Three former vice chairmen of Lobi Stars Football Club, Makurdi, have been directed to refund the sum of ₦2,445,012,596.92 to the club’s treasury. This directive comes after the Benue State Government released a White Paper report based on the findings of a Forensic Audit Investigation into the club’s finances from January 2020 to September 2024.
The forensic audit was initiated by the Governor of Benue State, Rev. Fr. Hyacinth Alia, who inaugurated a committee led by San-Chir-Igba Donatus, ACA, on October 7, 2024. The committee’s mandate included examining the financial handover notes from the outgoing board of the club, identifying the club’s income, recommending appropriate actions, and advising on the future management of the club’s finances.
According to the audit report submitted on November 24, 2024, Lobi Stars generated a total income of ₦3,759,820,269.86 during the review period. However, only ₦1,314,807,672.94 was properly accounted for, leaving an unaccounted sum of ₦2,445,012,596.92.
Financial Breakdown
The report highlighted the following discrepancies:
2020-2021: Mr. Mike Idoko and his team are to refund ₦243,955,081.44.
2021-2022: Mr. Emmanuel Taman and his team are liable for ₦434,318,964.12.
2022-2023: Mr. Dominic Iorfa and his team must refund ₦692,453,927.60.
2023-2024: Mr. Dominic Iorfa and his team are also responsible for ₦702,875,000.
2024-2025: An additional ₦371,409,623.76 was attributed to Mr. Iorfa and his team for this period.
The committee emphasized that all individuals and companies involved in financial transactions with the club during the specified period were invited to provide explanations and were given fair opportunities to defend themselves.
Key Recommendations
The committee proposed several measures to reform the management of Lobi Stars Football Club:
1. Corporate Registration: The club should be registered as a full-fledged company with a mandate to generate revenue.
2. Financial Autonomy: Funds from sponsors should be deposited directly into the club’s accounts to ensure transparency.
3. Operational Independence: The Ministry of Sports should no longer interfere in the day-to-day management of the club.
Thes recommendations aim to enhance financial accountability and ensure that Lobi Stars operates as a sustainable and professionally managed entity. The Benue State Government is expected to act on these recommendations to secure the future of the football club.
