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Judge Orders Permanent Forfeiture of Diezani’s $153m to FG

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Diezani Allison-Madueke - Investors King
  • Judge Orders Permanent Forfeiture of Diezani’s $153m to FG

Justice Muslim Hassan of the Federal High Court in Lagos has ordered the permanent forfeiture of a sum of $153,310,000, which was said to have been diverted from the coffers of the Nigerian National Petroleum Corporation by a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

The judge ordered that the money should be permanently forfeited to the Federal Government.

The Economic and Financial Crimes Commission had traced the money to three commercial banks in the country where it was kept in the sums of N23,446, 300,000, N9,080,000,000 and $5m.

The anti-graft agency had on January 6, 2016 approached Justice Hassan with an ex parte application, wherein it stated that the money was proceeds of crime and urged the judge to make an order to forfeit it to the Federal Government temporarily.

The judge had granted the interim forfeiture order and gave 14 days for anyone interested in the money to appear before him to show cause why the money should not be permanently forfeited to the Federal Government.

When the case was heard on January 24, 2017, no one came to court to claim ownership of the N23,446, 300,000 and the $5m.

But one of the executive directors of one of the banks, who was joined as second respondent in the suit, appeared in court through his lawyer, Mr. Charles Adeogun-Philips, to claim the N9,080,000,000.

Adeogun-Philips had told the judge that the EFCC misrepresented facts in urging the court to order the forfeiture of the N9,080,000,000 belonging to his client as proceeds of crime.

He said his client was arrested by the EFCC and was coerced by the operatives of the anti-graft agency to sign an undertaking to make a refund of N9.08bn to the Federal Government as a condition for his release.

Adeogun-Philips said his client had to run around to raise the money from his associates.

He urged the judge to order the release of the money to his client.

In his judgment on Thursday, however, Justice Hassan said he found from the exhibits presented before the court that Adeogun-Philips’ client was not coerced but he voluntarily elected to make the undertaking after he had been duly cautioned.

This, the judge said, was done in the presence of Adeogun-Philips, who also appended his signature on the undertaking made by his client attesting that it was voluntarily made.

He, therefore, ordered the permanent forfeiture of the money to the Federal Government.

The judge held, “I hereby make an order pursuant to Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act 2016, for final forfeiture of the unclaimed sum of N23, 426, 300.000 and five million United States dollars to the Federal Government finally.

“In respect of the second respondent, learned counsel, Mr. Charles Adeogun-Philips, informed the court that the second respondent filed a counter-affidavit on why the sum of N9.08bn should not be forfeited.

“I have carefully examined the affidavit evidence before the court and I find that the second respondent was duly cautioned in English language before his statement was taken and so, I hold that same was taken without any evidence of inducement.

“On the whole, I am satisfied that all the conditions stated in Section 17 of the Advanced Fee Fraud and Other Related Offence Act was duly fulfilled by the applicant.

“I accordingly make the following orders:

“An order for the final forfeiture of the sums of N23, 426,300.000.00 and $5m being unclaimed properties to the Federal Government of Nigeria.

“An order of final forfeiture is also made for the sum of N9.08bn recovered from the second respondent, to the Federal Government of Nigeria. This is my judgment,” he said.

Responding to the judgment, the EFCC lawyer, Mr. Rotimi Oyedepo, thanked the judge and said the Federal Government would use the money for the benefit of all Nigerians.

Justice Hassan thanked the EFCC counsel in turn for the good work the agency was doing and urged the government to ensure that the money was used for the benefits of all citizens.

The judge also commended Adeogun-Philips for the courage to show up on behalf of his client to claim the money.

“After all, you were the only one who came forward,” the judge said.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Why I’II Never Support Peter Obi Again – Doyin Okupe

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Doyin Okupe

A former Director-General of the Labour Party’s 2023 presidential campaign, Doyin Okupe, has declared that he would never support the 2023 presidential candidate of the party, Peter Obi, in any of his political ambitions again.

Okupe, who had recently resigned his membership of the LP and withdrew his backing for the former LP’s presidential flagbearer, expressed displeasure at Obi’s remarks on economic situation in the country.

Specifically, Okupe, while featuring on a national television programme, responded to some remarks credited to Obi on the hardship ravaging the nation.

Obi had been reported to have critisised the administration of President Bola Tinubu, suggesting that people from the South-West are feeling the heat of the hard times just like other citizens from other parts of the country.

For Obi, Tinubu had campaigned on the mantra that he is a Yoruba man and that it was his turn, stating that people in Yoruba land are not even getting food items and other essential commodities at cheaper rates notwithstanding that the President is from their region.

However, Obi’s submissions had attracted mixed reactions on social media with some criticising him while others supported his assertions.

Weighing in on the raging controversy, Okupe joined the critics, describing Obi’s remark as an “insult” to people in the South-West.

He argued that Obi’s statement publicly belittled the South-West, despite receiving support from prominent Yoruba leaders and other residents of the zone during his presidential electioneering ambition.

Okupe claimed that people from the South West felt insulted hearing Obi uttered such remarks, noting that many, including himself, who supported him regretted it.

He mentioned former President Olusegun Obasanjo as one of the prominent Yoruba indigenes who backed Obi’s presidential bid, saying although he did not regret supporting Obi, he would never support him again.

Okupe attributed his initial support to the agreement that a southern president should emerge, specifically from the South-East, insisting the betrayal he felt by the criticism of the South-West by the former governor of Anambra State.

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Donald Trump Projected To Occupy White House, Congratulated By Nigerian President

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President Trump Signs Executive Order In Oval Office Of The White House

There is an indication that the former President of the United States of America, Donald Trump may become the 47th President of the US.

Trump became more confident in his political comeback in American history after securing his third battleground victory on Tuesday evening by clinching Pennsylvania, bringing him closer to a White House win.

The 78 presidential candidates of the Republican Party already won 266 of the 270 Electoral College votes needed to defeat Vice President Kamala Harris of the Democrat Party.

Trump reversed his 2020 losses in the crucial states of Georgia, Pennsylvania, and Wisconsin — running up big margins among his white rural and working-class base while making significant inroads among ethnic minorities.

Addressing supporters in Florida, Trump claimed victory, saying his performance is unprecedented in the history of the country.

He promised to help the US to heal, stressing that the country needs help very badly.

He also assured citizens of fixing critical infrastructure and other necessary areas of the country.

Meanwhile, President Bola Tinubu on Wednesday extended his congratulations to Donald Trump on his re-election as the 47th President of the United States of America.

Tinubu expressed his eagerness to strengthen the ties between Nigeria and the United States amid the complex challenges and opportunities of the contemporary world.

His congratulatory message was contained in a statement signed by his Special Adviser on Information and Strategy, Bayo Onanuga.

Identifying synergy and cooperation with the US government as a means of fostering economic prosperity, the President of Nigeria noted that the relationship would promote peace, and address global challenges that affect their citizens.

He said Trump’s victory reflects the trust and confidence the American people have placed in his leadership.

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EFCC Nabs Ex-Delta Governor, Okowa, For Alleged N1.3trn Fraud

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Operatives of the Economic and Financial Crimes Commission (EFCC) have arrested former Delta State Governor, Ifeanyi Okowa, over the alleged diversion of N1.3 trillion.

Sources with the EFCC revealed that Okowa visited the EFCC office in Port Harcourt, Rivers State, on Monday before he was subsequently detained by officials.

The N1.3 trillion reportedly represents the 13% derivation fund from the federation account between 2015 and 2023.

It was gathered that Okowa was at the Port Harcourt office of the Commission following an invitation from investigators probing the allegations against him.

The former governor was said to have been apprehended no sooner than he arrived at the anti-graft office.

Okowa was also accused of failing to account for the funds, as well as another N40 billion he allegedly claimed was used to acquire shares in UTM Floating Liquefied Natural Gas.

Sources said the former governor reportedly bought shares worth N40 billion in one of the country’s major banks, representing an 8% equity stake, to support the offshore LNG project.

The funds are alleged to have been misappropriated for other purposes.

They noted that investigators are also examining the alleged diversion of funds by the former governor to acquire estates in Abuja and Asaba, Delta State.

Okowa was the running mate to Atiku Abubakar, the presidential candidate of the People’s Democratic Party in the 2023 election.

He was the governor of Delta State from 2015 to 2023 and was succeeded by Sheriff Oborevwori, the incumbent Governor.

When contacted, EFCC spokesperson, Dele Oyewale, confirmed the arrest but declined further comment on the matter.

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