According to informed sources who confided in National Enquirer, a N50m judgement was last week delivered against the billionaire businessman and Chairman of Globacom by the honourable Justice James Tsoho of the federal high court, Lagos for tactically, smartly and fraudulently evaded payments due to the Industrial Training Fund.
This office gathered reliably that, the office of the Industrial Training Fund had severally and repeatedly sought the Globacom’s management for peace meetings on the need to sort the payment which was in excess of N65m amicably but the billionaire was said to have rebuffed all entreaties turning deaf ears to all pleas.
“The man is too stubborn, he doesn’t respect anybody, even the courts of Law, we tried everything to let him see reasons why he should settle it amicably with us but he’s too proud, he’s been by-passing payment since, employing the services of accounting experts to ‘doctor’ his papers but we eventually caught them”, a top staff of the Industrial Training Fund who craved anonymity told National Enquirer last week.
Telling us the interesting story of how they burst Globacom office, “we stormed his office after ignoring several letters from us and it was almost like we forced our way in before we could carry out our verification from their books which they didn’t want to let us have access to, at the long run, we discovered the sum of N64,963,947.96 was underpaid for the periods of 2009-2012 alone”, the ITF man revealed.
For the benefit of those who don’t know much about the Industrial Training Fund, the organization is charged with providing adequate human resources training within all cadre of the economy and by this, all big organizations have the statutory obligation to pay 1% of its annual payroll as training contribution to the ITF.
And Section 9 of the Industrial Training Fund Act provides that, if any contribution is not paid within the time prescribed in the ACT, a sum equal to 5% of the amount unpaid shall be added for each month or part of a month after the date on which payment should have been made.
Having seen this, ITF’s counsel, Mathew Okwara & Co. wrote several letters, made phone calls and sent several text messages to the egg heads at Globacom but all were to no avail and even when he sought a legal redress, Adenuga and his handlers were unperturbed and never entered any appearance in court until the judgement was delivered by the no nonsense and incorruptible Justice James Tsoho who compelled him, not just to pay what he’s owing the ITF but also slammed a N50m damages as penalty.
As if that’s not enough, other people have come out, in form of ex staff and even sitting staff ready to tell the world about Otunba Mike Adenuga and his cheating tantrums, this we promise to serve you unedited in our next edition.