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Polaris Bank: Reps Investigate CBN’s Sale Of Bridge Bank

By
James Orji
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Godwin Emefiele
The Central Bank of Nigeria must put on hold it’s proposed sale of Polaris Bank, the House of Representatives, has ordered.
The directive came following reports that the Godwin Emefiele- led CBN was trying to sell the bridge bank for a paltry N40 billion.
The apex bank has already spent over N1.2 trillion to revitalize the bank after it transformed from the defunct Skye Bank.
The Polaris Bank has denied report that it has been put up for sale.
Last week, rights activist, Femi Falana, a Senior Advocate of Nigeria, SAN threatened to go to court if the CBN failed to release details of it’s proposed sale of the Innocent C. Ike-led Polaris Bank.
Ruling on the matter on Wednesday, following the adoption of a motion of urgent public importance sponsored by Henry Nwabuba, a lawmaker from Imo, the House of Representatives said the CBN must not go ahead with the sale.
The planned sale of the bank should be put on hold until the CBN, Nigeria Deposit Insurance Corporation, NDIC and the Asset Management Corporation of Nigeria, AMCON, all the required procedures, the Reps said.
Leading the debate, Nwabuba said the CBN should ensure that the transaction is handled transparently.
He said so much has been invested in the bank to build confidence in the banking public after it inherited the assets and liabilities of Skye Bank, adding that the sale must be done in public interest.
According to him, “Given the need to ensure that the divestment in the bank does not jeopardise the core reason for the CBN intervention in the bank in the overall public interest, the divestment should be done most transparently following the required due process.
“This is necessary to avert public outcry and untoward reaction from critical stakeholders in the economy, foreign business partners banking community, depositors, correspondent banks — as it is also crucial to avoid the shortcomings of the previous similar exercise undertaken in the past.
“Polaris Bank is borne out of the bailout of the defunct Skye Bank PIc that failed due to poor corporate governance and non-performing loan for which a whooping sum of close to a trillion naira of public fund was committed to resuscitating the bank.
“The sale of the bank for a purported N40 billion amounts to just about four percent of public funds invested in the bank. The proposed sale is shrouded in secrecy and is opaque and requires that it is done with transparency and accountability to eliminate insinuations of corruption.
“The transited defunct Skye Bank was a systemically important bank with a large pool of employees, customers, and other stakeholders for which the failure of the bank, without a bailout, would have had a serious contagion effect on the economy and global perception/reputation.
“The resuscitation of the entity through the formation of Polaris Bank to acquire the assets and certain liabilities of the defunct Skye Bank was aimed at returning the value that will upset the public fund injected into the bank as capital, protect jobs and continue to contribute to the economic development of Nigeria.
“In addition, the brand equity and public confidence have been enhanced with the relative stability of the bank.”
The CBN had last week assured that the details about the proposed sale will be made public while responding to a letter written to the apex bañk by Falana demanding transparency.
Meanwhile, the House has set up.an ad hoc committee go “review the total outlay by the federal government of Nigeria in Polaris Bank and account for the entire financial input in the bank by the federal government of Nigeria.”
The committee has 21 days to submit its report.

Nollywood Filmmaker, Seun Egbegbe, Finally, Regains Freedom

By
Akinwale Kasali
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Olajide Kareem

By Akinwale Kasali

After spending six years and eight months in prison custody, Olajide Kareem, popularly known as Seun Egbegbe has been freed by a Federal High court in Lagos.

Egbegbe was remanded on February 10, 2017, having allegedly defrauded and obtained  money by false pretence from no fewer than 40 Bureaus De Change operators in different parts of Lagos for over a period of two years, between 2015 to 2017.

He was accused of swindling the BDC operators by claiming that he had Naira to change into foreign currencies.

Out of the 40-count charges against him, Egbegbe was found guilty of only one count, count 19 and was sentenced to seven years imprisonment.

He was arraigned by the Police for alleged fraud involving N39m; $90,000 and £12,550, N39,098,100, respectively.

He allegedly stole Apple IPhones from a Store in Ikeja, where he was apprehended.

Egbegbe alongside one Oyekan Ayomide were first arraigned on February 10, 2017, before Justice Oluremi Oguntoyinbo, on 36 counts bordering on advance fee fraud.

The duo was later joined by Lawal Kareem, Olalekan Yusuf and Muyideen Shoyombo on a 44 count charge.

However, on Tuesday, the court found Egbegbe guilty of just one of the 44 count charges against him and set him free.

Justice Oguntoyinbo held that 43 of the 44 count charges were crumbled because of lack of witnesses to substantiate their claims.

In addition, the judge held that the prosecuting team failed in the responsibility to provide evidence to be backed with witnesses on Counts 4, 19 and 21.

The judge also said that police tampered with the money recovered from the suspects.

Time was when Egbegbe was the rave of the moment in the Nigeria Movie Industry, especially in the Yoruba Genre as one of the leading Movie producers.

He owned Ebony Films Productions imprint, where he also managed Fuji artistes, Wale Ayinde, Tekoma and Pasuma.

He rose from obscurity to prominence in the industry as female actors in the industry wanted to have a relationship with him.

He once dated popular Nollywood Actress, Toyin Abraham for several years before he was remanded in Prison and the relationship went sour.

NNPC Officials Should Have Resigned For Incompetence – Peter Obi; Worried Over Stolen N109b linked To Accountant

By
The Source
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0
Peter Obi

The Presidential Candidate of the Labour Party, Peter Obi, has declared that Corruption in Nigeria is a big Elephant in the Room that must be exited for the house to be properly deployed.

Obi said that is exactly what he plans to do if elected Nigeria President, as he intends to take corruption headlong.

Speaking at the 52nd Annual Accountants ICAN Conference in Abuja on Wednesday on the theme ‘Accounting as a requisite for Sustainable Governance’, Obi said “It is no secret that corruption has been endemic and one of the biggest obstacles to our economic progress in Nigeria. Corruption is the big elephant in the room.

“In the past few days we have seen videos of illegal pipelines connected to national oil pipeline networks, running for kilometers where billions of dollars that should have been used for development and welfare, have been illegally siphoned away, for up to nine years , according to reports .

“What I first expected was that the hierarchy of our top oil management bureaucracy will immediately resign, because without mincing words, this is irrefutable evidence of their incompetence, if not collaboration.  My administration, when we come in, will tackle this corruption head on. We will have zero tolerance for corruption.

Referring to the involvement of Accountants in Corruption in Nigeria  Obi said “If you look at the written financial regulations in any establishment, you will see watertight regulations of auditing, vetting, tendering, vouchering, joint signatories and other safeguards, designed to check embezzlement and corruption, yet these sharp practices and misappropriated sums continue to rise, and I understand that there is now a Nigerian record of almost N109 billion allegedly embezzled by an accountant.”

He then enjoined ICAN as a profession of honor to “increase the level of peer surveillance and internal discipline among your ranks , if we cannot properly account for our finances , the country is finished , let us as accountants, do more to check and stop corruption” Obi charged them.

The LP Candidate said that Accounting is in fact a requisite in ensuring sustainable governance and a stabilising factor in development as  Proper accounting serves as checks on the activities of the three arms of government as well as the three tiers of government.

Obi also spoke on the level of fiscal discipline he’s intends to bring into the system to block wastages and proper utilization of available resources.

On loans and borrowing Obi said “to ensure sustainability and resilience, we will stop borrowing for consumption.  All loans must be invested in regenerative projects. We shall pursue a drastic reduction in cost of governance and corruption; improve ease of doing business to attract Foreign Direct Investment to jumpstart industrialization and when borrowing is unavoidable, it will be strictly for production”

Ondo: Senator Demands Quick Dispensation Of Justice In Pre-election Matter

By
Ayodele Oni
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Nicholas Tofowomo

By Ayodele Oni

The Senator representing Ondo South senatorial district, Nicholas Tofowomo, is clamouring for quick dispensation of justice in a suit he instituted against a former deputy Governor of the state, Agboola Ajayi.

Tofowomo expressed worry over failure of the Federal High Court to deliver judgment in a pre-election case he filed at the Court in Akure.

Tofowomo had gone to court  seeking the disqualification of Agboola Ajayi as the 2023 Candidate of the People’s Democratic Party (PDP) in the district.

The former deputy governor defeated the senator with 78 to 74 votes, at the last PDP senatorial primary in Okitipupa in May, 2022.

Dissatisfied with the outcome of the primary,  Tofowomo approached the court to challenge the academic qualifications of the PDP senatorial candidate.

Apart from Ajayi, who is the first defendant, the PDP and the INEC were also joined as the second and third defendants respectively in the suit number, FHC/CS/AK/ 83 /2022 and filed on Tuesday July 5, 2022, by the plaintiff’s lawyer, Mr Femi Emodamori.

he Senator claimed that Ajayi did not meet the constitutional requirements for contesting the 2023 general election as contained in the interpretation and application of Section 66(1)(i) of the Constitution of the Federal Republic of Nigeria, 1999 (as amended) and Section 29(5) & (6) of the Electoral Act, 2022 as well as other relevant laws.

The Court  had concluded hearing in the case and parties adopted their written addresses for judgment since August, 2022.

In a reminder letter dated 12th October, 2022 and addressed to the Station Registrar of the Federal High Court, Akure Judicial Division, the Senator’s Lawyer, Mr Femi Emodamori,  said the court had not communicated parties for judgment date despite the fact that it has till 19th of this month under the Constitution to deliver its verdict.

“The Suit is a Pre-Election matter relating to the candidacy of the People’s Democratic Party for Ondo South Senatorial District.

“It was commenced by Originating Summons, and parties adopted their respective written addresses at the hearing of the case on 19th July, 2022, after his Lordship, Hon. Justice R. M Aikawa tentatively adjourned the case till 30th August, 2022 for judgment.

“However, up until now, no date has been communicated to the parties for the judgment. By virtue of Section 294 of the Constitution of the Federal Republic of Nigeria, 1999 (as amended), every court is expected to deliver its judgment in writing not later than ninety days after the conclusion of evidence and final addresses by the parties.

“The ninety days period in the instant case would expire on or about 19th October, 2022.

“Apart from the above constitutional provision and the understandably huge public interest in the case, it is most desirable for all the parties to know the outcome of the case promptly, for them to effectively prepare and execute their political campaign plans for the Ondo South Senatorial District.

“Consequently, we hereby respectfully request that you kindly bring this letter to the attention of his Noble Lordship, Hon. Justice R.M Aikawa, for necessary action.”

Creation Of New Town In Ekiti: Fayemi  Bluffs Protests, Presents Staff Of Office To Monarch

By
Ayodele Oni
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Oba Jacob Adelowo.

By Ayodele Oni

Ekiti state government, disregarded protests over creation of a new town, Ahun from the present Efon Alaaye community, went ahead to present staff of office to the first monarch of the new town, Oba Jacob Adelowo.

Following rise in tension in the area, the ceremony was shifted to the office of the Governor in Ado Ekiti with few invited guests allowed in.

The first Alahun of Ahun received the Instrument of Appointment and Staff of Office from the State Government at the ceremony in Ado.

This is coming just as a Group, Development League, called for caution over the creation of a new Ahun from Efom Alaaye.

Governor Fayemi said his administration in the last four years  presented staff of office to 27 Coronated Oba across the state.

The presentation of the 27th Instrument of Appointment and Staff of Office was done by the Deputy Governor, Otunba Bisi Egbeyemi on behalf of Mr Governor.

Governor Fayemi in his address congratulated the first Alahun of Ahun Ekiti, Oba Jacob Adelowo for ascending the throne.

He noted that granting autonomy to a community was not an attempt to fractionalize or disintegrate a compact community for any ulterior motive or political gains, but a response to genuine demands of the people who thought their deserved recognition would enhance development.

He charged him to rule with the fear of God, carry his Chiefs and other indigenes along in his decision making and as well live harmoniously with the people of the neighboring town, Efon Alaaye Ekiti.

The Executive Secretary, Bureau of Chieftaincy Affairs, Mr Adegboyega Morakinyo said Ahun Ekiti was granted autonomy in September in accordance with section 6A of Ekiti State, Chiefs law.

The new Alahun, Oba Jacob Adelowo in his acceptance speech could not hide his joy as he thanked the State Government for granting his community autonomy and accorded him as the custodian after about 14years of agitation.

Oba Adelowo promised that a summit of all sons and daughters of the town would be called to channel rapid socio economic development in the town.

The Efon Devopment League, in a statement stated that “it received with the rudest shock what obviously looks Iike a rumour for lack of any political value: the purported recognition of an “Ahun Ekiti” from the ancient EFON-ALAAYE community.

“Our shock was aggravated further because the issue is subjudice as the matter is a part of the subjects of cases pending both at the State High Court in Ado-Ekiti and the Supreme Court of Nigeria vide suit SC/CV/1063/2021.

“The State Government had earlier in its white paper on the report of Justice Aladejana Committee noted that the case of Efon Alaaye  community Vs Ahun can not be treated because of court cases.

“It is therefore worrisome that a democratically elected government can in a twist contemptuously commit such an affront against the highest court in the land.

“This is nothing sort of pushing the people to self help and an instigation to violence five days to the exit of Governor Kayode Fayemi.

“We state without equivocation that we stand with Kabiyesi, the Alaaye of Efon-Alaaye, HRM, Oba (Dr.) Emmanuel Adesanya Aladejare, PhD., CON that Efon Alaaye is one indivisible and indissoluble entity with recorded history dated back to 11th century A.D.

“This position is the position of the League and all Efon Alaaye people and which we are prepared to defend.

“We call on the Ekiti State Government to take cognizance of the cases in courts and restrain itself on this matter in the interest of peace, as we shall continue to appeal for calm in the town to the best of our ability but without guarantee in the meantime.”

The statement was signed by Bode Fagbemiro, president; and  Afolabi Ige, Secretary.

ASUU Strike: Gani Adams Berates FG; Urges It To Initiate Model For Funding Education

By
Akinwale Kasali
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0

By Akinwale Kasali

The Yoruba Generalissimo, Aare Onakakanfo Gani Adams, has berated the  Federal Government for its lackadaisical approach to the lingering Academic Staff Union of Universities, ASUU. Adams said that FG’s insensitivity towards education is the cause of the crisis.

According to him,the failure of the FG in introducing a sustainable model for the funding of tertiary education in the country led to the over eight months strike that has seen undergraduates languishing at home with their future looking bleak.

He said the present approach by the FG has further drawn the education sector backward.

The Aare Onakakanfo made this remarks at the 2022 edition of Egbe Festival held in Ibeju-Lekki, Lagos State.

He said: “It is sad that Nigerian universities have been on strike for the past eight months.

“As far as I am concerned, I think it is time for the FG to introduce a more sustainable model of funding tertiary education.

“This would help in saving the FG the rigours of providing the resources required for funding tertiary education.

“The future of a country lies in the hands of the educated youths.

“It is a fact that if the Government fails to educate the youths and address their future yearnings would be consumed by the same problem it left unaddressed.”

The Yoruba generalissimo also spoke about Egbe Festival, noting that it has spiritual advantage for the host community.

Adams urged Traditional Rulers in Yorubaland to promote at least one festival in their respective communities, even as he stressed the need to promote peace and tranquility across the South West region.

He said: “Egbe has the spiritual potentials to bring both spiritual and physical blessings to the people of this community.

“I am appealing to all traditional rulers in Yorubaland to promote at least one festival in their respective communities.

“It goes a long way in solving all the problems confronting us as a race.”

Kano State Assembly Approve Renaming Of State University After Dangote

By
Akinwale Kasali
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Kano State University of Science and Tech
Kano State University of Science and Technology, Wudi

By Akinwale Kasali

The Kano State University of Science and Technology at Wudil will soon be renamed after Africa’s richest man, Aliko Dangote. This follows the approval by the Kano State House of Assembly.

Reason for the renaming of the institution after Dangote is due to his immense contribution to education in the State and also his contribution to the development, growth and philanthropic gesture to the State and Nation at large.

Labaran Madari, the Majority Leader of the Assembly said that before now, a letter had been sent to the State Assembly by the Executive in May 2022, seeking for the approval of the House to change the name of the institution to Aliko Dangote University of Science and Technology, Wudil.

After deliberation, the Speaker of the Kano State House of Assembly, Hamisu Chidari, and other lawmakers unanimously agreed to the renaming of the institution.

Muhammad Garba, the State Commissioner for Education had issued a statement on the approval of renaming the university by the State Government, after a recommendation, by the University’s  Visitation Panel, highlighting that it has been approved and transmitted to the State Assembly for proper legislative action.

The said institution was established as Kano University of Technology in 2001, but in 2005 the institution was renamed Kano University of Science and Technology Wudil, in conformity with the gazette laws of the University.

EFCC Set To Arraign Senator Stella Oduah For Alleged N7.9 Billion Money Laundering

By
Ayodele Oni
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0

By Ayodele Oni

At last, the Economic and Financial Crimes Commission, (EFCC) has received the nod to commence the arraignment of Senator Stella Oduah, in N7.9 billion money laundering charges.

This followed issuance of a legal advice to that effect by the Attorney General of the Federation (AGF) and Minister of Justice, Abubakar Malami.

The directive, issued in a letter to the Federal High Court has therefore brought to an end the adjournments suffered by the arraignment in six consecutive times.

Stella Oduah served as a Minister of aviation in the administration of former President Good luck Jonathan.

Oduah and other defendants in the alleged fraud were to have been arraigned since last year, but was, for six times, put off, following the request of the AGF to allow him study the case file and give legal opinion.

At Wednesday’s proceedings, the EFCC brought a letter before the Court from Malami, asking that the Senator be formally docked on the alleged offences.

Senator Oduah, who was personally present in court along with her other eight co-defendants

were given February 13, 14, 15, 16 and 17, 2023 for arraignment and full scale accelerated trial.

Justice Inyang Edem Ekwo fixed the dates following confirmation by parties that the AGF  actually issued the letter and copied them as required by law.

The EFCC in the charges, alleged that Oduah misappropriated the N7.9 billion public funds, while serving as a Minister under former President Goodluck Jonathan’s Government.

Other defendants are Gloria Odita, Nwosu Emmanuel Nnamdi, Chukwuma Irene Chinyere, Global Offshore, and Marine Limited, Tip Top Global Resources Limited, Crystal Television Limited and Sobora International Limited.

They are charged with conspiracy and money laundering, as well as maintaining anonymous bank accounts.

National Honours Award Will Not Stop Me From Defending My People – Gov Akeredolu

By
Ayodele Oni
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0
Rotimi Akeredolu
Governor Rotimi Akeredolu

By Ayodele Oni

Ondo State Governor,  Oluwarotimi Akeredolu, SAN, has said that he never expected to be considered for national Honour Award going by his stance on some topical national issues.

Mr Akeredolu, as chairman of the Southern Governors Forum, has been raising voice for power rotation to the South, state police and restructuring of the country.

Of recent, the Governor vowed to arm the state owned security corps, Amotekun, despite opposition by the federal government, citing similar state owned security outfit in Katsina state that is fully armed.

Governor Akeredolu, who said he was surprised at the National Honour, appreciated President Muhammadu Buhari for the gesture.

“A lot of things have happened in defending our people in Ondo state.

“Nobody expected that we will be given this kind of honour. President Buhari has shown that he’s a good man and I have a lot of respect for him.”

The Governor, who was among those that were conferred with national Honours in Abuja by President Mohammadu Buhari on Tuesday, reiterated his stance on the need to restructure the country to reflect the essence of true federalism.

Governor Akeredolu equally noted that the need for State Police and Southern Presidency can not be underplayed for any reason.

A statement by Richard Olatunde, Chief Press Secretary to the Governor stated that  he spoke at a reception organized by the senatorial candidate of the All Progressives Congress (APC) in Ondo South, Dr Jimoh Ibrahim, held at the Nicon Luxury Hotel, Abuja.

The wife of the Governor, Chief Betty Anyanwu-Akeredolu, accompanied her husband to the reception.

Governor Akeredolu said he fully supported the APC constitution that says there must be restructuring.

He also reiterated his stance on state police, saying all the 36 states of the federation have supported the creation of State police.

“And luckily for us, all the Governors of the 36 states have agreed on state police. Having a single command of police in this country is a joke.

“We want the President to come to the south. We stood by that. And it’s only fair that the President comes to the South.”

The Governor appreciated Jimoh Ibrahim for the reception.

Governor Akeredolu thanked  members of the State Executive Council for their belief in the ‘One Administration mantra’ of his government, adding that it is for the overall development of the Sunshine State.

The Wife of the Governor, Chief Betty Anyanwu-Akeredolu; the Deputy Governor, Lucky Aiyedatiwa; and the Speaker of the Ondo State House of Assembly,  Bamidele Oleyelogun, saluted the Governor’s stance on national issues.

They encouraged the Governor to continue to defend his people and work for the betterment of the country.

Chief Betty Anyanwu-Akeredolu said despite the murky waters of politics, Governor Akeredolu has refused to yield on his principles and stance which he was known for before becoming Governor.

She described her husband as bold and blunt, adding that she was happy that politics hasn’t changed him.

Speaking at the reception, the host, Dr Jimoh Ibrahim, who congratulated Governor Akeredolu, described the National Honour as significant, historic and good for the people of Ondo State.

“Like I said in my Press release, this is long overdue. With this Honour, you are no longer the property of Ondo State alone, you are no longer the property of the family alone, you are property of the Federal Republic of Nigeria.

“Mr Governor, this is very important milestone as far as we are concerned, and the people of Ondo State really appreciate it. Your conferment is based on merit.”

According to him, the Honour is as a result of the Governor’s sterling achievements in the state including his doggedness, courage and boldness in the fight against insecurity to protect the lives and property of the poeple, not only in the state, the South West but the country at large.

Ibrahim also lauded the Governor for bringing integrity, probity into governance and ensuring prudent management of scare resources for the benefit of the people of the state.

Family of Girl Killed In Lagos BRT Bus Rejects N500,000 Morgue Bill

By
James Orji
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0

Eight months after Bamise Ayanwola was killed in the BRT bus by a wicked driver, her family has cried out to the state government to wade in on the demand by the Mainland Hospital mortuary for the family to pay N500,000 for preserving her corpse.

Bamise was killed by the driver of the BRT, Nice Omininikoron on the night of February 26. He has since been arrested and charged to court.

Speaking to the Punch the deceased’s elder brother, Pelumi, who spoke to our correspondent on Tuesday, said the money was the cost of keeping the deceased in the morgue.

The family said the death of their daughter is already a great loss to them and still wonder why they will now be made to pay for her morgue bill.

They said the state government should take up the bill and pay for the burial of the deceased since she was killed while on a state-owned bus.

Pelumi said, “The head of the mortuary attendants at the Mainland Hospital, Yaba, called my elder brother, Oluwatobi, to inform him that nobody had been coming to check on her corpse and nobody had paid anything after the autopsy was carried out.

“The person said the bills were accumulating and demanded that we come. My brother asked if we were the ones they should be calling for that. My brother later went to the State Criminal Investigation Department, Panti, to verify why they said we should be paying when we were not the one that brought her corpse to that place.

“At Panti, we were told that after the autopsy was carried out, the responsibility was on us and that it was no longer under their care and that our family was to be paying the bill. My brother went to the mortuary to collect the bill and the amount as of two weeks ago was N499,200. But the money is over N500,000 now.

“As a family, aside from the justice that we have been clamouring for, we believe that the circumstances that led to her death shows that she fought hard and the situation exposed darkness in the Lagos Bus Services Limited and some governmental set-ups.

“So, we believe she died a hero and we want her to be buried as such. We want her to be given a state burial and immortalised.

“The LBSL is still operating, but as a family, we are still crying every day. Nothing has stopped their operation since the incident happened about eight months ago. Since the incident, we have not heard anything from LBSL; no official visit to our house by any representatives,” Pelumi stated.

Reacting, the state Commissioner for Information and Strategy, Gbenga Omotoso, said the transport company would settle the mortuary bills and take care of the burial expenses.

“I have spoken with the Managing Director of the LBSL, and he continues to sympathise with the family and he says that he will not expect them to look for that kind of money to pay,” Omotosho said.

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