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Court Convicts Four Companies Linked to Patience Jonathan for Laundering $15.7m

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  • Court Convicts Four Companies Linked to Patience Jonathan for Laundering $15.7m

A Federal High Court in Lagos wednesday convicted the four companies allegedly used by a former Special Assistant to President Goodluck Jonathan, Waripamo-owei Emmanuel Dudafa, to launder $15,591,700.

The trial judge, Justice Babs Kuewum, convicted the companies after the counsel to the Economic and Financial Crimes Commission (EFCC), Rotimi Oyedepo, had reviewed the facts of the charge and agreed with by the directors of the companies.

The companies convicted by the court are: Pluto Property and Investment Development Company Limited, Seagate Property and Investment Development Company Limited, Transoceanic Property and Investment Development Company Limited, and Avalon Property and Investment Development Company Limited.

The purported companies’ directors had earlier pleaded guilty on behalf of the companies.

They are Friday Davis: Agbo Baro; Kola Fredrick; and Taiwo Ebenezer and China John.

The four companies were charged alongside Dudafa, a lawyer, Amajuoyi Azubike Briggs, and Adedamola Bolodeoku, a senior staff of Skye Bank Plc, on alleged $15.591,700, which the former First Lady, Mrs. Patience Jonathan, is laying claim to.

Reviewing the facts of the charge against the four companies yesterday, Oyedepo informed the Justice Kuewumi led-court that Pluto Property and Investment Development Company Limited, between November 14 to 19, 2014, retained the sum of $1,940,500, $1.2 million, $1,340,700, $1,895,400, and $1.2 million in its account number 2110002207:and 2110002238 domiciled with Skye Bank.

He also stated that Transoceanic Property and Investment Development Company Limited also retained in its accounts number domiciled with Skye Bank the sum of $1,897,700, between February 21 and November 19, 2014.

Oyedepo further informed the court that Seagate Property and Investment Development Company Limited, also retained in its Skye Bank accounts number 2110002243 the sum of $1,839,900.

While Avalon Property and Investment Development Company Limited retained the sum of $250,000, in its account number 0122493290, domiciled with WEMA bank Plc, on February 28, 2015.

He informed the court that the said monies were proceeds of crime, and they were paid into the four companies’ accounts by one Festus Iyoha, who was a domestic servant at the State House, Abuja.

He also informed the court that the said Iyoha had paid the monies into the companies’ accounts at the order of the first defendant in the charge, Dudafa.

Oyedepo after reviewing the facts of the charge, also tendered the documents such as the companies’ bank mandate forms, account opening packages and the CAC’s Forms 2, which indicated that the purported directors are major shareholders in the companies.

However, lawyers representing other accused persons, Gboyega Oyewole, Ige Asemudara and Joseph Okobieme, urged the court to allow their clients to go through the documents sought to be tendered by the prosecutor, saying that they were all charged on the offence of conspiracy, which is count one of the charge.

The lawyers also stated that admitting of the documents, would have negative impact on their clients.

Upon the submission made by the lawyers, the prosecutor pleaded with the court to expunge the name of Dudafa, Briggs and Bolodeoku from the count one.

Consequently, the court admitted the documents sought to be tendered by the prosecutor.

Besides, the court asked the purported directors if they agreed with the facts reviewed by the prosecutor, and they all stated that they agreed with that all the facts.

Consequently, Justice Babs Kuewumi pronounced all the four companies guilty as charged but declined to pronounce sentence on them.

The court stated that sentence will be determine at the conclusion of trial of other accused persons in the matter.

Justice Kuewumi held that “in view of the facts stated by the prosecutor, and based on the evidence tendered and agreement of the companies’ directors. The prosecution has proved its case beyond reasonable doubt.

“The companies are found guilty in count 2,3,4,5,6,7,8, and 9. In order not to prejudice the case of first, second and third defendants, sentencing them is hereby reserved pending the end of the trial of the first, second and third defendants.”

The four companies linked to Patience Jonathan namely: Pluto Property and Investment Development Company Limited, Seagate Property and Investment Development Company Limited, Transoceanic Property and Investment Development Company Limited, and Avalon Property and Investment Development Company Limited, through their purported directors, had pleaded guilty when they were last arraigned before Justice Babs Kuewumi led-court.

Upon the guilty pleas of the purported directors of the companies, the court adjourned till yesterday, for the review of the matter.

The matter has been adjourned till December 16, for continuation of trial of the three other accused persons.

The EFCC in a second amended charge marked FHC/337C/16, alleged that the three accused persons alongside the four companies, between November 13, 2013 and March 31, 2015, conspired with one Sombre Omeibi, who is now at large, to retain the sum of $15,591,700, which them reasonably ought to have know forms part of the proceeds of an unlawful act, and thereby committed offences bordering on money laundering, stealing,

The EFCC also alleged that the said money was wired through account numbers: 2110002207; 2110002245; 2110002238; 0122493290; 2110002252; domiciled in Skye Bank Plc.

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

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Netanyahu Stands Firm as US Halts Bomb Shipment Over Rafah Invasion Warning

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Amidst escalating tensions between Israel and the United States, Israeli Prime Minister Benjamin Netanyahu has adopted a defiant stance following the US decision to halt a shipment of bombs and warned against Israel’s potential invasion of the southern Gaza city of Rafah.

In a bold statement, Netanyahu declared, “If we have to stand alone, we will stand alone,” emphasizing Israel’s resolve to pursue its objectives despite opposition.

The Prime Minister’s comments, delivered via social media and a subsequent interview with American talk show host Dr. Phil, underscore Israel’s determination to address security threats posed by the Gaza Strip, particularly by Hamas militants operating in Rafah.

Netanyahu reiterated the necessity of military action in Rafah to eliminate the remaining Hamas battalions, condemned Hamas’s history of violence and reiterated Israel’s commitment to achieving victory and ensuring the safety of its citizens.

The US administration, led by President Joe Biden, expressed concerns over the potential humanitarian impact of an Israeli invasion of Rafah, prompting the decision to withhold additional offensive weapons shipments to Israel.

Biden’s statement echoed broader international apprehensions about the escalation of violence and civilian casualties in the conflict-stricken region.

However, Netanyahu remained resolute in Israel’s approach, asserting the country’s right to defend itself against security threats. He emphasized Israel’s efforts to minimize civilian casualties and facilitate the evacuation of civilians from Rafah before any military action.

Despite the US’s decision to pause the bomb shipment, Netanyahu affirmed Israel’s commitment to its longstanding alliance with the US. He acknowledged past disagreements between the two nations but expressed optimism about resolving current tensions through dialogue and cooperation.

In response, White House officials reiterated the US’s support for Israel’s security while urging restraint and emphasizing the need to avoid actions that could exacerbate the humanitarian crisis in Gaza.

The administration clarified that the decision to halt the bomb shipment was aimed at preventing potential civilian casualties in Rafah.

The confrontation between Israel and the US underscores the complexity of navigating regional conflicts and balancing strategic interests. As tensions persist, both nations face the challenge of reconciling their respective security imperatives with broader humanitarian concerns, seeking to avert further escalation while addressing the root causes of the conflict in the Middle East.

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EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

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Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

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Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

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NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

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