A forensic audit investigation into the financial management of Lobi Stars Football Club of Makurdi has led to a significant demand for refunds.
The committee, established by Benue State Governor Hyacinth Alia, has directed three former Vice Chairmen of the club to refund ₦2.445 billion to the club’s coffers.
The investigation was initiated on October 7, 2024, under the leadership of San-Chir-Igba Donatus, with the purpose of examining the club’s income and expenditure from January 2020 to September 2024.
The committee’s terms of reference included reviewing the handover notes from the outgoing board, assessing the club’s income, and making recommendations to the state government on necessary actions to ensure the club’s financial health and governance.
According to a statement released by the Chief Press Secretary to the Governor, Tersoo Kula, the committee’s report, submitted on November 24, 2024, found discrepancies in the club’s finances.
The report revealed that while the sum of ₦3,759,820,269 was accrued to the club during the audit period, only ₦1,314,807,672 was accounted for, leaving a shortfall of ₦2,445,012,596. Consequently, former officials Mike Idoko, Emmanuel Taman, and Dominic Iorfa have been directed to refund specific amounts for the periods they were in charge.
For the 2020-2021 period, Mike Idoko and his team are required to refund ₦243,955,081. Emmanuel Taman and his team, overseeing the 2021-2022 period, must return ₦434,318,964, while Dominic Iorfa and his team are instructed to refund ₦692,453,927 for the 2022-2023 period, ₦702,875,000 for the 2023-2024 period, and ₦371,409,623 for 2024-2025.
The committee also emphasized that all individuals and companies involved in the club’s financial transactions during the period under review were given the opportunity to respond to the allegations.
Among the committee’s recommendations is the proposal that Lobi Stars be registered as a full company to take responsibility for generating its own revenue.
The committee also suggested that funds from the club’s sponsors be deposited directly into the club’s account. Additionally, the report advocated for the club’s independence, recommending that the Ministry of Sports should no longer interfere in its daily operations.
