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Money Laundering: Go After CBN, NNPC, Senate Panel Tells EFCC

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  • Money Laundering: Go After CBN, NNPC, Senate Panel Tells EFCC

The Senate, on Monday, asked the Economic and Financial Crimes Commission to investigate officials of the Central Bank of Nigeria and the Nigerian National Petroleum Corporation over alleged racketeering in foreign exchange transactions.

The lawmakers also urged the EFCC to identify owners of mansions in highbrow areas of Abuja, alleging that several senior officials in Ministries, Departments and Agencies of government had become billionaires through corrupt enrichment.

Members of the Senate Committee on Anti-Corruption and Financial Crimes made the call when the Acting Chairman, EFCC, Mr. Ibrahim Magu, led the commission’s leadership before the lawmakers for 2017 budget defence.

The lawmakers, while criticising the EFCC for usually going after former public officials, said the anti-graft agency should focus on financial crimes prevention.

A member of the committee, Senator Isa Misau, said since the EFCC was now encouraging whistle-blowers, he wished to blow the whistle on the CBN and the NNPC.

He cited the recent recovery $9,772,000 and £74,000 from Mr. Yakubu Andrew, who was the Group Managing Director of the NNPC between 2012 and 2014.

Operatives of the commission had, on February 3, 2017, raided a building in Sabon Tasha, Kaduna, belonging to the former NNPC boss, and recovered the staggering cash stashed away in a huge fireproof safe.

Misau stated, “I can’t imagine the over $9m recovered from a former GMD (of NNPC). If somebody who left (public) office has such money stashed somewhere, then, you can just make a guess about the other people who have been on the seat.

“Therefore, today, I am giving it as a challenge to the EFCC to go and see what the NNPC or CBN or the finance ministry is doing.

“Look at (the case of) somebody, who left office about five years ago. This is an era of whistle-blowing. I am blowing my whistle: go and check CBN. That is the reason why, today, we have (this) recession. Today, dollar, at the parallel market, is N520. And there are allegations against the CBN; the way they give these dollars.

“This committee is challenging the EFCC to go and look at these records: what is our revenue in dollars? Who are the people collecting these dollars?”

The lawmaker added that Nigerians were no longer using forex for international transactions, stressing that rather than use the dollar for importation, people now took advantage of the forex crisis in the country.

He said, “People now buy these dollars and keep them in their houses. The amount of dollars in Nigeria in cash is more than the amount of dollars in the whole of the USA. If you (EFCC) tell us, we can cooperate with you and tell you (about) the people hiding these monies.

“Go and see unoccupied buildings in Asokoro, Maitama and Wuse 2 (all in Abuja). For over five years, nobody will be there (in the buildings). And EFCC is not looking at these houses. A lot of transactions are taking place with ill-gotten money to the tune of N2bn or N3bn, and somebody will bring the money in cash to buy a house.

“Without digging into these landed properties and knowing their owners, you may end up being only after somebody who just left office, and arresting and detaining them for one week, and they will get bailed. And the business continues.”

Misau lamented that the anti-graft war was being threatened by the aspect of the law which enabled suspected looters to enjoy their freedom while under EFCC probe.

He said if he could steal N10bn from public funds and all he had to suffer was being in EFCC custody for a few days, “I will do it.”

According to him, a lot of looters are encouraged by such provision in the law.

Misau added, “We want a situation whereby you will get the cooperation of judges. I see no reason why somebody will take (steal) billions and after two days with the EFCC, they will be granted bail.

“If we need another law that once it has to do with government money, we can keep such person with EFCC for one year; if there are certain laws you want, where you can detain somebody for one year, we are ready.

“Go and check the houses in Maitama, Wuse 2 and Asokoro. How did they (the owners) get the money? Check the directors, who are still serving; they are all billionaires. I can mention more than 30 directors; they are still serving and they are billionaires.

“These are the kinds of things that make up institutional corruption that we have to check. Go and see the procurement officers and permanent secretaries; they give contracts to themselves and inflate contracts.

“If we have to wait for somebody to blow whistle, it will be business as usual and nobody is afraid of it now. I am blowing this whistle about CBN so that any recovery from the CBN, I am the one who blew the whistle; and any recovery from the NNPC, I blew the whistle.”

The Chairman of the committee, Senator Chukwuka Utazi, stated that going by the mandate of the EFCC, 60 per cent of its task should be on preventive measures, while 40 per cent should be for all other issues combined.

He, however, noted that the commission did not focus on preventive measures in its budget defence.

Utazi said, “Looking at your core mandate, the essence is to curb corruption to a large extent but in the budget you have provided, I have not seen the issue raised in the prayers here. There is no prayer that is talking about enlightenment, which is the money thing you are expected to do.

“All we hear from the press is negative publicity; chasing people who have been caught; that is what we hear all the time. We want to change the narration to ‘what are we doing to ensure that instead of chasing after people, who are giving us a headache, why can’t we stop other people from joining the gang?’ There is nothing like that here in this budget.”

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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Government

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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Government

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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Government

FG Frees Minors Remanded For Protesting Hunger In Nigeria

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Some minors who joined the nationwide #EndBadGovernance in Nigeria have regained their freedom.

Their release followed the striking out of the treason charge against them by a Federal High Court sitting in Abuja on Tuesday.

Investors King had reported that the Federal Government through its security agencies arrested and preferred treason allegations against the minors who participated in the August #EndBadGovernance protest.

However, President Bola Tinubu had directed the release of the minors owing to the outrage that greeted their arrest, prosecution and incarceration.

Carrying out the presidential directive when the matter resumed on Tuesday, counsel to the Attorney-General of the Federation (AGF) and Minister of Justice, Mr Lateef Fagbemi, SAN, Mr. Mohammed Abubakar, made an application for discontinuation of the case.

Abubakar, who is the Director of Public Prosecution of the Federation (DPPF), premised his application on provisions of Sections 174(1), (b), and (c) of the 1999 Constitution (as amended) and 108 of the Administration of Criminal Justice Act (ACJA), 2015.

He informed the court that the AGF had officially taken over the case file, saying the Federal Government no longer has interest in the case against the protesters.

The DPPF also applied for the proceeding to be conducted without the presence of the minors in the courtroom, in line with provisions of Section 266 (b) of the ACJA, 2015, and Section 1 of the Child’s Rights Act.

Counsel to the defendants, including Mr Femi Fanala, SAN, did not oppose the application.

To this end, Justice Obiora Egwuatu struck out the charge against the protesters who were minors.

Recall that the judge had last Friday admitted the 114 protesters arraigned by the police to N10 million bail each with two sureties each in like sum.

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