Lobi Stars Vice Chairmen Indicted in ₦2.445 Billion fraud

A forensic panel set up by the Benue State Government to investigate Lobi Stars Football Club, Makurdi, has indicted three former vice chairmen of the club for financial misconduct. The panel has mandated them to refund ₦2,445,012,596.92 to the club’s accounts.

The decision followed the release of a White Paper report on the forensic audit of the club’s financial activities from January 2020 to September 2024. This announcement was made public in a statement by the Chief Press Secretary to the Governor, Sir Tersoo Kula, on Friday.

The statement recalled that the Governor of Benue State, Rev. Fr. Hyacinth Alia, inaugurated the Forensic Audit Investigation Committee on October 7, 2024. The committee, chaired by San-Chir-Igba Donatus, ACA, was tasked with examining the club’s financial records. Its terms of reference included reviewing handover notes from the outgoing board, identifying income sources, recommending appropriate actions to the government, and advising on the club’s future direction.

According to the report, submitted on November 24, 2024, Lobi Stars received ₦3,759,820,269.86 during the audited period, but only ₦1,314,807,672.94 was properly accounted for, leaving a discrepancy of ₦2,445,012,596.92.

The breakdown of the financial misconduct revealed the following:

• Mr. Mike Idoko and his team (2020-2021): Refund ₦243,955,081.44.
• Mr. Emmanuel Taman and his team (2021-2022): Refund ₦434,318,964.12.
• Mr. Dominic Iorfa and his team (2022-2023): Refund ₦692,453,927.60.
• Mr. Dominic Iorfa and his team (2023-2024): Refund ₦702,875,000.00.
• Mr. Dominic Iorfa and his team (2024-2025): Refund ₦371,409,623.76.

The committee emphasized that all individuals and entities involved in financial transactions with the club during this period were formally invited and given the opportunity for a fair hearing.

Among its recommendations, the committee suggested that Lobi Stars be registered as a full-fledged company with a mandate to generate revenue. It also proposed that all sponsorship funds be deposited directly into the club’s account. Additionally, it advocated for the club’s operational independence, urging the Ministry of Sports to cease direct control or interference in the club’s day-to-day management.

This report marks a pivotal step in addressing financial irregularities within Lobi Stars Football Club, ensuring accountability, and setting a foundation for improved governance in the future.

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Content Credit| Igbakuma Rita Doom

Picture Credit | https://guardian.ng/