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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/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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