Men with wealth are envied, envied beyond the shores of their imaginations. It makes men of class and lower status stands to give accolades to its bearer, especially when it flows effortlessly. It doesn’t matter if it’s gotten by hook or crook as long as its stream never gets dry. This is exactly the world of multi-millionaire Olutokunbo Enaboifo alias Sir Lulu, who has always found a way to reinvent himself into the consciousness of the ruling class in Delta State, beginning from 1999 when his bosom friends, James Ibori mounted the saddle, and invited him to partake of the national cake.
Since then, he has not looked back, even though he went underground during Ibori’s incarceration but has found his way back into the system, we can authoritatively reveal. Sir Lulu, the Chairman/CEO of Mega Structures Nigeria Limited, an Edo man, is currently one of the most powerful men in Delta, so powerful that commissioners and heads of MDAs tremble before him, due to his closeness to the corridors of power.
Even though Mr. Kenneth Onyemaka is the Managing Director of the Delta State Signage and Advertising Agency (DESAA), the real mask behind the MD is Lulu, who is the undesignated Chairman of the company that brought the idea to Delta State while another top shot in the state behind the scene acts as the Vice Chairman of the company. Lulu, a fugitive fraudster in the United States is currently wanted for credit card fraud, conspiracy and abetting in a US District Court of the Eastern District of Pennsylvania in 1986 on two counts.
Enaboifo as he was known in the US before changing his name to Lulu, was a student of Temple University in Philadelphia and was arrested on August 8th 1986 at 5702 North Oaks Boulevard, North Brunswick, New Jersey. A copy of the charge sheet stated that, “ from on or about April 1 1986 to or about June 2, 1986, at Philadelphia, in Eastern District of Pennsylvania and elsewhere, defendants Charles Ola and Olutokunbo Enaboifo knowingly, intentionally and unlawfully did conspire, combine, confederate and agree together with each other, and with other persons known and unknown to this grand jury to attempt to execute a scheme and artifice to defraud Philadelphia Savings Fund Society (PSFS of moneys in violation of Title 18, United States Code, Section 1344 (a) (1)”. Following his indictment and knowing he would be jailed, he bolted from the US to Nigeria. His co criminal had earlier run away from the US for fear of being jailed. Using his company called Swift Ventures Limited (SVL), competent sources revealed that this Delta big boy practically rakes in millions into his private pocket alongside his partner, while declaring peanuts to the management. In setting up DESAA according to our findings, an initial sum of N80 million was allegedly borrowed by SVL from First City Monument Bank (FCMB) with a mandate to generate over N1 billion yearly, which will be shared between the State Government and the company. To run the agency, Lulu brought in his nephew, Mr. Victor Umoh to work as the Chief Operating Officer/Executive Director. We gathered that since its inception, Lulu and his gang found a way of circumventing the mode of payment, by boycotting the platform payment and using manual method, were the money goes into their private pockets. Most of these payments made are not in the financial books, stated a reliable source. The minimum rate for directional signs in the state is N80,000, while companies like T-Energy, that make use of solar panel in the signage pay higher.
Zenith Bank also paid heavily to have their signage on the major roads, according to another source. An insider confided in us that MTN Nigeria was evaluated to owe N4 million in their signage but only N2.5 million was recorded in the office financial books. As at March, we gathered that only the sum of N15 million has been generated by DESAA, an amount which those familiar with the workings described as “peanuts compared to the original amount they have collected”.
It is not clear if the State Governor is aware that Lulu is the face behind DESAA, who despite having a free hand to generate revenue for the state and share profit, still has a whooping N30 million given to them in the 2018 budget, to play around with. Even though Lulu enjoys his freedom back in Nigeria, his sentence in US is likely to continue, anytime he steps his feet there. In February 24th 2004, the US Attorney’s office re-opened Enaboifo’s case and requested for sentencing in absentia through series of motions and sentencing memoranda. On April 15 2004 a judgment in a criminal case was entered against him where the Judge ruled that “Olutokunbo Enaboifo be sentenced to a term of six months incarceration for Counts one and two to run concurrently and that a fine of $1,000 be imposed and entered against the defendant”. When we contacted one of the anti-corruption agencies of the government, they expressed surprise that the fraudster is still relevant in the scheme of things and continued the fraud.
They pleaded that a petition be forwarded to them, for them to take necessary actions. A US diplomatic source however disclosed to our correspondent that they may ask for the extradition of Sir Lulu, once the embassy receives petition to that effect, in relevance to the extradition law. When we contacted him on his 0802290**** known line; it never connected. His life of fraud is spread almost everywhere in Delta, though silently.
Originally published by Secret Reporters