Why I Chose ZLP As Alternative – Ondo Deputy Governor, Ajayi |The Source

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August 14, 2020

By Ayodele Oni, Akure

“The morale of the electorate and progressives-minded people in Ondo state was dampened by the emergence of Governor Rotimi Akeredolu and Barrister Eyitayo Jegede as flag bearers of All Progressives Congress, (APC) and People’s Democratic Party, (PDP) respectively in October 10 Governorship poll.”

This was the submission of the state deputy governor, Mr Agboola Ajayi on Friday, in Akure, when he formally announced his decision to join the Zenith Labour Party, (ZLP).

Ajayi, who was officially received by the chairman of ZLP in the state, Mr Joseph Akinlaja, pointed out that this was what inspired him to seek a credible platform that the people believed and trusted in realising his aspiration to the office of Governor of Ondo State.

According to him, his joining the Zenith Labour Party was to put practical effect to the expectations of the people, who obviously are not enamored by the options offered by the two major parties.

Ajayi, said the party primaries of the two major parties, and the success of subterfuge over and above democratic norms, made him throw his hat into the ring of a more credible Zenith Labour Party platform.

“It is obvious that the affirmation of Governor Oluwarotimi Akeredolu SAN as the candidate of the APC coupled with the seeming failure of the PDP to produce a dependable and formidable alternative has dampened the democratic enthusiasm and morale of the people.

“To stir hope and rechannel the energy of the progressive electorate, I am teaming up with members of the ZLP, a chunk of most of the other members, and my teeming allies from both the PDP and APC.”

The Deputy Governor resigned from the APC on which ticket he became the number two citizen, and joined the PDP where he contested the Governorship primary, and lost to Eyitayo Jegede before moving to the ZLP.

Speaking further, Ajayi said he was humbled by calls, advice and demands from critical stakeholders, supporters and most importantly, the generality of the people to consider himself as the arrow head of a new dependable, credible and vibrant alternative alliance for a desirable leadership for the state.

Describing the ZLP as a dependable platform to rescue Ondo State from a lacklustre, nepotistic and clannish leadership, he stated that

“today, I formally join the Zenith Labour Party (ZLP), to achieve the noble cause of giving Ondo State a new direction and purposeful leadership. I call on all my teeming supporters, friends, followers and the admirers of good governance to show commitment and dedication by mobilizing and campaigning for the Zenith Labour Party in their various wards across the state.

“The collective wishes and yearnings of the good people of Ondo State remain the impetus for the bid to wrestle the governance of the state from political demagogue.”

Immediate past Governor of the state, Dr Olusegun Mimiko, who along with others, left the PDP to form the Labour Party, (LP) and later became governor, following the nullification of election result of the candidate of PDP, late Dr Segun Agagu by the Court of Appeal, rode on the same platform to stardom.

But since he formed the ZLP, Mimiko has not been able to win any election. He failed to win a Senate seat under the party.

Opinion is that Ajayi will suffer the same fate. Nobody sees him as a threat to either the incumbent Governor. Akeredolu or the PDP candidate, Jegede.

In the past week, Ajayi has acquired the unenviable reputation of a rolling stone that gathers no moss.

But Ajayi is confident that he gathers moss as he rolls, and would spring a surprise in October.

Only time will tell.

CBN: Fitch Slams Apex Bank For Imposing CRR on Banks

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Bayo Bernard

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August 14, 2020

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By Tosin Olatokunbo

Fitch Ratings, a renowned global rating agency has frowned at CBN Cash Reserve policy which it said has affected the survival of Nigerian banks and limited their capacity to make profit.

The Cash Reserve Ratio, CRR is one of CBN’s instruments used to control inflation and currency in circulation.

The apex bank also used the instrument to restrict DMBs’ forex transactions.

But the agency said it was wrong for the CBN to warehouse huge funds belonging to commercial bank in the country when other countries are injecting funds to private banks to help them navigate the impacts of the COVID 19.

Dissanayake said CRR and other similar CBN policies have reduced cash inflows into critical sectors of the economy by 50 per cent.

“The Central Bank of Nigeria has been highly interventionist. Where peers like South Africa and Kenya followed the global trend of giving banks more room to lend, Nigeria hasn’t budged. Instead, it stuck with a cash reserve ratio that compels lenders to park 27.5% of their deposits with the central bank,’ said Fitch Senior Director for Europe, Middle East and Africa, Mahin Dissanayake.

Many banks in the country have complained that the CRR, meant by CBN to control excess cash in circulation has affected their capacity to grant loans to both private and public sectors.

At least, over N2 trn has been withdrawn directly by the apex bank from commercial banks account in compliance with the CRR, according to figures from the Regulator.

Dissanayake stated that the CRR is too punitive and has put more pressure on commercial banks in the way it has so far been implemented.

Sterling Bank Plc, one of Nigeria’s tier two banks said on Monday that over N300 billion customers deposit with the CBN has drastically affected it from granting loans to customers.

He said the environment in which the banks are operating is harsh enough for the CBN to impose other strangulating measures that could weaken them further.

He explained that the impacts of the COVID 19 is already telling on DMBs earnings and have affected their operations in the oil and gas sector where most of them already have too much exposure.

According to him “Nigerian banks compared to other markets operate in a volatile environment. The banks have to deal with economic shocks, short credit cycles and persistent problems in the oil sector. They also have to deal with policy actions, policy uncertainty and regulatory risks.”

The Fitch top executive was however hopeful that the current situation will pass as Nigerian banks have shown capacity to overcome hostile economic situations.

The CBN raised the CRR to 27.5 per cent from 22.5 per cent in January during its 2020 first Monetary Policy Committee, MPC meeting. Banks have been struggling to meet up with the policy.

CBN Fails To Account for $11 bn As Minister Warns of Recession

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Bayo Bernard

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August 14, 2020

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Zainab Shamsuna Ahmed,minister of finance

By Fola James

Zainab Ahmed, Nigeria’s Minister of Finance, Budget and National Planning has warned of imminent economy recession due to uncertainty in global economy, gradually leading to movement of foreign investments from the country.

This has made the increase of Customs duty, Stamp Duty, Value Added Tax, and Company Income Tax absolutely necessary, to generate more “revenues especially remittances from Government Owned Enterprises, possibly up to N1 trillion p.a.,” the minister said.

Expanding the tax net, Zainab said is the only way out of the current economic crisis, and as part of effort “To enhance Independent Revenue generation and collection, Government will aim to optimize the potentials operational and collection efﬁciency of GOEs with a view to generating signiﬁcantly higher revenues required to fund the FGN budget.

The minister also stated that “Current revenue performance of GOEs will be addressed through the effective implementation of the enhanced Performance Management Framework. The key elements of the reform initiative include Performance Contracts for Chief Executive Ofﬁcers (CEOs) and key management staff, which will set ﬁnancial indicators and targets for each GOE

“The cost-to-revenue ratio of GOEs has by a Presidential directive been limited to a maximum of 60%-70% while regular monitoring and reporting of revenue and expenditure performance of GOEs will be undertaken by both the get Office of the Federation and the Ofﬁce of the Accountant General of the Federation.

“We shall also work closely with the National Assembly to amend relevant laws that need to be amended to help with the SRGL.

“We have revised the 2020 FGN budget and will accelerate implementation to maintain budget credibility, enhance GDP growth and promote social inclusion. The draft 2021 — 2023 MTEF/FSP has been prepared against the backdrop of a global recession and heightened global economic uncertainty.

“The draft 2021-2023 Medium Term Fiscal Framework shows that there are continuing global challenges due to the COVlD-19 pandemic. The medium-term outlook for Nigeria suggests that ﬁscal risks are somewhat elevated, largely due to Covid-19 related disruptions which have exacerbated structural weaknesses in the economy.

“In furtherance of our objective of greater comprehensiveness and transparency in the budget process, the FGN 2021 Budget will reﬂect the revenues & expenditures of all [about 60) signiﬁcant GOEs (excl. NNPC), not just 10 as in the 2020 budget.

“Weaker-than-expected economic performance threatens our ambitious revenue growth targets, as seen in the 2020 revised budget and the updated medium-term projections. Achieving ﬁscal sustainability and macro-ﬁscal objectives of government will require bold, decisive and urgent action. Government is determined to act as may be required.”

Meanwhile, the House of Reps, on Wednesday said the Central Bank of Nigeria failed to account for the $11bn withdrawn from the Excess Crude Account for the implementation of the failed National Integrated Power Projects.

The lawmakers said the CBN Governor, Godwin Emefiele has failed to give full details on the withdrawal, from the ECA between 2005 and 2007 to finance the NIPPs.

Gov Akeredolu Flays Mimiko Over Array of Abandoned Projects; Calls Mimiko A Failure |The Source

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Ayodele Oni

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August 13, 2020

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By Ayodele Oni, Akure

For the second time within a week, Ondo state governor, Mr Rotimi Akeredolu, SAN, has described his predecessor, Dr. Olusegun Mimiko, as a failure, going by the number of abandoned projects his administration inherited.

This is contrary to the stand of the Akeredolu’s government not to look into the deeds of the Mimiko government due to the over three decades of relationship between them.

Now, the gloves are off.

At the commissioning of projects on Thursday at the Olusegun Agagu University of Science and Technology, (AOUTECH), Okitipupa, Governor Akeredolu lamented the array of abandoned projects by the immediate past Olusegun Mimiko administration.

He said some of the abandoned projects were initiated by the late Olusegun Agagu’s government, but were left to rot for the eight years of Mimiko administration.

According to him, the manner of abandoning projects due to political differences is a disgrace to governance and, disservice to the people.

The Governor said his administration believes in the axiom that government is a continuum, and this has made him to complete projects inherited from the same administration who neglected Agagu’s projects for eight years.

Projects commissioned include the library, auditorium and the administrative building, all of which were initiated by the late Governor Olusegun Agagu.

Akeredolu saluted the vision of the former Governor Agagu for his sincerity of purpose and commitment, which he said made the establishment of the University a reality.

The Governor noted that at the inception of his administration, he was alarmed with the deplorable condition of things in the University in terms of infrastructure, workers’ welfare and other essential facilities needed for conducive learning environment.

According to him, the unfortunate and deplorable situation in the university strengthened his administration’s resolve to change the narrative, by immediately commencing a gradual, radical and systematic implementation of the state government’s strategic plan as it relates to the university.

The Governor disclosed that, aside the commencement and completion of a new electrification project, his administration was able to facilitate the donation of science equipment worth millions of Naira from Seeding Lab., USA, in order to encourage meaningful learning and research in the institution.

“It is gratifying to note that all programmes due for National Universities Commission’s accreditation have been accredited. This has been accomplished as a result of the commitment of our administration to the development of the University.

“In line with the desire of our administration to transforming OAUSTECH to a world class University, it has been enlisted as a beneficiary of TETFund for the first time since inception.

“The University is at present having some interventions in this regard, which will raise the status of the institution. OAUSTECH has also been selected to be a major beneficiary of the normal TETFund intervention for year 2020.”

In his address, the Vice -Chancellor of the University, Prof. Sunday Roberts Ogunduyile decribed Governor Akeredolu as the architect of the modern day OAUTECH and a pace setter per excellence.

The Pioneer Vice Chancellor of the university now chairman governing council, Prof. Akin Adesomoju said he resigned voluntarily his appointment in December, 2009, when former Governor Olusegun Mimiko’s administration stopped funding the institution.

The University don, who narrated how the institution was established said between 2009 and 2017, the University unexpectedly passed through numerous challenges which threatened its existence particularly in the area of funding.

He said he is extremely delighted that the narrative of the university has changed from being a “sinking citadel” to an “emerging citadel” that can be proud of, adding that this was made possible by the outstanding leadership of Governor Akeredolu.

“Within the first 100 days in office, Akeredolu’s government laid asphalt on the main dual carriage road in the university that had been abandoned for over eight years.

“The present governent in December, 2008 approved the release of special capital grant of N500 million less 12 percent mandatory tax to the university.

“The grant was prudently utilised to complete the university auditorium, main administrative building and the library which the original contractor had insisted would cost about N800 million to complete”

Edo 2020: Obaseki Escapes Possible Death, As Gunshots Rain On His Convoy |The Source

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Adesina Soyooye

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August 13, 2020

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By Adesina Soyooye

Edo State Governor, and the Governorship candidate of the Peoples Democratic Party, PDP, Godwin Obaseki, escaped death when his campaign train was attacked on its way to Etsako LGA.

As they drove on, gun shots rained. And pandemonium followed. Miraculously, nobody was hurt.

A shaken, but sure-footed Obaseki, while addressing the campaign rally, put the blame on the door steps of the opposition APC. He said the attackers were APC thugs, who were sent after the campaign train.

But, he asked the people not to be afraid, or shaken.

Threats of violence have dogged the forthcoming Edo Governorship election scheduled for September 19. Both the PDP and the APC have not only deployed foul and obscene language, but they have threatened to meet violence with violence. And their has been violence.

The contest is, basically, between the incumbent PDP Governor, and his main challenger, Pastor Osagie Ize-Iyamu. Candidates of the other parties will be “also ran”.

However, there are fears that violence is likely to mar the exercise.

The Independent National Electoral Commission, INEC, has threatened to cancel the election if the violence is exhibited on election day.

Jumia Loses N17bn To COVID 19 |The Source

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Bayo Bernard

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August 13, 2020

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By Tosin Olatokunbo

Africa’s top online shop, Jumia has reported a whopping after tax profit loss of N17 billion in the second quarter of the year. The disclosure formed part of its second quarter report published on its website.

The loss has therefore wiped out Jumia’s revenue of Eur 34.9 million reported in the quarter under review, analysts say.

In spite of the loss, the online shopping platform said the number of its customers have increased by over 40 per cent compared with the same period last year.

The report came despite suggestions that the ravaging COVID 19 will help e-commerce this year, as customers try to reduce their physical contacts with shopping outlets.

E-commerce firms will benefit from the pandemic, analysts say.

The online outlet also recorded revenue of Eur 34.9 million compared to Eur 38.8 million same period in 2019, while First Party revenue fell to Eur 11 million compared to Eur 21.6 million the same period in 2019. Gross profit also rose to Eur 23.3 million, Jumia management said.

The firm’s top executives Jeremy Hodara and Sacha Poignonnec said“We are navigating these uncertain times of COVID-19 pandemic with strong financial discipline and operational agility which positions us to emerge from this crisis stronger and even more relevant to our consumers, sellers, and communities.”

Insecurity: Balarabe Musa Slams President, Buhari, Says He Has Failed Woefully |The Source

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Akinwale Kasali

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August 13, 2020

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By Akinwale Kasali
Second Republic former Governor of Old Kaduna State, Balarabe Musa, has accused President Muhammadu Buhari of failing Nigerians.
The Elderstateman lamented that President Buhari dashed the hope and beliefs reposed on him by millions of Nigerians when he climbed the saddle as President of the nation.
Balarabe faulted the President over the high level of insecurity and killings in the country, mostly in Southern Kaduna, which has seen thousands of people lose their lives over the years.
Condemning the incessant attacks and killings in Southern Kaduna and other parts of the country, Balarabe, said, “No serious and patriotic government will allow this level of Killings of its citizens by terrorist and be watching aimlessly.”
According to the former old Kaduna State governor, President Buhari has failed in all aspects of governance, including the economy, and the handling of insecurity in the country.
“Nigerians must do a lot to ensure that civil war does not break out under the Buhari administration, as relayed by Prof Obadiah Mailafia, the former Deputy Governor of CBN”.
Reacting to the statements credited to Prof. Obadiah Mailafia, after his outburst that bandits have taken over Nigeria, alleging that a Northern Governor was a Boko Haram Commander.
Mailafia in an interview said that the decision by the Federal Government to import arms and ammunition from Russia, China, United States, and Jordan was not something to be taken seriously anymore, since the government had allowed the terrorists and armed bandits to take over the country before realizing the need for arms importation.

“Insecurity exists in all parts of the country, but it is worse in the North, and worse in the Northeast and Northwest ,” he explained.

Balarabe remarked that the failure of thePresident Buhari-led government is already having negative effects on the nation’s image.

“Imagine the President saying he wants to import arms from Russia, China, US, and Jordan; these countries will see us as a Nation that is not serious,” he lamented.

He added, “Is it now we suddenly realized that we should import arms when the people have been killed and maimed by terrorists and armed bandits? See, this is an unserious and irresponsible government. Nigerians should not take this government seriously over this mindless level of insecurity.”

According to him, the level of insecurity and economic mismanagement has gone to a higher level, adding that anything can happen.

“This can even lead to civil disobedience and civil war,” Balarabe stated.

On Kaduna State, he noted that once the government cannot deal with the insecurity in one state when the situation is all over the country, the government naturally loses grip on its security challenges.

Meanwhile, Wikipedia, a free web-based encyclopedia project which contains information on a wide variety of subjects, has listed Nigeria as one of the failed states in the world.

Wikipedia notes that a failed state is defined as a political body that has disintegrated such that basic conditions and responsibilities of a sovereign government no longer function properly.

The free web-based encyclopedia further revealed that a state is determined as failed if the government loses its legitimacy even if it is performing its functions properly.

This means that a government must enjoy both effectiveness and legitimacy, to be considered as stable.

APC: Tinubu, Others Plot Oshiomhole’s Return As Chairman

By

Bayo Bernard

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August 13, 2020

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By Ola Samuel

There are ongoing plot to undermine the All Progressives Congress, APC Caretaker Committee led by the Governor of Yobe state, Mai Bala Buni, the Director General of the Progressives Governors Forum, Dr Salihu Lukman has said, adding that this is being done to pave way for the return of Adams Oshiomhole as the National Chairman.

He made this allegation in a letter addressed to Governor Buni, the chairman APC Caretaker Committee on Wednesday and made available to journalists in Abuja.

“A group in the APC led by Asiwaju Bola Ahmed Tinubu is not happy that the former chairman was disgraced out of office, so they are doing everything to bring him back. Don’t forget that everything boils down to 2023 presidential election. The National Leader will make sure that someone he trusts is the chairman of the party to brighten his chances,” an analyst told the magazine on Thursday.

Dr Lukman had last week accused Oshiomhole of hijacking the party’s Governorship Campaign in Edo state after sidelining some top members of the party.

Oshiomhole was removed as the APC National Chairman on June 25 after a protracted leadership crisis in the party, giving way for a Caretaker Committee led by Governor Buni.

Few months after Oshimohole’s sack, Lukman said some powerful individuals are trying to frustrate the reconciliatory efforts of the Buni-led committee, so that Oshiomhole could be returned to his former position.

He said efforts were also being made to stop the extraordinary congress of the party, where its chairman and other National Working Committee, NWC members were billed to be elected.

Under this plot, Lukman said, the former chairman will be sponsored to emerge as one of the candidates vying for the position of APC National Chairman in the Congress coming up later this year.

The letter reads in part “Just like before the June 25, 2020 emergency NEC, issues of Edo State are dominating public discussions and considerations of issues concerning the party.

This is being foisted on the party as a strategy to weaken the initiative of the caretaker committee from taking steps that could facilitate the resolution of the leadership crisis through ensuring that the forthcoming extraordinary national convention to elect a new national chairman and other members of the National Working Committee for the party different from [Mr.] Adams Oshiomhole is blocked.”

A block in the party is planning Oshiomhole’s return as APC National Chairman, Lukman said, adding that the former chairman’s backers are trying to use Edo’s governorship election to consolidate their positions.

That’s reason that oshiomhole and his supporters in the party have hijacked the election campaign of Pastor Ize-Iyamu, the APC governorship candidate, he stated.

“In other words, everything is being done to ensure that the internal politics of the party is manipulated to create situations whereby [Mr.] Oshiomhole is forcefully made a contender for the position of the national chairman at the extraordinary APC national convention.”

Ordinarily, this should not be a problem, but given that unacceptable strategies are being deployed to blackmail and bully all leaders of the party to make Edo election the only priority of the party makes it very disturbing,” Dr Lukman said.

Meanwhile, a former governorship aspirant of the Peoples Democratic Party, Kenneth Imansuangbon, has disclosed that his the party would win the September 19 governorship election because of the achievements of Governor Godwin Obaseki in all parts of the state.

Imansuagbon who stepped down for Governor Obaseki said the APC should forger the election of Ize-Iyamu into the government house.

“The September 19 election is a foregone issue because the people have already made up their minds to return Obaseki for a second term in office. All the plots by the opposition APC have failed.”

Libel: IGP Slams N10 Billion On Sowore For Defamation |The Source

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Akinwale Kasali

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August 13, 2020

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By Akinwale Kasali

Omoyele Sowore, Publisher of SaharaReporters, an online platform, is, again, on familiar grounds.

The Inspector-General of Police, Mohammed Adamu, has slammed a N10 Billion Libel Suit against him for, alleged, defaming him.

The Police IG has described, as false, a media report accusing him of illegally raising funds to build a Police Training School in Nasarawa State.

Denying the August 3, 2020 report, published by SaharaReporters, the IG, through his lawyer, Dr Alex Izinyon, SAN, threatened to file a N10bn suit against the online platform and its Publisher, Sowore.

Titled, ‘Re: Defamatory publication against Mr Mohammed Abubakar Adamu, NPM, mni (current Inspector-General of Police): Demand for retraction and unequivocal apology’, Izinyon, in the August 6, 2020 pre-action letter, addressed to the United States of America address of SaharaReporters, and Sowore, also threatened to file a criminal complaint against them with relevant government agencies.

Izinyon said the IGP had given SaharaReporters and Sowore only seven days to tender “a written and unequivocal retraction with an apology carried with the same prominence on their platform and three national dailies,” failing which he would head for court.

Izinyon stated in the letter, “Our client hastens to inform you that these defamatory words in your said publications are farrago of lies, concoctions all calculated by you to bring our Client to the lowest contempt as they are a product of you and your online publication to achieve your premeditated blackmail, dubious and diabolical ends.

“We would not waste our energy here but reserve it for the appropriate time.”

This is just one out of other libel Suits hanging on the neck of Sowore.

He is already facing one against the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, over allegations of owning several accounts; not being a lawyer as claimed; embezzlement, and mismanagement of Resources.

He is, also, under litigation for his publication on Senator Dino Melaye, over his University Certificate and other issues.

ASUU Laments Poor Funding Of Ekiti State University; Accuses Fayemi of Hypocrisy |The Source

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Ayodele Oni

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August 13, 2020

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By Ayodele Oni

Things are falling apart at the Ekiti state University, Ado Ekiti.

The workers are crying over unpaid salaries for close to a year as a result of poor funding.

The institution, solely owned by the Ekiti state government, may be sitting on a keg of gun powder, according to the Academic Staff Union of Universities, (ASUU) of the institution.

In a statement released on Wednesday, ASUU lamented the poor attention of the Chairman of the Governing Council, Prof Bamitale Omole, and the state government to the various crisis ravaging the University.

The statement, signed by the Chairman of ASUU, Mr Kayode Arogundade, and the Secretary , Mr Ogunwale noted that nothing has been done to improve the financial situation of the University, saying the institution is now back to the era of payment of amputated salaries for an upward of 12 months, and still counting.

“We are demanding explanation from the Chairman of Council, Prof. Tale Omole, and the Visitor, Dr. John Kayode Fayemi, both of whom we assume to be renowned academics, and whom we think should have a better understanding of the workings of the University system, on why they have continuously ignored the suffering and inhuman conditions of the staff of EKSU.

“It is important to note that in spite of several meetings that the union had with the Visitor, nothing tangible has been done about the situation on ground, even when he has promised and assured us on several occasions that he would increase the monthly subvention to the University.

“Rather than consolidate the development of the University; which he promised to make a world class, he went ahead to establish a College of Agriculture in his home town, despite his frequent claims of paucity of funds in the state; this we believe, is tantamount to hypocrisy and insincerity.

“We wish to use this medium to call on well meaning citizens of Ekiti State to appeal to the visitor and the chairman of council to tow the path of honour and look for means of giving adequate financial supports to the University.

“Education is the major industry in Ekiti State (Fountain of Knowledge and Land of Honour), and her only University should be a model to other Universities in Nigeria.

“Our members have over this period endured denials and hardships arising from the failure of University in paying our entitlements.”

ASUU pointed out that instead of Professor Omole to address the crisis staring him in the face, he went ahead to the media to paint a picture that suggest that all is well in the institution.

Tracing the problem of the institution to the regime of the immediate past administration, the union revealed that it is not a secret that EKSU was poorly funded under Ayodele Fayose, who released only six months subventions for a whole year of 12 calendar months.

“The university had consistently deducted Tax (PAYE) from our salaries without remitting such to the Internal Revenue Services thus preventing our members from obtaining tax Clearance from the Inland Revenue Services. This has no doubt put our members in precarious situations.

“It is disheartening that the Chairman of council, instead of attracting funds to the university has chosen to deliberately ignore the call to unveil the masquerades behind a celebrated Fraud (a.k.a Portal Fraud) in EKSU.

“If a university as poorly funded as ours, is defrauded of a humongous sum and the Chairman of Council, who is in possession of reports of investigations into the case continues to chase shadows, while the perpetrators appear to be untouchable, then the credibility of his leadership is questionable,” the Union added