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$400m Abacha Loot: FG to Pay Swiss Govt $79m Commission

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abacha loot
  • FG to Pay Swiss Govt $79m Commission

The Federal Government may have agreed to pay the Government of Switzerland $79m (N25.2bn) as part of conditions for the repatriation of almost $400m (N128bn) recovered from the family of the late military ruler, Gen. Sani Abacha.

The Chairman of the Civil Society Network Against Corruption, Mr. Olanrewaju Suraj, said this during a seminar to commemorate the 2016 International Anti-Corruption Day in Abuja on Friday.

The event was jointly organised by Nigerian anti-corruption agencies, the European Union, the United States and the United Nations Office on Drugs and Crime and had in attendance senior diplomats and politicians.

It will be recalled that the Swiss Ambassador to Nigeria, Eric Mayoraz, had said in July that his country would return $321m out of the Abacha loot to Nigeria.

However, Suraj, who was a member of a panel of discussants, said the original figure that was meant to be returned to Nigeria was about $400m.

He said the Nigerian Government had secretly agreed to forfeit $79m as part of negotiations.

Suraj said this was disgraceful as the Swiss Government was meant to pay Nigeria an interest instead of dictating the terms of agreement.

He said, “Unfortunately, the government goes to beg countries to get our money back rather than making demands, we appeal for the money and beg them to return it. We are fed with half information such that we even assume that we actually recover the amount stolen.

“I had a very funny experience and it is still ongoing. The $321m that the Swiss Government is meant to return to Nigeria, we discovered three weeks ago that the original money was about $400m. The legal process in Switzerland actually charged the Nigerian Government about $79m and that is why we are receiving $321m.

“The $321m is now to be returned to Nigeria with the condition that the World Bank will monitor how the funds will be spent. I cannot imagine anything more insulting.”

Attempts to speak with the spokesperson for the Swiss Embassy, Mr. Pascal Holliger, proved abortive as telephone calls were not responded to while he had yet to respond to a text message as of press time.

Also, an inquiry sent to the Office of the Attorney-General in Switzerland by email had yet to be responded to as of press time.

However, it will be recalled that the Minister of Foreign Affairs, Dr. Geoffrey Onyeama, had said in June that the government of former President Olusegun Obasanjo had paid the Swiss Government over $100m as commission for the return of Abacha’s loot.

He had said, “If you remember the Abacha loot in Switzerland at the time, Obasanjo’s government had to finally agree to give them 10 per cent of the amount. This was about $100m and so they returned $900m to Nigeria.

“If they (Swiss Government) had not agreed and said they wanted to keep the whole money, it would have been very difficult for us and that is why the anti-corruption summit and the initiative of President Muhammadu Buhari is really focused on these western countries to remove some of those barriers and lengthy procedures that are in place and make it possible for these people to delay (the payment).”

Meanwhile, the Minister of Mines and Steel Development, Dr. Kayode Fayemi, has described fighting corruption as a very expensive task.

He maintained that there was a need for the government to focus on crime prevention rather than crime fighting.

Fayemi, who spoke on the theme, ‘Corruption: An Impediment to the Sustainable Development Goals, said Buhari, administration would promote transparency.

The Country Representative of the UNODC, Cristina Albertin, lamented the high level of corruption in Nigeria and other developing nations.

She said 37 per cent of Nigeria’s gross domestic product would be lost by 2030 if corruption wasn’t curbed.

A spokesperson for the Swiss Department of Foreign Affairs, Noemie Charton, told our correspondent in an email that he would find out the situation.

The message read, “Thank you for your query. I have forwarded it to our colleagues in charge, and will get back to you in the course of next week.”

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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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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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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