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N13bn Recovery: Osinbajo Panel Quizzes Magu, as Committee Begins Sitting

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foreign exchange market
  • Osinbajo Panel Quizzes Magu, as Committee Begins Sitting

The Acting Chairman of the Economic and Financial Crimes Commission, Ibrahim Magu, was on Friday quizzed by the committee set up by President Muhammadu Buhari to investigate the suspended secretary to the Government of the Federation, Babachir Lawal, and the suspended Director-General of the National Intellegence Agency, Ambassador Ayo Oke.

The three-man committee which is chaired by Vice-President Yemi Osinbajo has the Attorney-General of the Federation, Abubakar Malami (SAN); and the National Security Adviser, Babagana Monguno, as members.

Magu appeared before the committee members for hours at the Vice-President’s office inside the Presidential Villa, Abuja as the committee began sitting early Friday.

It was gathered that the EFCC chairman was asked questions on the recovery of N13bn, which the Director-General of the National Intelligence Agency had claimed belonged to the agency.

It was learnt that Magu justified the raid on the Ikoyi apartment where the money was recovered and briefed the committee on the investigation into the operation.

A top government source said, “The meeting with Magu was part of the assignment of the committee. He was asked questions on the operation and as expected he justified it.”

It was gathered that the committee asked the EFCC to continue with its investigation into the recovered money.

At about 1.30pm, the committee went on a short break to allow Malami, Monguno and Magu attend the Juma’at service inside a mosque located beside the President’s office.

The three of them returned to continue the meeting after the prayer session.

Holding about two bulky brown envelopes and an official file, Magu left the committee members at about 4pm.

He told some reporters who approached him that he would still return to the venue, apparently to avoid granting interview.

Monguno and Malami left the venue at about 4.20pm.

When asked how the investigation was going, Malami directed reporters to the Vice-President.

“Go and ask the chairman (of the committee),” the minister simply said as he walked out of the premises.

It was the EFCC under Magu’s leadership that recovered N13bn ($43.4m, N23m and £27,000) at a residential building in Lagos.

The suspended DG NIA had laid claim to the recovered fund.

Following the discovery of the N13bn, the NIA, which is Nigeria’s foreign intelligence service, had claimed that the money, which was found on the seventh floor of the building, was approved for the agency by former President Goodluck Jonathan for covert operations and security projects covering a period of years.

But later in the day, Rivers State Governor, Nyesom Wike, also claimed the money belong to the Rivers State government, alleging that a former governor of the state and current Minister of Transportation, Mr. Rotimi Amaechi, kept the money in the apartment. He described the claim that the cash belonged to the NIA as balderdash.

Wike alleged that the money was part of the proceeds from the sale of a gas turbine by the immediate past administration, adding that the gas turbine was initially built by the Peter Odili administration. He then gave the Federal Government a seven-day ultimatum to return the money or be ready to face legal action.

Meanwhile, President Muhammadu Buhari on Friday joined Muslim faithful for the Juma’at service inside a mosque at the Presidential Villa, Abuja.

Buhari was joined at the prayer session by the Niger State Governor, Abubakar Bello; Minister of Defence, Mansur Dan-Ali; Malami; Monguno; Magu; and the Director-General of the Department of State Services, Lawal Daura.

Others who joined the President at the service were his Chief of Staff, Abba Kyari; Permanent Secretary, State House, Jalal Arabi; and the President’s Senior Special Assistant on Media and Publicity, Garba Shehu, among others.

That was Buhari’s first public appearance for the week.

Shortly after the session, the President returned to his residence while Monguno, Daura and Magu engaged in a long discussion at the forecourt of the President’s office.

It was the DSS under Daura that issued a security report which formed the basis for the Senate’s rejection of Magu as the substantive chairman of the EFCC.

The DSS had claimed that Magu lacks the integrity to drive the present administration’s anti-corruption war.

The Vice-President had however disclosed that the Presidency would not replace him.

Meanwhile, the Federal Government has announced the postponement of the annual retreat of the Secretary to the Government of the Federation with Secretaries to State Governments.

Although no reason was given for the decision, it was however not clear if the postponement had to do with the suspension of the embattled SGF over grass cutting contract inflation scam.

A terse statement issued in Abuja on Friday with Ref. No: PPR/OSGF/PR/03 by the Director of Press and Public Relations in the Office of the SGF, Bolaji Adebiyi, did not give any explanation.

The statement read, “The annual retreat of the Secretary to the Government of the Federation with Secretaries to State Governments scheduled to hold in Yola, Adamawa State, from April 23 to 25, 2017 has been postponed.

“A new date will be communicated to all participants and invited guests in due course. The Office of the Secretary to the Government of the Federation regrets any inconveniences.”

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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