Three former vice chairmen of Lobi Stars Football Club in Makurdi have been directed to return a total of ₦2,445,012,596.92 (Two billion, four hundred and forty-five million, twelve thousand, five hundred and ninety-six naira, ninety-two kobo) to the club’s purse.
This follows the release of the White Paper on the Forensic Audit Investigation into the club’s finances for the period between January 2020 and September 2024, commissioned by the Benue State government.
On October 7, 2024, Benue State Governor Rev. Fr. Hyacinth Alia established a Forensic Audit Committee, headed by San-Chir-Igba Donatus, ACA, to scrutinize the club’s finances.
The committee’s tasks included reviewing the outgoing board’s handover notes, assessing the club’s income, advising the government on necessary actions, and providing recommendations for the club’s future.
The report, submitted on November 24, 2024, revealed that while Lobi Stars received ₦3,759,820,269.86 during the audit period, only ₦1,314,807,672.94 was properly accounted for. The shortfall of ₦2,445,012,596.92 is attributed to the mismanagement of funds.
The audit findings show the following financial discrepancies:
Mr. Mike Idoko and his associates are to refund ₦243,955,081.44 for the 2020-2021 period.
Mr. Emmanuel Taman and his team are required to refund ₦434,318,964.12 for 2021-2022.
Mr. Dominic Iorfa and his colleagues must return ₦692,453,927.60 for 2022-2023 and ₦702,875,000 for 2023-2024.
Additionally, ₦371,409,623.76 must be refunded for the 2024-2025 period.
The audit committee emphasized that all individuals and companies involved in financial dealings with the club were given a fair hearing before the findings were finalized.
Among the committee’s recommendations is the registration of Lobi Stars as an independent company responsible for generating its own revenue, with sponsorship funds to be directly deposited into the club’s account. The committee also called for the club’s operational independence, recommending that the Ministry of Sports no longer interfere in the day-to-day running of Lobi Stars.
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