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Magu: EFCC Has Recovered over N430bn Loot in Eight Months

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  • Magu: EFCC Has Recovered over N430bn Loot in Eight Months

The Economic and Financial Crimes Commission (EFCC) wednesday said it had recovered about N409 billion and $69.5 million (totalling N430 billion), among other foreign currencies, as proceeds of corruption between January 1 and August 30, 2017.

The acting Chairman of the EFCC, Ibrahim Magu, made the disclosure at a parley with journalists in Abuja yesterday, where he provided further insight into the anti-graft war.

He also decried the tactics employed by some politically exposed persons facing corruption charges to obstruct the EFCC in carrying out its duties, resorting to his usual refrain, “corruption is fighting back.”

Magu said: “Over a month ago, the commission recovered over N329 billion from a group of oil marketers for the Nigerian National Petroleum Corporation (NNPC).

These are major recoveries from a sector of the economy.

“But to give a holistic picture of the aggressive drive to recover stolen wealth, I have the pleasure to report that the commission, between January and August 30, 2017, recorded the following monetary recoveries: N409,270,706,686.75; US$69, 501,156.67; £231,118.69; €610,816.20; Dirham 443,400.00 and SR (Saudi Riyal) 70, 500.00.”

On the former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, Magu recalled that the commission, a few days ago, got a court order to forfeit to the Nigerian Government the sum of N7.6 billion, which was hidden in a Nigerian bank by the minister.

“Two weeks earlier, another court issued a temporary forfeiture order to seize properties worth $21,392,224 belonging to the same former minister. Those properties are awaiting final forfeiture,” he added.
Magu further debunked claims by Alison-Madueke that the EFCC had failed to link the recovered illicit funds and properties to her.

“All these properties are all available; it’s real, it’s not like they don’t exist. They exist, it’s not media hype. We have been able to establish that there is thorough linkage between that and the proceeds of corruption, stealing and looting,” he added.

The EFCC chairman also reiterated the stance of the federal government to disclose Nigerians who have siphoned public funds to the United Arab Emirates (UAE).

He explained that with the new treaty signed with the government of the UAE, EFCC officials will soon head to Dubai where it will unveil looters with traceable corrupt dealings in the country.

“We have been to Dubai with the Attorney General of the Federation, and I had a meeting with a delegation from UAE, we were waiting for the ratification.

“They have a better database, they are operating the beneficiary ownership method. They would also open their doors and would disclose everybody, it is going to work for us, we are going there as soon as possible,” he said.

On the purported rift between the EFCC and the AGF and Minister of Justice, Abubakar Malami (SAN), Magu maintained that there was no rift between them.

He said: “I don’t see it. I’m naturally somebody who believes in self discipline. The AGF is the number one law officer of the country and there is no reason why there should be conflict.

“That is why we have the synergy to fight the common enemy. It’s just paper work.”

Continuing, Magu also gave reasons why the Senate is vehemently opposed to the National Financial Intelligence Unit (NFIU) operating under the purview of the commission.

He argued that most of commission’s operations revolve around NFIU, and that once the unit is separated, it would render the EFCC redundant, alleging that owing to the wide scope and efficiency of the NFIU, there is an attempt by some “high politically exposed persons with corruption charges against them to use the back door to weaken the EFCC.”

The clamour for the autonomy of the NFIU is geared towards fulfilling that hidden agenda, he submitted.

On the prosecution of corruption cases, Magu said: “We are also making progress despite the antics of some persons accused of grand corruption to delay their trial.

“Between January and August this year, EFCC recorded 137 convictions. The potential for improvement are good as more cases will be brought to conclusion in the remaining four months of the year.

“Regardless of the challenges that we have faced and continue to face, I am happy to report that we are making progress. Many of you are aware of the achievements that we have recorded in the fight against corruption especially in the area of assets recovery,” he said.

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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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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