WHAT CBN DISCOVERED AT ETB

How Adenuga launders IBB’s money through his bank

Perhaps the most persistent subject of suspicion in the Nigerian public space has been the nature of the business relationship between Otunba Mike Adenuga and General Ibrahim Babangida (rtd).
Adenuga owns and directly controls a massive business empire that includes Globacom, ETB, ConOil and several well heeled concerns. Ever [...]

Ogun State Land Scare! Government Blackmails Estate Developers, Land Owners

Last Monday, 8 June, 2009, the Ogun State Bureau of Lands and Survey, under the insignia of the State Government, had caused the publication of what it described as a “Final Warning” ostensibly directing the attention of individuals and corporate bodies to activities of estate developers and promoters in about 14 locations in the state [...]

Volume II, Issue 17

Tax Evasion! Adenuga May Have Problems With Foreign Banks
A feel of public opinion immediately after the publication of the damning news of company income tax evasion by Continental Oil and Gas and Conoil Producing, two upstream oil companies belonging to Otunba Mike Adenuga Jr., was that the $610million (N89billion) tax demand the Federal Inland Revenue [...]

The Rogues Behind Vista International unveiled!

The exposition of the brazen breach of basic business transaction procedure by Vista International Limited, a company described as the largest paper products distributor in Nigeria, may not be the only factor that qualifies the company to be listed in the nation’s class of white collar infamy. Here.

Doing Business with Zain is suicidal – Dealers

It would seem as if major dealers of GSM network giant, continues here.

World’s Richest List: Why Mike Adenuga, Jimoh Ibrahim didn’t make it

In a direct confirmation of Fortune&Class Weekly news report of last week, the Forbes magazine, the United States of America’s compiler of the annual list of the world’s richest, Mr. Femi Otedola, Chief Executive Officer of Zenon Oil and Gas and largest shareholder of African Petroleum joined Alhaji Aliko Dangote on the world’s richest [...]
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ICPC questions Tunde Lemo, CBN deputy governor

“The messy attrition that played out during the tenure of Mr. Adebisi Omoyeni as Group Chief Executive of Wema Bank Plc still echoes on months after Omoyeni had been formally removed from office. In a counter move to what turned a near violent effort to sack him from office, Omoyeni who was recalled from [...]

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2009 Forbes Profile of Billionaires: Femi Otedola joins Dangote on World’d Richest List

Nigeria may have the honour of having two of its citizens listed in the 2009 edition of the annual Forbes list of the world richest. Fortune&Class Weekly can report that Mr. Femi Otedola, Chairman of African Petroleum Plc and Zenon Oil and Gas would join Alhaji Aliko Dangote, the first Nigerian on the list [...] [...]

N17 Billion Debt Scandal:Yar’Adua positions to take over BankPHB from Atuche

The recent uproar over a N17 billion debt scandal involving BankPHB may have given impetus to the Yar’Adua family to start listening to the argument of close aides of President Umar Musa-Yar’Adua on the strategic need for the President to set off the process of enabling his family to take position for more dominant roles [...]

Geofluid Private Placement: The Scandal In The Making

Recall that Fortune&Class Weekly had raised the alarm over the magnitude of indebtedness of the company and had highlighted the apparent fact that the private placement was, in fact, packaged and issued by Oceanic Bank to recover debt owed it by Geofluid.