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The presidential candidate of the Peoples Democratic Party (PDP) in the 2023 election, Atiku Abubakar, has said the economic policies of President Bola Tinubu drawn from his renewed hope agenda was dashing the hopes of Nigerians.
Making the assertion in a post via his official X handle on Sunday, the former vice president decried the country’s worsening economic situation despite Tinubu’s economic decisions.
Atiku stated that Tinubu lacked the ability to tackle the adverse effects of the new subsidy regime on people and businesses, as well as the new foreign exchange policy that allows for a free-floating exchange rate.
The former vice president called on Tinubu and his economic management team to swallow their pride and admit their missteps and failures.
According to Atiku, President Tinubu and the economic team must act fast before the economy sinks deeper into the abyss.
He wrote, “The economy’s performance has, in recent weeks and months, been a subject of intense discourse among Nigerian citizens at home and abroad. Nigerians are gravely concerned, and rightly so, that Tinubu’s poor response to Nigeria’s economic challenges is setting the stage for a prolonged and deeper domestic economic crisis.
“His economic policies, drawn from a so-called renewed hope agenda, are ironically dashing hopes, creating pain and causing despair. The private sector is shrinking by the day as small businesses are emasculated and as Multi-National Companies, confused and weary of the economy, leave Nigeria in droves. The intense cost of living pressures has created more misery for the poor in towns and villages. There is HUNGER IN THE LAND as basic commodities, including BREAD, are becoming out of reach for average Nigerians.
“His 2024 budget is a business-as-usual exercise, bereft of concrete ideas and actions that would support Nigeria’s journey toward economic transformation—consisting mainly of wasteful expenditures to cater to a bloated Federal Government. Budget 2024 will not facilitate growth and cannot empower our citizens to earn a living and live a decent life.
“BAT has shown no capacity to deal with the adverse and disastrous impact of the new subsidy regime on the people and businesses and the new foreign exchange policy, which provides for a free-floating exchange rate. His initiatives are literally uninformed, arbitrary, and chaotic. BAT’s palliatives are too mean, pitiable, and contemptuous of the poor. He seems genuinely lost, bewildered, and overwhelmed.
“To mask their failures, BAT and his political appointees are busy blaming his predecessor in office for bequeathing a ‘dead’ economy. This is a familiar game popularised by former President Buhari while in office. It reinforces what we already know: that BAT came into office unprepared.
“Tinubu and his economic management team must swallow their pride, admit their missteps and failures, and follow those who know the terrain. They must act fast before the economy sinks deeper into the abyss.”
[PRESS RELEASE] ECOWAS expresses concern over the postponement of the Senegal presidential election
AdminThe Commission of the Economic Community of West African States takes note of the decision that the Senegalese authorities have taken to postpone the presidential elections scheduled to take place on 25 February 2024.
The ECOWAS Commission expresses concern over the circumstances that have led to the postponement of the elections and appeals to the competent authorities to expedite the various processes in order to set a new date for the elections. The Commission further urges the entire political class to prioritize dialogue and collaboration for transparent, inclusive and credible elections.
The ECOWAS Commission salutes President Macky Sall for upholding his earlier decision not to run for another term, and encourages him to continue to defend and protect Senegal's long-standing democratic tradition.
The Commission will remain seized of the situation.
The Socio-Economic Rights and Accountability Project (SERAP) has urged President Bola Tinubu to direct the Attorney General of the Federation and Minister of Justice Lateef Fagbemi (SAN), and appropriate anti-corruption agencies to promptly probe the allegations that $3.4 billion loan obtained from the International Monetary Fund (IMF) is missing, diverted or unaccounted for.
Naija News reports that the 2020 annual audited report published last week by the Auditor-General of the Federation documents damning revelations including that there was no document to show the movement and spending of the IMF loan.
SERAP also urged Tinubu to ensure that anyone suspected to be responsible should face prosecution as appropriate, if there is sufficient admissible evidence.
The group stated that any missing IMF loan should be fully recovered and returned to the public treasury.
In the letter dated 3 February 2024 and signed by SERAP deputy director Kolawole Oluwadare, the organisation said there is a legitimate public interest in ensuring justice and accountability for these serious allegations.
According to SERAP, servicing IMF loan that is allegedly missing, diverted or unaccounted for is double jeopardy for Nigerians.
It pointed out that Nigerians can neither see nor benefit from the projects for which the loan was approved; “yet, they are made to pay both the loan and accrued interests.”
SERAP noted that any failure to investigate these grave allegations, bring suspected perpetrators to justice and recover any missing IMF loan would have serious resource allocation and exacerbate the country’s debt burden.
The letter read in part: “We would be grateful if the recommended measures are taken within 7 days of the receipt and/or publication of this letter. If we have not heard from you by then, SERAP shall consider appropriate legal actions to compel your government to comply with our request in the public interest.
“The Auditor-General recommends that the money be fully recovered and remitted to the public treasury and those suspected to be involved ‘sanctioned and handed over to anticorruption agencies’.
“The allegations of corruption in the spending of IMF loan documented by the Auditor-General undermine economic development of the country, trap the majority of Nigerians in poverty and deprive them of opportunities.
“The allegations suggest a grave violation of the public trust, the provisions of the Nigerian Constitution 1999 (as amended), the country’s anticorruption legislation and international anticorruption obligations including under the UN Convention against Corruption.
“According to the 2020 annual audited report by the Auditor-General of the Federation published last week, the US$3.4 billion emergency financial assistance obtained from the International Monetary Fund (IMF) to finance the budget and manage the health crisis stemming from the outbreak of COVID-19 pandemic may have been missing, diverted or unaccounted for.
“According to the Auditor-General, no information or document was provided to justify the movement and spending of Fund.
“The Auditor-General wants the money recovered and remitted to the public treasury and for the evidence of remittance to be forwarded to the Public Accounts Committee of the National Assembly.
“The Auditor-General also recommends that anyone suspected to be involved should be ‘sanctioned and handed over to the EFCC and ICPC for investigation and prosecution, as provided for in paragraph 3112 of the Financial Regulations’.
“According to reports, Nigeria is expected to spread the payment of the IMF loan from 2023 to 2027. The first instalment, due in 2023, is worth $497.17 million. The second instalment, due in 2024, will be worth $1.76 billion. The third instalment, due in 2025, will be worth $865.27 million.
“The final two instalments, due in 2026 and 2027, will each be worth $33.99 million. These instalments will only be interest payments.
“Investigating the allegations and naming and shaming and prosecuting those suspected to be responsible for the missing IMF would serve the public interest and end the impunity of perpetrators.
“Impunity for corruption in the management of loans obtained by Nigeria will continue as long as high-ranking public officials go largely unpunished for their alleged crimes. It is by pursuing these allegations and taking the evidence before the court that the truth will be revealed and justice best served.
“SERAP notes that the consequences of corruption are felt by citizens on a daily basis. Corruption exposes them to additional costs to pay for health, education and administrative services.
“SERAP notes that your government has a sacred duty to ensure that the country’s loans including those obtained from the IMF are transparently and accountably used solely for the purposes for which the loans are obtained, and for the effective development of public goods and services as well as the general public interests.
“This implies providing strong leadership in the efforts to curb public sector corruption, and to refer to appropriate anticorruption agencies any allegations of corruption in which any officials and agencies of government may be involved or complicit.
“Section 13 of the Nigerian Constitution 1999 [as amended] imposes clear responsibility on your government to conform to, observe and apply the provisions of Chapter 2 of the constitution. Section 15(5) imposes the responsibility on your government to ‘abolish all corrupt practices and abuse of power’ in the country.
“Under Section 16(1) of the Constitution, your government has a responsibility to ‘secure the maximum welfare, freedom and happiness of every citizen on the basis of social justice and equality of status and opportunity.’
“Section 16(2) further provides that, ‘the material resources of the nation are harnessed and distributed as best as possible to serve the common good.’
“Similarly, articles 5 and 9 of the UN Convention against Corruption also impose legal obligations on your government to ensure proper management of public affairs and public funds including loans obtained by the country, and to promote sound and transparent administration of public affairs.
“The UN Convention against Corruption and the African Union Convention on Preventing and Combating Corruption to which Nigeria is a state party obligate your government to effectively prevent and investigate allegations of corruption and mismanagement of public funds including loans obtained by the country.
“Specifically, article 26 of the UN convention requires your government to ensure ‘effective, proportionate and dissuasive sanctions’ including criminal and non-criminal sanctions, in cases of grand corruption.
“Article 26 complements the more general requirement of article 30, paragraph 1, that sanctions must take into account the gravity of the corruption allegations.”
[NaijaNews]
The Central Bank of Nigeria (CBN) has restricted the operations of international money transfer operators (IMTOs) to only inbound transfers, stopping outbound transfers.
This implies that IMTOs can no longer facilitate money transfers from Nigeria to other countries, according to the revised guidelines for the operations of IMTOs, which were officially released on January 31, 2024.
It is a notable departure from the 2014 guidelines, which permitted the operators to engage in “allowable inbound and outbound international money transfer transactions.”
Stating the permissible activities of the operators, the new document read:
- “The permissible activities of International Money Transfer Operators shall include inbound international money transfer transactions only. The transactions shall be limited to the following activities:
- “The acceptance of monies for the purpose of transmitting them to persons resident in Nigeria.
- “Cross-border personal money transfer services, such as money transfer services towards family maintenance; money transfer services in favour of foreign tourists visiting Nigeria, etc.
- “The money transfer services shall target individual customers and the transactions shall be on “person to person”, “business to person” and “business to business” transfer basis which may be reviewed by the CBN from time to time.”
The CBN’s recent decision to restrict IMTOs to inbound transfers only marks a significant shift in the regulatory landscape for foreign exchange and remittance services in Nigeria.
This move could have multiple implications, including potential impacts on Nigeria’s foreign exchange market dynamics and remittance landscape.
Also, IMTOs are barred from purchasing foreign exchange from the domestic market to fulfil their obligations.
This decision could be seen as an attempt by the CBN to manage foreign exchange reserves and stabilise the local currency by limiting the outflow of foreign currency.
It might also enhance the monitoring of international financial transactions and prevent illicit financial flows.
However, this could also lead to specific challenges for individuals and businesses accustomed to IMTOs for outbound transfers, compelling them to seek alternative channels.
CBN limits FX inflow payments to Naira
It appears that the CBN might have placed a ban on dollar and other foreign currency payouts for international transactions, according to the latest guidelines.
This is unlike the previous guidelines, where there was no clear statement on the currency in which the inflow payments should be made.
The new document read:
- “All inbound money transfers to Nigeria shall be paid to beneficiaries in Naira through a bank account, or cash. Proceeds of IMTO more than the equivalent of $200 shall be paid through an account. Cash payments shall be made upon the provision of a satisfactory/acceptable means of identification.
- “Where the beneficiary does not have an account with the IMTO agent bank, the agent bank shall credit the beneficiary account in another bank.”
This comes about seven months after the central bank introduced the naira payout option for diaspora remittances.
Before that period, the CBN had released a circular in 2021, stressing that it is a breach of its regulations for diaspora remittance payments to be made in naira.
In the new guidelines, the apex bank noted that the exchange rate for the naira payment shall be at the prevailing rate in the Nigerian Foreign Exchange Market. This comes barely a week after the naira crashed to a record low of N1,482.57/$ following strong demand on the official market, also known as NAFEM, exceeding the parallel market rates.
This policy might pose challenges for recipients who prefer or require US dollar payouts for international transactions. They may face difficulties due to the potential disparity between the official exchange rate and the parallel market rates. Moreover, for Nigerians living abroad and sending money home, the impact of this policy on remittance flows could be significant, possibly influencing their choice of remittance channels.
Also, Nairametrics observed that the apex bank removed the option for foreign inflow to be received in mobile money wallets, limiting it to bank accounts, which may lead to an increase in the number of domiciliary accounts in the country.
This comes almost five months after the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, disclosed the government’s interest in funds in domiciliary accounts.
More Insights
- There were early reports that the Federal Government and the apex bank were considering converting domiciliary accounts to naira as part of measures to solve the forex crisis and stop the crash of the naira.
- However, the Federal Government and the CBN denied that there are plans to convert $30 billion domiciliary deposits to naira.
- Despite CBN and the Federal Government countering the allegations in the media reports, it appears that Nigerians may not be able to withdraw foreign currency from their domiciliary accounts in line with this new set of guidelines.
- Also, Nairametrics recently reported that the CBN banned banks and financial technology companies (fintechs) from international money transfer services.
- This development coincides with an earlier circular from the CBN aimed at curbing what it perceives as rampant foreign currency speculation and hoarding among Nigerian banks. The nation’s financial watchdog has been growing concerned about these activities, which can significantly distort market dynamics.
- The CBN’s revised guidelines for IMTOs represent a significant policy shift with far-reaching implications for Nigeria’s foreign exchange and remittance sectors. It reflects the bank’s ongoing efforts to regulate the financial landscape, particularly in international money transfers, while balancing economic stability and compliance with international financial standards.
- However, this latest policy may influence how diaspora remittances are received, and cross-border financial commitments are met. On the global stage, this decision could also affect Nigeria’s position in the international remittance market, potentially altering the flow of remittances into the country.
[Nairametrics]
President Geingob, who died of cancer at the age of 82, was reported dead on Sunday by the Namibian government.
In a statement issued on Sunday by his special adviser on media and publicity, Ajuri Ngelale, President Tinubu noted that President Geingob, whom he described as a veteran of the struggle for democracy, died at a time the African continent needs more visionary leaders, who believe in its common destiny.
The statement read: “On behalf of the government and people of Nigeria, President Bola Tinubu extends deep condolences to the government and people of Namibia over the passing of His Excellency, President Hage Geingob.
“President Tinubu mourns the painful loss of this veteran in the struggle for democracy; proponent of good governance, and advocate of economic, social, and political solidarity among African peoples.
“The President notes that this tragedy comes at a time when Africa needs more visionary leaders who believe in the common destiny of the continent, and who can strengthen bonds across borders and spread the tendrils of cooperation across all fields of human endeavour.
“As Namibia mourns, President Tinubu assures the Republic that his thoughts and prayers, and indeed those of Nigerians, are with them.”
[TheNation]
The kidnapped pupils and staff of Apostolic Faith Group of Schools, Emure Ekiti have regained their freedom.
A confirmation from the Ekiti State Police Command Spokesperson, Sunday Abutu on Sunday morning, however, indicated that the driver is dead.
The abductees were said to have been released in the early hours of Sunday.
They were kidnapped on Monday evening along Emure – Eporo Road while returning to Eporo after closing school.
The kidnappers shot at the bus and later whisked away nine persons comprising five students, three female teachers and a driver among the occupants of the bus.
The police PPRO said, “All victims were rescued today at about 1.30am, but unfortunately, we lost the driver who was suspectedly killed by the abductors.”
A government official at Emure Ekiti, who confirmed the release of the abductees, said, “The abductees are here, the parents and family members are here. I will give you details shortly.”
A source, who also confirmed the development, said that officials of the state Ministry of Health were on the ground to take them to Ado Ekiti, the state capital for medical attention.
Meanwhile, Ekiti State Governor, Biodun Oyebanji, on Saturday assured parents and families of kidnapped pupils and staff of the Apostolic Faith Group of Schools, Emure Ekiti, that they would soon be rescued to rejoin them.
Watch video below:
[Punch]
Mike Ejiofor, a former Director of the Department of State Services has recounted how he discouraged payment of ransom until he got kidnapped.
During an interview with Vanguard, Ejiofor shared his thoughts on the escalation of kidnapping in the country, and also outlined the interim and long-term measures the government can embrace. He also explained why payment of ransom is the only available option to victims and their loved ones.
On insecurity spiralling out of control, he said;
"It is not out of control but people are worried. I am worried. The issue is that we have not deployed sufficient resources to tackle the problem. No one should be blaming the government now because this issue has been festering for a long time. The largest we have in the budget is for the security sub-sector. There should be proper oversight to ensure the funds are properly deployed. We have to ensure the monies are not diverted by the leadership of security agencies. They shouldn’t live luxurious lifestyles.
You can see what is going on in the country, with people having parties and displaying affluence when the masses are suffering. People in leadership positions should change their lifestyles because of the masses. They can’t be in leadership positions forever. One day, they will leave office and become ordinary people like the masses.
They now see it as an industry. Everybody is getting involved because of economic hardship. The economy is partly responsible for the escalation of criminality. People are suffering. You can’t attack people’s houses and see cash. You can’t break into a shop to collect things because you will be arrested. The quickest way to make money now is through payment of ransom.
The targeting of traditional rulers calls for concern because they are targeting the fabric of our traditional institution. It is to make the government very unpopular and possibly destabilise the government. That is why government needs to act very fast."
On payment of ransom and kidnappers killing their victims after a ransom has been paid, Ejiofor said;
"It has been happening before and it becoming rampant for them to kill even after collecting ransom. All these are aimed at bringing government to disrepute. There are so many issues that are not meant for public consumption. That is why I said government must intervene to ensure that these people are stopped. If they continue to make advance into Federal Capital Territory, FCT, and they get into the metropolis, of course, they would be seen to have embarrassed government. And everyone would say since Abuja is no longer safe, nowhere in Nigeria. From the way the attacks are taking place now, it seems nowhere is safe anymore. They were restricted to the North-West and North- Central before, but it is happening everywhere now. We saw what happened in Ekiti, Oyo, Ondo and other places. It has become an industry and must be rooted out.
Before I became a victim, I had often said people shouldn’t pay ransom. But that notion changed after I became a victim. He who feels it knows it. Unless you are not involved, you will do everything possible including payment of ransom to release your relative. Of course, government will always discourage people from paying ransom. For me, I believe in the saying that he who fights and runs away lives to fight another day. If you secure yourself, if government cannot secure you, that’s fine.
Another option could have been for government to supervise the payment of ransom to get information. But victims do not cooperate with police. For example, when the wife of former Central Bank Governor, Emefiele, was kidnapped, money used for ransom was marked and the suspects were later arrested. But victims’ families are always impatient. You don’t blame them because they want their loved ones safe. If police or government is telling you not to pay ransom, it is expected. But until you are affected, you will know whether to pay ransom or not."
The Independent National Electoral Commission (INEC) has rescheduled elections in 16 polling units in Jos North/Bassa Federal Constituency of Plateau because of missing ballot papers.
Dr Oliver Agundu, INEC Resident Electoral Commissioner (REC) in Plateau, said in a statement on Saturday night that the election has been rescheduled for Sunday, February 4.
Agundu said that voting would commence at 9:30 am and end at 3:30 pm.
The REC stated that the commission discovered on the eve of the re-run on Saturday that the ballot papers for 16 polling units had gone missing.
He said that the matter had been referred to the security agencies for investigation.
“Determined that voters in the affected polling units were not disenfranchised, the commission convened a stakeholders’ meeting to explain the situation and discuss the way forward.
“It was resolved that the commission should remobilize and conduct the election in the affected polling units on Sunday, February 4, 2024, to conclude the process in the Federal Constituency.
“Consequently, the election will be held in three polling units (out of 216) in Naraguta “B” Ward and 13 polling units (out of 187) in Tudun Wada-Kabong Ward of Jos North LGA, making a total of 16 polling units (out of 403) with 15,904 registered voters.
“To allow for the reconfiguration of the BVAS devices and other logistics arrangements, stakeholders agreed that voting would commence at 9:30 am and end at 3:30 pm.
“As usual, all voters in the queue before 3:30 pm will be allowed to vote,” he said.
Agundu appealed to all eligible voters in the constituency to come out and cast their votes peacefully for the candidates of their choice.
He emphasised that the arrangement only affected registered voters in the 16 polling units in the federal constituency, saying that it does not affect registered voters in the Jos North Senatorial District.
Officials of the Independent Corrupt Practices and Other Related Offences Commission, ICPC, have arrested at least three persons suspected to be vote buyers in Sokoto State during the Saturday bye-elections exercise.
The commission stated this in a post on its official X handle.
The post informed that the suspects were caught in a polling unit at the Yabo/Shagari Federal Constituency in Sokoto State, with the sum of N3,105,400 within the voting premises.
The commission stated that all the suspects had been taken into custody, stressing that an investigation to unravel the reason for the act had commenced.
ICPC noted that it will work with the Independent National Electoral Commission, INEC, in the prosecution of the cases.
Recall that the electoral umpire had on Saturday suspended the election in some parts of the country following violence and abduction of officials by hoodlums.
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The candidate of the All Progressives Congress, APC, for the bye-election in Surulere Federal Constituency I, Lagos, Fuad Laguda has been declared winner of the polls.
The Independent National Electoral Commission, INEC declared him winner of the Saturday election after garnering 11,203 votes.
While declaring the results, the Returning Officer for the bye-election, Prof Simeon Adebayo, said the APC candidate scored the highest votes.
Laguda defeated his main challengers, Adeola Adebanjo of the Labour Party and Jerry Afemighie of the Peoples Democratic Party.
Recall that the seat was declared vacant following Femi Gbajabiamila‘s resignation to become the Chief of Staff to President Bola Tinubu.
See full result:
ADC – 40
APC – 11, 203
APGA – 6
APM – 7
APP – 4
LP – 240
NNPP – 8
PDP – 278
SDP – 2
YPP – 9
ZLP – 4
More...
The Independent National Electoral Commission, INEC, has declared Dr Alhassan Zakariya Ishaq of the New Nigeria Peoples Party, NNPP, the winner of Saturday’s rerun election in Kura/Garun Mallam State Constituency in Kano.
Our Correspondent reports that the returning officer of the election, Prof. Shehu Musa Galadanchi, announced that Ishaq of NNPP polled 37,262 to beat Musa Hayatu Daurawar of the All Progressives Congress, APC, who scored 30,803 votes.
Recall that the appeal court had directed INEC to conduct a rerun election at 20 polling units in the Kura/Garun Malam state constituency In Kano State.
In the same vein, INEC, declared Bello Muhammad Butu-Butu of the New Nigeria Peoples Party, NNPP, winner of Saturday’s rerun election at Rimin Gado/Tofa state constituency.
The returning officer of the election, Prof. Ibrahim Tajo Suraj also announced that Bello Muhammad Butu-Butu of the NNPP polled 31,135 votes to beat his opponent of the All Progressives Congress, APC, who received 25,577 votes.
The appeal court had also directed INEC to conduct a rerun election at 33 polling units in the Rimin Gado/Tofa state constituency.
The Returning Officer of Independent National Electoral Commission (INEC) in Zamfara, Prof. Femi Rufus, of the Federal University, Gusau, has declare Mustapha Sadauki of People Democratic Party (PDP) as the winner of the Shinkafi State Assembly Constituency.
The returning officer said Sadauki, having met the requirements of the law and scored the highest votes, was declared as the winner and returned elected.
The candidate defeated Usman Shinkafi of the All Progressives Congress (APC) with 32 votes from the first and rerun elections.
Prof. Rufus said the total registered voters of the nine polling units from five wards were 6,651 out of which 5,457 were accredited for the rerun election.
The cumulative result of the first and rerun elections was announced as Registered voters, 95,646; Accredited voters, 29,184; Votes cast, 28,873; Valid votes, 28,262; and Rejected votes, 611.
He said the total votes scored by APC candidate were 13,508 while that of PDP was 13,540, therefore the APC candidate was defeated by 32 votes.
The kidnapped pupils and staff of Apostolic Faith Group of Schools, Emure Ekiti have regained their freedom.
A confirmation from the Ekiti State Police Command Spokesperson, Sunday Abutu on Sunday morning, however, indicated that the driver is dead.
The abductees were said to have been released in the early hours of Sunday.
They were kidnapped on Monday evening along Emure – Eporo Road while returning to Eporo after closing school.
AFCON 2023: Osimhen Taken In For Random Dope Test By CAF0.00 / 0.00
The kidnappers shot at the bus and later whisked away nine persons comprising five students, three female teachers and a driver among the occupants of the bus.
The police PPRO said, “All victims were rescued today at about 1.30am, but unfortunately, we lost the driver who was suspectedly killed by the abductors.”
A government official at Emure Ekiti, who confirmed the release of the abductees, said, “The abductees are here, the parents and family members are here. I will give you details shortly.”
A source, who also confirmed the development, said that officials of the state Ministry of Health were on the ground to take them to Ado Ekiti, the state capital for medical attention.
Meanwhile, Ekiti State Governor, Biodun Oyebanji, on Saturday assured parents and families of kidnapped pupils and staff of the Apostolic Faith Group of Schools, Emure Ekiti, that they would soon be rescued to rejoin them.
Watch video below
Media
VIDEO: Abducted Ekiti School Children, Teachers Regain Freedom
— Punch Newspapers (@MobilePunch) February 4, 2024
The kidnapped pupils and staff of Apostolic Faith Group of Schools, Emure Ekiti, have regained their freedom.
PUNCH Online reports that the abductees were said to have been released in the early hours of Sunday.… pic.twitter.com/oxDw26pfgA
The Economic and Financial Crimes Commission has recovered over N30bn from the N37,170, 855,753.44 allegedly laundered in the Ministry of Humanitarian Affairs under the former minister, Sadiya Umar-Farouk.
Sources in the anti-graft agency, who spoke with our correspondent on Friday, said the commission had also uncovered over N500m from the scam associated with Umar-Farouk’s successor, Betta Edu, who was recently suspended by President Bola Tinubu.
Saturday PUNCH had in December reported that N37,170,855,753.44 was transferred from government coffers and sent to 38 different bank accounts domiciled in five legacy commercial banks belonging to or connected with a contractor, James Okwete.
It was gathered on Friday that N30bn was recovered by the EFCC following the placement of a lien on the bank accounts of Umar-Farouq and Okwete, who are still being grilled by the anti-graft agency’s investigators.
AFCON 2023: Super Eagles Through To Quarter-Finals0.00 / 0.00
The agency is also still grilling Edu in connection with an alleged N17bn fraud, while the suspended Coordinator of the National Social Investment Programme, Halima Shehu, is also still being questioned over an alleged N44bn fraud.
An EFCC source revealed, “The commission has now recovered over N30bn from the laundered N37.1bn that was linked to former minister Sadiya Umar-Farouq. We were able to recover the money after we placed liens on the bank accounts of the former minister and the contractor, Mr Okwete, who was linked to the fraud under probe. Both the minister and the contractor are still being grilled by our investigators daily.”
A senior EFCC investigator added, “We have uncovered another N17bn money laundering from the Ministry of Humanitarian Affairs, and for the alleged fraud linked to the suspended minister, Betta Edu, we have so far recovered over N500m. Edu is still answering questions about the fraud.
“The NSIPA coordinator, Halima Shehu, is still being grilled over the N44bn fraud linked to her at the NSIPA; our investigators aren’t leaving any stone unturned.”
When contacted for comments on the development, the spokesperson for the EFCC, Dele Oyewale declined comments.
In another development, the EFCC said it recovered a total of N70,556,658,370.5 between October 2023 and January 19, 2024.
Details of the recovery were outlined in an EFCC document titled, ‘Operations and Recoveries’, which was exclusively obtained by our correspondent.
The document revealed that in the period under review, the EFCC recovered N60,969,047,634.25, $10,522,778.57, £150,002.10 and €4,119.90, making a total of N70,556,658,370.5.
It added that the EFCC received a total of 3,325 petitions, accepted 2,657 of the petitions, and secured the conviction of 747 persons for financial crimes ranging from money laundering to Internet fraud in the same period.
A breakdown of the data shows that the EFCC headquarters alone recovered N49,607,391,330.44, $3,900,200.75, £2,000, and £110.
The Maiduguri Zonal Command recovered N58,065,870 and $3,370; the Gombe Command recovered N127,323,028.50 and $1,500; while the Kano Command recovered N141,944,451 and $365.
The Makurdi Command recovered N53,228, 325; Enugu Command, N202,117,000; and $1,950; Uyo Command, N25,299,950 and $710; and Port Harcourt Command, N2,412,247,210.05 and $5,714,389.21.
The Sokoto Command recovered the sum of N100,696,118.72; Kaduna Command, N331,494,710.81, $912, £50, and €1,610; Ilorin Command, N80,280,580.86 and $880; Abuja Zonal Command, N825,928,463 and $10,000; and Ibadan Zonal Command, N135,519,810, $14517, £280, and €500.
The Lagos Zonal Command was said to have recovered N6,826,993,798.78, $868,284.61, £147,672.10, and €1,899.90, while the Benin Zonal Command recovered n49,515,987.09 and $5,700.
Within the same period, the agency said it secured the conviction of 747 persons for offences ranging from money laundering to cybercrimes.
However, the Chairman of the EFCC, Ola Olukoyede, at a dialogue in Abuja on Wednesday, revealed that most of the 747 convictions involved persons who were prosecuted for cybercrime offences.
Meanwhile, the commission has said that it has deepened its probe into money laundering cases involving some high-profile public officials, especially former governors and ministers indicted for fraud.
The total amount involved in the money laundering cases rose to around N130.1bn as of January 31, 2024.
Details of the development were contained in an EFCC document titled, ‘100 Days in Office’, detailing ongoing probes, discoveries, and recoveries made by the commission under Olukoyede.