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Court Orders Banks to Forfeit Diezani’s $153.3m to FG

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Money laundering
  • Court Orders Banks to Forfeit Diezani’s $153.3m to FG

Justice Muslim Hassan of the Federal High Court in Lagos has ordered the temporary forfeiture of the sum of $153,310,000, which a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, allegedly siphoned from the Nigerian National Petroleum Corporation and stashed in three banks in the country.

Out of the allegedly stolen $153.3m, a sum of N23, 446, 300,000 was kept in Sterling Bank Plc, N9,080, 000,000 in First Bank Plc and $5m in Access Bank Plc.

After ordering the temporary forfeiture of the monies to the Federal Government on Friday, Justice Hassan gave Sterling Bank and any other interested party 14 days to appear before him to prove the legitimacy of the monies, failure of which the funds would be permanently forfeited to the Federal Government.

The judge made the order in favour of the Economic and Financial Crimes Commission which appeared before him on Friday with an ex parte application seeking the temporary forfeiture of the funds.

In a nine-paragraph affidavit filed in support of the ex parte application, an EFCC investigator, Moses Awolusi, claimed that the anti-graft agency discovered through its investigations how sometime in December 2014 Diezani, in collusion with a bank chief executive, hatched the plan on how a cash sum of $153,310,000 would be moved from the NNPC.

According to Awolusi, Diezani instructed the bank boss to ensure that the money was “neither credited into any known account nor captured in any transaction platforms.

Awolusi said the deal was accepted and implemented, leading to the movement of $153,310,000 from NNPC.

He said two former Group Executive Directors of Finance and Account of NNPC, B.O.N. Otti and Stanley Lawson, helped Diezani to move the cash from NNPC, Abuja to the headquarters of Fidelity Bank in Lagos.

Awolusi said in a desperate bid to conceal the source of the money, the Country Head of the bank, Mr. Martin Izuogbe, was instructed to take $113,310,000 cash out of the money to the Executive Director, Commercial and Institutional Bank, Sterling Bank Plc, Lanre Adesanya, to keep.

He said the remaining $40m was taken in cash to the Executive Director, Public Sector Accountant, First Bank, Dauda Lawal, to keep.

The investigator said out of the $113,310,000 handed over to Adesanya, a sum of $108,310,000 was invested in an off balance sheet investment using Sterling Asset Management Trustees Limited.

He said the $108,310,000 was subsequently changed to N23, 446, 300,000 and saved in Sterling Bank.

Awolusi said the EFCC had recovered the N23.4bn in draft and had registered it as an exhibit marked, EFCC 01.

The investigator said the EFCC had also recovered another $5m out of the money kept with the MD of Access Bank Plc, Mr. Herbert Wigwe.

He said the $5m was recovered in draft and had been registered as an exhibit marked, EFCC 02.

According to him, First Bank’s ED, Lawal, had converted the $40m kept with him to N9,080,000,000.

Awolusi, however, said the EFCC had recovered that also in draft and registered it as Exhibit EFCC 03.

Moving the ex parte application on Friday, the EFCC lawyer, Mr. Rotimi Oyedepo, urged Justice Hassan to order the temporary forfeiture of the funds to the Federal Government and to order Sterling Bank and Lawal, who were joined as defendants in the application, as well as any other interested parties, to appear in court within two weeks to show cause why the funds should not be permanently forfeited to the Federal Government.

Oyedepo, who said the application was brought pursuant to Section 17 of the Advance Fee Fraud and Other Related Offences Act No. 14, 2006 and Section 44(2)(‘) of the 1999 Constitution, said granting the application was in the best interest of justice.

After hearing him out, Justice Hassan granted the order and adjourned till January 24, 2017 for the respondents to appear in court to show cause why the funds should not be permanently forfeited to the Federal Government.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

University Of Ibadan (UI) Goes Digital, Releases Timetable for Virtual Academic Session

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University Of Ibadan (UI) Goes Digital, Releases Timetable for Virtual Academic Session

University of Ibadan (UI) on Friday announced it is going ahead with resumption on February 20 despite the second wave of COVID-19.

In a statement released by the school, the First Semester of the 2020/2021 academic session will commence virtually on February 20, 2021.

The virtual academic session will last for 13 straight weeks and end on Friday May 12, 2021, while the matriculation ceremony will hold on Tuesday March 16, 2021.

The University of Ibadan also scheduled one week for the Finalization of Continuous Assessment, to begin from Mon. 17 May and ends Friday 21 May.

The rising number of COVID-19 cases has compelled the Senate to approve the virtual academic session in an effort to ensure the tertiary institution abides by the protocols established by the Federal Government to curb the spread of the pandemic.

“It, therefore, agreed that the 2020/2021 First Semester lectures will be delivered online. In this regard, students will not be accommodated on campus,” a statement from the school said.

“Senate also approved the cancellation of the 2019/2020 session. The next session is, therefore, renamed 2020/2021 Academic Session. Consequently, students who have been admitted for the 2019/2020 session will now be regarded as the 2020/2021 intakes.

“Kindly note that online opening of Registration Portal and Orientation Programme for the 2020/2021 intakes may commence ahead of the Sat 20/02/21 date indicated above,” the statement said.

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House of Representatives Impeached Trump Over Capitol Invasion

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House of Representatives Impeached Trump Over Capitol Invasion

The United States House of Representatives on Wednesday impeached President Trump for the second time after instigating the US Capitol invasion.

Led by Speaker of the House, Nancy Pelosi, 232 representatives, including 10 Republicans, voted to impeach the outgoing president against 197 that voted for him to remain in the office for the next six days when he would handover to the president-elect, Joe Biden.

The ten Republicans were Representatives Liz Cheney of Wyoming, the party’s No. 3 leader in the House; Jaime Herrera Beutler of Washington; John Katko of New York; Adam Kinzinger of Illinois; Fred Upton of Michigan; Dan Newhouse of Washington; Peter Meijer of Michigan; Anthony Gonzalez of Ohio; David Valadao of California; and Tom Rice of South Carolina.

Speaking before the vote, Pelosi said “a constitutional remedy that will ensure that the Republic will be safe from this man who is so resolutely determined to tear down the things that we hold dear and that hold us together.”

“He must go. He is a clear and present danger to the nation that we all love,” she said, adding later, “It gives me no pleasure to say this — it breaks my heart.

Republicans, who unanimously stood behind president Trump in 2019 during his first impeachment, were divided this time over the attack on Capitol.

A Republican representative from California, Kevin McCarthy, said “The president bears responsibility for Wednesday’s attack on Congress by mob rioters,” Mr. McCarthy said. “He should have immediately denounced the mob when he saw what was unfolding.”

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US Congress Declares Joe Biden as The 46th President of The United States After Trump Mob Left

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Joe Biden Economic Impliccations on Nigeria

US Congress Declares Joe Biden as The 46th President of The United States After Trump Mob Left

The joint congress of the United States on Thursday, January 7, 2021 certified Joe Biden as the 46th President of the United States following President Trump’s mob action that disrupted the congress joint proceeding on Wednesday.

After ordering his followers to disrupt proceedings on Wednesday, President Trump later announced that there will be an orderly transition on January 20.

Even though I totally disagree with the outcome of the election, and the facts bear me out, nevertheless there will be an orderly transition on January 20th,” Trump said in a statement issued by White House Deputy Chief of Staff Dan Scavino.

“I have always said we would continue our fight to ensure that only legal votes were counted. While this represents the end of the greatest first term in presidential history, it’s only the beginning of our fight to Make America Great Again!” Trump added.

While the certification was just a mere formality as Biden had secured enough electoral college votes (270) required to clinch the world’s most powerful seat, the refusal of Donald Trump to accept the results of the November 2020 election made the session a keenly watched, especially after Trump mob disrupted a joint session of the Senate.

Also read Facebook, Twitter, Instagram Lock President Trump Out of Their Platforms Following Insurrection

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