NEWS
N30bn Clawed Back From Humanitarian Ministry’s Looted Funds – EFCC
The Economic and Financial Crimes Commission (EFCC) has made significant strides in combating corruption by recovering a staggering N30bn from the alleged money laundering activities within the Ministry of Humanitarian Affairs.
The funds, linked to the former minister, Sadiya Umar-Farouk, were part of the N37,170,855,753.44 redirected from government coffers.
Moreover, the anti-graft agency has uncovered an additional N500m associated with Betta Edu, the successor to Umar-Farouk, who recently faced suspension by President Bola Tinubu.
These revelations shed light on a complex web of financial improprieties involving 38 bank accounts across five legacy commercial banks, all connected to the contractor James Okwete, as initially reported by BIZTELLERS.
According to report gathered, the Economic and Financial Crimes Commission (EFCC) successfully recovered N30bn after placing a lien on the bank accounts of Sadiya Umar-Farouq and contractor James Okwete.
Both individuals are currently undergoing intensive interrogation by the anti-graft agency.
Additionally, Betta Edu is still under scrutiny in relation to an alleged N17bn fraud, while the suspended Coordinator of the National Social Investment Programme, Halima Shehu, is also 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 said “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.”
In another update, the EFCC announced the recovery of a substantial sum amounting to N70,556,658,370.5 between October 2023 and January 19, 2024.
Exclusive details of this recovery were disclosed in an EFCC document titled ‘Operations and Recoveries,’ obtained by our correspondent.
The breakdown includes N60,969,047,634.25, $10,522,778.57, £150,002.10, and €4,119.90, highlighting a comprehensive effort in reclaiming illicit funds during this period.
Providing a comprehensive overview, the EFCC reported receiving a total of 3,325 petitions, accepting 2,657 of them.
During this period, the agency achieved the conviction of 747 individuals for various financial crimes, spanning from money laundering to Internet fraud.
Notably, the EFCC headquarters played a significant role in the overall recovery, securing N49,607,391,330.44, $3,900,200.75, £2,000, and €110.
Highlighting the extensive efforts across various commands, the Maiduguri Zonal Command recovered N58,065,870 and $3,370, Gombe Command secured N127,323,028.50 and $1,500, and Kano Command recovered N141,944,451 and $365.
Additionally, the Makurdi Command reclaimed N53,228,325, Enugu Command secured N202,117,000 and $1,950, Uyo Command recovered N25,299,950 and $710, while Port Harcourt Command excelled with N2,412,247,210.05 and $5,714,389.21.
Noteworthy recoveries include Sokoto Command with N100,696,118.72, Kaduna Command securing N331,494,710.81, $912, £50, and €1,610, Ilorin Command recovering N80,280,580.86 and $880, Abuja Zonal Command with N825,928,463 and $10,000, and Ibadan Zonal Command obtaining N135,519,810, $14,517, £280, and €500.
The Lagos Zonal Command reported a substantial recovery of N6,826,993,798.78, $868,284.61, £147,672.10, and €1,899.90.
In a parallel effort, the Benin Zonal Command secured the recovery of N49,515,987.09 and $5,700.
Simultaneously, the EFCC achieved 747 convictions during this period, predominantly centered on cybercrime and money laundering offenses.
Chairman Ola Olukoyede disclosed at a dialogue in Abuja that a significant portion of the convictions stemmed from prosecutions related to cybercrimes.
The EFCC further disclosed that it has deepened its investigation into money laundering cases involving high-profile public officials, including former governors and ministers accused of fraud.
The total amount implicated in these cases has reached around N130.1bn as of January 31, 2024, as revealed in an EFCC document titled ‘100 Days in Office,’ outlining ongoing probes, discoveries, and recoveries under Chairman Ola Olukoyede’s leadership.
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.