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EFCC to Seize Diezani’s, Aluko’s Dubai Mansions

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Achike Udenwa
  • EFCC to Seize Diezani’s, Aluko’s Dubai Mansions

Barely 48 hours after the US Department of Justice released details of how part of the $1.5billion oil production contracts funds were laundered, the Economic and Financial Crimes Commission (EFCC) is set to seize a mansion belonging to one of the suspects, Kola Aluko, in Dubai, United Arab Emirates (UAE).

Besides, the commission will apply for the forfeiture of two houses belonging to a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, who was implicated by the U.S. authorities as a beneficiary of the laundered cash.

About five luxury properties have also been traced to a former official of the defunct Oceanic Bank.

All the properties in question have been identified and documented for forfeiture with the UAE authorities.

Nigeria signed six agreements with the UAE on January 19, 2016 following a state visit by President Muhammadu Buhari.

The pact includes Judicial Agreements on Extradition, Transfer of Sentenced Persons, Mutual Legal Assistance on Criminal Matters, and Mutual Legal Assistance on Criminal and Commercial Matters (the recovery and repatriation of stolen wealth).

Besides, the luxury properties in the United States, the EFCC believes Aluko and Mrs. Alison-Madueke allegedly acquired others with the laundered funds.

According to a source, who pleaded not to be named because he is not allowed to talk to the media on the matter, all the suspicious assets have been located in the highbrow Jumeirah, which is the most expensive and exclusive area in Dubai.

But of the eight identified, two apartments linked with Mrs Alison-Madueke are marked as J5 Emirates Hills (30million Dirham) and E146 Emirates Hills valued at 44million Dirham.

For “security reasons”, the addresses of the mansions of Aluko and the ex-Oceanic Bank official, a woman, have not been disclosed.

The EFCC plans to release the details later.

A source in the commission said: “The EFCC still has a valid Mareva Injunction to freeze some foreign accounts and seize some assets linked with Diezani and her business associates in the United Kingdom and some jurisdictions.

“Some of the offshore financial institutions, where accounts are frozen, include BNP Paribas (Switzerland), LGT Bank (Switzerland), Standard Chartered Bank (London),Barclays Bank (London), Standard Energy (Voduz, Switzerland), HSBC (London), Corner Bank (Lugano, Switzerland) and Deutsche Bank (Geneva).

“Besides the luxury properties traced to Diezani and Aluko in the US, we have identified more in Dubai.

“So far, we have commenced the process of ensuring the forfeiture of these assets by the suspects. The EFCC is also verifying the assets linked with Aluko’s business partner, Chief Jide Omokore in Dubai too.

“All the steps taken so far are in line with the relevant laws in the UAE and the six agreements signed with Nigeria when President Buhari went on official trip.”

According to the source, the EFCC believes that “some of the assets were bought with part of the $1.5billion oil production contracts.

”These oil barons and their ilk acquired these properties when Dubai was a safe haven for looted funds. But the UAE has strengthened its laws in a manner that there is no more hidden place for the corrupt,” the source said, adding that the only hurdle the EFCC has to cross is the legal process in the UAE to retrieve the assets. “We are already employing the Mutual Legal Assistance Agreement to get this done.” He said.

The Federal Government has ratified all the agreements with the UAE. This development will hasten asset recovery and retrieval of looted funds.

“We will do our best to comply with their legal procedure,” the source said.

“Statutorily, we have succeeded in establishing that the EFCC is empowered to confiscate the affected assets. We are invoking sections 7 of 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004.”

Section 7 says: “The commission has power to (a) cause any investigations to be conducted as to whether any person, corporate body or organization has committed any offence under this Act or other law relating to economic and financial crimes.

“(b) Cause investigations to be conducted into the properties of any person if it appears to the commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”

Sections 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004 empower the anti-graft agency to invoke Interim Assets Forfeiture Clause.

“Section 28 of the EFCC Act reads: ‘Where a person is arrested for an offence under this Act, the Commission shall immediately trace and attach all the assets and properties of the person acquired as a result of such economic or financial crime and shall thereafter cause to be obtained an interim attachment order from the Court.’

Section 13 of the Federal High Court Act reads in part: “The Court may grant an injunction or appoint a receiver by an interlocutory order in all cases in which it appears to the Court to be just or convenient so to do.

(2) Any such order may be made either unconditionally or on such terms and conditions as the Court thinks just.”

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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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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Israeli President Declares Iran’s Actions a ‘Declaration of War’

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Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

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