Lobi Stars Former Vice Chairmen Ordered to Refund ₦2.4 Billion After Audit Findings
Three former vice chairmen of Lobi Stars Football Club, Makurdi, have been instructed to refund a total of ₦2,445,012,596.92 to the club following a forensic audit into its financial activities from January 2020 to September 2024. This follows the release of a White Paper report by the Benue State government.
On October 7, 2024, Benue State Governor, Rev. Fr. Hyacinth Alia, set up a Forensic Audit Investigation Committee, led by San-Chir-Igba Donatus, ACA, to review the club’s financial records. The committee’s task was to look at the club’s income, assess the handover notes from the previous board, and suggest steps to improve the club’s financial situation.
The committee’s report, handed in on November 24, 2024, found that Lobi Stars received ₦3,759,820,269.86 during the review period, but only ₦1,314,807,672.94 was properly accounted for. This resulted in a missing amount of ₦2,445,012,596.92.
The amounts to be refunded are as follows: Mr. Mike Idoko and his team are to return ₦243,955,081.44 for the 2020-2021 period, Mr. Emmanuel Taman and his team must refund ₦434,318,964.12 for 2021-2022, and Mr. Dominic Iorfa and his associates are required to repay ₦692,453,927.60 for 2022-2023. In addition, they must return ₦702,875,000 for 2023-2024 and ₦371,409,623.76 for 2024-2025.
The committee made it clear that all those involved in the financial transactions were given the chance to attend hearings and were treated fairly.
The committee also recommended that Lobi Stars should be registered as an independent company with the responsibility to generate its own funds. It was further suggested that sponsorship money should be paid directly into the club’s account, and that the club’s operations should be separate from the Ministry of Sports to avoid interference
