Finance
UK investigators in Nigeria, join EFCC to probe Diezani •Ex-minister’s probe began in 2013 –Britain
LAGOS-THE British National Crime Agency has dispatched a team of detectives to Nigeria who are now working with the operatives of the Economic and Financial Crimes Commission to probe Diezani Alison-Madueke, Nigeria’s former Petroleum Minister, during the administration of ex-President Goodluck Jonathan.
Findings by SUNDAY PUNCH revealed that the team of investigators from the UK Police was drawn from the Seizures Organised Crimes Agency.
A top operative of the EFCC, who spoke to one of our correspondents on condition of anonymity on Saturday, said the SOCA team had been involved in a discreet investigation of Alison-Madueke for two months before they finally moved against her.
The former petroleum minister left Nigeria shortly before the inauguration of President Muhammadu Buhari in May.It was further gathered that the team from SOCA had been working alongside a team of EFCC operatives from the Subsidy Unit led by a Chief Superintendent of Police.
The EFCC team was constituted in August 2015 by the Chairman of the anti-corruption agency, Ibrahim Lamorde, to investigate the activities of Alison-Madueke and the Nigerian National Petroleum Corporation.
The SU team was mandated to probe all the accounts of the Nigerian National Petroleum Corporation, which were under the supervision of the former minister.
SUNDAY PUNCH gathered on Saturday that the intensified investigation into the activities of the former minister was being supervised by Lamorde and the Director of Operations of the EFCC, Mr. Olusola Adegbite.
Investigations further showed that the operatives from the subsidy unit of the EFCC carried out the operation at Alison-Madueke’s Asokoro residence in Abuja, following her arrest on Friday.
An operative of the commission, who spoke on condition of anonymity, disclosed that the EFCC’s subsidy team ransacked the residence of the former minister for hours.
The operatives were said to have recovered several files from the ex-minister’s residence and they were carted away for further analysis by the combined team of investigators from the EFCC and the SOCA.
It was gathered that the operatives did not find anybody within the residence to guide them, so they had to get some security personnel who had worked with the former minister to gain access into the building through one of the windows.
It was further stated that the operatives later got the keys and searched all the rooms in the house for hours before they carted away the files.
The source said, “When our operatives got there, there was nobody in the building. What they did was to get the security men who were working with her to guide them through the building.
“They entered the building through one of the windows and later found the keys with which they accessed all the rooms. They found some documents in some files and they carted them away.”
Ex-minister’s probe began in 2013 — Britain
Similarly, the NCA has revealed that contrary to speculations that the corruption investigation leading to the arrest of Nigeria’s former Petroleum Minister started in 2013.
The Nigerian media, both the traditional and social media platforms, were awash with reports that it was President Buhari’s recent meeting with the Prime Minister of the United Kingdom, David Cameron, and other world leaders that led to the investigation and arrest of Alison-Madueke.
The ex-minister and current President of the Organisation of the Petroleum Exporting Countries was arrested on Friday by the NCA’s recently formed International Corruption Unit, along with four other persons.
She was arrested in London as part of an investigation into suspected bribery and money laundering offences.
Alison-Madueke was, however, granted bail but her passport was withheld by the British authorities, pending further investigations, both in the UK and other countries.
In an update on its website, the NCA noted that the investigation started about two years ago.
“The investigation commenced in 2013 under the Proceeds of Corruption Unit, and transferred to the NCA earlier this year (2015). The International Corruption Unit investigates bribery of foreign public officials by individuals or companies from the UK and money laundering by corrupt foreign officials and their associates,” it stated.
The UK crime agency added that the ICU would also trace and recover the proceeds of Alison-Madueke’s alleged corruption and support Nigeria’s law enforcement agencies with international anti-corruption investigations.
Meanwhile, the Coordinator of a UK-based group, Security in Africa, Mr. Ben Oguntala, told SUNDAY PUNCH that the arrest and possible prosecution of Alison-Madueke would only scratch the problem of corruption in Nigeria at its surface.
He said, “To have a simple Police Unit in the UK bring up partial evidence of corruption against a former minister is barely scratching the surface. You cannot fight corruption in this manner; it is far too complicated for ordinary corruption prosecution.
“What would have made this case extraordinary would be if Mrs. Madueke decides to reveal all. However, she is unlikely to do that, if your strategy is to arrest her first, embarrass her and drag her through the UK courts with little or insufficient evidence. Now, she will get a good lawyer and make the process the lengthiest as legally permissible.”
According to Oguntala, what President Buhari needs to do is not to allow a UK-led corruption charges.
He noted that the British government’s approach at fighting corruption cases emanating from Nigeria is putting the cart before the horse.
Also reacting to the ex-minister’s arrest, the Executive Director of Coalition Against Corrupt Leaders, Mr. Debo Adeniran, told SUNDAY PUNCH that the news of Alison-Madueke’s arrest in the UK was a good one.
According to him, the news will show the world that Nigeria is serious about fighting corruption and impunity usually perpetrated by its public officials.
“It came as a cheering news when we heard about her arrest in the UK. I felt relieved; at least a big fish has been caught in the cause of our anti-corruption crusade. It also shows that President Buhari is intent on bringing to book those who have looted the country’s treasury.
“We also want the Organisation of Petroleum Exporting Countries as an august organisation to deem it fit to replace Alison-Madueke as its president. She does not enjoy the trust and respect of Nigerians,” Adeniran stated.
Checks on the webesite of OPEC on Saturday night showed that the organisation had been quoting its alternate president, Dr. Mohammed Bin Saleh Al Sada, lately.
There was no recent mention of Alison-Madueke.
Efforts to get the Presidency to comment on the incident failed on Saturday.
The Special Adviser to the President on Media and Publicity, Mr. Femi Adesina, kept mum.
He also refused to speak on whether or not the Federal Government would seek the ex-minister’s extradition.
PUNCH-
The Central Bank of Nigeria (CBN) has refuted claims of devaluing the.
Earlier reports suggested that the CBN had devalued the Naira, lowering its exchange rate from N631 to the dollar, compared to the previous day’s rate of N461.60 at the Importers and Exporters (I&E) window.
However, the Central Bank of Nigeria (CBN) released a statement on Thursday through its Acting Head of Corporate Communications, Dr. Isa Abdulmumin, categorizing the report as false information.
In the statement titled ‘CBN Has Not Devalued The Naira’, he said the attention of the apex bank was drawn to the news report by an Abuja based newspaper edition of June 1, 2023, titled “CB Devalues Naira To 630/51”.
However, the CBN stated categorically that the news report was replete with outright FALSEHOODS and destabilizing innuendos, ‘reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.’
“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters (I&E) window traded this morning (June 1, 2023) at N465/USS1 and has been stable around this rate for a while.
“The public is hereby advised to ignore the news report by Daily Trust in its entirety, as it is speculative and calculated at causing panic in the market,” the CBN spokesman added.
He, therefore, advised media practitioners to verify their facts from the Central Bank of Nigeria before publishing in order not to misinform the public.
The interest rate in Nigeria has been raised to 18.5 percent, up by 0.5 percent, from 18 percent where it was pegged in March 2023.
The Central Banks of Nigeria’s (CBN) Monetary Policy Committee (MPC) resolved to this effect at its third meeting of 2023 in Abuja, on Wednesday.
Governor, CBN, Godwin Emefiele, made the disclosure in the communiqué of the MPC’s meeting, thereafter.
While engaging the media at the end of the two-day meeting, Emefiele, said the committee voted to keep the asymmetric corridor at +100 and -700 basis points around the MPR.
In the view of the MPC, rising inflation rate is traceable to the high energy cost and challenges around the supply chain, among others, which lie outside the corridors of the CBN.
Emefiele said, “The current trend in price development would continue to be monitored by the bank with greater collaboration with fiscal authority to address the drivers of inflation.”
Biztellers reports that the CBN had effected six consecutive interest rate increases, which has seen the rate move from 11.5 percent in March 2022 to 18.5 percent in May 2023.
In Nigeria, people have been forced to come up with creative solutions to cope with the effects of inflation and the economic crisis.
These improvised strategies have not only helped individuals save money, but also enabled them to stay afloat during difficult times.
In a concerning development, the recent trend of boycotting the high cost of cooking gas cylinders in Nigeria may pose a greater risk to lives than it does in terms of saving money.
Economy&Lifestyle investigations have revealed that the soaring prices of gas cylinders have reached a point where it has become increasingly challenging for average households to afford them, let alone refill them with gas.
The situation is further exacerbated by the fact that the pump price of kerosene, which would typically serve as an alternative, has become prohibitively expensive.
Upon investigation, it was found that the prices of gas cylinders vary depending on their sizes. A 3kg gas cylinder is priced at N14,000, while a 5kg cylinder costs N16,000. The larger cylinders are even more costly, with a 6kg cylinder priced at N17,000 and a 12.5kg cylinder costing N19,000.
Additionally, the expense continues when it comes to filling these cylinders with cooking gas, as it costs N2,600 for a 3kg cylinder, N5,200 for a 6kg cylinder, N8,950 for a 10.5kg cylinder, and N10,650 for a 12.5kg cylinder.
Consequently, an average household that needs to replace a worn-out 5kg cylinder would have to come up with N20,250 to purchase a new cylinder and fill it with gas, which can be a difficult feat to achieve.
As a result, many people have resorted to refurbishing their old cylinders and trying to use them as best as they can. However, this approach poses a significant danger.
Mrs. Rukayat Adesoji, a trader, shared her experience regarding her gas cylinder, which had become rusted and could no longer stand upright since last month. Due to the exorbitant prices of purchasing new cylinders, she resorted to seeking the assistance of a welder.
The welder patched the legs of the cylinder, repainted it, and ever since then, she has been using the refurbished cylinder for her cooking needs.
She said ““My gas cylinder which was 6kg got rusted and no longer stands erect since last month. When I asked for the price, I was told it was N17, 500. I was discussing it with a friend who advised me to take it to a welder to paint it and construct a new stand. I heeded to her advice and at the end spent just N3, 000 to turn my cooking gas to a brand new.”
Apart from refurbishing cylinders, some people don’t even know when their cylinders will expire. Mrs. Mercy Opara, a hair stylist, falls in that category as she explained: “I am taking my gas cylinder to the welder to spray it for me. It just cost N1, 500.
“The cost of buying a new cylinder is high. I have been using my cylinder for over 7 years and I don’t even know the expiry date. I just pray God blesses me so that I can buy a new one. But this one I am managing will look neat after spraying it for another two years.”
Mr. Adekanbi Joseph, a wielder, said he paints cylinder and “To paint and rebuild a cylinder stand, I charge N4, 500. Many people come here to paint as a new cylinder is now very expensive to get.”
Highlighting the potential dangers of using refurbished cylinders, Mr. Benjamin Hope, the Chief Executive Officer of FKT Cooking gas and general goods, emphasized the risks involved.
He stated that even a brand new cylinder can pose a risk of explosion if the locks are not properly secured after use or if the cylinder filled with gas is moved from one location to another.
He said “A brand new cylinder can explode if the locks are not well keyed after using and if the cylinder filled with gas was moved from one place.
“There are many reasons for the high cost of gas cylinders in Nigeria. One is the cost of importation due to the exchange rate. Another is the increased migration from the use of kerosene to cooking gas which has necessitated increased demand for gas cylinders. You know that in such a case there will be increased importation of cylinders.”he added
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