A forensic audit initiated by the Benue State government has revealed financial discrepancies amounting to ₦2,445,012,596.92 in Lobi Stars Football Club’s accounts. Mike Idoko, along with two former vice chairmen, has been directed to refund the funds.
The audit covered the period from January 2020 to September 2024 and was conducted by a committee led by San Chir Igba Donatus. The findings indicate that ₦3,759,820,269.86 was generated during this time, but only ₦1,314,807,672.94 was accounted for. Specific amounts have been assigned for refund by each individual involved:
- Mike Idoko and associates: ₦243,955,081.44 for 2020-2021.
- Emmanuel Taman and associates: ₦434,318,964.12 for 2021-2022.
- Dominic Iorfa and associates: ₦692,453,927.60 for 2022-2023, ₦702,875,000 for 2023-2024, and ₦371,409,623.76 for 2024-2025.
The report highlighted systemic flaws and recommended structural changes to improve transparency. Key recommendations include registering Lobi Stars as a full fledged company responsible for revenue generation, ensuring direct deposit of sponsorship funds into the club’s account, and granting the club independence from the Ministry of Sports.
The individuals and entities involved were given formal invitations and opportunities to defend themselves during the audit process.
Editorial
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The financial mismanagement uncovered at Lobi Stars Football Club is a stark reminder of the importance of transparency and accountability in sports administration. This case demonstrates how a lack of stringent oversight can lead to substantial financial discrepancies, ultimately hindering the club’s development.
The recommendations made by the forensic audit committee are a step in the right direction. Transforming Lobi Stars into an independent company with direct control over its funds can foster sustainability and growth. Furthermore, removing undue governmental interference will allow the club to focus on its core mission of excelling in football.
As stakeholders in Nigerian football, we must advocate for similar audits across other clubs and institutions to ensure financial integrity. Lobi Stars’ situation serves as a crucial lesson for sports governance, not just in Benue State but across the country.
Did You Know?
- Lobi Stars FC was established in 1981 and has been a prominent club in Nigerian football.
- Forensic audits in sports are increasingly used worldwide to combat financial mismanagement and corruption.
- Lobi Stars has won the Nigerian Premier League once, in the 1999 season.
- The club’s sponsorship funds are primarily sourced from the Benue State government.
- Financial independence for sports clubs is a key factor in their long-term sustainability and success.
