Connect with us

Government

Switzerland Pledges to Repatriate $321m Abacha Loot

Published

on

abacha loot

The government of Switzerland has said it would soon return $321 million looted by late head of state, General Sani Abacha and kept in Swiss banks, as part of its commitment to fighting money laundering and other trans-national crimes in that country.

The Swiss Ambassador to Nigeria, Eric Mayoraz, made the disclosure yesterday, dur- ing the signing of a Memorandum of Understanding on Mutual Legal Assistance on criminal matters, between the Swiss government and the Federal Government of Nigeria in Abuja.

The ambassador stated that the MoU was aimed at fostering understanding between the two countries particularly as it relates to their different legal system.

He said: “We are now in the process of repatriating $321m from the second batch of the Abacha loot”, adding that the country had in 2005 repatriated $722m in the first batch.

Mayoraz said: “Today’s event is significant in the sense that it would eradicate every bottleneck associated with the repatriation of stolen funds starched in our country.

“Our countries enjoy excel- lent relations and we cooperate as partners in many fields, on the return of looted assets, migration, human rights, humanitarian assistance and many others.

“Today, we decided to take

this cooperation forward to deepen it in the field of judicial cooperation. By signing a Memorandum of Understand- ing in this important area, our two states further strengthen their ties of friendship and cooperation.”

While stating that fight- ing international crime, in particular corruption, is an important issue also for the Swiss government as the MoU provides for a settle foundation to improve cooperation, the envoy added that it has the advantage of bringing direct contact through central authori- ties as well.

“The text we will now sign marks the starting point of a new era in our common fight against international crime. People, goods and money move around easily in today’s world. That is generally a positive thing. Unfortunately, this mobility is not limited to honest people and clean money. Criminals and proceeds of crime profit from it, as well. States must thus cooperate in order to fight transnational organised crime, corruption, money laundering, the drug trade”, he said.

Minister of State for Foreign Affairs, Hajia Abba Ibrahim, disclosed that the idea of sign- ing the MoU was first muted in 2015. She stated that the agreement would help block accounts of funds linked to money laundering and other trans-national crimes.

Ibrahim commended the Swiss government for supporting Nigeria’s fight against corruption, noting that repatriated funds can help facilitate essential development in Nigeria.

She assured the ambas- sador of the commitment of the Buhari’s administration towards the improvement of the living standards of Nigerians, and pledged the nation’s commitment in deepening relations between Nigeria and Switzerland.

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Continue Reading
Comments

Government

FG Approves N1.85 Billion For Construction of Ebonyi Salt Lake Walls

The Federal Government on Wednesday approved a sum of N1.85 billion for the construction of walls around Ebonyi Salt Lake.

Published

on

lake-chad

The Federal Government on Wednesday approved a sum of N1.85 billion for the construction of walls around Ebonyi Salt Lake.

Briefing newsmen at the end of the Federal Executive Council (FEC) council meeting on Wednesday, Minister of Mines and Steel Development, Olamilekan Adegbite disclosed that the project will be funded directly by the presidency. 

The Minister further explained that the 27km retaining wall would contain the loss of raw salt from the salt lakes in Ebonyi State, saving at least $88m spent yearly on salt importation.

Investors King earlier reported that Nigeria spent at least N155 Billion within the last two years to import salt and other locally available products from Asia and South America.

Salt is one of the most common mineral resources in Nigeria. A large deposit of salt could be found in Ebonyi State. The state even prides itself as the “salt of the nation”.

However, Nigeria has not been able to successfully preserve and mine the large salt deposits. 

The Minister nevertheless disclosed that the wall which will be built along the lake will help to solve the challenges. 

“The salt is in Ebonyi State, of course, naturally, but it cannot be mined without this infrastructure that we’re about to do, we’re building a retaining wall because water comes in and washes the salt away every time. 

“These are salt lakes that occur naturally, so the salt is in the lakes, but when water comes in, it washes the salt away”. He noted. 

According to the Minister, the wall which has been awarded to Reinforced Global Resources Limited, at the sum of N1.85bn is about 27 kilometres long and about 2.9 meters high. 

The retaining wall project is expected to be completed within six months after which the process of salt mining from the lake will begin. 

Continue Reading

Government

Nigerian Political Parties to Spend Billions of Naira as INEC Lift Ban on Political Campaigns

Political parties in Nigeria are expected to spend billions of naira in the next year’s elections as INEC officially lifts the ban on political activities. 

Published

on

2023 Presidential Candidates

Political parties in Nigeria are expected to spend billions of naira in the next year’s elections as INEC officially lifts the ban on political activities. 

It is about five months to the next general election in Nigeria where citizens will go to the polls to cast their vote for the candidate of their choice. Political parties are expected to spend billions of naira during this electioneering process as it was in previous elections. 

It will be recalled that the Independent Electoral Commission (INEC) has fixed February 25th for the Presidential and National Assembly elections while Governorship and State Assembly elections will be held on March 11th, 2023.

Investors King understands that Nigerian previous elections were hugely monetised and next year’s election would not be an exception. 

A closer analysis of the presidential election shows that there are 18 Presidential candidates which will compete in 176,846 polling units. 

Going by the electoral laws and the previous election, all candidates are expected to appoint polling unit agents who are offered some token for their service. 

Investors King gathered that in the last elections, polling units agents were offered between N10,000 to N20,000. Using N10,000 as a variable, this means each of the leading political parties will expend at least N1.7 billion on polling unit agents.

Other areas where political parties are expected to spend money include logistics, public campaigns, posters and banners, courtesy call gratification and security among others. 

Besides, it is also expected that the leading political parties will engage in vote buying which could run into hundreds of billions of naira. Many Election Monitoring Groups (EMGs) such as Yiaga Africa have alleged voter inducement in previous elections. 

Political parties spend between N5000 to N10,000 to induce voters. It can be assumed that parties will spend more in the next general election since Nigeria’s voter population has increased to 95 million, adding more than 12 million new registered voters in the just concluded voter registration. 

Meanwhile, the Independent Electoral Commission (INEC) has disclosed that the commission will spend N305 billion to conduct the 2023 election. This is different from the commission’s yearly budget which currently stands at N40 billion. 

Continue Reading

Government

Nigeria Senate to Tax Unoccupied And Expensive Building Owners in Abuja

The Nigeria Senate intends to introduce a bill to tax unoccupied and outrageously expensive buildings in the Federal Capital City. 

Published

on

real-estate

The Nigeria Senate intends to introduce a bill to tax unoccupied and outrageously expensive buildings in the Federal Capital City. 

The Chairman Senate Committee on Federal Capital Territory, Senator Adeyemi Smart lamented that there were too many unoccupied buildings in the city despite being completed and built to taste. 

A check by Investors King shows that thousands of expensive houses are left unoccupied in Abuja, especially in high-net-worth neighbourhoods such as Guzape and Katampe Extension (Diplomatic Zone).

Smart Adeyemi made it known at a press briefing with members of the committee that the Senate will introduce a property tax bill on such buildings to mitigate the issue of accommodation in the capital city which has been a critical burden on average citizens. 

He said, “We have found that in this city, many houses are without habitation. There are a lot of mansions with no one living in them and no one is asking questions.

He added that the government will lock any uninhabited building and cause the owner to pay a fee to the government. 

“If you have built houses and they are unoccupied, we’d find out the reasons and tell the government to lock them up so that criminals will not take charge.

We’d propel legislation that will cause them to start paying taxes so that we’d use the money to develop the city”. He said.

The Senator also questioned why expensive buildings will be left unoccupied for years if the funds are from legitimate sources.  

It will be recalled that the ICPC Chairman Prof. Bolaji Owasanoye, warned estate developers against serving as conduits for Illicit Financial Flows, (IFFS) at the commission’s 13th Annual General Meeting, AGM held in July 2022.

The ICPC Chairman further stated that the commission is currently probing completed and unoccupied estates in Abuja, Lagos and Port Harcourt, with the help of sister agencies.

Continue Reading
Advertisement
Advertisement




Advertisement
Advertisement
Advertisement

Trending