NEWS
Ex Lawyer Of James Ibori Ordered To Pay £28 Million
A United Kingdom (UK) court has issued an order for Bhadresh Gohil, an ex-lawyer of James Ibori, the former Governor of Delta State, to pay £28 million.
This payment is in connection to his involvement in concealing illegally obtained funds. Gohil, who is of Indian descent, was previously convicted in 2010 on 13 counts of money laundering and other related offenses related to his assistance in hiding the proceeds of criminal activities for Ibori.
Back in 2010, Gohil received a ten-year prison sentence, and he has served half of that term. As per Reuters, the court recently ruled that he must pay over £28 million or face an additional six-year sentence.
The decision by the court follows a similar ruling last week against Ibori, who was ordered to pay £101.5 million ($130 million) or else face an eight-year sentence.
Ibori has expressed his intent to appeal the ruling by the UK court.
At the conclusion of lengthy confiscation proceedings at Southwark Crown Court in London Monday, the UK’s Crown Prosecution Service (CPS) said Gohil was found to have benefited in the sum of 42.4 million pounds and the judge determined that he has available assets of 28.2 million pounds to pay a Confiscation Order or serve six additional years in prison.
“This was one of our largest international cases and illustrates how robustly the CPS tackles international illicit finance and corruption,” said Adrian Foster, Chief Crown Prosecutor in the CPS Proceeds of Crime Division.
“The amount that both defendants have benefited from their criminality has been highly contested, but thanks to the hard work of our dedicated team and that of the National Crime Agency (NCA), we have been able to uncover the full extent of their corruption.
“This has led to the making of Confiscation Orders of over 128 million pounds, which will ultimately result in the return of funds back to the people of Nigeria,” he said.
Gohil’s client James Ibori, 61, was found to have used his position as Governor of Delta State in Nigeria to steal millions to fund a lavish and luxurious lifestyle, buying properties in London, Washington DC, and Texas, as well as a Mercedes and a Bentley.
His case concluded Friday, when the judge determined he systematically defrauded the state and its citizens of millions of pounds, was ordered to pay over 101 million or face an additional eight years in prison.
His case concluded Friday, when the judge determined he systematically defrauded the state and its citizens of millions of pounds, was ordered to pay over 101 million or face an additional eight years in prison.
“This very significant amount of money was confiscated following an extensive investigation. Ibori was powerful and influential, but he was not above the law. Now the life he built from criminal enterprises has been taken from him,” said Suzanne Foster, the Branch Commander of NCA.
“Ibori’s funds will be returned to the Nigerian government where they will be reinvested into public services… We will continue to work with partners to tackle the global threat of money laundering, and target anyone that undermines the integrity of our financial system,” she said.
NEWS
N1.7trn Loan: Atiku Blames NASS For Worsening Nigeria’s Debt Burden
Former Vice President, Atiku Abubakar has criticized the federal government’s plan to secure an additional N1.7 trillion loan through Eurobonds to cover a shortfall in the 2024 budget, describing the borrowing as unsustainable and harmful to Nigeria’s economy.
In a statement shared on Thursday via his X (formerly Twitter) handle, Atiku accused the Bola Tinubu-led administration of burdening Nigerians with debt while failing to provide clear answers about the country’s fiscal challenges.
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He also faulted the National Assembly for enabling what he called a “voracious appetite” for loans.
The former Peoples Democratic Party (PDP) presidential candidate expressed alarm over a recent World Bank report ranking Nigeria as the third most indebted country to the International Development Association (IDA), calling the development troubling.
“The recent report released by the World Bank, showing Nigeria as the third most indebted country to the International Development Association (IDA), is very concerning,” Atiku stated.
He raised further concerns about the government’s decision to benchmark the proposed loan at an exchange rate of 1 USD to N800, despite the Central Bank of Nigeria’s official rate being over N1,600.
“What makes this particular loan proposal even more concerning is that it is benchmarked at the exchange rate of 1 USD to N800, whereas the current exchange rate from the Central Bank of Nigeria stands at over N1,600 to 1 USD,” he said.
Atiku questioned the need for additional borrowing, given the government’s earlier claims of record-high revenue collection.
“In July this year, Tinubu boasted that the FIRS and Customs under his watch had collected all-time high revenues to finance the budget. Why are they still borrowing?” he said
He accused the government of a lack of transparency, describing the borrowing spree as detrimental to Nigerians already struggling under economic hardship.
“There is something that they are not telling Nigerians, even as they are being crushed by a combination of their failed trial-and-error policies and loan rackets.”
Atiku also referenced a report by BudgIT, a budget monitoring group, which criticized the 2024 budget for its inefficiencies.
He alleged that corruption, rather than infrastructure or development needs, was driving the government’s borrowing decisions.
“These loans are powered by corruption and not for infrastructure and development needs. This voracious appetite for humongous loans is deeply concerning,” he said.
Reflecting on Nigeria’s financial history, Atiku lamented the return to significant foreign indebtedness just years after former President Olusegun Obasanjo’s administration cleared the country’s debt.
“It is agonizing to see that just a few years after the Obasanjo administration took us out of foreign indebtedness, we are today back at the top spot in the same conundrum,” he stated.
He called for a more cautious approach to borrowing, urging the government to prioritize fiscal responsibility and transparency to avoid worsening Nigeria’s economic challenges.
International News
ICC Issues Arrest Warrants For Israeli Prime Minister Netanyahu, Others
The International Criminal Court (ICC) has taken a historic step, issuing arrest warrants for Israeli Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant.
The charges include crimes against humanity and war crimes allegedly committed during Israel’s recent assault on Gaza.
In a detailed statement, the ICC accused the Israeli leaders of “intentionally and knowingly depriving the civilian population in Gaza of objects indispensable to their survival, including food, water, and medicine and medical supplies, as well as fuel and electricity.”
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The ICC’s move marks a significant escalation in international scrutiny of the Israeli-Palestinian conflict. Netanyahu and Gallant are alleged to have orchestrated policies that caused severe harm to the civilian population in Gaza, leading to widespread condemnation from human rights organizations.
Alongside the charges against Israeli officials, the ICC also issued an arrest warrant for Hamas military commander Mohammed Deif. Deif has long been a central figure in Hamas’s military operations. Israel’s military claims to have killed him in a July airstrike, although this has not been independently verified.
The warrants highlight growing calls for accountability amid the ongoing conflict in the region. The ICC’s actions are likely to provoke heated debate and may complicate diplomatic efforts aimed at resolving the crisis.
With the warrants issued, global attention now turns to how the international community will respond and whether any practical steps will be taken to enforce them.
NEWS
Edo State Governor Sets Up Committee To Recover Missing Gov’t Vehicles
Governor Monday Okpebholo of Edo State has inaugurated a 12-member committee tasked with recovering government vehicles reportedly in private hands.
The committee, led by Kelly Okungbowa, has been given a two-week mandate to retrieve the vehicles and ensure their return to the state government.
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Speaking during the inauguration ceremony in Benin City, Governor Okpebholo emphasized the importance of accountability in the management of public resources.
He urged the committee to carry out its assignment thoroughly and within the bounds of the law.
In his response, Okungbowa expressed gratitude to the governor for entrusting the team with the assignment, vowing to deliver results within the stipulated timeframe.
“A lot of vehicles used by the past administration are missing, as those in custody of the vehicles have refused to return them,” Okungbowa said.
“The governor deemed it fit to inaugurate us today with a mandate to recover all government vehicles in private hands.”
The committee, which includes representatives from Edo’s three senatorial districts, is set to investigate and recover the vehicles based on credible intelligence already at their disposal.
“We already have vital information regarding some persons still holding government vehicles,” Okungbowa stated. “We will do the job according to the law, and both the government and the people will be satisfied with the outcome.”
He also called on members of the public to assist the committee by providing information about any government vehicles that may still be in private possession.
“We want to appeal to members of the public who might be aware of anyone still keeping government vehicles in their houses to please inform us to enable the committee to recover such for the Edo State Government,” Okungbowa said.
The committee’s vice chairman, Rt. Hon. Victor Edoror, a former Speaker of the Edo State House of Assembly, will work alongside other members to ensure the success of the initiative. The public can reach the committee at 08110165121.