TrackNews Investigation
The Ogun/Osun River Basin Development Authority, under its Managing Director, Engr. Dr. Adedeji Ashiru, disbursed more than ₦10 billion in a single day on May 11, 2026, while payment records show that 11 companies listed as inactive on the Corporate Affairs Commission (CAC) register received a combined ₦7.08 billion from the agency.
An investigation by TrackNews Online into the authority’s payment records reveals that 339 payments totalling ₦31.99 billion were made to 143 beneficiaries between June 10, 2024, when Ashiru assumed office, and May 11, 2026.
The findings raise serious questions about the authority’s procurement practices, advance-payment arrangements, contractor eligibility, project execution, geographical jurisdiction and the oversight of public funds.
₦10.08 BILLION DISBURSED IN ONE DAY
On May 11, 2026, the authority recorded 51 payments worth ₦10,083,245,510.01, representing its entire recorded payment activity for 2026 up to that date.
Of the 51 transactions, 45 were classified as 30 per cent advance payments, amounting to ₦8,811,086,303.29.
The scale and concentration of the payments are particularly significant when examined against the authority’s overall expenditure during Ashiru’s tenure.
In 2025 alone, the authority made 281 payments totalling ₦21,809,093,607.28.
₦19.11 BILLION PAID AS 30 PER CENT ADVANCES
One of the most striking findings concerns the frequency and value of advance payments.
Of the 339 transactions examined, 200 were described as 30 per cent advance payments, totalling ₦19,114,830,951.59.
That represents approximately 59.7 per cent of the authority’s entire ₦31.99 billion expenditure during the period.
At the stated 30 per cent advance rate, the payments correspond to contracts with an estimated combined value of approximately ₦63.7 billion.
The Public Procurement Act provides for advance payments subject to the required advance-payment guarantee and recovery arrangements through subsequent interim certificates.
However, the authority’s records show that advance payments were repeatedly released in large batches, sometimes involving dozens of contractors on the same day.
February 2025 accounted for ₦11,401,944,576.95, representing approximately 35.6 per cent of the entire expenditure reviewed.
Remarkably, all payments recorded for that month occurred between February 24 and 27.
On February 25, 2025, the authority processed 79 payments worth ₦5,020,630,351.56. Every one of the 79 transactions was classified as a 30 per cent advance.
December payments across the period amounted to another ₦4,787,832,719.38.
₦10.19 BILLION IN FULL PAYMENTS
The records also contain 93 transactions described as full payments, amounting to ₦10,199,869,155.90.
October 30, 2025, was the largest settlement day, with 22 payments totalling ₦3,895,550,553.88.
Fifteen of those transactions, valued at ₦2,672,658,770.47, were full payments relating to projects that had received advances in February.
The payment pattern raises questions about the documentation of work completed, certification procedures and how the authority verified the projects before releasing final payments.
D’FRONTIERS MULTIPROJECT EMERGES AS BIGGEST BENEFICIARY
D’Frontiers Multiproject Nigeria Limited emerged as the largest individual beneficiary, receiving six payments totalling ₦2,455,667,633.16.
Its payment history provides an illustration of the advance-and-final-payment structure.
On February 26, 2025, the company received ₦342,702,157.31 as a 30 per cent advance for flood and erosion control works at Owakurudu, Ijebu Ode.
On December 21, 2025, it received ₦533,947,599.02 as full payment on Certificate 01 for the project.
A day later in the February payment sequence, on February 27, 2025, it received another advance of ₦261,190,337.33 for astral energy systems at Olute, Yewa South.
On October 30, 2025, the company received ₦557,723,311.48 as full payment on the final certificate for that project.
The company subsequently received two more advances on May 11, 2026: ₦392,564,803.46 for reconstruction of the concrete weir at the Lower Ogun Irrigation Project and ₦367,539,424.56 for an earth dam on the Ekisa River in Odogbolu.
CAC records identify D’Frontiers Multiproject Nigeria Limited as RC 967268, incorporated on July 19, 2011, with an ACTIVE status.
AUTHORITY’S VENTURE COMPANY RECEIVED 72 PAYMENTS
Another unusual feature of the payment records concerns O-ORBDA Vents. Ltd, identified as the authority’s venture company.
The company received 72 payments totalling ₦615,357,323.
Sixty-eight of these transactions, amounting to ₦550,187,793.41, were recorded as bills for 30 per cent advance payment guarantee charges on behalf of named contractors and specific projects.
The bills were generally dated on the same day the contractors received their respective advances.
In several instances, the amounts were equivalent to approximately 6.02 per cent of the contractors’ advances.
For example:
– Stonebridge Engineering Services Ltd received an advance of ₦248,709,787.20 on February 24, 2025, while O-ORBDA Vents. Ltd received a corresponding bill of ₦14,969,934.
– SBR Financial Consultants Limited received an advance of ₦111,855,747.18 on February 27, 2025, with a corresponding bill of ₦6,732,638.76.
– Pucca System Engineering Ltd received an advance of ₦161,887,892.91, while the venture company received ₦9,744,092.10.
Two other bills were recorded as round payments of ₦5 million and ₦10 million.
The venture company’s remaining transactions included outsourced staff wages of ₦22,264,165.74 and ₦15,017,385.61 in December 2024, as well as ₦20,445,000 for staff capacity building.
More questions arise from its corporate identity.
Searches of the CAC public register reportedly returned no registration record under the different variations of the company’s name.
TrackNews found CAC records for 38 of the 39 companies identified in the payment records. O-ORBDA Vents. Ltd was the only name for which a registration record could not be located.
The absence of a search result does not, by itself, establish that the company is unregistered. However, the authority should clarify its legal status, ownership structure and the basis on which it received the payments.
NUGACON RECEIVED ₦1.09 BILLION FOR ONE PROJECT IN THREE PAYMENTS
The May 11, 2026, payment batch also contains an unusual series of transactions involving Nugacon Ltd.
The company received three payments totalling ₦1,091,943,553.72 for the construction of a mini sports area at Iperu, Ogun State, under the 2024 Appropriation.
The transactions were:
– ₦66,261,473.44 as a 30 per cent advance.
– ₦123,428,208.68 described as 92.39 per cent of Certificate 01.
– ₦902,253,871.60 described as full payment on Certificate 01.
The two certificate-related payments are particularly noteworthy because both refer to Certificate 01, one as a percentage payment and the other as full payment.
The project was publicly tendered under the FY 2024 Supplementary Appropriation in Lots D29A, D29B and E9, with bid opening conducted on December 23, 2024.
In September 2024, the authority publicly announced that the projects would be completed within six months.
Yet the three payments were recorded on May 11, 2026.
Nugacon Ltd is listed as RC 59802, incorporated on January 7, 1984, with ACTIVE status. Published profiles in City People Magazine and The Nation identify Otunba Abiodun Onanuga as the company’s leading figure.
The authority should explain how the three payments were certified and reconciled against the project’s original contract sum and completion schedule.
₦493.85 MILLION PAID FOR PROJECTS OUTSIDE THE AUTHORITY’S COVERAGE
The investigation also identified payments for projects in Benue State, despite the authority’s statutory geographical coverage being Lagos, Oyo, Ogun and Osun States.
A total of ₦493,855,780.04 was identified for projects in Benue.
Bolesh Interbiz Limited, which received ₦916,375,109.96 from the authority in six transactions, collected a 30 per cent advance of ₦362,045,287.63 on May 11, 2026, for the asphalting of the Achiiha-Mlan-Uhur rural access road at Ugbema, Buruku Local Government Area of Benue State.
Rubilal Nigeria Limited also received an advance in the February 2025 batch for the supply and installation of stellar systems in Benue communities.
The corresponding bill recorded for O-ORBDA Vents. Ltd on the Rubilal transaction was ₦7,483,299.68.
The River Basins Development Authorities Act establishes the Ogun/Osun Authority to develop and manage water resources within its designated river basins.
Following the December 2024 presidential reconstitution of the river basin managements, reports by TheCable and Premium Times identified the authority’s coverage as Lagos, Oyo, Ogun and Osun States.
Benue is not among those states.
The payments therefore raise questions about the legal and administrative basis for the authority’s involvement in projects outside its designated geographical coverage.
SAME PRODUCTS, SIMILAR CONTRACT VALUES, MULTIPLE COMPANIES
Another pattern concerns the procurement of astral and stellar energy systems.
The records identify 36 payments totalling ₦3,995,110,777.16 for the supply and installation of these systems through 13 companies.
On February 25, 2025, four different companies received advances for the same product, with payment amounts separated by less than ₦25,000.
They were:
– Sedabus Integrated Limited — ₦124,327,969.65.
– Rubilal Nigeria Limited — ₦124,327,192.73.
– Coraggio Nigeria Limited — ₦124,313,034.23.
– Modescom Solutions Ltd — ₦124,303,188.89.
The similarity in the payment values raises questions about how the contracts were priced, whether they were independently evaluated and what procurement procedures were followed.
TRACTOR CONTRACTS ALSO SHOW SIMILAR PAYMENT PATTERNS
The procurement of tractors and agricultural implements presents another example.
On May 11, 2026, three companies received 30 per cent advances for tractors and farm implements intended for projects in Ogun, Oyo and Osun States.
Fourstars Multi-Services Ltd received ₦337,114,061.46.
H & H Solutions Logistics Ltd received ₦336,379,901.91.
Stonebridge Engineering Services Ltd received ₦335,776,952.61.
Together, the payments amounted to ₦1,009,270,915.98.
The February 25, 2025, payment batch also contains three identical advances of ₦112,144,186.05 to three different companies for separate projects.
They were Latdok Integrated Services Limited for a farm access road, Bapam House Service Limited for an earth dam at Fiditi, and Lanum Integrated Services Limited for desilting of the Ogun River at the Arakanga axis.
The identical payment amounts warrant clarification regarding the contract valuations, procurement assessments and the basis for the advances.
₦7.08 BILLION PAID TO 11 INACTIVE COMPANIES
Perhaps the most significant corporate compliance finding concerns 11 beneficiaries listed as INACTIVE on the CAC register.
Together, the companies received ₦7,079,559,068.65 from the authority during Ashiru’s tenure.
They are:
1. Fourstars Multi-Services Ltd — ₦1,073,672,880.11.
2. Stonebridge Engineering Services Ltd — ₦1,001,260,988.33.
3. H & H Solutions Logistics Ltd — ₦883,634,768.65.
4. Josdean Diamondstar Synergy Resource Ltd — ₦866,553,369.38.
5. Jaijo Homes of Machines Ltd — ₦743,025,336.75.
6. Aj & Kaz Enterprises Nigeria Limited — ₦597,195,876.68.
7. Blue Light Gold System Limited — ₦520,669,458.22.
8. White Wales Global Services Ltd — ₦470,784,339.94.
9. Rubilal Nigeria Limited — ₦467,547,929.54.
10. Ibadak Construction Limited — ₦330,721,664.83.
11. Gamji Nigeria Company Limited — ₦124,492,456.22.
The corporate status of these companies raises important questions about their eligibility, capacity and compliance at the time the contracts were awarded and payments made.
Two of the companies were incorporated on consecutive days.
Fourstars Multi-Services Ltd was incorporated on November 28, 2023, with RC 7240970, while Stonebridge Engineering Services Ltd was incorporated on November 29, 2023, with RC 7242800.
Both companies subsequently became major beneficiaries of the authority’s payments, despite their current INACTIVE status.
Four other companies were incorporated within three days in December 2024, weeks before the February 2025 advance-payment batches in which they first appeared.
They include:
– Sendai Construction Nigeria Ltd, incorporated December 11, 2024, receiving ₦596,112,071.10.
– Binders Engineering and Construction Ltd, incorporated December 12, 2024, receiving ₦417,358,412.36.
– Roswell Agro-Services Limited, incorporated December 12, 2024, receiving ₦415,912,973.06.
– Broadlink Construction Limited, incorporated December 13, 2024, receiving ₦317,693,846.24.
All four are listed as ACTIVE.
The timing of their incorporation and subsequent appearance in the authority’s payment records raises questions about how the companies were identified, assessed and qualified for the contracts.
It is important to establish whether the 11 companies were inactive when the contracts were awarded, when payments were made or only subsequently. Their current CAC status alone does not establish their status at the time of each transaction.
SAME CONTRACTORS RECEIVE BILLIONS FROM OTHER GOVERNMENT AGENCIES
TrackNews also identified overlapping beneficiaries in payment records from other public institutions.
In the Federal Ministry of Housing and Urban Development headquarters payment records, D’Frontiers Multiproject Nigeria Limited received ₦853,301,252.41 in a single-day final-payment cluster on December 19, 2025.
It received another ₦660,729,512.38 on December 31, 2025, for poverty alleviation packs.
The combined amount was ₦1,514,030,764.79.
Fourstars Multi-Services Ltd received ₦1,234,945,310.58 in two payments on December 19, 2025.
Stonebridge Engineering Services Ltd received ₦1,479,662,839.25 in two payments on the same day.
Josdean Diamondstar Synergy Resource Ltd also received ₦424,719,156.89 for solar boreholes, while a Fourstars payment for solar boreholes in the same records stood at ₦424,719,143.13 — a difference of just ₦13.76.
Across wider payment records, receipts from other government payers included:
– D’Frontiers Multiproject Nigeria Limited — ₦5,814,857,295.53 in 40 payments.
– Stonebridge Engineering Services Ltd — ₦5,536,266,483.32 in 22 payments.
– Fourstars Multi-Services Ltd — ₦4,896,863,487.84 in 20 payments.
– Techtap Consult Limited — ₦12,167,112,777.34 in 110 payments.
The recurring public-sector payers identified include federal cooperative colleges in Ibadan, Oji River and Kaduna, the Energy Commission of Nigeria, University College Hospital Ibadan and federal colleges of agriculture.
The repeated appearance of some of these companies across multiple public institutions raises broader questions about contractor concentration, procurement oversight and the verification of corporate capacity.
EFCC INVESTIGATION AND BPP SUSPENSION ALREADY SHADOWED THE AUTHORITY’S PROCUREMENT
The payment trail also comes against the background of previous procurement controversies involving the authority.
Reports published on November 29, 2025, by SaharaReporters and syndicated by other media outlets, including Witness, stated that three Executive Directors of the authority had petitioned the Bureau of Public Procurement over the 2025 procurement exercises.
The reports said the Bureau suspended the affected procurements.
The Economic and Financial Crimes Commission also reportedly requested contract documents relating to 27 named companies in a letter referenced CR:3000/EFCC/ABJ/HQ/SDC-4/B/MAK/VOL.2/448.
TrackNews established that 13 of those 27 companies appeared in the payment records reviewed for Ashiru’s tenure.
Together, they received ₦4,008,037,034.69 in 29 transactions.
The companies include Techtap Consult Limited, Lanum Integrated Services Limited, Bapam House Service Limited, Blue Light Gold System Limited, Alpuba Services Limited, Cinedox Solution Limited, Latdok Integrated Services Limited, Rayoz Digit Services Limited, Akgen Solutions Limited, Nanvillias Management Limited, SBR Financial Consultants Limited, Jibsalam Model Concept & Unique Ventures Limited and Ibadak Construction Limited.
Notably, Latdok Integrated Services, Bapam House Service and Lanum Integrated Services were the three companies that received identical advances of ₦112,144,186.05 on February 25, 2025.
Senate committees also questioned the authority in July 2026 over unremitted revenue and audited accounts reportedly not filed since 2022, according to ThisDay and New Telegraph.
These developments make the authority’s payment records particularly important for public accountability.
CLAIM OF OVER 400 SOLAR-POWERED BOREHOLES
Ashiru has publicly credited the authority with delivering more than 400 solar-powered boreholes during his tenure.
However, in the payment records reviewed by TrackNews, the word borehole appears in only two payment descriptions, with a combined value of ₦158,019,928.43.
Other solar water-related activities appear to have been classified under astral energy systems and irrigation project descriptions.
This does not establish that the authority failed to deliver the claimed boreholes, but it raises questions about project identification, expenditure classification and the availability of verifiable records linking payments to completed facilities.
PAYMENTS TO INDIVIDUALS AND STAFF CO-OPERATIVE
The investigation found that payments were overwhelmingly made to corporate beneficiaries rather than individuals.
Only one transaction among the 339 payments named an individual beneficiary.
Folasade Olaide Omikunle received ₦6,775,000 on December 31, 2025, described as cleaning services by O-ORBDA Ventures Ltd.
The authority’s staff cooperative, CTLS OORBDA ABK, also received ₦5,458,000 on June 30, 2025, and ₦5,466,000 on July 28, 2025.
QUESTIONS THE AUTHORITY MUST ANSWER
The findings raise several questions for the Managing Director, Engr. Dr. Adedeji Ashiru, and the management of the Ogun/Osun River Basin Development Authority:
1. What guarantees were obtained before the release of the ₦19.11 billion in advance payments?
2. How were the 11 companies currently listed as inactive on the CAC register assessed and verified before receiving more than ₦7 billion?
3. Were these companies active and compliant when their contracts were awarded and payments made?
4. What is the legal status, ownership and registration number of O-ORBDA Vents. Ltd, which received ₦615.35 million?
5. What contractual or statutory authority permitted the agency to fund projects in Benue State, outside its designated geographical coverage?
6. How were the three payments totalling ₦1.09 billion to Nugacon Ltd reconciled against Certificate 01 for the Iperu mini sports area?
7. Why were multiple contractors awarded similar projects with remarkably close or identical advance-payment amounts?
8. What services justified the approximately 6.02 per cent bills charged by the authority’s venture company on several contractors’ advances?
9. What is the current status of the projects for which the authority released billions in advance payments?
10. What were the findings and outcomes of the EFCC and Bureau of Public Procurement interventions concerning the authority’s 2025 procurement exercises?
The authority’s statutory responsibility is to develop and manage water resources within its designated river basins. Its financial records should therefore demonstrate transparent procurement, properly documented payments, verifiable project delivery and compliance with public procurement laws.
With nearly ₦32 billion disbursed in less than two years, including more than ₦19 billion in advance payments and over ₦7 billion paid to companies currently listed as inactive, the public deserves clear explanations.
TrackNews Online will continue to examine the payment records, procurement documents and project delivery evidence surrounding the Ogun/Osun River Basin Development Authority.
This report is based on payment records, corporate registry searches and previously published reports. The findings raise questions requiring responses from the authority and the named companies; they should not be treated as proof of criminal wrongdoing. TrackNews Online welcomes a detailed response from Engr. Dr. Adedeji Ashiru and all parties mentioned.
Source: TrackNews