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Alleged N69bn Fraud: EFCC Arrests Finance Chief of Goodluck Jonathan’s Campaign

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  • Alleged N69bn Fraud: EFCC Arrests Finance Chief of Goodluck Jonathan’s Campaign

The Economic and Financial Crimes Commission has arrested Dr. Ngozi Olojeme, the Deputy Chairman, Finance Committee of the Goodluck Jonathan Campaign Organisation in the 2015 presidential election.

The suspect, who served as the Chairman of the Nigeria Social Insurance Trust Fund from 2009 to 2015, was, in June, declared wanted for allegedly diverting N69bn from the agency.

Olojeme, who is also the widow to Felix Obuah, the late Chief Security Officer to Jonathan, was said to have fled the country shortly after her sacking by President Muhammadu Buhari in 2015.

The suspect, who was also the convener of the Subsidy Reinvestment and Empowerment Programme sub-committee on Public Works and Road Rehabilitation, finally reported at the EFCC on Monday after which she was detained.

A detective at the commission stated, “After months of running, Mrs. Olojeme finally turned herself in. She is currently being detained and we have identified most of her properties.”

The NSITF, which was headed by Olojeme, is a social insurance scheme designed to provide compensation to employees who suffer from occupational accidents or diseases in the line of duty.

The organisation is funded by deducting one per cent from all government and private sector employees enrolled in the scheme.

However, according to documents made available to press, Olojeme and some directors in the company allegedly diverted billions of naira, including funds meant for the payment of allowances of its staff as well as compensation for contributors.

Trouble started for Olojeme shortly after her sacking by Buhari in 2015.

The EFCC subsequently received a petition alleging that over N50bn from the Employee Compensation Scheme fund, paid by Ministries Departments and Agencies and private companies, as well as another N18bn being the contributions of the Federal Government as take-off grants to the NSITF, was allegedly mismanaged and diverted into the personal accounts of Olojeme and Umar Abubakar, the Managing Director of the NSITF.

The EFCC immediately set up a team of detectives to look into the allegations.

The commission looked into the bank accounts of the NSITF and allegedly discovered suspicious transactions and diversion of funds.

Some funds were said to have been traced to the accounts of some consultants and contractors who were alleged to be mainly fronts for Olojeme and other directors in the NSITF.

Several directors and contractors were invited to explain their own side of the story, many of whom have since returned funds to the EFCC.

An EFCC report, made available to our correspondent, read in part, “It was discovered that the NSITF accounts in First Bank of Nigeria and other banks have witnessed a total turnover of over N62,358,401,927 between 2012 and 2015 from the Employee Compensation Scheme contributions.

“That out of the N62bn, the Federal Government contributed N13,600,000,000 while the sum of N48,758,401,927.80 was contributed by the private sector. That there were several payments to individuals and companies from the NSITF bank accounts for purported contracts or consultancy services.

“That some individuals and companies that received these payments in turn transferred parts of the funds directly to the NSITF officials while others transferred huge sums to bureau de change operators who changed them to dollars.”

The report adds that Olojeme sent her account officer at FBN to collect $48m from some NSITF contractors through a BDC operator.

It adds, “That through this process, Dr. Ngozi Olojeme, the then NSITF board chairman, has collected a total sum of $48,485,127 from Mr. Chuka Eze (her account officer at FBN) which cash he collected on her behalf being the dollar equivalent of money paid to BDCs by NSITF contractors.”

The EFCC had, on November 23, 2017, arraigned some of Olojeme’s accomplices, including Umar Abubakar, Henry Sambo, Adebayo Aderibigbe, Chief Richard Uche and Aderemi Adegboyega, before Justice Silvanus Orji of the Federal Capital Territory High Court, sitting in Apo, Abuja, on 26 counts bordering on conspiracy, abuse of office and illegal diversion of public funds.

They all pleaded not guilty to the offences and were granted bail. The matter was adjourned till February 5, 2018 for commencement of trial.

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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