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Reactions as UK Seizes Fresh N82bn Abacha Loot

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Abacha
  • Reactions as UK Seizes Fresh N82bn Abacha Loot

A bank account containing £211m (approximately N82bn) has been traced to a former Nigerian military dictator, General Sani Abacha.

The money was recovered and subsequently confiscated in Jersey, Channel Islands, on the request of the United States of America Government.

Late Abacha was said to have laundered the money through the US into the Channel Islands before his death in 1998.

According to a report by Metro UK on Tuesday, the money was put in accounts held in Jersey by Doraville Properties Corporation, a British Virgin Islands company.

The report said the money was now being held by the government until authorities in Jersey, the US and Nigeria came to an agreement on how it should be distributed.

It was gathered that Jersey would keep the £211m loot in its Criminal Confiscation Fund, which could be used to pay for a variety of projects on the island.

The report added that more money held by Doraville was likely to be seized and paid into the Civil Asset Recovery Fund in the future.

Jersey’s Attorney General, Robert MacRae, said, “In restraining the funds at the request of the United States of America, through whose banking system the funds were laundered prior to arriving here, and in achieving the payment of the bulk of the funds into the Civil Asset Recovery Fund, Jersey has once again demonstrated its commitment to tackling international financial crime and money laundering.”

It was learnt that MacRae had applied for the restraining order over the Jersey bank account balance of Doraville in 2014, which the Jersey’s Royal Court granted.

However, Doraville applied to the Royal Court for the restraint order to be discharged, but the court dismissed the application in 2016.

A year later, Doraville challenged the Royal Court’s decision, taking the case to Jersey’s Court of Appeal, an appeal that was rejected.

After the appeal’s rejection, Doraville made an application to appeal against the restraint order before the Privy Council, Jersey’s ultimate appellate court.

However, the Privy Council rejected Doraville’s appeal in February 2018.

Jersey’s Solicitor General, Mark Temple, said last week at a United Nations Conference on Corruption that the island was determined to fight international financial crime.

By the time Abacha died in office in June 1998, he had reportedly stolen an estimated $2.2bn from the country’s coffers.

His then-National Security Adviser, Alhaji Ismaila Gwarzo; his son, Mohammed Abacha; and best friend, Alhaji Mohammed Sada, were alleged to have played a central role in the looting and transfer of money to offshore accounts.

However, the Director of Information in the Ministry of Finance, Mr Hassan Dodo, could not be reached for comments on the seized funds as calls made to his mobile phone were not answered, while a text message sent to him was not responded to.

PDP, ADC attack Buhari

Meanwhile, the Peoples Democratic Party said the return of stolen money traced to the late army general must be worrisome to President Muhammadu Buhari.

The PDP recalled that the President had once defended the late head of state and proclaimed him a saint.

It said that because Buhari served in the government of the general whom millions of dollars had been traced to, the President had been defending him “when it was clear to all that the late general stole Nigeria dry.”

The National Chairman of the PDP, Prince Uche Secondus, said there was nothing on ground to indicate that the looted funds would not be stolen again.

He said, “It is sad that we continue to hear about the return of stolen funds by the former head of state.

“Funny though, the President had described the former head of state as a saint, saying he never stole anything.

“The continued return of the stolen money must be a source of worry to the President and the Federal Government that the man they had proclaimed as a saint stole to that extent.

“I am, however, worried that there is nothing to indicate that the money will not disappear again.

“There is no monument on ground to tell us what repatriated cash was spent on. So, the recently announced stolen funds may also end same way.”

The African Democratic Congress also said any literate Nigerian who still saw Buhari as a saint had only wasted his time in school.

The party’s National Publicity Secretary, Yemi Kolapo, wondered if a President, who defended a man who had stolen more funds than any living or dead Nigerian, could be rated high in integrity.

Kolapo said, “If the late dictator, Sani Abacha, whose stolen funds, worth several trillions of naira could run the Nigerian economy for three decades is the President’s hero, then his supporters must be enemies of Nigeria.

“What exactly is the President’s stand against corruption? All the talk about the fight against corruption under this administration is political abracadabra.”

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

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Israel Gaza

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.

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