Connect with us

Government

Switzerland Pledges to Repatriate $321m Abacha Loot

Published

on

abacha loot

The government of Switzerland has said it would soon return $321 million looted by late head of state, General Sani Abacha and kept in Swiss banks, as part of its commitment to fighting money laundering and other trans-national crimes in that country.

The Swiss Ambassador to Nigeria, Eric Mayoraz, made the disclosure yesterday, dur- ing the signing of a Memorandum of Understanding on Mutual Legal Assistance on criminal matters, between the Swiss government and the Federal Government of Nigeria in Abuja.

The ambassador stated that the MoU was aimed at fostering understanding between the two countries particularly as it relates to their different legal system.

He said: “We are now in the process of repatriating $321m from the second batch of the Abacha loot”, adding that the country had in 2005 repatriated $722m in the first batch.

Mayoraz said: “Today’s event is significant in the sense that it would eradicate every bottleneck associated with the repatriation of stolen funds starched in our country.

“Our countries enjoy excel- lent relations and we cooperate as partners in many fields, on the return of looted assets, migration, human rights, humanitarian assistance and many others.

“Today, we decided to take

this cooperation forward to deepen it in the field of judicial cooperation. By signing a Memorandum of Understand- ing in this important area, our two states further strengthen their ties of friendship and cooperation.”

While stating that fight- ing international crime, in particular corruption, is an important issue also for the Swiss government as the MoU provides for a settle foundation to improve cooperation, the envoy added that it has the advantage of bringing direct contact through central authori- ties as well.

“The text we will now sign marks the starting point of a new era in our common fight against international crime. People, goods and money move around easily in today’s world. That is generally a positive thing. Unfortunately, this mobility is not limited to honest people and clean money. Criminals and proceeds of crime profit from it, as well. States must thus cooperate in order to fight transnational organised crime, corruption, money laundering, the drug trade”, he said.

Minister of State for Foreign Affairs, Hajia Abba Ibrahim, disclosed that the idea of sign- ing the MoU was first muted in 2015. She stated that the agreement would help block accounts of funds linked to money laundering and other trans-national crimes.

Ibrahim commended the Swiss government for supporting Nigeria’s fight against corruption, noting that repatriated funds can help facilitate essential development in Nigeria.

She assured the ambas- sador of the commitment of the Buhari’s administration towards the improvement of the living standards of Nigerians, and pledged the nation’s commitment in deepening relations between Nigeria and Switzerland.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Government

Sanwo-Olu Orders Full Reopening of Markets

Published

on

Coronavirus

Governor of Lagos State Orders Full Reopening of All Markets

Governor Sanwo-Olu of Lagos has ordered the full reopening of markets in the state after a report showed new cases of COVID-19 have subsided.

The governor ordered the full reopening of both the food markets and non-food markets across the metropolis.

Dr. Wale Ahmed, the Commissioner for Local Government and Community Affairs, disclosed this in a statement issued on Tuesday.

He said the governor took the decision to further deepen trade and commerce and ease the hardship of recent happenings.

It should be recalled that the markets were shut due to the outbreak of ravaging COVID-19 pandemic in March before they were partially reopened for activities in May.

The governor, however, urged all traders to observe all safety protocols in order to prevent a possible resurgence of COVID-19 in the state.

Continue Reading

Government

Private Sector Coalition Against COVID-19 (CACOVID) Speaks on Looted Palliatives, Explains Delay

Published

on

looted palliatives

Looted Palliatives: Private Sector Coalition Against COVID-19 (CACOVID) Speaks

Private Sector Coalition Against COVID-19 (CACOVID) has spoken on the recent actions of criminals and thugs who hijacked the #EndSARS protest and looted warehouses where COVID-19 palliatives were kept for distributions.

The group refuted claims that the stolen items were hoarded for certain people instead of distribution to the vulnerable they were meant for. This is despite the fact that some of the palliatives were already rotten by the time criminals broke into the warehouses.

Some of the looters, who spoke with the press, said a sizeable number of the items were already rotten and destroyed by rodents, while one of the lawmakers tasked with distribution claimed he planned to distribute the items on his birthday. A statement that angered many Nigerians.

However, in a statement issued on behalf of the group by Osita Nwanisobi, the Acting Director of Corporate Communications, CBN, on Monday, CACOVID said due to the huge size of the items meant to be distributed, the complex process involved in manufacturing, packaging and the eventual distribution to 2 million most vulnerable families across the 774 local government in the country, the group agreed to conduct the supply in stages, especially given locked down imposed by the Federal Government during the period.

The statement reads, “Members of the Private Sector-led Coalition Against COVID-19 (CACOVID) wish to call for calm, amidst the looting of COVID-19 palliatives meant for distribution in various State Government warehouses across the country.

“The Coalition is deeply concerned by the recent events and is urging those involved in the wanton destruction of public and private property to immediately desist from these raids, in order to allow the States to proceed with a peaceful and fair distribution of these palliatives to the neediest and most vulnerable in our society.

“Over the past few months, the private sector, through CACOVID has been working with governors, the FCT Minister, and the Nigerian Governors’ Forum (NGF) to procure, deliver, and distribute these food relief items to almost 2 million most vulnerable families (over 10 million Nigerians) across the 774 local government areas of the country, as part of the private sector’s support towards the national response to the COVID-19 pandemic.

“The sheer scale of this nationwide food programme and the timing of the orders and deliveries, which coincided with the lockdowns and reduced movement across the country, compelled CACOVID to roll out distribution in a staggered manner.

“The very large size of the order and the production cycle required to meet the demand caused delays in delivering the food items to the states in an expeditious manner; hence, the resultant delay in delivery of the food palliatives by the state governors.”

Continue Reading

Government

Makinde Directs Schools to Reopen After #EndSARS Protest

Published

on

education

Schools to Reopen After #EndSARS Protest, Says Governor Makinde

The Executive Governor of Oyo State, Seyi Makinde, has directed schools across the Ibadan metropolis to resume normal activities immediately after the #EndSARS protest.

Mr Olasunkanmi Olaleye, the commissioner for education, Oyo State, disclosed this in a statement issued on Sunday in Ibadan.

According to Olaleye, the directive was after a careful review of the situation in the Ibadan metropolis as promised by Governor Makinde in a state broadcast on October 20.

This was after the governor ordered the closure of all schools, private and public, in the Ibadan metropolis for three days and promised to review the situation on October 23.

Olaleye said the governor thanks the youths who have been cooperating with security operatives in the state to ensure peace and order.

Continue Reading

Trending