Secrets Reporters
An exclusive investigation by SecretsReporters has uncovered documents that raise questions about the business interests and financial dealings of the Executive Secretary of the Tertiary Education Trust Fund (TETFund), Arc. Sunday Echono.
Documents reviewed by this newspaper allege that companies linked to members of Echono’s immediate family received substantial financial inflows during periods in which he occupied strategic positions within the Federal Civil Service.
Before his appointment as Executive Secretary of TETFund, Echono served in several senior government positions, including Director of Procurement in the Federal Ministries of Defence, Water Resources, Environment, Agriculture and Rural Development, and Power. He subsequently served as Permanent Secretary in various ministries, including Agriculture and Rural Development, Communications, and Education.
Corporate registration records obtained by SecretsReporters show that Monarch Designs Limited (RC 1014678) was incorporated in March 2012. Company documents list members of Echono’s family, including his wife, Enuwa Lynda Echono, and some of his children, as directors and shareholders of the company.
The investigation further identified other entities allegedly linked to members of the family, including Emorelin Nursery and Primary School Limited, Oyigocho Limited, and the Linda Ene Echono Foundation.
Banking records reviewed by this newspaper indicate that Monarch Designs Limited received numerous deposits from corporate entities and individuals between 2016 and 2017. Among the transactions reviewed were payments allegedly made by companies including A.Y. Dogara Oil and Gas Limited, Selinap Ventures, Ezshop, Khaltu Global Services Limited, Six Mart Limited, Vanchok Limited, M Multilinks, and Sisela Global Concept Limited.
The records show that some of the transactions involved multi-million-naira transfers into the company’s account over an extended period. In particular, documents reviewed by SecretsReporters indicate that Vanchok Limited made several transfers in 2017 amounting to more than ₦120 million.
The investigation also identified a series of transactions between Monarch Designs Limited and Najaba Bureau De Change Limited. Banking records indicate that significant sums were transferred for foreign exchange transactions during the period under review.
Further scrutiny of corporate records revealed that Najaba Bureau De Change Limited listed its address as Barcelona Hotel, Wuse 2, Abuja, while Monarch Designs Limited listed No. 23 Blantyre Street, Wuse 2, Abuja, as its registered address.
However, physical visits conducted by this newspaper to the listed locations reportedly did not reveal visible operational offices bearing the names of either company. SecretsReporters was unable to independently determine whether the companies currently operate from alternative locations.
The findings have raised questions regarding compliance with public service regulations and constitutional provisions governing conflicts of interest and asset declarations by public officers.
Part I of the Fifth Schedule to the 1999 Constitution of the Federal Republic of Nigeria (as amended) requires public officers to declare assets and liabilities in accordance with applicable laws and regulations. The Code of Conduct provisions also contain restrictions regarding conflicts of interest and participation in private business activities by serving public officials.
However, SecretsReporters has not obtained official asset declaration records submitted by Echono to the Code of Conduct Bureau and is therefore unable to independently verify whether any of the entities identified in this investigation were disclosed to the relevant authorities.
Legal experts consulted by this newspaper note that any determination of wrongdoing would ultimately depend on investigations and findings by competent regulatory and law enforcement agencies, including the Code of Conduct Bureau, the Economic and Financial Crimes Commission (EFCC), and other relevant authorities.
This investigation continues.