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EXPOSED!!! UBA Accused Of Fraudulently Diverting N3.9 Bn NSEI Funds, CBN Investigator Reveals—In a detailed report, CBN Special Investigator Jim Obazee reveals how United Bank for Africa (UBA), led by Tony Elumelu, is accused of fraudulently diverting N3.9 billion meant for participation in the Nigerian Electricity Market Stabilisation Facility (NSEI). The report specifically indicts UBA’s Managing Directors from 2015 to the present, recommending the refund of the allegedly misappropriated funds.

The investigation traces back to 2015 when the CBN, under former Governor Godwin Emefiele, established a Special Purpose Vehicle named NESI Stabilisation Strategy Limited without policy directive or approval from then-President Goodluck Jonathan. Initially approved as a limited guarantee fund to address electricity sector issues over 10 years, the fund’s realization faced obstacles.

According to the Obazee Report, UBA, among the selected commercial banks, is accused of quietly leaving with N3.9 billion without adhering to NESI provisions. The report asserts that UBA failed to implement any proposals in line with the noble idea, making it the bank implicated in the highest figure of the alleged fraudulent activity.

The report specifically accuses UBA of manipulation, alleging the bank unlawfully arranged and collected a portion of the 1.9535% meant for participation in the Nigerian Electricity Market Stabilisation Facility. External Auditor’s reports, part of NESI Stabilisation Strategy Limited’s Financial Statements, confirm payments to UBA in proportion to its contribution to NEMSF disbursement, reinforcing the claims of fraudulent activities.

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Sports

#BHACHE: Watch Free Livestream Match Between Brighton Vs Chelsea Here

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Brighton Vs Chelsea

#BHACHE: Watch Free Livestream Match Between Brighton Vs Chelsea Here—-Thecloudngr reports that free Premier League match between Brighton and Chelsea has emerged.

Watch the livestream match below:

CLICK HERE TO WATCH

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Entertainment

Nigerian Singer Tems Acquires Stake In American Football Club San Diego FC

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Tems Acquires Stake In American Football Club San Diego FC

Nigerian Singer Tems Acquires Stake In American Football Club San Diego FC—-San Diego FC (SDFC) has announced that Tems, the globally acclaimed, two-time GRAMMY Award-winning artist and Oscar-nominated singer, songwriter, and producer, has joined the club’s ownership group through her company, The Leading Vibe.

SDFC CEO Tom Penn expressed excitement about Tems joining, highlighting her influence as a cultural icon and her dedication to empowering young talent. “Her passion for creativity and community aligns perfectly with our mission,” Penn stated.

She joins a prestigious group of Club Partners, including Issa Rae, Juan Mata, Jocko Willink, and Manny Machado.

Her involvement is in collaboration with Pave Investments, an African private investment firm. Pave’s Chairman Tunde Folawiyo and Founding Director Kwamena Afful will also join the ownership group, further strengthening SDFC’s mission to inspire and empower communities through sport, culture, and opportunity.

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