- Iorfa – ₦1,766,738,551.36; Taman – ₦434,318,964.12; Idoko – ₦243,955,081.44
By Amos Aar
THREE former Executive Vice Chairmen of Lobi Stars Football Club, Makurdi, have been directed to refund two billion, four hundred and forty-five million, and twelve thousand, five hundred and ninety-six naira, ninety-two kobo (₦2,445,012,596.92) to the club’s coffers following findings from a forensic audit.
A statement released Friday by the Chief Press Secretary to Governor Hyacinth Alia, Tersoo Kula, disclosed that the directive was based on a white paper from the forensic audit investigation into the club’s finances between January 2020 and September 2024.
Governor Alia had inaugurated the Forensic Audit Investigation Committee on October 7, 2024.
The committee, led by San-Chir-Igba Donatus, was tasked with examining the club’s financial records, identifying its income, and making recommendations to safeguard its interests and future operations.
The audit revealed that three billion, seven hundred and fifty-nine million, eight hundred and twenty thousand, two hundred and sixty-nine naira, eighty-six kobo (₦3,759,820,269.86) accrued to the club during the review period.
The report however stated that out of this accrual, only one billion, three hundred and fourteen million, eight hundred and seven thousand, six hundred and seventy-two naira, ninety-four kobo (₦1,314,807,672.94) was accounted for, leaving an unaccounted balance of two billion, four hundred and forty-five million, and twelve thousand, five hundred and ninety-six naira, ninety-two kobo (₦2,445,012,596.92.)
According to the audit report, Mr Mike Idoko who was Executive Vice Chairman between 2020-2021 is to refund the sum of two hundred and forty-three million, nine hundred and fifty-five thousand, and eighty-one naira, forty-four kobo (₦243,955,081.44).
On his part, Mr Emmanuel Taman, who was Executive Vice Chairman between 2021-2022 is to refund four hundred and thrity-four million, three hundred and eighteen thousand, nine hundred and sixty-four naira, twelve kobo: (₦434,318,964.12).
Mr Dominic Iorfa, who was Executive Vice Chairman from 2022-2024, is to refund the sum of one billion, seven hundred and sixty-six million, five hundred and fifty-one naira, thirty-six kobo (₦1,766,738,551.36).
According to the audit report, the amount to be refunded by Mr Iorfa is divided into three categories.
The first category, for 2022-2023, amounts to six hundred and ninety-two million, four hundred and fifty-three thousand, nine hundred and twenty-seven naira, sixty kobo (₦692,453,927.60).
The second category, which is for 2023-2024, is seven hundred and two million, eight hundred seventy-five thousand naira (₦702,875,000); while the third category, for 2024-2025, is three hundred and seventy-one million, four hundred and nine thousand, six hundred and twenty-three naira, seventy-six kobo (₦371,409,623.76).
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The committee emphasised that all involved individuals and companies were invited for questioning and given an opportunity to present their accounts.
Among its recommendations, the committee proposed registering Lobi Stars as a full-fledged company capable of generating revenue independently.
It also recommended that sponsorship funds be deposited directly into the club’s accounts and urged the state’s Ministry of Sports to relinquish control over the club’s daily operations to ensure its autonomy.
