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$20bn NNPC Fraud: EFCC Discovers Diezani’s $37.5m Lagos Mansion

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Diezani Allison-Madueke - Investors King
  • EFCC Discovers Diezani’s $37.5m Lagos Mansion

The Economic and Financial Crimes Commission has discovered a $37.5m (N11.75bn) luxury high-rise building on Banana Island, Ikoyi, Lagos, allegedly belonging to the embattled former Minister of Petroleum Resources, Diezani Alison-Madueke.

This is just as the EFCC revealed on Friday that it discovered $9.3m and £74,000 belonging to a former Group Managing Director, Nigerian National Petroleum Corporation, Mr. Andrew Yakubu. The money was allegedly kept in a bungalow situated in the slums of Kaduna.

The two discoveries were made as part of investigations into a string of fraudulent activities in the NNPC, which cost the nation over $20bn at a time the oil price stood at about $100 per barrel on the average

According to impeccable sources within the EFCC, the building allegedly belonging to Diezani was purchased between 2011 and 2012. It is situated in the same estate where Africa’s richest man, Alhaji Aliko Dangote, resides.

The building comprises 18 flats and six penthouses.

Properties on Banana Island are believed to be among the most expensive in Africa with a plot of land selling between $4m (N1.25bn) and $6m (N1.8bn), according to Forbes Magazine.

A source at the EFCC said, “The aggressive drive by the EFCC to recover all hidden assets of former Minister of Petroleum Resources, Diezani Alison-Madueke, who is under investigation for corruption and money laundering, produced another breakthrough this week with the discovery of a property acquired through shell companies by the former minister at upscale Banana Island in Lagos.

“The property is a 15-storey edifice comprising 18 flats and six penthouses.

“The property was acquired by the former minister between 2011 and 2012 at a total cost of $37.5m from the developers, YF Construction Development and Real Estate.

The property was allegedly acquired in the name of a shell company, Rusimpex Limited under the control of certain Mr. Afamefuna Nwokedi of Stillwaters law firm, in Lagos.”

Last year, the commission seized an $18m mansion in the Asokoro area of Abuja allegedly belonging to the ex-minister.

She has, however, denied all the allegations levelled against her.

Meanwhile, the commission has recovered $9.7m and £74,000 from a former GMD of the NNPC, Mr. Andrew Yakubu.

Ironically, Yakubu, who served as the head of the corporation between 2012 and 2014, is the key witness of the EFCC against the Chairman of Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concept Limited, Jide Omokore, who is standing trial for an alleged $1.6bn fraud.

The EFCC said in a statement by its spokesman, Mr. Wilson Uwujaren, that the money was found in a safe hidden in a slum in Kaduna State.

The statement read in part, “A special operation conducted by operatives of the EFCC on February 3, 2017 on a building belonging to a former Group Managing Director of the NNPC, Dr. Andrew Yakubu, in Kaduna yielded the recovery of a staggering sum of $9,772,800

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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