Connect with us

Government

Companies Linked to Patience Jonathan’s $15m Plead Guilty

Published

on

patience-jonathan

Four companies involved in a money laundering case linked to the former First Lady, Mrs Patience Jonathan, on Thursday pleaded guilty before a Federal High Court, sitting in Lagos.

The companies — Pluto Property and Investment Company Limited; Seagate Property Development and Investment Company Limited; Trans Ocean Property and Investment Company Limited; and Avalon Global Property Development Company Limited — pleaded guilty to a 15-count charge preferred against them by the Economic and Financial Crimes Commission (EFCC) before Justice Babs Kuewumi.

The companies were arraigned alongside former Special Assistant to former President Goodluck Jonathan on Domestic Affairs, Waripamo Dudafa; former presidential aide, Amajuoyi Briggs; and former Skye Bank official, Damola Bolodeoku.

The three pleaded not guilty before the judge.

The EFCC slapped a 15-count charge on the accused bordering on conspiracy and fraud.
However, Patience Jonathan in a statement signed by her counsel, Gboyega Oyewole, disowned the representatives of the companies, claiming they were mercenaries recruited by the EFCC to plead guilty so that her funds could be confiscated by the state.

When the case was called yesterday, the four companies announced their representation as follows: Friday David represents Pluto Properties and Investment Company, and Agbor Obaro represents Sea Gate Property Development Company.

Also, Fredrick Dioghowori announced his representation for Trans Ocean Property Limited, while Taiwo Ebenezer represented Avalon Global properties Limited.

After the charge was read to the accused, the first, second and third accused pleaded not guilty to all counts of the charge.
Meanwhile, the four individuals representing the companies listed in the charge, each pleaded guilty to the offences.

Following the guilty plea of the companies, the EFCC prosecution team led by Mr. Rotimi Oyedepo, then prayed the court to allow a short time for review of the facts, adding that he would not waste the time of the court.

The trial judge, Justice Kuewumi, however, declined the prosecution’s request, ruling that he would adjourn to a future date.

Meanwhile, the counsel representing the second and third accused, Messrs Tochukwu Onyiuke, and Joseph Okebiemen, informed the court of a bail application filed on behalf of their clients, adding that same had not been opposed.

They urged the court to admit the accused to bail on liberal terms.

The counsel representing the first accused, Mr. Gboyega Oyewole, also informed the court that his client was already on bail on existing conditions granted by a brother judge, and urged the court to allow his client enjoy same bail standing.

To the request of the counsel, Justice Kuewumi declined granting bail to the first accused, and ordered him to file a formal application for bail before the court.

The court, however, granted bail to the second and third accused in the sum of N250 million with one surety in like sum.

The judge added that the sureties must be owners of landed properties in Lagos, and if a public servant, such surety must produce a letter of introduction from his employer.

The judge also ordered the sureties to submit evidence of tax clearance.

He adjourned the case to September 27 for continuation and ordered the accused to be remanded in prison custody pending the perfection of their bail.

In the amended charge, the EFCC alleged that the accused had between November 13, 2013, and June 2015, used the different companies to commit the offences.

The accused were alleged to have conspired to retain over $15 million, which sum they reasonably ought to have known formed part of the proceeds of crime.

The alleged offences are said to be contrary to and punishable under sections 15 (d), 17(a), 18(a), and 27 (3) (c) of the EFCC (Establishment) Act 2004.

The offence is said to have also contravened the provisions of sections 1(2) (c), and 1(19) (6) of the Miscellaneous Offences Act, Cap M17, Laws of the Federation, 2004.

It also contravened the provisions of sections 18 (a) of the money laundering prohibition Act, 2012.
However, Mrs Jonathan has picked holes in the authenticity of the representatives of the four companies who pleaded guilty yesterday to charges of money laundering.

Counsel to the former first lady, Oyewole, told the court that his client would file an appeal to challenge the validity of the representatives of the companies.

In a statement by her media aide, Yemi Akinbode, the former first lady was quoted as saying that the second amended charge and the conduct of the Federal High Court have shown clearly that the EFCC was bent on denting her image and trampling on her fundamental human rights.

Mrs Jonathan said: “This is an irony. I was the one who went to court for the repatriation of my confiscated money when I realised that the EFCC and its co-travellers were playing politics with this issue after I had come out publicly to say that the said money belongs to me and that I have all evidence to prove the sources of my money. Up till this very moment, EFCC has refused to interrogate or invite me for questioning, while the agency has continued to detain Dudafa under heavy armed security guards.”

She further said: “The biggest twist in court on Thursday was that the fourth to seventh defendants pleaded guilty to all the 15-count charges. It is clear that these unknown faces were agents of the EFCC, who have been stage-managed and tutored to come to court to complicate the case as a strategy to confiscate my money.”

Mrs Jonathan reiterated her respect for the sanctity and integrity of the judiciary as the bastion of hope for every citizen of the country.

She however expressed disappointment that her well-earned image was being maligned in the court of public opinion through the “tissues of lies being churned out by the EFCC in respect of the matter”.

Mrs Jonathan restated that she was not a director, shareholder, promoter and/or participant in any of the four companies now under trial, and that she was the sole signatory to all the said accounts, contrary to the fabrication that she used her driver and cook as proxies.

She also denied ever receiving any monies from any unknown sources into her accounts and that the accounts were opened in order to facilitate her travel overseas particularly for medical treatment, sundry purchase for herself and her late mother, Mrs. Charity Oba (Mama Sisi).

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 Resumes Conditional Cash Transfer Programme Across Six Local Govt. In Kebbi

Published

on

NAIRA - Investors King

The Federal Government has resumed the Conditional Cash Transfer (CCT) programme in Kebbi State, commencing with a payment of N9.24bn to 76,107 CCT beneficiaries.

The National Coordinator of the programme, Hajiya Halima Shehu, made the announcement during a state visit to Governor Atiku Bagudu in Birnin Kebbi.

“As at now, payment to CCT beneficiaries is ongoing in the state. A total number of 76,107 beneficiaries across six local government areas of Bagudu, Danko, Wasagu, Dandi, Jega, and Shanga, will be receiving the payment. The beneficiaries will be receiving 26 months of payment circles, starting from January to February 2020.

“The payment will be in two batches of those 60,000 beneficiaries for four payment cycles, using the virtual account. The second batch has 70,107 beneficiaries for nine payment cycles through the debit cards. The total amount for the two batches in the state, according to Shehu, was over N9.24 billion.

“The Federal Government of Nigeria, in partnership with the World Bank in 2016, designed and developed a safety net programme for Nigeria under the platform of National Social Safety Net Programme (NASSP).

“One of the components of NASSP is the national conditional cash transfer office responsible for implementing the household uplifting- conditional cash transfer to the poor and the vulnerable households across the country,” she said.

Shehu commended the governor for providing her an audience and the chance to update him on the commencement of payments and the state’s successful implementation of the program.

Responding, Gov. Bagudu, represented by his Deputy, Alhaji Samaila Yombe-Dabai, thanked the Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development, headed by Hajiya Sadiya Umar-Farouq, for actualising the programme in the state.

“I assure you that the state government will do all it takes to support the success of the programme in the state.

“We are looking forward to getting more local governments to be involved in the cash transfer programme,” Bagudu said.

Continue Reading

Government

Ukraine/Russian War: Twitter Heightens Fight Against Misinformation 

Published

on

Twitter - Investor sking

In the wake of the Russia-Ukarine crisis, Twitter has stepped up its effort to put an end to misleading tweets from official accounts about the war.

Investors King gathered that Twitter has already limited content from more than 300 Russian government accounts, including President Putin. The new change will be effected under the company’s new “crisis” policies.

Twitter will also prioritise labelling false posts from accounts with wide reach, like state media or official government accounts, while preserving them for “accountability” reasons.

Twitter users will now be required to click through the warning notice to view the post and Twitter will disable the ability to like, retweet or share the content. The company said it would also change its search and explore features to avoid amplifying false tweets.

Twitter’s head of security and safety, Yoel Roth, wrote in a blog post announcing the changes saying “Today, we’re introducing our crisis misinformation policy – a global policy that will guide our efforts to elevate credible, authoritative information, and will help to ensure viral misinformation isn’t amplified or recommended by us during crises. In times of crisis, misleading information can undermine public trust and cause further harm to already vulnerable communities. 

“Alongside our existing work to make reliable information more accessible during crisis events, this new approach will help to slow the spread by us of the most visible, misleading content, particularly that which could lead to severe harms. 

“While this first iteration is focused on international armed conflict, starting with the war in Ukraine, we plan to update and expand the policy to include additional forms of crisis,” Twitter said examples of problematic posts included false or misleading allegations of war crimes, false information regarding the international response and false allegations regarding use of force.

The company said it would rely on multiple sources to determine when claims are misleading. Strong commentary and first person accounts are among the types of tweets that would not be challenged by the policy, it said.

Twitter has approved a $44bn takeover by billionaire Elon Musk, who has criticised its content moderation policies

The new policies come just weeks after Twitter’s board agreed to a $44bn (£34.5bn) takeover offer from billionaire businessman Elon Musk, who has called for less moderated speech on the platform.

Musk had said in the past week that he would revoke Twitter’s suspension of former United States president, Donald Trump. 

Continue Reading

Government

Modest Increase in the FAAC Payout – Coronation Economic Note

Published

on

FAAC

The gross monthly distribution by the Federation Account Allocation Committee (FAAC) to the three tiers of government and public agencies amounted to N725.6bn in April (from March revenue). This shows an increase of 4.4% or N30.6bn from the previous payout.

Based on data in the local media, it was observed that companies’ income tax (CIT), petroleum profit tax (PPT), value-added tax (VAT), oil and gas royalties, import and excise duties recorded increases over the previous month. The FGN received a total of N277.1bn and state governments received N227.2bn, including N53.4bn representing the 13% derivation for the few oil producing states.

The headline figure consists of N337.4bn in gross statutory distribution, N165.6bn from the VAT Pool, and excess bank charges of N7.5bn was recovered. The total deductions for cost of collection was N44.4bn and the total deductions for statutory transfers, refunds and savings was N382.8bn.

The committee disclosed that the balance in the Excess Crude Account (ECA) is USD35.4m.

The average monthly FAAC distribution (N665.1bn in Q1 ‘22) declined from an average of N682.5bn in Q4 ’21 but is slightly above the average of N647.0bn recorded in Q1 ’21.

Based on local newswires, the Nigerian National Petroleum Commission (NNPC) has not made any remittance to the federation account this year due to the high fuel subsidy costs. The NNPC spent N210.4bn (USD500.1m), N219.8bn (USD522.9m) and N245.8bn (USD584.8m) as subsidies on petrol in January, February, and March respectively. This is a total of N675.9bn (USD1.6bn) in Q1 ’22.

The NNPC is expected to deduct N671.9bn from its remittance to FAAC for April which is due for sharing at the May ‘22 FAAC meeting. The estimated total shortfall of N671.9bn comprises of shortfalls recorded in February (N152bn) and March (N519bn).

Money markets saw an inflow of N391bn in early-May ‘22, representing the net distribution to state and local governments. The FGN’s share is directly to the treasury single account.

Analysts at Coronation expect continuous strain with regards to FAAC payouts. According to them, it is imperative for states that depend solely on the inadequate monthly FAAC distribution to seek ways to boost their internally generated revenue. The FGN’s primary objective should be to create a conducive business environment as IGR sustainability is a by-product of an enabling environment.

Continue Reading




Advertisement
Advertisement
Advertisement

Trending