Connect with us

NEWS

Again, U.S. Repatriates Another $20.6 Million Abacha Loot To Nigeria Govt

Published

on

Repatriates Another $20.6 Million Abacha Loot

The Department of Justice announced today that it has transferred over $20.6 million to the government of the Federal Republic of Nigeria (Nigeria) in accordance with an Aug. 23 agreement between the governments to repatriate assets the United States forfeited that were traceable to the kleptocracy of former Nigerian Dictator General Sani Abacha and his co-conspirators, according to People’s Gazette

This repatriation brings the total amount forfeited and returned by the United States in this case to approximately $332.4 million.

In 2014, a judgment was entered in the District of Columbia ordering the forfeiture of approximately $500 million located in accounts around the world, as the result of a civil forfeiture complaint for more than $625 million traceable to money laundering involving the proceeds of General Abacha’s corruption. In 2020, the department repatriated over $311.7 million of the forfeited assets that had been located in the Bailiwick of Jersey. Last year, the U.K. government enforced the U.S. judgment against the additional over $20.6 million.

The forfeited assets represent corrupt monies laundered during and after the military regime of General Abacha, who became Head of State of Nigeria through a military coup on Nov. 17, 1993, and held that position until his death on June 8, 1998. The complaint filed in this case alleges that General Abacha, his son Mohammed Sani Abacha, their associate Abubakar Atiku Bagudu, and others embezzled, misappropriated, and extorted billions of dollars from the government of Nigeria and others, then laundered their criminal proceeds through U.S. financial institutions and transactions in the United States. The United Kingdom’s cooperation in the investigation, restraint, and enforcement of the U.S. judgment, along with the valuable contributions of Nigeria and other law enforcement partners around the world, including the United Kingdom’s National Crime Agency, as well as those of the Justice Department’s Office of International Affairs, have been instrumental to the recovery of these funds.

Under the agreement signed in August, the United States agreed to transfer 100% of the net forfeited assets to Nigeria to support three critical infrastructure projects in Nigeria that were previously authorized by Nigerian President Muhammadu Buhari and the Nigerian legislature. The $20,637,622.27 mark is a slight reduction from the $23 million announced in August due primarily to exchange rate fluctuations between British pounds sterling and U.S. dollars. The funds governed by this agreement will help finance the Second Niger Bridge, the Lagos-Ibadan Expressway, and the Abuja-Kano road – investments that will benefit the citizens of each of these important regions in Nigeria.

The agreement includes key measures to ensure transparency and accountability, including administration of the funds and projects by the Nigeria Sovereign Investment Authority (NSIA), financial review by an independent auditor, and monitoring by an independent civil society organization with expertise in engineering and other areas. The agreement also precludes the expenditure of funds to benefit alleged perpetrators of the corruption or to pay contingency fees for lawyers. The agreement reflects the sound principles for ensuring transparency and accountability adopted at the Global Forum on Asset Recovery (GFAR) in December 2017 in Washington, D.C., which the United States and the United Kingdom hosted with support from the Stolen Asset Recovery Initiative of the World Bank and United Nations Office on Drugs and Crime.

The department appreciates the extensive assistance provided by the governments of the United Kingdom, Nigeria, Jersey, and France in this investigation.

This case was brought under the Kleptocracy Asset Recovery Initiative by a team of dedicated prosecutors in the Criminal Division’s Money Laundering and Asset Recovery Section working in partnership with the FBI. Through the Kleptocracy Asset Recovery Initiative, the Department of Justice and federal law enforcement agencies seek to safeguard the U.S. financial system from criminal money laundering and to recover the proceeds of foreign official corruption. Where appropriate and possible, the department endeavors to use recovered corruption proceeds to benefit the people harmed by acts of corruption and abuse of public trust.

NEWS

Bayelsa Assembly Sacks Sagbama LGA Chairman, Deputy

Published

on

The Bayelsa State House of Assembly has approved the removal from office of the Chairman of Sagbama Local Government Area, Alice Allen Tangi, and her Vice-Chairman, Sufade Jefferson Tobi, over alleged gross misconduct.

The decision was taken during Tuesday’s plenary following consideration of a petition against the two elected local government officials.

ALSO READ: 120 Bayelsa Youths, SMEs Gain from NCDMB Training

The Speaker of the House, Abraham Ingobere, said the resolution was reached in accordance with the Bayelsa State Local Government Administration Law, 2000, and other relevant legal provisions.

According to him, the petition bordered on the alleged failure of the chairman to present monthly transparent briefings and the annual budget before spending public funds.

Ingobere also said Tangi allegedly failed to honour invitations by the House to respond to the allegations.

The Speaker said the House secured the required two-thirds majority for the removal, with 17 of the 20 lawmakers present voting in favour of the resolution.

“The resolution of the House will be communicated to the executive arm of government for necessary action.”

He added that the affected officials had allegedly failed to appear before the House despite several invitations to respond to the issues raised in the petition.

The Assembly also cited relevant provisions of the 1999 Constitution and the Bayelsa State Local Government Administration Law in arriving at its decision.

Meanwhile, the Assembly approved Governor Douye Diri’s request for the payment of the Consolidated Academic Tools Allowance and Consolidated Non-Teaching Tools Allowance to staff of the state-owned universities.

Supporting the request, the Leader of the House, Monday Obolo, said the approval was necessary because of the challenges confronting the state-owned universities.

“Due to the enormous challenges faced by state-owned universities, the approval is necessary in order to enhance the productivity of lecturers and non-lecturers.”

Obolo said the projected monthly financial implication of the allowances across the three state-owned universities was N564,842,691.58.

He said the amount would be incorporated into the state’s salary structure, with payment expected to commence next month.

The House also approved a new chart of accounts to accommodate newly created ministries, departments and agencies of the state government.

Lawmakers said the measure was in line with international best practices and intended to promote transparency in tracking government revenue and expenditure and improve budgetary planning.

Similarly, the Assembly approved the 2027–2029 Medium Term Expenditure Framework and Fiscal Strategy Paper submitted by Diri.

Obolo described the MTEF-FSP as a precursor to the annual budget, saying it would enable the government to plan using key macroeconomic indicators, including crude oil prices, exchange rates and inflation.

The Assembly also conducted first readings of the Universal Basic Education Board Amendment Bill, 2026, and the Senior Secondary Education Board Bill, 2026.

Continue Reading

NEWS

Why Adeleke Defeated APC in Osun, Wike Explains

Published

on

I will Sack Oyetola's 30 PS Appointees On Monday – Adeleke

The Minister of the Federal Capital Territory, Nyesom Wike, has explained why Governor Ademola Adeleke defeated the All Progressives Congress candidate, Bola Oyebamiji, in the August 15 Osun State governorship election.

Wike said Adeleke emerged victorious because President Bola Tinubu allowed the election to be free and fair, dismissing claims that the Federal Government manipulated the poll.

The minister spoke on Tuesday during an inspection tour of flood-affected areas in the Federal Capital Territory.

SEE ALSO: 2027: Wike Predicts Easy Victory for Tinubu, Says Opposition Is ‘Crippled and Depleted’

According to Wike, the election outcome demonstrated that the Tinubu administration did not deploy federal influence to undermine the opposition.

He pointed to Tinubu’s decision to congratulate Adeleke after the election as evidence that the President allowed the democratic process to take its course.

“The President called him… congratulating him (Adeleke). What does it tell you? If Tinubu did not allow a free and fair election, would they have won? No!” Wike said.

The FCT minister also rejected claims that federal might was used to influence the outcome of the election, drawing from his experience in previous political contests.

“When you say force of the federal government… ask those who have survived it, though—people like me who survived federal might. It’s not by saying ‘they say, they say.’ It’s not true,” he said.

Adeleke polled 511,067 votes to defeat Oyebamiji, who scored 444,815 votes, giving the incumbent governor a margin of 66,252 votes.

The governor also won 19 of Osun State’s 30 local government areas, while the APC candidate secured 11.

Wike cautioned political observers against interpreting the outcome of the off-season governorship election as an indication of what would happen in a presidential election.

Meanwhile, the minister also addressed the recurring flooding in parts of the FCT, saying the issue should not be politicised without examining its underlying causes.

He said some critics had used the flooding to attack the administration while ignoring its achievements in other areas.

Wike added that government officials and residents also had roles to play in preventing flooding.

He further rejected suggestions that poor residents were responsible for major structural encroachments on waterways and restricted areas, saying many of the structures obstructing drainage channels were built by wealthy Nigerians and had existed for years before the current administration.

Continue Reading

NEWS

Dangote Refinery Bags $1bn Backing Ahead of IPO

Published

on

The Dangote Petroleum Refinery and Petrochemicals has secured a $1bn underwriting programme ahead of its planned Initial Public Offering.

The programme, structured by Marob Strategies and Consulting DIFC Ltd and Lilium Capital Group, consists of a completed and funded $600m private placement and an additional $400m underwriting commitment in support of the planned IPO.

SEE ALSO: Dangote, CNN Seal Multi-Year Partnership, Launch New ‘Africa Inc.’ Show

The Dangote Group disclosed this in a statement on Tuesday, saying the $600m private placement had been underwritten and funded by Pan-African Refinery Investment SPV, a subsidiary of Lilium Capital Group.

It added that Marob Strategies and Lilium Capital are coordinating the distribution of the underwriting participation across Global Africa, targeting sovereign wealth funds, governments, institutional investors and other eligible investors.

According to the advisers, the response has been strong, reflecting growing institutional appetite for large-scale African assets capable of generating long-term economic value.

The programme is also expected to catalyse significant intra-African capital flows and contribute to the development of a more integrated African capital market under the auspices of the African Continental Free Trade Area.

President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, described the transaction as an important milestone for the refinery and African capital markets.

“This is an important milestone for DPRP and for African capital markets,” Dangote said.

He added that the transaction reflected confidence in the refinery’s strategic role and created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa.

“The successful completion of the private placement, together with the $400m underwriting commitment provided by Pan-African Refinery Investment SPV in support of the planned IPO, reflects confidence in the refinery’s strategic role. The work undertaken by Marob Strategies and Lilium Capital has also created a platform for broader participation by African and Caribbean sovereign wealth funds, governments and institutional investors across Global Africa,” he said.

Chairman of Marob Strategies, Professor Benedict Okey Oramah, said the transaction demonstrated the appetite for African-led capital market transactions providing access to transformative assets on the continent.

“As Chairman, I am very proud of the work undertaken by the management team at Marob Strategies to bring this transaction to fruition. Marob Strategies is now focused on disciplined distribution across Global Africa and is engaging sovereign wealth funds, governments, institutional investors and other eligible investors.

“The level of interest confirms the appetite for African-led capital markets transactions that provide investors with access to transformative assets on the continent. The success of this transaction paves the way for many more such transactions in the future,” he said.

Also, Chairman of Lilium Capital Group, Simon Tiemtoré, described the mandate as part of the firm’s effort to connect major African opportunities with institutional investors across Global Africa and international markets.

“This mandate reflects Lilium Capital’s commitment to connecting world-class African opportunities with institutional investors across Global Africa and international markets.

“By mobilising long-term capital for strategic assets such as the Dangote Petroleum Refinery, we are supporting industrialisation, strengthening capital markets and contributing to sustainable economic growth across the continent.

“We are proud to support DPRP on this landmark transaction and look forward to mobilising capital for more transformative projects that create lasting value for Africa,” he said.

Continue Reading

Copyright © 2022. Biztellers, powered by Alphaxristi.

0
Would love your thoughts, please comment.x
()
x