Government

N3.5b London-Paris Club Refund: EFCC Set For Trial of ex-bank MD, Saraki’s Aide

Published

6 years ago

August 20, 2018

N3.5b London-Paris Club Refund: EFCC Set For Trial of ex-bank MD, Saraki’s Aide

The Economic and Financial Crimes Commission( EFCC) is set for the trial of a former Managing Director of Societe Generale Bank of Nigeria( SGBN), Mr. Robert Mbonu and three others for alleged conversion of N3.5billion of N19billion London-Paris Club refund to states.

The others are Melrose General Services Limited, the Senate President Deputy Chief of Staff Mr. Gbenga Makanjuola and Obiora Amobi.

No date has been fixed for the trial of the suspects at a Federal High Court in Lagos.

But the whereabouts of one of the suspects were unknown as at yesterday, leading to a delay in their arraignment.

The EFCC said it might declare the affected suspect wanted.

Makanjuola has been reporting to the EFCC to clear his name, insisting that he never stole NGF’s cash.

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

Each state was entitled to N14.5 billion or 25 per cent of the amount claimed.

The release of the cash was trailed by a huge controversy, including payment of N19billion consultancy fees and $86million into the accounts of the NGF.

The EFCC in the last two years has been investigating the alleged diversion of the N19billion under the guise of consultancy fees, including the N3.5billion, which was allegedly remitted to Melrose General Services Limited, allegedly with links to Mbonu.

About $183,000 of the N3.5billion was transferred to a Dubai jeweler patronised by some senators.

In the charges against the suspects, the EFCC said there was no service rendered to have warranted the payment of the N3.5billion.

The charges read in part: “That you Robert Chidozie Mbonu, Melrose General Services Limited and other persons at large on or about the 14th day of December, 2016 in Lagos within the jurisdiction of this Honourable Court conspired amongst yourselves to disguise the unlawful origin of the sum of N3.5billion paid into the account of Melrose General Services Limited and thereby committed an offence contrary to Section 18 of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 15 (3) of the same Act.

“That you Robert Chidozie Mbonu and Melrose General Services Limited having reason to know that N3.5billion directly represented the proceeds of your unlawful activity to wit: Conspiracy and Stealing: did convert the said funds which you received from the Nigeria Governors Forum under the false guise that you were entitled to payment of consultancy fees from money recovered for the states in relation to “over-deductions on Paris and London club loans on the account of the states and local government (1995-2002)” which service you did not render and thereby committed an offence contrary to Section 15(2) (b) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 15 (3) of the same Act.

“That you Robert Chidozie Mbonu and Melrose General Services Limited on or about the 14th December, 2016 in Lagos within the jurisdiction of this Honourable Court did retain in the Access Bank Plc Account No. 0005892453 operated by Melrose General Services Limited the sum of N3, 500,000,000.00 received from the Nigeria Governors Forum when you reasonably ought to know that the said money was a direct proceed of your unlawful activity to wit Conspiracy and Stealing: and thereby committed an offence contrary to section 15(2) ((1) 0f the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 15 (3) of the same Act.

“That you Robert Chidozie Mbonu and Melrose General Services Limited on or about the 20th of December, 2015 in Lagos wihln the jurisdiction of this Honourable Court did transfer the sum 0f N50m being part of N3.5billion which represented the direct proceed of your unlawful activity to wit: (Conspiracy and Stealing) to Gbenga Makanjuola and thereby committed an offence contrary to Section 15(2) (b) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 15 (3) of the same Act.

That you Gbenga Makanjuola on or about the 20th of December, 2016 in Abuja within the jurisdiction of this Honourable Court did make cash payment of the sum of N50, 000,000.00 (Fifty million naira) to Robert Chidozie Mbonu without going through a financial institution and thereby committed an offence contrary to section 1(a) of the Money Laundering Prohibition Act, 201 1 (as amended by Act No. 1 of 2012) and punishable under section 16 (2) (b) of the same Act.

“That you Robert Chidozie Mbonu on or about the 20th of December, 2016 in Abuja within the jurisdiction of this Honourable Court did accept cash payment of the sum of N50million

) from Gbenga Makanjuola without going through a financial institution and thereby committed an offence contrary to section 1(a) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 16 (2) (b) of‘ the same Act.

“That you Robert Chidozie Mbonu and Melrose General Services Limited between the 15th December 2016 and 17th December, 2016 in Lagos Within the jurisdiction of this Honourable Court did transfer the sum of N300million being part of N3.5billion which represented the direct proceed of your unlawful activity (to wit Conspiracy and Stealing) to Obiora Amobi and thereby committed an offence contrary to section 15(2) (b) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 15 (3) of the same Act.

“That you Obiora Amobi between the 15th December 2016 and 17th December, 2016 in Abuja within the jurisdiction of this Honourable Court did make cash payment of N300million to Robert Chidozie Mbonu without going through a financial institution and thereby committed an offence contrary to section 1(a) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 16 (2) (b) of the same Act.

“That you Robert Chidozie Mbonu on or about the 20th of December, 2016 in Abuja within the jurisdiction of this Honourable Court did accept cash payment of N300million from Obiora Amobi without going through a financial institution and thereby committed an offence contraxy to section 1(a) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012) and punishable under section 16 (2) (b) of the same Act.

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Samed Olukoya

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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Government

EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

Published

8 hours ago

April 19, 2024

Samed Olukoya

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.

Government

Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

Published

4 days ago

April 15, 2024

Samed Olukoya

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.

Government

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

Published

4 days ago

April 15, 2024

Samed Olukoya

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.