Benue audits Lobi’s finances, asks three former vice-chairmen to refund N2.4bn

The Benue state government has asked three former Lobi Stars vice-chairmen to return N2.4 billion into the club’s coffer. 

In a statement on Friday, Tersoo Kula, the press secretary to Hyacinth Alia, governor of Benue, said the revelation was included in a white paper report of a forensic audit investigation into Lobi’s finances inaugurated by the state government.

Alia launched a probe into the club’s funds in October 2024. The investigative committee studied the handover notes submitted by the outgoing board of the club and Lobi’s income.

The investigation report covers Lobi’s financial details from January 2020 to September 2024.

Kula said the audit report, released to the state government in November 2024, revealed that Lobi Stars generated N3,759,820,269 during the period under review.

However, he added that only N1,314,807,672 of the generated sum could be accounted for.

The statement then demanded the three immediate past vice-chairmen of Lobi Stars refund the deficit to the club’s account.

“The breakdown indicates that Mr Mike Idoko and others who worked with him are to refund the sum of two hundred and forty-three million, nine hundred and fifty-five thousand, and eighty-one naira, forty-four kobo (₦243,955,081.44) for the period of 2020-2021,” the statement reads.

“Mr. Emmanuel Taman and others who worked under him are to refund four hundred and thirty-four million, three hundred and eighteen thousand, nine hundred and sixty-four naira, twelve kobo (₦434,318,964.12) for 2021-2022.

“Mr. Dominic Iorfa and others are to refund the sum of six hundred and ninety-two million, four hundred and fifty-three thousand, nine hundred and twenty-seven naira, sixty kobo (₦692,453,927.60) for 2022-2023, and seven hundred and two million, eight hundred and seventy-five thousand naira (₦702,875,000) for 2023-2024, as well as three hundred and seventy-one million, four hundred and nine thousand, six hundred and twenty-three naira, seventy-six kobo (₦371,409,623.76) for 2024-2025.”

The committee also recommended that Lobi Stars be registered as a revenue-generating company and that funds from the club’s sponsors be deposited directly into the club’s account.

The panel also advocated for the club’s independence, stating that Benue’s sports ministry should no longer control or interfere in its day-to-day operations.