The United Kingdom (UK) government has announced a crackdown on criminals such as terrorists, drug dealers, and fraudsters who use cryptocurrency to raise and hide money.

According to the UK government, over £1 billion illicit transactions occur via cryptocurrency annually.

The UK Home Office made this known in a recent post on its X official page declaring that the law enforcement agencies have been given the greenlight to go after those involved.

Vanguard reports that the UK has embarked on diverse policies bordering on immigration, economic and financial matters.

“Over £1 billion in illegal crypto transactions take place in the UK each year,” the UK Home Office said. “Drug dealers, fraudsters and terrorists use crypto to hide and raise money.

“We’re giving law enforcement new powers to seize, freeze and destroy crypto assets,” it added.

This clampdown on illegal cryptocurrency operators in the UK is coming weeks after major stakeholders are found culpable of criminal activities.

In late March, FTX founder Sam Bankman-Fried was sentenced to 25 years in prison in the United States, for the securities fraud conspiracy that doomed his cryptocurrency exchange and a related hedge fund, Alameda Research.

Bankman-Fried also was ordered to pay $11 billion in forfeiture at the sentencing in Manhattan federal court.

In another development, five days ago, the US prosecutors wanted Changpeng Zhao, the founder and former chief executive of Binance, the world’s largest cryptocurrency exchange, to serve three years in prison after he pleaded guilty to violating laws against money laundering.

Foreign students likely using university courses as cheap means to obtain visas, UK laments
In February, the Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso, said that over $26 billion in illicit flows has passed through the crypto platform Binance in the last year.

The revelation led to the arrest and detention of two Binance executives by the Office of the National Security Adviser (ONSA).

The two officials detained were Tigran Gambaryan, a US citizen and Binance’s head of financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan who is a regional manager for Africa.

According to the ONSA, the duo were charged with four counts of tax evasion and with laundering over $35 million.

Meanwhile, Anjarwalla escaped from the custody of the security operatives, but was arrested by Kenya authorities, days later.

The Governorship candidate of the Peoples Democratic Party (PDP) in Edo State, Asue Ighodalo, has refuted claims that he has a hand in the impeachment of the state’s former Deputy Governor, Philip Shaibu.

Ighodalo who described the allegation as fake, added that the claims was cooked up to tarnish his reputation.

This was contained in a statement released by his media team on Monday.

The statement read, “While we would not usually join issues in response to every passing comment, it has become imperative to address the recent spurious allegations by former Deputy Governor Phillip Shaibu.

“It is necessary for the record, to state in no uncertain terms, that Mr. Asue Ighodalo has had no role or involvement in any form whatsoever in the very public process leading to Mr. Shuaibu’s impeachment and subsequent removal from office by the Edo State House of Assembly.

“These claims are completely without merit, and Mr. Ighodalo categorically denies any such involvement. These allegations are a clear attempt to unjustly tarnish his reputation and divert attention from the actual issues at hand.”

He, however, called on the public to disregard the claim, saying, “We urge the public and the media to regard these false statements with well-deserved skepticism.”

Ighodalo had earlier said he remained focused on running a governorship campaign based on issues and devoid of distractions.

On April 8, the state House of Assembly impeached the embattled state deputy governor after the adoption of the report of the seven-man investigative panel set up by the state Chief Judge to probe allegations of misconduct against Shaibu.

Shaibu was probed on allegations of perjury and leaking of government secrets

The scarcity of premium motor spirit (PMS), commonly known as petrol, continues to affect various parts of Nigeria, leading to the proliferation of black marketers who are selling the product at exorbitant prices, reaching as high as N1,200 per litre in some locations.

Reports from across the country indicate that many filling stations remain closed, while those dispensing petrol have long queues. Some stations in the Federal Capital Territory (FCT) and several states have increased their prices, selling petrol at between N750 and N800 per litre. However, Nigerian National Petroleum Company Limited (NNPCL) outlets are dispensing at N617 per litre, albeit with longer queues.

The scarcity has left many motorists stranded, with some residents resorting to trekking long distances. In Jigawa State, black marketers were seen selling petrol for N1,100 per litre, while in Lagos, dispatch riders were distributing fuel to black marketers. Transport fares have also increased in affected areas, such as Abeokuta and Akure.

The Independent Petroleum Marketers’ Association of Nigeria (IPMAN) has attributed the scarcity to a lack of stock at most depots in Lagos. However, the NNPCL has maintained that there is product availability and that the situation should clear up shortly.

In Cross River State, elders and youths in Okuku and Ishibori communities sealed petrol stations selling the product for N1,200 per litre following a protest by commercial motorcyclists. Station owners claimed that the unavailability of the product forced them to increase prices.

At the Apapa depot, some marketers who spoke to newsmen disclosed that there has been a drastic drop in the level of imports.

They lamented that priority attention was only for trucks loading products to Abuja at the detriment of other locations, especially Lagos and neighboring states

They said there was a strict instruction from higher authorities that only trucks heading to Abuja should be loaded.

Another marketer at the Apapa depot who simply identified himself as Alhaji kabiru said the shortage in supply may worsen in Lagos by Tuesday because of the priority attention given to trucks heading to Abuja.

“A particular depot in Apapa here that received 5,000 metric tons (200 trucks) of petrol on Thursday has loaded over 100 trucks for Abuja but our trucks that are meant to service Lagos outlets have been on the queue since Friday without consideration for us”.

In Abuja, black marketers are smiling to the bank as they pepper motorists with scathing petrol prices.

Mohammed Wudil, a taxi driver plying the Lugbe-Abuja Airport corridor has this to say over the scathing issue: “Never in my wildest imagination did I think that I’ll sleep in the filling to get petrol after the government had deregulated it and yanked off subsidy payments on it. “But how wrong I was. Today, at almost N700/litre, I’m still chasing petrol tankers at night to know where they’ll discharge their products so I quickly queue their overnight so I’m among the first set to be served in the morning.

“But this was not the promise made to us when they removed subsidy. If you’re queuing and sleeping at the filling station to buy petrol at N170/litre, so you can well, it’s worth the stress. But at N690/litre?”

Another motorist, Mrs Mary Agu, a civil servant said she could not help but be at a filling station by 4am. “I’m a woman and my hubby is not around. So, I run the house. But since this scarcity horror began about a fortnight ago, I hardly sleep well because once my fuel indicator stick points downwards below half tank, I’ll start panicking.

“When will this torture end? The petrol is even like methylated spirit. It practically disappears without any meaningful trip. “Black market is hell. You’ll buy a litre for N1,200 or N1,100 at best. Who can survive on that? What of inflation that has pushed products’ prices to unimaginable heights? This is totally unacceptable”, she said. Black marketers who spoke to Daily Sun said the development was a golden opportunity to make brisk business as inflation and growing unemployment was battering them with reckless abandon. Musa Janjere, a 20-year old petrol hawker on Kubwa-Zuba expressway said he has a flourishing rapport with petrol attendants at filling stations. “We take our cans to them at night and they fill them up for an extra charge. So, it’s a win-win situation for me and them. “The profit is worth the stress. So, it checks out”, he said.

Aliyu Sani, another hawker who sells across from the NNPC towers in the Central Business District, mentioned that this time marked a period of thriving business for him.

“I make about N15,000 to N25,000 profit daily depending on how many cans of fuel I am able to sell. I buy 10 liters for around 7,000 and sell at 10,000-12,000. I suspended my pop corn and ground nut business to switch to this because it is more profitable. I hope the scarcity continues so that I can save up enough funds to start up a provisions store like I have always dreamed of”, he said.

President Bola Ahmed Tinubu has said the fuel subsidy removal and foreign exchange liberation policies have put Nigeria at the forefront of economic growth.

In a statement by Ajuri Ngelale, presidential spokesperson, he said Tinubu highlighted this during a high-level panel session at the World Economic Forum, WEF, Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday.

Ngelale quoted the president as saying that he had to take tough but essential decisions like removing fuel subsidy – with its attendant perils – to reposition Nigeria’s economy. 

“Concerning the question of subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt and to reset the economy and the pathway to growth. It was going to be difficult, but the hallmark of leadership is making difficult decisions when they need to be made.

“That was necessary for the country. Yes, there have been drawbacks. Yes, there was an expectation that more people would feel the difficulty. But, of course, our people’s interest was the government’s primary focus.

“Along the line, there was an arrangement to cushion the effect of the subsidy removal on the country’s vulnerable population. We shared the pain across the board. We cannot but include those who are very vulnerable.

“Luckily, we have a very vibrant youth population interested in innovation and highly ready to leverage technology and good education, and they remain committed to growth.

“We managed that and partitioned the economic drawback and the fallout of the subsidy removal equally, engendering transparency, accountability, and fiscal discipline for the country. And that is most important, focusing on what direction we should head in. I will pursue that rigorously,” he said.

Tinubu explained that the government under his leadership manages the nation’s currency and effectively removes corruption-laden arbitrage.

“Currency management was necessary to remove the artificial value element in our currency. Hence, our local currency finds its level and competes with the rest of the world’s currencies as we remove corrupt arbitrage and opaqueness.

“That we did. At the same time, that is a two-engine problem that is a very turbulent situation for the government.

“But we can manage that turbulence because we prepared for this with inclusivity in governance and rapid communication with the public,” the president said.

Recall that in June last year, Tinubu’s administration removed subsidies on petrol and liberalized the FX market.

The development had led to soaring inflation in Nigeria, which stood at 33.20 per cent in March, and currency fluctuation.

The Returning Officer of the All Progressives Congress, APC, in Supare Akoko, South West council area of Ondo state, in the just concluded governorship primary election, Alaba Abe, aka Excel, has reportedly been assassinated.

Abe, who was also the ward 10 coordinator of the party in the council area, served as the returning officer for Governor Lucky Aiyedatiwa in the governorship primary election on April 20.

The victims death was confirmed by his elder brother, Samuel Abbey.

Samuel said that his brother was assassinated on Saturday at about 9 pm in front of his house.

In a swift reaction, the governor Lucky Aiyedatiwa Campaign Group, has appealed to the police authorities in the state to protect its members against implacable opponents.

While decrying the gruesome murder of the ward coordinator, the campaign group in a statement issued by its State Information Director of the organisation, Mr. Kayode Fasua, said that “the late Excel, was a resourceful coordinator, campaigning for the election of Governor Lucky Aiyedatiwa until he was gruesomely murdered.

Fasua said that “he was shot in his Supare home on April 27.

He described the incident as a rude shock to members of the party in the council area, working for the election of the governor, come November, this year.

Also reacting, the Akoko Southwest Local Government Director-General for the campaign group, David Ajobiewe, equally described the incident as a rude shock.

“Excel had been a resourceful coordinator for the Aiyedatiwa campaign organisation in Ward 10 of Supare and was never known to be violent and never had any history of local or domestic dispute.

“We urge the police authorities to step up investigations into his gruesome murder and bring the perpetrators of the dastardly act to book.

Meanwhile, the Convener of the campaign group Dr. Oladipupo Okeyomi, has expressed the heartfelt condolences of Governor Aiyedatiwa, as well as the lamentation of the campaign group and the leadership of the APC in Ondo State, on the tragic loss.

He described the incident as terrible and uncalled for, expressing his sympathy with the family members, friends, and associates of the late Excel.

Contacted, the spokesperson for the state police command, Funmi Odunlami, said that ” In brief, the command is aware of the incident at Supare, investigation is ongoing to unravel all that happened.

Real Madrid president, Florentino Perez, blocked manager Carlo Ancelotti’s request to sign Harry Kane from Tottenham last summer, according to Relevo.

Ancelotti had made Kane his top target ahead of this season.

It is believed signing the England captain was even a bigger priority for him than landing Jude Bellingham from Borussia Dortmund.

Ancelotti was looking to replace Karim Benzema, who left as a free agent for Al-Ittihad in Saudi Arabia.

But Perez refused to sanction the move, as he has set his sights on signing Kylian Mbappe this year.

Peres was willing to let Madrid play without a real number nine, before signing Mbappe on a free transfer.

Kane ended up joining Bayern Munich and has scored 42 goals in as many games in all competitions, helping Thomas Tuchel’s team to the Champions League semi-finals, where they will come up against Madrid.

Paris St Germain, PSG, were crowned Ligue 1 champions for a record-extending 12th time on Sunday, as their third straight title was wrapped up.

This was following another dominant domestic campaign when second-placed AS Monaco lost 3-2 at Olympique Lyonnais.

PSG, who missed the chance to secure the title on Saturday when they drew 3-3 draw with Le Havre, have 70 points, 12 ahead of Monaco with three games remaining.

“Winning the league is fantastic, but winning Ligue 1 for the twelfth time is even more special for everyone connected to Paris Saint-Germain.

“We’re going to enjoy this moment as a family. And also keep working hard, game after game, until the last moment of the season,” PSG President Nasser Al-Khelaifi said on the club’s website.

Monaco were the only side left who could prevent PSG lifting the title, but their faint hopes were extinguished in Lyon as they fell to their first defeat in nine games, despite taking an early lead.

The visitors scored with a little over 20 seconds on the clock, with Wissam Ben Yedder tapping home Takumi Minamino’s cross at the back post.

But Monaco were 2-1 down within 25 minutes through goals from Alexandre Lacazette and Said Benrahma.

Ben Yedder brought the sides level again on the hour mark, heading home a floated ball into the box by Youssouf Fofana.

But it was Lyon who found a winner six minutes from time with Malick Fofana scoring from outside the area.

After Saturday’s draw which kept the champagne on ice, PSG manager Luis Enrique was unconcerned, safe in the knowledge that their far superior goal difference meant the title was all but assured.

“We’re champions. I don’t care if there’s a party or not.

“We have a goal difference of plus 29 on the second place, I already feel like champions. Even if we don’t score any more points, we’ll be champions,” the coach said.

The Spaniard, who took over at PSG at the end of last season, was proved right, as they secured their 10th title in 12 seasons without having to play another game.

The champions have suffered just one league defeat this season, against Nice in September and while they made a slow start to their campaign, once they took top spot after matchday 12, they never looked back.

PSG went 3-1 down to relegation battling Le Havre, but a Goncalo Ramos goal late in added time salvaged a point, and extended their unbeaten league run to 26 games, but the manager said that didn’t concern him.

“I don’t care if I’m undefeated. That goal gave us the title.

“That, and for the rage I had because we didn’t play much. We’re missing two titles, we’re going to do everything we can to get them,” Luis Enrique said.

PSG are still involved in the Champions League, and they also have the Coupe de France final against Lyon to come, in what could turn out to be the club’s finest ever season.

Striker Kylian Mbappe is leaving at the end of the campaign, and would love to bow out on a high, and this season is already his best in terms of goals scored, netting 43 times in all competitions.

It has long been PSG’s goal to win the Champions League, but few expected it in the manager’s first season.

Now that the league title is secured, the treble-bid is on, beginning on Wednesday with the semi-final first leg against Borussia Dortmund. (Reuters/NAN) (www.nannews.ng)

Manchester City manager, Pep Guardiola, has said their remaining two away fixtures at Fulham and Tottenham will be “difficult.”

Guardiola was speaking after they beat Nottingham Forest 2-0 on Sunday.

The result keeps City one point behind leaders Arsenal, although they have one game in hand. 

On the remainder of the season, Guardiola said: “Everything can happen, Liverpool have dropped points in the last few games but that can happen to us, can happen to Arsenal, so tough games for everyone. Fulham away and Spurs away will be difficult.

“I would prefer not to have a long week [off] and to play the Champions League semi final.

“But in the circumstances we have two or three days to recover and prepare for all the finals that we have.”

The judicial commission of inquiry on public properties and assets established by Governor Abba Kabir Yusuf of Kano State to probe the previous administration led by former Governor Abdullahi Ganduje has scheduled its inaugural session for today.

The commission’s secretary, Salisu Mustapha, said this in a letter addressed to the director-general media and publicity, Kano State Government House on Saturday.

The session will take place at High Court No. 3 within the Audu Bako Secretariat by 10am prompt.
Earlier this month, Governor Yusuf inaugurated two judicial commissions of inquiry (JCI) to investigate instances of misappropriation of public properties and assets, political violence, and missing persons between 2015 and 2023.

During the inauguration of the JCI members, Governor Yusuf pledged to hold accountable anyone found culpable, emphasizing his commitment to uncovering and prosecuting those responsible for political violence in the state before and during previous elections.

The governor urged the commission to thoroughly investigate cases of misappropriated public properties and assets during the tenure of immediate past administration.

He instructed the commission members to uphold their integrity, remain true to their oath, and serve the people of Kano State by ensuring justice is served.

Governor Yusuf clarified that the initiative was not politically motivated or directed at any individual but rather a response to the mandate of the people of Kano State.

Justices of the State High Courts, Farouq Adamu and Zuwaira Yusuf along with other eminent personalities were selected and appointed as chairmen and members of the two commissions of inquiry respectively.

Nigeria’s listed banking stocks’ value declined by N2.069 trillion in 16 trading days following the announcement of the recapitalisation exercise by the Central Bank of Nigeria (CBN).

This is as the April 30, 2024 deadline that the CBN gave banks in the country to submit their recapitalisation plans and strategies expires tomorrow.

The sector on the Nigerian Exchange (NGX) has witnessed massive sell-off since the beginning of April, thereby triggering a huge loss of N2.069 trillion. The banking stocks comprise Ecobank Transnational Incorporated (ETI), Fidelity Bank, Guaranty Trust Holding Company (GTCO), Jaiz Bank, Sterling Financial Holdings Company, Unity Bank, Wema Bank, FCMB Group, Stanbic IBTC Holdings, United Bank for Africa (UBA), Zenith Bank, Access Holdings and FBN Holdings (FBNH).

Recall that on March 28, 2024, CBN had revised the minimum capital requirements for banks and, according to data compiled by LEADERSHIP, the overall total market value of the banking stocks dropped by N2.069 trillion to N6.013 trillion as of April 26, 2024 from N8.082 trillion on March 28, 2024.

Also, the NGX Banking Index within the period under review recorded a decline of 25.75 per cent from 1,029.63 points on March 28, 2024 to 764.50 points when it closed trading on April 26, 2024.
Of the 13 banking stocks between March 28, 2024 and April 26, 2024, only ETI recorded a gain of 16.12 per cent. On the other hand, FBNH recorded the biggest loss of 42.76 per cent, while GTCO followed with a decline of 32.38 per cent.

Access Holdings was down by 32.24 per cent, Sterling Financial Holdings Company (-29.26 per cent), Zenith Bank (-26.74 per cent), Wema Bank (-26.47 per cent), FCMB Group (-19.41 per cent), Unity Bank (-18.36 per cent), UBA (-17.86 per cent), Jaiz Bank (-15.83 per cent), Stanbic IBTC Holdings (-11.61 per cent) and Fidelity Bank (-6.00 per cent).

Speaking to LEADERSHIP on the current banking stock performances, the managing director of HighCap Securities Limited, David Adonri said “after the announcement by the CBN directing banks to recapitalise, the market started declining, but we cannot see for sure that, that policy is behind the decline in the prices of banks’ stock since that announcement was made.

“I think the major factor should be the second announcement that restrained banks from paying out good dividends in line with their extraordinary income within the financial year.”
Another reason he associated with the situation was the contractionary monetary policy of the Central

Bank wherein the interest rate had been hiked heavily in the last MPC meeting. So, this has caused a migration of financial assets away from equities to debt, he stressed.

Adonri explained that the recapitalisation structure, as directed by CBN, is predicated on the flow of fresh capital to the banks.

“The banks will have to raise fresh capital from all the sources where they can raise. But we are presuming that a lot of them will have to leave the capital market. They will come to the primary market to raise fresh capital. Judging by historical antecedents, that is likely to cause some price movement in the banking sector before the banks hit the market to float their public offerings,” he said.

On mergers and acquisitions, he said “there is no need because banks are segregated into different segments. Some are regional banks, some are national Banks, and some are international banks. So, any bank that is unable to meet the minimum requirement for a segment will drop down to the lower segment instead of going to a forced merger or offering itself for acquisition.

“But banks have been given about two years to raise fresh capital. What will happen is that there will be a timetable in the capital market that will make them come one after the other so that the market will not be fatigued if all of them are to swamp the market at a fair swoop. I believe that the SEC will come up with a timetable that will give space for each of the listed banks to come to the market via a public offering so that the success rate will be very high.”

The head of Investment Management at STL Asset Management Limited, Oluwaseun Magreola said this bearish sentiment was beyond banking stocks.

Magreola said “since the MPR was jerked up by 400 basis points by the CBN governor in February, the whole equity market has been at risk of a negative turnout. Over the years, there’s been a strong inverse correlation between the fixed income market and the equities market.

Magreola asserted that the reaction to the high yields in the fixed income market was ‘quite slow’, noting that most investors were waiting to earn their dividends.