Three former vice chairmen of Lobi Stars Football Club, Makurdi, have been directed to refund ₦2,445,012,596.92 to the club, following a forensic audit investigation into the club’s finances.
The Benue State government initiated the investigation, which covered financial transactions from January 2020 to September 2024.
Audit Findings and Refund Breakdown
The Forensic Audit Investigation Committee, inaugurated by Benue State Governor Rev. Fr. Hyacinth Alia on October 7, 2024, was tasked with reviewing Lobi Stars’ financial records, assessing handover notes, and recommending reforms.
The committee’s findings, submitted on November 24, 2024, revealed that the club received ₦3,759,820,269.86 during the review period, but only ₦1,314,807,672.94 was properly accounted for, leaving a discrepancy of ₦2,445,012,596.92.
Refund responsibilities were assigned as follows:
2020-2021:₦243,955,081.44 – Mike Idoko and team.
2021-2022:₦434,318,964.12 – Emmanuel Taman and team.
2022-2023:₦692,453,927.60 – Dominic Iorfa and team.
2023-2024:₦702,875,000 – Dominic Iorfa and team.
2024-2025:₦371,409,623.76 – Dominic Iorfa and team.
The committee emphasised that all parties involved were given a fair hearing during the investigation.
Key Recommendations
The committee proposed several reforms to improve financial management at the club, including:
1. Registering Lobi Stars as a fully-fledged company to enhance accountability and revenue generation.
2. Directing all sponsor funds into the club’s account to ensure transparency.
3. Granting the club operational independence from the Ministry of Sports to prevent external interference.
Forensic Report on Lobi stars targeted at tarnishing my image – Dominic Iorfa
Immediate past vice Chairman and CEO of Lobi stars FC Mr Dominic Iorfa has reacted to a report from an extract of the forensic report on the club which recommended that he refund over N1.5 billion…
— Adepoju Tobi Samuel 🇳🇬 (@OgaNlaMedia) January 10, 2025
Dominic Iorfa Reacts
Immediate past vice chairman and CEO of Lobi Stars, Dominic Iorfa, has responded to the report, which recommended that he refund over ₦1.5 billion.
Speaking with journalists in Abuja, a visibly angry Iorfa described the findings as an attempt to tarnish his hard-earned reputation and that of his family.
Iorfa expressed disappointment over not being officially served with the report, which he said has been widely circulated on social media.
He called the allegations embarrassing and unfair, adding that he regretted returning to Lobi Stars to help the club avoid relegation and secure a top-five position in the league.
He further claimed to have invested his resources and even lost personal assets by borrowing money to keep the club running, driven by his love for the team and his state.
“The people who compiled the report don’t understand the intricacies, principles, and protocols of football administration, and their findings shouldn’t be taken seriously,” Iorfa stated.
He pointed to the club’s budgetary provisions and expenditures, including a monthly subvention of ₦40 million, ₦6 million per match for 38 league games, and additional costs for salaries, bonuses, player acquisitions, kits, FA Cup, and preseason tournaments.
While asserting his love for Benue State and Lobi Stars, Iorfa noted that the report’s allegations have caused him significant embarrassment.
However, he is prepared to seek legal redress to protect his reputation, with his lawyers currently reviewing the situation.
Despite the challenges, Iorfa reiterated his commitment to Lobi Stars, calling it his “baby project” and expressing pride in the club, even as it owes him over ₦300 million.
Mike Idoko Responds: “A Legacy of Commitment and Sacrifice”
Former vice chairman Mike Idoko has refuted the allegations, describing them as “distressing and misrepresentative” of his tenure.
In a detailed statement titled “Setting the Record Straight: My Stewardship of Lobi Stars FC,” Idoko highlighted his achievements and sacrifices during his leadership:
– Guided Lobi Stars to a 5th-place league finish in 2016 and a historic Nigeria Professional Football League title in 2018, which secured CAF Champions League qualification.
– Ensured transparency by implementing direct bank payments for players and staff salaries to eliminate potential fund mismanagement.
– Personally funded the club during financial shortfalls, even mortgaging personal assets to sustain operations.
Idoko emphasized that his sacrifices came at significant personal cost but were driven by his passion for the club and Nigerian football.
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He urged stakeholders to consider his contributions and achievements rather than vilify his tenure.
“I remain confident that the truth will prevail and my enduring contributions to Nigerian football will speak for themselves,” Idoko said, reiterating his willingness to cooperate fully with the investigation.
Looking Ahead
The Benue State government’s decision to address financial irregularities at Lobi Stars marks a significant step toward ensuring accountability and sustainability in Nigerian football.
As reforms take shape, the focus shifts to restoring the club’s reputation and paving the way for a brighter future.
