The George Uboh Whistleblowers Network [GUWN] has uncovered how WEMA Bank practically stole Planet One, a hotel in Lagos, through a dubious takeover.
GUWN disclosed this in a letter by its Chairman, Dr. George Uboh, addressed to ElombahNews on Tuesday.
The story started when whistleblowers at WEMA Bank furnished Dr. Uboh damaging information on WEMA Bank regarding a hardworking and innovative customer, Planet One.
The Chief Executive of the hospitality outfit, Shaka Momoh’s dream and desires to run a state-of-the-art hospitality business was shattered when WEMA Bank pulled the rug off his feet.
Uboh, in the letter, lamented that while banks in Nigeria are busy lending trillions of Naira to collusive bank MDs, Oligarchs, etc., who borrow without collateral and have refused to service loans hence the intervention of AMCON in those cases, Planet One suffered the victim.
It could be recalled that Dr. Uboh coined the phrase “banking sector mafia” after he traced N586 Billion Naira of federal government funds trapped in banks in 27 days during the pendency of a federal government engagement.
The engagement was scuttled by same banks knowing that Uboh stands to trace trillion of Naira in “stolen/trapped funds”, a situation that would have left the banks insolvent.
Planet One is a certain popular and swanky hotel and entertainment spot called Planet One in Maryland, Lagos.
The hotel once hosted Missy Elliot, The game and numerous artists local and foreign.
WEMA Bank, Planet One’s bank into which daily intakes were deposited approached Planet One’s Chief Executive for a N500 million loan for improvement and betterment.
After the loan was given to Planet One, a mysterious fire engulfed a section of the hotel. This should have been a signal of the “mafia style” tactics WEMA was about to engage in, according to Uboh.
Writing further, he stated:
“Due to the fire mishap, Planet One could not service the loan timely. WEMA over-bloated the interest by over N260 million.
“After Planet one caught WEMA, WEMA admitted at a round table meeting, then adjusted the loan to approximately N750 million.
“Golden Tulip, the global brand, approached Planet One with a deal to pay N800 million first tranche to pay off the debt, pay another N800 million second tranche and another N800 million third tranche.
“When Planet One wrote WEMA on the offer from Golden Tulip and its intention to pay off the N750 million, WEMA changed gears asserting that the loan is over N1 billion.
“This development understandably scared Golden Tulip off, because it portrayed Planet One as not practicing “full disclosure”, one of the basic tenets of doing business.
“Other potential buyers were scared off by WEMA as well and WEMA thereafter dragged Planet One to court.
“While the case was and still in court, WEMA Bank sold Planet One to someone else (letter of sale in possession of GUWN).
“This is the height of fraud laced with absolute impunity.
“Why would WEMA bank drag Planet one to court then turn around and sell same asset, the subject matter of the case at bar?
“Is WEMA Bank that corrupt, that pompous, that moronic to commit fraud on the court knowing the legal ramification?” he asked.
Consequently, Dr. Uboh wrote a letter to the Managing Director of WEMA Bank Plc., Mr. Ademola Adebise [letter attached below].
The letter was titled “Re: Fraudulent Sale of Planet One Entertainment & Hotels to Mr. Richard Odumenya while the matter is Sub Judice; Fraudulent Manipulation and Over-Bloating of loan in the tune of over N300M; Stripping and Looting of Planet One’s Assets.”
It contained a 14-day notice to WEMA Bank informing the bank of GUWN’s intention to report the matter to law enforcement agencies and approach the court to compel them to prosecute should they refuse to do so.
GUWN, per the 14-day ultimatum to WEMA, which expires on February 11, 2019, has concluded plans to notify the court of the fraud, notify the CBN which supervises the banks, among other civil and criminal petitions.
Following that, the bank will have a field day in the court.
See the GUWN letter to WEMA Bank below dated Monday, January 28, 2019:
The Managing Director, WEMA Bank Plc
Attn: Mr. Ademola Adebise
Re: Fraudulent Sale of Planet One Entertainment & Hotels to Mr. Richard Odumenya while the matter is Sub Judice; Fraudulent Manipulation and Over-Bloating of loan in the tune of over N300M; Stripping and Looting of Planet One’s Assets
14-Day Notice: Our Intention to Report the matter to law Enforcement Agencies and Approach the Court to Compel them to Prosecute should they refuse to Prosecute
Our undersigned chairman Dr. George Uboh is the foremost whistleblower and anti-corruption crusader in Nigeria. In that capacity, he blew the whistle against the EFCC (starting 2013) for failing to remit N1.993 Trillion Naira to the FGN which led in part to the sack of the former chairman in 2015.
He blew the whistle against a Federal Judge (starting 2014) for awarding 15% of a $3.1 billion judgment to contractors who were not parties to the suit-judicial fraud-which led in part to his sack in 2017.
He blew the whistle against a former minister of finance in 2018 which led to her resignation in 2018.
He blew the whistle on the ministry of transportation-aviation in its dealings regarding “Nigeria Air” in 2018. The Federal Executive Council (FEC) thereafter suspended the Nigeria Air deal in 2018.
He blew the whistle on former executive secretary TETFund in 2018 which led to his sack in 2019.
George Uboh Whistleblowers Network (GUWN) was set up to expose corruption, fight for people who have suffered injustice, fight for whistleblowers suffering adverse treatment, address matters of public interest, inter alia.
Our whistleblowers at WEMA Bank Plc have furnished us overwhelming and irrefutable evidence showing clearly and convincingly that your bank has sold Planet One Entertainment & Hotels to Mr. Richard Odumenya while the hotel is under the receivership and management of Kunle Ogunba & Associates, and while the matter is in court.
Same whistleblowers have furnished us evidence of fraudulent manipulations and over-bloating of Planet One’s loan interest in the tune of over N300 Million, including the culpability of Diya Fatimilehin & Co in its voodoo valuations of Planet One which is reminiscence of its culpability in the case we have against the EFCC, to wit:
“That you Mallam Nuhu Ribadu, conspired with Mr. Ibrahim Lamorde and Diya Fatimilehin & Co (Estate Surveyors), to divert the sum of N875 Million vide GT Bank cheque No. 10608377 of 29/1/2007, being part of the proceeds from the disposal of assets forfeited by Tafa Balogun in 2006.”
The 23 criminal charges our organization preferred against Ribadu were used to discredit Ribadu from running as gubernatorial candidate in Adamawa. Video can be watched on youtube under George Uboh.
After analyzing the evidence, the following is our conclusion:
The appointment of Kunle Ogunba & associates as receiver-manager, the subsequent stripping and looting and intimidation of Planet one’s staff by Kunle Ogunba and associates, the fraudulent and contradicting voodoo valuations of Planet One by Diya Fatimilehen & Co, the fraudulent over-bloating of planet One’s loan, inter alia, are all pretextual acts with one goal in mind:
Put fear into Planet One owner and staff, keep them busy in court, drain them financially by freezing bank accounts, then sell Planet One unilaterally without the knowledge of the court and Planet One staff.
This inhumane plan has worked. But thanks to whistleblowers at WEMA Bank Plc for handing us this treasure trove of evidence.
As you may already know, the whistleblower policy drafted by the undersigned empowers us to furnish the information in our possession to security agencies to act upon and pay us upon successful recovery, in addition to ensuring that the injustices meted out to Planet One, its owner and staff are corrected through a fair and equitable compensation process.
In that regard, you have Fourteen (14) days to contact us in order to put in process a transparent, fair and equitable process of compensation to the aggrieved who are not yet aware of our involvement.
Failure to do so would result to us doing the needful, to wit: putting our evidence in the public domain through press releases as a case study on how banks loan funds to businessmen then turn around to ruin them and takeover their business in a collusive and conspiratorial manner, reporting the matter to court as amicus curiae (An amicus curiae is someone who is not a party to a case and may or may not have been solicited by a party and who assists a court by offering information), asking the court to take judicial notice (Judicial Notice is A doctrine which enables a judge to accept a fact without the need of a party to prove it through evidence) of the fraud you have perpetrated, reporting the matter to security agencies to prosecute the culprits involved, inter alia.
While we await your response, we remain,
Yours in anti-corruption and whistleblowing services,
Dr. George Uboh
WEMA Bank officials could not be reached for comment through the phone number on its website.
DISCLAIMER: Opinion articles are solely the responsibility of the author and does not necessarily reflect the views of the publishers of Elombah News
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