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Switzerland Pledges to Repatriate $321m Abacha Loot

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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.

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Lagos Govt Signs MoU With eTransact For Setbacks, Open Spaces Management to Boost IGR

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In a bid to better manage the open spaces and setbacks in Lagos, the state government has signed a Memorandum of Understanding (MoU) with a fintech firm, eTransact.

The Memorandum, Investors King reports will regulate the use of the setbacks and Incidental Open Spaces (IOS) to improve the state’s internally generated revenue while enhancing beauty and physical orderliness in Lagos State.

The pact was signed by the State Ministry of Physical Planning and Urban Development at the State Secretariat in Alausa, Ikeja, to ensure smooth partnership between Lagos State Planning and Environmental Monitoring Authority (LASPEMA) and the fintech company.

The Commissioner for Physical Planning and Urban Development, Engr. Omotayo Bamgbose-Martins, who was represented by Special Adviser to Governor Babajide Sanwo-Olu on e-GIS and Planning Matters, Dr. Olajide Babatunde and Permanent Secretary of the ministry, Mr. Oluwole Sotire signed for the state government while the Managing Director of eTransact, Mr. Niyi Toluwalope and Group Head, Legal of eTransact, Ms. Eme Godwin signed for the company.

In a statement, the eTransact promised to implement an integrated digitalised solution for the data collection and management of revenue collection through the use of technology, adding that businesses occupying setbacks and open spaces will be well monitored to further increase IGR of the state.

According to Babatunde, the official public-private partnership would ensure proper management of the environment.

He noted that there will be better accountability and growth in IGR to further serve the interest of the people of Lagos.

In his remarks, Toluwalope said that the partnership will improve social development, develop solutions on data collection and proper use of setbacks and open spaces through digital means.

He reiterated the company’s commitment to build an attray and prosperous city for all in partnership with the state government.

He said: “eTranzact is a premier technology solutions company in Nigeria. Today we are partnering with the Lagos State Government and LASPEMA for the enumeration and data management of the occupants of the setbacks and incidental open spaces within the City. We are licensed by the Central Bank of Nigeria (CBN) to provide this service.

“The Lagos State Government has taken this laudable initiative to identify the setbacks, enumerate the people on these setbacks, do the necessary data capture, and manage the entire setback infrastructure in the state so that it is structured; following the proper model for setbacks, improves beautification, improves transparency within the environment and ensures that our critical urban infrastructure is well laid out properly to ensure Lagos functions as a major critical landmark with global recognition.”

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Asiwaju Bola Tinubu Petitions NBC to Sanction Channels TV Over Alleged Breach of Broadcasting Code

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Asiwaju Bola Tinubu, the President-elect, has reportedly filed a petition with the National Broadcasting Commission (NBC), calling for the sanction of Channels Television for allegedly breaching the Nigerian Broadcasting Code.

The petition alleges that the TV station allowed its guest, Labour Party Vice Presidential candidate Datti Baba-Ahmed to make several incendiary comments that impugned the integrity of the 25 February 2023 Presidential elections.

According to Tinubu’s petition, Baba-Ahmed claimed that the Labour Party won the election, which is “a fallacy and not correct,” and he alleged that President Buhari should not swear in the President-elect because he did not score 25% of the vote in the FCT, which is a prerequisite for being declared the winner.

Tinubu also accused Baba-Ahmed of making subversive, inciting, and inflammatory comments, which breached the Nigerian Broadcasting Code.

The petition calls on NBC to apply sanctions against Channels TV, stating that the TV station’s guest was “not only provocative but also inciting the public and the Labour Party followers to delegitimize the outcome of the elections but also propagate resistance against the incoming duly elected administration of Bola Ahmed-Tinubu and Kashim Shettima.”

This development comes amid tensions and uncertainties surrounding the aftermath of the 2023 Nigerian Presidential elections with some political parties and their supporters contesting the results and calling for a rerun. The Nigerian Broadcasting Code aims to regulate the activities of broadcasters and ensure that they promote national unity, peace, and social harmony, among other objectives.

NBC is yet to respond to Tinubu’s petition or issue any statement on the matter. However, this petition highlights the need for broadcasters and media houses to uphold journalistic ethics and professional standards, especially during sensitive periods like elections.

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Court of Appeal Upholds Adeleke’s Victory in Osun State Governorship Election

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Ademola Adeleke

In a landmark judgement, the Court of Appeal sitting in Abuja has affirmed the victory of Senator Ademola Adeleke as the rightful governor of Osun State.

The ruling, which comes as a surprise to many, overturned the decision of the Osun State Governorship Tribunal which had earlier nullified Adeleke’s election victory.

Following the governorship polls in the state, an Election Petition Tribunal had sacked Adeleke from office, citing his failure to secure the majority of lawful votes during the July 16 governorship polls. However, in a unanimous agreement by a three-man panel led by Justice Mohammed Shuaibu, the Court of Appeal quashed the tribunal’s judgment and gave its verdict to uphold Adeleke’s victory.

The Appeal Court Panel revoked the tribunal’s order which directed that a Certificate of Return be withdrawn from Adeleke and issued to his predecessor and All Progressives Congress (APC) candidate, Gboyega Oyetola. The panel held that the Osun State Tribunal was wrong to have said that there was overvoting, a claim that only relied on the evidence by Oyetola and the APC, and as such, doesn’t prove their case in any way.

The judge faulted Oyetola and APC, that they only relied on the data from the back end server and failed to look at the voters register which forms the foundation of the whole electoral process and as such, cannot strengthen their allegations of overvoting. The court also resolved in favour of Adeleke on the issue of jurisdiction, stating that section 285(8) of the constitution as amended, the court has every right to entertain the appeal.

The ruling is a significant victory for the Peoples Democratic Party (PDP) and Adeleke, who had been locked in a legal battle with the APC over the governorship position since the election. Many Nigerians have applauded the Court of Appeal’s decision as a step towards consolidating the country’s democracy and upholding the rule of law.

The decision has also set a precedent for future electoral disputes in the country, as it highlights the importance of credible evidence in proving electoral malpractice claims. This ruling has shown that allegations of overvoting cannot be sustained without concrete evidence from the voters register, and political parties must be thorough in their investigations and presentation of evidence in such cases.

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