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We’ve Recovered $2.9bn in Two Years, Says EFCC

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Achike Udenwa
  • We’ve Recovered $2.9bn in Two Years, Says EFCC

Nigeria, through its anti-graft agency, Economic and Financial Crime Commission (EFCC), has been commended for its determination and zeal in tracing and recovering criminal assets.

This commendation was made at a meeting between the acting Chairman of the EFCC, Ibrahim Magu, and Head of International Collaboration, National Anti-Corruption Commission, Saudi Arabia, Dr. Nassar Abaalkhail.
Sequel to the meeting, Magu also delivered a paper on November 8, 2017, at the ongoing seventh Session of Conference of the States Parties to the United Nations Convention Against Corruption taking place in Vienna, Austria.

The 10-page paper entitled: ‘International Cooperation in Relation to Technical Assistance: The Nigerian Experience’ which he delivered, gave a detailed account of efforts by the commission at tracing and recovering all stolen treasures from the country’s coffers.

According to a statement made available by the commission Head, Media and Publicity, Wilson Uwujaren, the Head of International Collaboration, National Anti-Corruption Commission, Saudi Arabia, Abaalkhail, who lauded the commission’s efforts said: “From what I have heard, Nigeria’s effort at asset tracing is remarkable. Nigeria is indeed a role model for countries, including developed countries. We have so much to learn from Nigeria.”

While commending Nigeria, the Commissioner, Sierra Leone Anti-corruption Agency, Ady Macauley, also said: “The EFCC, capably represented by Magu, is not only formidable but a pride to the African states. My men were in Nigeria a fortnight ago to understudy your operations, and I must confess, we have a lot to learn in investigation, prosecution and asset recovery.”

In his presentation, Magu, who was a panelist at the Implementation Review Group attended by over 100 delegates, detailed the Nigerian efforts in asset recovery, including the progress made in the specific cases related to late Sani Abacha’s loot, Malabu oil, Diezani Alison Madueke and associates as well as arms procurement scandal.

He said these efforts cut across Switzerland, US, United Kingdom, UAE, Jersey Island and Panama.

According to him, “EFCC monetary recoveries from May 2015 to October 20, 2017, were in excess of N738.9 billion which is equivalent to over $2.9 billion. This does not include smaller currencies like Durham, CRA and British Pound.”

He stated that “within this year alone, the commission recovered stolen assets running into several millions of US dollars and billions in naira. These include the sum of $43 million recovered from Nigeria’s former Minister of Petroleum, Deziani Allison-Madueke, and N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command salary accounts.”

In his recommendations, The EFCC boss sought improved coordination and cooperation among state parties in asset recovery through the consideration and adoption of measures that will remove traditional ‘barriers such as bank secrecy consistent with Article 46(8) and dual criminality Article 46(9) as well as simplify legal technicalities in the recovery and repatriation of stolen funds.

Magu in his paper further sought measures to reduce the cost of recovery of assets for developing countries and ensure the speedy return of all stolen assets to victim states in line with the current resolution sponsored by Nigeria.

He also called for sanction and prosecution of any financial institution that violates AML/CFT measures and the maintenance of a public register on beneficial ownership.

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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Economy

Nigeria’s Plan to Review Oil Companies’ Gas Flaring Strategies

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Oil

Nigeria is ramping up its efforts to address environmental concerns in the oil and gas sector with a comprehensive plan to review gas flaring strategies of international and indigenous oil companies.

The Minister of State for Environment, Dr. Iziaq Salako, announced this initiative during a national stakeholders engagement meeting on methane mitigation and reduction held in Abuja, Investors King reports.

Gas flaring, a common practice in the oil industry, releases methane—a potent greenhouse gas—into the atmosphere, contributing to climate change and posing health risks to communities near oil facilities.

Nigeria aims to end routine gas flaring by 2030, aligning with global climate goals and commitments.

Dr. Salako explained the importance of reducing methane emissions and highlighted the detrimental effects on public health, food security, and economic development.

He outlined practical steps being taken to tackle methane emissions, including the development of methane guidelines and the engagement of government institutions.

The ministry, through the National Oil Spill Detection and Response Agency, will conduct periodic reviews of oil companies’ plans to ensure compliance with the gas flaring deadline.

Deloitte management consultants will assist in conducting comprehensive forensic audits to scrutinize the legitimacy of forward-contracted transactions.

President Bola Tinubu’s commitment to environmental sustainability underscores the government’s dedication to addressing climate change and fulfilling its multilateral environmental agreements.

The engagement event served as a platform for stakeholders to discuss methane mitigation strategies, existing policies, and implementation challenges.

Collaboration and dialogue among diverse sectors are crucial in charting a unified course towards sustainable methane reduction in Nigeria’s oil and gas industry.

As the country navigates its environmental agenda, ensuring accountability and transparency in gas flaring practices remains paramount for achieving a greener and healthier future.

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Economy

Interest Rate Jumps to 24.75% as CBN Takes Aggressive Stance Against Inflation

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Dr. Olayemi Michael Cardoso

The Central Bank of Nigeria (CBN) has announced a significant increase in the monetary policy rate, known as the interest rate, to 24.75%.

This move disclosed by CBN Governor Olayemi Cardoso during the 294th Meeting of the Monetary Policy Committee press briefing in Abuja, represents a bold step by the apex bank to address the mounting inflationary pressures faced by the country.

With inflation soaring to 31.70% in February, the CBN aims to moderate this upward trend by tightening its monetary policy stance.

This decision follows the previous hike in the interest rate to 22.75% in February, showcasing the CBN’s commitment to combatting inflationary forces.

While the bank opted to maintain the Cash Reserve Ratio at 45%, the significant increase in the interest rate underscores the urgency of the situation and the need for decisive action.

Governor Cardoso emphasized that these measures are essential to stabilize the economy and safeguard the purchasing power of the Nigerian currency.

The 294th MPC marks the second meeting under Governor Cardoso’s leadership, indicating a proactive approach to addressing economic challenges.

The next MPC meeting is scheduled for May 20th and 21st, 2024, highlighting the ongoing commitment of the CBN to navigate Nigeria’s economic landscape amidst inflationary pressures.

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Economy

Nigeria Braces for 10th Consecutive Interest Rate Hike by Central Bank

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Central Bank of Nigeria (CBN)

As Nigeria grapples with persistently high inflation, the Central Bank of Nigeria (CBN) is gearing up to implement its tenth consecutive interest rate hike in a bid to curb the soaring prices and attract investment.

Analysts surveyed by Bloomberg are anticipating a substantial 125 basis-point increase in the key rate to 24%, marking one of the most significant adjustments in the current tightening cycle.

The decision, expected to be announced by Governor Olayemi Cardoso on Tuesday at 2 p.m. in Abuja, comes on the heels of inflation accelerating to 31.7% in February, far surpassing the central bank’s target range of 9%.

This surge has been primarily attributed to the sharp depreciation of the naira, prompting authorities to devalue the currency twice since June to narrow the gap with the unofficial market rate and encourage investor confidence.

While these measures have seen the naira strengthen in recent days and bolstered investment inflows, including a fourfold increase in overseas remittances and significant foreign investor portfolio asset purchases, there remains a palpable need for more decisive action.

Giulia Pellegrini, a senior portfolio manager at Allianz Global Investors, emphasized the necessity for the CBN to intensify its tightening efforts to regain foreign investors’ confidence in the local bond market.

While acknowledging the positive strides made by the central bank, Pellegrini stressed the importance of a more assertive approach to prevent the diversion of investor attention to other frontier markets.

As the Nigerian economy navigates through these challenging times, the impending interest rate hike signals the CBN’s determination to address inflation head-on and foster a more stable economic environment.

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