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$153m Diezani Loot: EFCC Set to Declare Ex-NNPC Director Wanted

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Diezani Allison-Madueke - Investors King
  • EFCC Set to Declare Ex-NNPC Director Wanted

The Economic and Financial Crimes Commission may declare wanted a former Deputy Group Managing Director of the Nigerian National Petroleum Corporation, Ben Otti, if he refuses to make himself available to the commission, the punch reported.

Otti, who also served as Director of Finance and Accounts at the NNPC, is central to the investigation into the $153m that was allegedly diverted from the account of the NNPC by the then Minister of Petroleum Resources, Diezani Alison-Madueke, in 2014.

A report by the Nigeria Extractive Industries Transparency Initiative had, in 2014, noted that the NNPC and its subsidiary, the Nigerian Petroleum Development Company, failed to remit $4.7bn and N318.2bn to the Federation Account.

A Federal High Court in Lagos had, last week, ordered that the $153m, which was allegedly kept by some bank executives, be temporarily forfeited to the Federal Government.

A source within the EFCC told our correspondent that the Managing Director of Fidelity Bank, Mr. Nnamdi Okonkwo, had told operatives that he received the money from Otti sometime in 2014.

The detective said, “When we arrested Okonkwo last year, we were informed that Otti was the one who brought the money to Okonkwo on the instructions of Diezani.

“We have been looking for Otti for several months but he seems to be out of the country. We believe he might be in London, where Diezani is. He is aware that we are looking for him.

“If he refuses to show up, then, we may have no choice but to declare him wanted.”

In a nine-paragraph affidavit filed in support of the anti-graft agency’s ex parte application for the forfeiture of the $153m, an EFCC investigator, Moses Awolusi, had claimed that the anti-graft agency discovered, through its investigations, how sometime in December, 2014, Diezani invited the Fidelity Bank boss to her office, where they hatched the plan of how a cash sum of $153,310,000 would be moved from the NNPC to Okonkwo to be saved for Diezani.

According to Awolusi, Diezani instructed the banker to ensure that the money was “neither credited into any known account nor captured in any transaction platforms” of Fidelity Bank.

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

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

Awolusi said in a desperate bid to conceal the source of the money, Okonkwo, upon receiving it, instructed the Country Head of Fidelity Bank, Mr. Martin Izuogbe, 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.

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.

Meanwhile, sources within the commission have told our correspondent that the EFCC board will meet in the next two weeks to decide the fate of the bank executives who were allegedly involved in the fraud.

Some of the bank heads, who were arrested by the EFCC last year include Okonkwo, Wigwe and the Sterling Bank boss, Mr. Yemi Adeola.

The Executive Director, Public Sector Account, First Bank, Dauda Lawal, was also investigated.

A source at the EFCC said, “In two weeks’ time, the court will decide if the forfeiture of the $153m will be permanent. Once we can secure victory, the next step is for the EFCC board to meet.

“It is the board that will determine the fate of all the bank chiefs that have been indicted.”

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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Netanyahu

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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