”
Investopedia
1 h
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Super Micro Computer (SMCI) shares plunged double digits after the server and data center tech maker announced on Wednesday it would be delaying the filing of its annual Form 10K with the Securities and Exchange Commission (SEC), following Hindenburg Research disclosing a short position in the stock.
Shares were down roughly 26% around 11:24 a.m. ET on Wednesday. Despite Wednesday's losses, the stock has still gained nearly 41% year-to-date.
The company said it expects to file its annual report for the fiscal year later and plans to file a Notification of Late Filing on Friday.
"SMCI is unable to file its Annual Report within the prescribed time period without unreasonable effort or expense," Super Micro said in a press release Wednesday morning, adding that "additional time is needed for SMCI’s management to complete its assessment of the design and operating effectiveness of its internal controls over financial reporting as of June 30, 2024."
This announcement came just a day after Hindenburg Research, an activist investment research firm focused on short selling, published a report that accused the company of accounting anomalies and disclosed a short position.
Super Micro has been a major beneficiary of the AI boom as an Nvidia (NVDA) partner, which sent shares surging in the early months of 2024. More recently, concerns around margin pressure and the company's earnings miss earlier this month have sent the stock lower.
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Instablog9ja
2 hrs
14
The Nigeria Immigration Service (NIS) on Monday offered reasons why a Zimbabwean Bishop, Eben Nhiwatiwa of the United Methodist Church was arrested and detained.
Bishop Nhiwatiwa was reportedly taken into custody in Yola, the capital of Adamawa State, for allegedly entering the country with invalid travel documents. The Adamawa State Comptroller of Immigration, Ibrahim Mohammed told SaharaReporters exclusively that the cleric was caught performing religious duty with a “visit visa”, instead of a “religious visa”.
It was reported on August 25 how Zimbabwean Bishop Eben Nhiwatiwa of the United Methodist Church had reportedly been detained by Nigerian Immigration authorities, despite having all necessary documents. Bishop Nhiwatiwa arrived in Nigeria on August 21, 2024, to oversee the election of a new bishop for the church’s Nigerian chapter, following the resignation of Bishop John Wesley Yohanna. His detention has raised concerns. However, during a meeting with church members in Yola, Adamawa State, on Friday, August 23, 2024, Bishop Nhiwatiwa was reportedly taken into custody by Nigerian immigration officers. After several hours of detention at the Yola Immigration office, he was confined to his hotel under immigration guard before being transferred to Abuja on August 24, 2024, where he was held at the Immigration Headquarters. This detention appeared to be linked to internal power struggles within the United Methodist Church in Nigeria, with allegations suggesting that the former bishop may be orchestrating the detention to maintain control over church assets and hinder the election process.
However, clearing the air on the circumstances surrounding the cleric’s arrest and detention on Monday, Comptroller Mohammed said, “The bishop was arrested because he was found doing religious business with a visit visa.” Mohammed further disclosed that the Methodist bishop was in the country to superintend an election of a new bishop, for a faction of the church that supports gay practice.
“We arrested him following an information that he was presiding over a church meeting with the aim of electing a new bishop.And it is prohibited to perform any religious duty with a visit visa. He required a religious visa to function as such. Again, we gathered he was in the country to supervise the election of a new bishop for a faction of the church which believes in same s+x marriage. And we all know that our laws have outlawed same s+ marriage. So basically, he deceived our embassy in his country, because I think he knows the difference between the two visas.
When we flew him to our headquarters in Abuja the Zimbabwean ambassador came and we showed him the visa and he was surprised the bishop came on a visit visa.”
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Salesforce (CRM) will release its fiscal 2025 second-quarter results after the bell Wednesday, with investors likely watching for improving operating margins and updates on artificial intelligence (AI) initiatives.
Analysts project revenue to grow to $9.24 billion from $8.6 billion a year ago, according to estimates compiled by Visible Alpha. Net income is expected to be $1.34 billion, or $1.36 per share, a rise from the year-ago period but down from the previous quarter.
After Salesforce's first-quarter results sent shares tumbling, raising concerns about the company's future growth, Deutsche Bank analysts said they expect investors to focus on operating margin, where they see a slight upside.
They wrote, "Investor sentiment on Salesforce leans more bearish vs. prior quarters" due to debates around margin potential, medium-term growth trajectory, and AI monetization. The analysts added they are "hard pressed to come away from the quarter changing viewpoints on GenAI monetization and revenue trajectory, though anticipate performance/commentary on margin will likely signal the margin opportunity" for the second half of the fiscal year and fiscal 2026.
According to Visible Alpha, analysts expect operating income to be $1.74 billion on $9.24 billion in revenue, which would translate to an operating margin of 18.8%.
Despite concerns about growth, some analysts highlighted Salesforce's potential for AI-related gains.
In a note titled "Don't Count Software Out of Gen-AI," Goldman Sachs analysts said that application software incumbents, like Salesforce, have developed Gen-AI products amid the AI boom.
The company likely will provide updates on its AI initiatives and customer adoption of its AI platform Einstein 1.
Salesforce shares were 0.8% lower at $261.83 in early trading Wednesday ahead of the company's earnings after the bell, and were little changed from the start of the year.
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