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Court Unfreezes Patience Jonathan’s $5.9m Account

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  • Court Unfreezes Patience Jonathan’s $5.9m Account

The Federal High Court in Lagos, on Thursday, vacated its order which late last year froze the Skye Bank account of Mrs. Patience Jonathan, the wife of ex-President Goodluck Jzonathan.

The account had a balance of $5.9m at the period.

In a ruling on Thursday, Justice Mojisola Olatoregun, set aside the ‘No-Debit Order’, which the Economic and Financial Crimes Commission had earlier placed on the account on allegations that the $5.9m found in it was proceeds of crime.

The judge upheld the contention of Patience’s lawyer, Mr. Ifedayo Adedipe (SAN), that his client’s account was unlawfully frozen by the EFCC.

Adedipe had urged the court to unfreeze Patience account on the grounds that she was not a party to the suit leading to the freezing order.

Citing judicial authorities, Adedipe contended that the suit was an abuse of court processes, contending that the court had no jurisdiction to make an order against someone who was not a party in a suit filed before the court.

The judge upheld the submission and therefore unfroze Patience’s account.

Justice Olatoregun said she had no option but to discharge the freezing order as the EFCC, despite being served with Patience application, did not file a counter-affidavit to oppose her prayers and all the averments contained in her affidavit.

She stated, “It is trite in law that an order cannot be made against any person who is not a party before the court.

“It was not controverted that Dame Patience Jonathan is not a party in the order obtained in this court.

“I hereby make an order unfreezing the Sky Bank account belonging to Dame Patience Jonathan forthwith,” the judge held.

Meanwhile, Adedipe also went before Justice Mohammed Idris of the same court, on Thursday, praying the judge to order the EFCC to release to Patience the sum of $15.591m, which was seized from four companies by the anti-graft agency.

Justice Idris adjourned to May 8, 2017 to decide whether or not to grant the prayer.

At the instance of the EFCC last year, Justice Olatoregun had made an interim order freezing multiple accounts linked to the former President’s wife.

The order was pursuant to an ex parte application by the anti-graft agency, wherein one of its operatives, Abdulahi Tukur, had told the judge that the funds retained in the said accounts were suspected proceeds of crime.

Tukur had told the judge that intelligence report by the anti-graft agency necessitated that the accounts be investigated, adding that it would be in the interest of justice that the accounts be frozen.

The accounts, opened in the names of companies and an individual, had a cumulative balance of N7,418,829,290.94 (N7.4bn) and $429,381.87.

Apart from Patience’s personal account, also affected are five companies, namely – Finchley Top Homes Limited, Aribawa Aruera, Magel Resort Limited, AM-PM Global Network Limited and Pansy Oil and Gas Limited.

Finchley Top Homes Limited’s account, number 1102001996 in Ecobank, with a balance of N226,376,700.23 and a fixed deposit of N1,099,511,484.88 was frozen.

Similarly affected were the company’s Skye Bank account number 1771731336, with a balance of N14,173,848.85; Fidelity Bank account number, 4011019539 with a balance of N1,800,494,000; Stanbic Bank account number, 0016901361, with a balance of N40,594,12.88; and Diamond Bank’s account 0019213687 with a balance of N39,418,712.12.

Aribawa Aruera Reachout Foundation opened account number 1222014221 with Ecobank and had a closing balance of N479,893,431.01, while Magel Resort Limited accounts (4011019546/5250059782) with Fidelity Bank had a subsisting balance of N1,000,494,000.

The company also operates a Zenith Bank account, number 1011744356, with a balance of N858,923,982, and a Diamond Bank account number 0024351590 with a balance of N174,166,207.00.

AM-PM Global Network Limited opened account number 0026718889 at Diamond Bank with a balance of N7,213,303.50.

The account number 4011019577, opened by Pansy Oil and Gas Limited at Fidelity Bank, had a balance of N1,809,666,494.68, while the company’s account in Diamond Bank had a balance of N55,930,024.50.

Also affected is one Esther Oba, with a balance of $429,381.87 in her account.

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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