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

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ibrahim-magu
  • 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/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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Iran Set for Presidential Elections on June 28 Following Raisi’s Tragic Death

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Ebrahim Raisi

The political landscape in Iran was abruptly reshaped following the untimely demise of President Ebrahim Raisi in a helicopter crash over the weekend.

Now, the nation is poised for a significant transition with presidential elections scheduled for June 28 as reported by the semi-official Tasnim news agency.

Vice President Mohammad Mokhber will assume the role of president in the interim, in accordance with the constitution of the Islamic Republic.

This unexpected development comes in the wake of a tragic accident that claimed the lives of Raisi and eight others, including Foreign Minister Hossein Amirabdollahian, in north-western Iran.

The government attributed the crash to adverse weather conditions and dense fog in the mountainous region.

As Iran prepares for the upcoming elections, candidates will have the opportunity to register starting May 30.

However, prospective candidates will undergo thorough vetting by the Guardian Council, a body comprising 12 clerics and jurists responsible for administering elections.

The council’s scrutiny is anticipated to be particularly stringent, given the unexpected vacancy in the presidency and the significance of the upcoming transition.

While Vice President Mokhber has assumed leadership in the interim period, it remains uncertain whether he will contest the presidential elections himself.

Speculation abounds as to who will emerge as the frontrunner in the electoral race, with many analysts suggesting that the clerical establishment and Supreme Leader Ayatollah Ali Khamenei may prefer a candidate aligned with Raisi’s ultraconservative stance, characterized by deep-seated distrust of the United States and Israel.

Raisi’s tenure as president was marked by polarizing policies and events.

His association with mass arrests and executions following violent protests in 2022, sparked by the death of Mahsa Amini while in custody for allegedly violating Iran’s dress code, stirred controversy both domestically and internationally.

As such, his passing has not only left a void in Iran’s leadership but has also raised questions about the future trajectory of the nation’s politics.

With the presidential elections fast approaching, Iran finds itself at a critical juncture, grappling with the aftermath of a tragic loss while navigating the complexities of its political landscape.

As the nation mourns the passing of President Raisi, all eyes are now on the forthcoming electoral process, which is poised to shape Iran’s future in the post-Raisi era.

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Iran Mourns: Helicopter Crash Claims Lives of President Raisi and Foreign Minister Amirabdollahian

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Ebrahim Raisi

A tragic helicopter crash has claimed the lives of President Ebrahim Raisi and Foreign Minister Hossein Amirabdollahian, sending shockwaves across the nation and plunging the country into mourning.

The fatal incident occurred in Iran’s East Azerbaijan province, where the helicopter carrying the two senior officials and several other passengers crashed, resulting in the loss of all on board.

The crash site, now a scene of charred wreckage, stands as a somber reminder of the untimely demise of these key figures in Iranian politics.

President Raisi, who assumed office in August 2021, was widely regarded for his commitment to serving the Iranian people and advancing the nation’s interests on the global stage.

His tenure as president was marked by efforts to strengthen Iran’s position in regional affairs and enhance diplomatic relations with neighboring countries.

Foreign Minister Amirabdollahian played a pivotal role in shaping Iran’s foreign policy, particularly in fostering closer ties with neighboring nations in the Middle East, including Arab countries across the Gulf.

His diplomatic acumen and dedication to advancing Iran’s interests earned him respect both domestically and internationally.

The news of their tragic deaths has elicited an outpouring of grief and condolences from leaders and citizens alike, both within Iran and abroad.

Malaysian Prime Minister Anwar Ibrahim expressed his deep sadness over the loss, highlighting President Raisi’s commitment to justice, peace, and the upliftment of the Muslim world.

Similarly, the European Union extended its sincere condolences to the families of President Raisi and Foreign Minister Amirabdollahian, acknowledging the profound impact of their untimely passing on the Iranian nation.

The helicopter crash not only robbed Iran of two of its most prominent leaders but also left a void in the country’s political landscape.

As the nation grapples with this immense loss, tributes pour in from all corners, commemorating the contributions of President Raisi and Foreign Minister Amirabdollahian to the advancement of Iran’s interests and the well-being of its people.

The legacy of these esteemed leaders will endure in the hearts and minds of Iranians, serving as a guiding light for future generations as they navigate the complexities of governance and diplomacy in an ever-changing world.

Iran mourns the loss of two of its finest sons, whose dedication and service will be remembered for years to come.

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DR Congo Thwarts Coup Attempt: Leader Killed, Several Arrested

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Vital Kamerhe

The Democratic Republic of Congo (DRC) found itself on the brink of chaos as an attempted coup unfolded in its capital, Kinshasa.

The government swiftly acted to quell the insurgency, resulting in the death of the coup leader and the arrest of several others involved.

The assault, which occurred on Sunday morning, sent shockwaves through the mineral-rich central African nation, already grappling with political instability and external pressures.

The target of the attack was the residence of Vital Kamerhe, a prominent political figure in Congo’s landscape and a candidate for the head of the National Assembly.

Led by Christian Malanga, the self-exiled leader of the New Zaire movement, the attackers descended upon Kinshasa in two groups, initiating their assault on Kamerhe’s residence.

Despite the initial skirmish that claimed the lives of two police officers, the attempted coup lacked the military support necessary to pose a significant threat to the government’s stability.

After the failed attempt to seize power, Malanga and his cohorts proceeded to the office of President Tshisekedi, where they brazenly defaced Congolese flags and hoisted the banner of the former Zaire.

However, their actions were swiftly met with resistance from the Republican Guard, resulting in a fatal confrontation that claimed the lives of multiple attackers, including Malanga himself.

The involvement of three American citizens among the assailants adds a layer of complexity to the unfolding situation.

While details surrounding their participation remain murky, the revelation has drawn the attention of both Congolese authorities and the U.S. government, signaling potential diplomatic ramifications.

Vital Kamerhe, the intended target of the coup, emerged unscathed from the ambush on his residence. However, his absence from public discourse following the incident leaves many questions unanswered regarding his stance and potential involvement in the foiled insurgency.

The failed coup underscores the fragile political landscape of the DRC, where power struggles and external interests converge amid the backdrop of immense mineral wealth.

As the nation navigates the aftermath of this brazen attempt to destabilize its government, concerns over internal cohesion and foreign intervention loom large on the horizon.

In the wake of the thwarted coup, Congolese authorities are expected to intensify efforts to maintain stability and root out any remnants of dissent.

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