A forensic audit into the financial management of Lobi Stars Football Club of Makurdi has led to a significant demand for refunds.
The committee, appointed by Benue State Governor Hyacinth Alia, has directed three former Vice Chairmen of the club to refund a total of ₦2.445 billion to the club’s account.
The investigation, launched on October 7, 2024, under the leadership of San-Chir-Igba Donatus, aimed to examine the club’s financial activities from January 2020 to September 2024. The committee’s responsibilities included reviewing the outgoing board’s handover notes, evaluating the club’s income, and making recommendations to the state government to ensure financial stability and improved governance.
According to a statement by the Governor’s Chief Press Secretary, Tersoo Kula, the committee’s report, submitted on November 24, 2024, uncovered significant discrepancies in the club’s financial records. The report revealed that while ₦3,759,820,269 was accrued during the audit period, only ₦1,314,807,672 was accounted for, leaving a shortfall of ₦2,445,012,596. As a result, former officials Mike Idoko, Emmanuel Taman, and Dominic Iorfa have been instructed to refund specific amounts for the years they oversaw.
For the 2020-2021 period, Mike Idoko and his team are required to repay ₦243,955,081. Emmanuel Taman and his team, responsible for the 2021-2022 period, must refund ₦434,318,964. Dominic Iorfa and his team are instructed to repay ₦692,453,927 for the 2022-2023 period, ₦702,875,000 for 2023-2024, and ₦371,409,623 for 2024-2025.
The committee also emphasized that all individuals and companies involved in the club’s financial dealings during this period were given the opportunity to respond to the allegations.
In addition to these findings, the committee recommended that Lobi Stars be registered as a full company, responsible for generating its own revenue. The report further suggested that sponsorship funds be deposited directly into the club’s account and called for the club’s operations to be independent, recommending that the Ministry of Sports no longer intervene in its daily affairs.
