Panel of Inquiry Indicts Former Lobi Stars Vice Chairmen Over ₦2.4 Billion Mismanagement

The Panel of Inquiry Indicts Three Former Lobi Stars Vice Chairmen Over Financial Mismanagement.

The Benue State Government’s forensic panel of inquiry has uncovered staggering financial mismanagement within Lobi Stars Football Club, Makurdi. The investigation, spanning January 2020 to September 2024, implicated three former vice chairmen in unaccounted funds totaling ₦2,445,012,596.92.

The White Paper report, released by the state government, detailed these findings and prescribed actions to recover the misappropriated funds while recommending structural reforms to enhance the club’s financial transparency.

Audit Background and Objectives

The forensic audit committee was inaugurated by Governor Rev. Fr. Hyacinth Alia on October 7, 2024, with San-Chir-Igba Donatus, ACA, as its chairman. Its mandate included:

Examining handover notes from the outgoing board of Lobi Stars.
Identifying the club’s income and expenses over the audit period.
Recommending actions to safeguard the club’s financial integrity.
Advising the government on sustainable ways forward for the club.

The committee submitted its findings on November 24, 2024, which have since sparked widespread debate among football enthusiasts and stakeholders in Benue State.

Audit Findings

The report revealed that Lobi Stars Football Club generated a total income of ₦3,759,820,269.86 during the audit period. However, only ₦1,314,807,672.94 was accounted for, leaving a deficit of ₦2,445,012,596.92.

The breakdown of unaccounted funds implicated the following former vice chairmen:

Mike Idoko (2020-2021): ₦243,955,081.44.
Emmanuel Taman (2021-2022): ₦434,318,964.12.
Dominic Iorfa (2022-2024): ₦1,766,738,551.36 (split across two financial years).

The committee affirmed that all individuals and entities involved in financial dealings with the club during this period were invited for questioning and provided fair hearings.

Recommendations from the Panel

The forensic panel made several recommendations to address the systemic issues uncovered, including:

Club Independence:
- The Ministry of Sports should relinquish control over Lobi Stars’ daily operations, ensuring autonomy for the club’s management.
Corporate Registration:
- Lobi Stars should be registered as a full-fledged company, tasked with revenue generation and self-sustenance.
Transparent Financial Channels:
- Sponsorship funds should be deposited directly into the club’s account to eliminate intermediary interference.
Accountability Measures:
- Enhanced financial auditing procedures to prevent future mismanagement.
Recovery of Misappropriated Funds:
- The indicted individuals are mandated to refund the misappropriated amounts to the club’s coffers.

The Way Forward for Lobi Stars

Lobi Stars Football Club remains a cornerstone of Benue State’s sports culture, but the revelations of financial mismanagement underscore the need for comprehensive reforms. The recommendations, if implemented, could position the club for sustainable growth, financial stability, and on-field success.

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By granting the club autonomy and introducing corporate governance structures, Lobi Stars could transform into a model football institution in Nigeria. The call for greater accountability aligns with global best practices and sets the tone for broader reform in Nigerian football administration.

Public Reactions and Implications

The revelations have drawn mixed reactions from fans and stakeholders. While some applaud the state government’s commitment to transparency, others question the oversight mechanisms that allowed such mismanagement to occur in the first place.

The panel’s recommendations offer a roadmap for restoring public trust and ensuring Lobi Stars’ legacy as a beacon of pride for Benue State. As the indicted individuals work to refund the unaccounted funds, stakeholders hope this marks the beginning of a new era for the club.

Conclusion

The findings of the forensic audit into Lobi Stars Football Club highlight the importance of financial discipline in sports management. By addressing the systemic issues and implementing the panel’s recommendations, Lobi Stars can rebuild its reputation and emerge stronger.

This case also serves as a wake-up call for other football institutions in Nigeria to prioritize accountability and transparency in their operations, paving the way for the nation’s football development.