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Governor Forfeits N500m as States Get N243b Refund

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the Sovereign Wealth Funds (SWFs)
  • Governor Forfeits N500m as States Get N243b Refund

A governor has forfeited to the Federal Government the N500 million he allegedly laundered in a mortgage bank.

A Federal High Court in Abuja approved an application by the Economic and Financial Crimes Commission (EFCC) for the forfeiture of the cash, which is believed to have been diverted from the London-Paris Club refund.

Also, the court has seized $500,000 of the $3million diverted by another governor from the refund for the building of a 100-room hotel in Lagos.

But the court has given a 14-day deadline to anyone or group who has interest in the funds to show cause why the cash should not be forfeited to the government.

The federal government yesterday released a state-by-state breakdown of another tranche of Paris Club refund of over-deductions on Paris Club/London Club loans and multilateral debts on the accounts of states and local governments from 1995-2002.

A statement from the Ministry of Finance said these payments — N243, 795,465,195.20 —”were made to the 36 states and the Federal Capital Territory upon the approval of the President on May 4, 2017”.

Akwa-Ibom, Bayelsa, Delta, Kano and Rivers states received the largest disbursements of N10 billion each.

According to the enrolment order, which was obtained last night by our correspondent, Justice Nnamdi Dimgba granted EFCC’s prayer for an interim forfeiture of the cash traced to both First Generation Mortgage Bank Limited and Gosh Projects Limited.

While N500million was linked with the bank, about $500,000 was credited to the account of the Gosh Projects Limited as part of the cash for the 100-room hotel.

The EFCC legal team, led by Prince S.B. Ikani, filed an ex-parte motion on June 19.

The anti-graft agency sought for an order of:

interim forfeiture to the Federal Government (1st Applicant) of the N500million recovered from the first respondent, First Generation Mortgage Bank Limited and presently in the possession of EFCC in its Recovered Funds Account domiciled at the CBN; interim forfeiture to the Federal Government (1st Applicant) of the sum of $500,000 recovered from the second respondent, Gosh Projects Limited and presently in the possession of EFCC in its Recovered Funds Account domiciled at the CBN; and directing the publication of a notice in any national daily newspaper inviting any person(s) or body who may have interest in the subject funds to, within 14 days of the publication of the Order, show cause why an Order of final forfeiture to the Federal Government of the said funds should not be made.

Justice Dimgba said: “Upon reading the affidavit in support of the motion ex-parte deposed to by Osas Azonabor and after hearing Prince B. S. Ikani for the applicants, it is hereby ordered as follows:

“That an order is hereby made granting interim forfeiture to the Federal Government of N500million recovered from First Generation Mortgage Bank Limited and presently in possession of EFCC in its Recovered Funds Account domiciled at the CBN.”

“That an order is hereby made granting interim forfeiture to the Federal Government of $500,000 recovered from Gosh Projects Limited and presently in possession of EFCC in its Recovered Funds Account domiciled at the CBN.”

The court asked person(s) or body interested in the funds to come up with a claim within 14 days or lose the cash.

Besides the forfeiture of the cash, the EFCC indicated last night that the two governors implicated in the diversion of the funds will face trial after their tenure.

A source in EFCC said: “We have been unable to join the governors as respondents because they have immunity in line with Section 308 of the 1999 Constitution, which prevents any law enforcement agency from prosecuting them for criminal cases.

“But the case-files have shown their complicity on how they diverted the London-Paris Club refunds to personal use. Those affected will complete their tenure in two years.

“One of the governors is noted for mass looting of public funds. His cup is full with anti-corruption agencies

“As for others used in laundering the cash, we will prosecute them after the final forfeiture of the cash because in seeking justice, you cannot build something on nothing.”

Before the release of the second tranche of London-Paris Club refund on Monday, the Presidency had remitted about N1.266.44trillion to the 36 states in the past one and a half years including N713.70billion special intervention funds.

Following a protest by states against over deductions for external debt service between 1995 and 2002, President Muhammadu Buhari had approved the release of N522.74 billion (first tranche) to states as refund pending reconciliation of records.

Each state was entitled to a cap of N14.5 billion being 25% of the amounts claimed.

The Minister of Finance, Mrs. Kemi Adeosun said the payment of the claims would enable states to offset outstanding salaries and pension, which had been “causing considerable hardship”.

The governors sought for the loan refund to states and local governments at a meeting with President Muhammadu Buhari on May 24, 2016.

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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Insurance

Heirs Insurance Group Unveils Revolutionary Website for Seamless Insurance Experience

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Heirs Life Assurance- Investors King

Heirs Insurance Group has launched a website designed to revolutionize the insurance experience for its customers.

With a focus on simplicity, accessibility, and personalized service, the new website aims to streamline the process of obtaining insurance coverage and empower customers to make informed decisions about their insurance needs.

The website boasts a range of innovative features that make navigating insurance options easier than ever before.

From simple and intuitive navigation menus to personalized insurance recommendations, the website is designed to guide customers through every step of the insurance process quickly and efficiently.

According to Ifesinachi Okpagu, the Chief Marketing Officer of Heirs Insurance Group, the new website embodies the company’s commitment to delivering exceptional customer service.

“Today’s customers want simplicity, and this new website delivers on that request,” Okpagu said. “We are empowering customers to take control of their lives, their businesses, assets, and their most cherished people.”

One of the key features of the website is its personalized insurance experience, which takes customers through a short journey to help them identify the best insurance plan for their needs.

Whether customers are looking for coverage for their home, car, business, or loved ones, the website provides tailored recommendations to ensure they find the right insurance solution quickly and easily.

With its user-friendly interface and innovative features, the new website from Heirs Insurance Group sets a new standard for the insurance industry, making it easier than ever for customers to protect what matters most to them.

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Banking Sector

Safaricom, Access Holdings Forge Partnership to Revolutionize Remittance Corridor in Africa

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Access bank

Safaricom, the leading telecommunications company in Kenya, has entered into a strategic partnership with Access Holdings, spearheaded by Aigboje Aig-Imoukhuede.

The collaboration aims to revolutionize the remittance corridor between East and West Africa, marking a significant step towards enhancing financial inclusion and empowering millions of individuals across the continent.

The partnership comes on the heels of Access Holdings’ recent acquisition of the National Bank of Kenya Limited, signaling the company’s ambitious expansion into the East African market.

Leveraging Safaricom’s extensive network and expertise in mobile money through M-Pesa, which currently dominates the mobile money market in Kenya, the alliance seeks to create seamless and efficient channels for remittance transactions.

Aigboje Aig-Imoukhuede, the driving force behind Access Holdings, expressed enthusiasm about the collaboration, highlighting its potential to transcend traditional boundaries and foster greater economic connectivity between East and West Africa.

He highlighted the fusion of collective expertise and resources between the two entities, underlining their shared commitment to driving financial inclusion and empowerment across the continent.

The partnership holds promise for addressing the challenges faced by millions of Africans in accessing affordable and reliable remittance services.

By connecting more than 60 million customers and 5 million businesses across eight countries, the collaboration aims to facilitate over $1 billion in daily transaction value, significantly boosting the flow of remittances within and outside Africa.

With the first phase of the collaboration focusing on key markets such as Nigeria, Kenya, Ghana, and Tanzania, stakeholders anticipate a transformative impact on the remittance landscape, paving the way for greater intracontinental trade and economic integration in line with the objectives of initiatives like the African Continental Free Trade Area (AfCFTA).

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Banking Sector

EFCC Urged to Repatriate Recoveries to NDIC for Depositors’ Relief

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The Nigeria Deposit Insurance Corporation (NDIC) has made a fervent plea to the Economic and Financial Crimes Commission (EFCC) to expedite the repatriation of recovered funds to its coffers to facilitate the timely reimbursement of depositors affected by bank failures.

During a recent meeting between the Managing Director of NDIC, Bello Hassan, and the Executive Chairman of the EFCC, Ola Olukoyede, at the NDIC headquarters in Abuja, Hassan stressed the importance of enhanced collaboration between the two agencies in recovering depositors’ funds lost due to bank failures.

Hassan emphasized that the return of recoveries made by the EFCC on behalf of the NDIC would significantly contribute to the prompt reimbursement of affected depositors.

He commended the EFCC for its unwavering efforts in combating corruption and financial crimes, highlighting its crucial role as a key member of the Taskforce on Implementation of the Failed Banks Act chaired by the NDIC.

The NDIC boss also highlighted the existing partnership between the two organizations, which led to the establishment of the NDIC Help Desk at the EFCC in 2022.

He disclosed that several high-profile cases referred to the EFCC were currently under investigation.

In response, Olukoyede reiterated the EFCC’s commitment to collaborating closely with the NDIC to combat financial crimes and safeguard the integrity of the Nigerian banking sector.

He pledged to intensify efforts to repatriate recovered funds promptly, acknowledging the interconnectedness between criminal activities and bank failures.

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