All Posts in "Day: January 5, 2023"

2022: EFCC Secures 3,785 Convictions,Loses 41 Cases

The Economic and Financial Crimes Commission,EFCC,says it secured 3,785 convictions across all its commands in the country last year.

This shows a 70.5% improvement over its record for 2021(2220),according to a review
of the commission’s performance last year.

Spokesperson of the commission,Wilson Uwujaren, in a statement also said the current also represents a 98.93% success rate in prosecution in view of the fact that the commission lost only 41 cases, representing 1.07% within the period.”

He added:”As it was in 2021, the Lagos Command of the Agency recorded the most convictions-765, closely followed by the Ibadan Command with 573 convictions and the Port Harcourt Zonal Command- 567, while the headquarters recorded 314 convictions.

“The conviction secured by the Commission in 2022 is the highest by the EFCC Since inception, and sustains an upward trajectory which began shortly after the emergence of the administration of President Muhammadu Buhari.

“The Buhari administration was elected in 2015 on a tripod of promises- anti-corruption, economic recovery and security. In 2015, EFCC recorded a total of 103 convictions. This shot to 195 convictions in 2016, the first full year in office of the Buhari administration. The figure improved to 312 in 2018, 1280 in 2019, dropped slightly to 976 conviction in 2020, the year of COVID-19, then moved up to 2220 in 2021.

“The percentile improvement of the EFCC convictions in the seven years of the Buhari administration from 103 to 3785, is over 3574.8%.”

Speaking on the performance, the Executive Chairman of the EFCC, Abdulrasheed Bawa, commended the personnel of the Commission for their industry and dedication despite the challenges of criminal prosecution in court.

He promised that the commission will continue to motivate all categories of staff for greater efficiency through capacity development and other incentives.

admin by — January 5, 2023 in News 0
DSS Nabs Terrorist Behind Kogi Explosion

By Omobolanle Shosanya

The Department of State Services (DSS) has arrested the terrorist responsible for the Vehicle-Borne Improvised Explosive Device (VBIED) attack which occurred in Kogi State during President Muhammadu Buhari’s visit to commission some projects.

The explosion occurred on the 29th December, 2022, near the Palace of the Ohinoyi of Ebiraland in Okene.

DSS Spokesperson, Dr. Peter Afunanya,iin a statement to newsmen on Wednesday said, the Service has arrested Abdulmumin Ibrahim Otaru (aka Abu Mikdad) and one of his associates, Saidu SULEIMAN on 3rd January, 2023.

He said Otaru sustained a gunshot injury on his left foot while attempting to escape. He is currently receiving treatment at a health facility.

According to him,during investigations, it was ascertained that Otaru was a high commander of Islamic State West Africa Province (ISWAP) and either coordinated or was involved in the following dastardly operations.

He also said,on the 24th June, 2022, he was part of the attack on Nigeria Police Area Command, Eika-Ohizenyi, Okehi LGA of Kogi State.

A Police Inspector, Idris MUSA was killed and two AK-47 rifles carted away in that attack,he added.

He said,on the 5th July, 2022, he was involved in an attack on Kuje Medium Security Custodial Centre in Kuje Area Council of the FCT; and on the 5th August, 2022, he was involved in an attack on West African Ceramics Ltd (WACL) in Ajaokuta LGA, Kogi in which three (3) Indian expatriates were kidnapped.

He added”It would be recalled that five persons including one Indian, two Policemen and two drivers of the company were also killed in the attack. The kidnapped expatriates were released on 31st August, 2022. Otaru operated terrorist cells in and around Kogi State. Similarly, he and his gang had staged several kidnap operations in Kogi and Ondo states. Meanwhile, the suspects are in custody and will be prosecuted accordingly”

He reiterated the commitment of the service to the safety of the nation and assured that it would work assiduously with stakeholders including sister security agencies to tackle the menace of terrorism and other forms of criminality and threats to national security.

admin by — January 5, 2023 in News 0
Elections: INEC Receives Last Batch Of BVAS Machines

Tunde Sholanke

The Independent National Electoral Commission (INEC) on Wednesday took delivery of yhe last consignment of Bimodal Voter Accreditation System (BVAS) machines in Abuja .

A statement by Festus Okoye, National Commissioner and Chairman of the Information and Voter Education Committee of INEC,conveyed the receipt of the machines on Wednesday.

The commission’s Chairman, Prof. Mahmood Yakubu, National Commissioners and senior officials of the Commission were on hand at the Nnamdi Azikiwe International Airport, Abuja, to receive BVAS and were received on arrival by officials of the Nigeria Customs Service (NCS), the Nigerian Aviation Handling Company (NAHCO) and airport security officials,he said.

He added:”To facilitate the smooth delivery of the machines, the Commission created four airport hubs in Abuja, Kano, Lagos, and Port Harcourt.Over the last four months, several flights delivered the BVAS to the designated airports for movement to States of the federation ahead of the elections.

“With the arrival of the last flight in Abuja yesterday, the Commission has now taken delivery of the required number of the BVAS for all the polling units in the country and extra machines in line with our contingency provisions for all critical election materials”.

He expressed the commission’s appreciation for the support of all Nigerians in its determination to conduct free, fair, credible, transparent, and inclusive 2023 General Election facilitated by the deployment of technology.

admin by — January 5, 2023 in News 0
Assets Declaration:Court Quashes Allegation Against INEC Boss

Omobolanle Shosanya

A High Court of the Federal Capital Territory,Wednesday quashed the allegations of fabricated false assets declaration against the Chairman of the Independent National Electoral Commission (INEC), Prof Mahmood Yakubu.

It also barred security agencies from investigating him over his valid assets declaration.

In an originating summons marked FCT/HC/GAR/CV/47/2022 by Somadina Uzoabaka versus the Attorney General of the Federation and the Prof. Mahmood Yakubu, the claimant sought among other things an order of mandatory injunction directing and compelling the INEC Chairman to recuse, excuse and exclude himself and or step down as the chairman of the commission pending the investigation and consideration of the various allegations against him by the various law enforcement agencies.

He also sought an order of court barring the INEC chairman from holding or assuming any public office for a period of 10 years.

Prof Yakubu, who punctured the claimant’s position in a counter-affidavit,furnished the court with exhibits to show the sources of money for the purchase of the properties which the claimant alleged were illegally acquired and insisted that his assets declarations were validly done.

In his verdict,Justice M. A. Hassan found that the declaration of assets by Prof. Yakubu was lawful, valid and in compliance with the law and that he cannot be investigated by any of the security agencies listed by the Claimant that should all investigate him.

He declined to grant any of the 14 prayers of the claimant and declared that the INEC chairman cannot be removed over fabricated allegations of false assets declaration.

He dismissed the claims of the claimant and allowed the counter-claim of the INEC chairman.

admin by — January 5, 2023 in Law/Human Rights 0
SEC Tightens Noose On Illegal Market Operators

 

By Tunde Sholanke

The Securities and Exchange Commission, has assured Nigerians of a renewed onslaught against illegal operators in the country’s capital market.

It also said that the persisted proliferation of operators running illegal investment schemes in the country continues to be a major critical concern to the capital market.

Director General of the SEC Mr. Lamido Yuguda,disclosed these in a New Year Message in Abuja

According to him, last year alone, the commission shut the offices of four of such illegal operators that had defrauded innocent citizens of billions of naira and assured that the commission will continue its enforcement actions to ensure that such illegal entities are not allowed to operate.

The SEC,he said,has been fighting a serious war against Ponzi schemes in the country through constant enlightenment against the act.

He said:”We have said that investors should only deal with registered operators that have the registration of the Commission, we have their list on the SEC website and we have always said that if you go to an operator or when an operator approaches you, you must confirm that he is a licensed operator with the SEC.

“We have our numbers on how to reach our offices in the zones and we have done a lot of sensitization in terms of seminars, webinars all in an effort to discourage people from going to Ponzi schemes. Unfortunately, a lot of people continue to patronize this Ponzi schemes, we have had cases that have been reported to us, our enforcement department and the police unit have been on many of these cases trying to resolve the cases that have been reported to us.

“The commission has also continued to employ its compliance tool to ensure that only fit and proper capital market operators practice in the market. This has resulted to an improved level of compliance with filing of prudential returns rising to 96% in 2022 compared with 81% in 2021”.

Due to ongoing implementation of various initiatives, the commission and the capital Market will witness uncommon development in securities issuance businesses especially as it affects digital assets, commodities trading ecosystem, custodianship of assets, and Fintech among others.

He added:“With the implementation of the Revised Capital Market Master Plan, the Market will also witness renewed confidence expected to attract fresh investments from domestic and foreign investors.

“Although 2023 is an election year and market activities may typically slow down before and during the general elections, we are hopeful that the improved awareness and positive electioneering campaigns will lead to peaceful elections and a quick return to the pre-election levels of investment activities.

Speaking on the Investments and Securities Bill (ISB) review, the SEC boss said the Commission presented the ISB to the National Assembly for its legislative consideration and a public hearing was successfully organised on September 20, 2022.

“We are hopeful that the Bill will be passed into law before the end of the 9th National Assembly. With less than six months to the end of the 9th National Assembly come June, 2023, we believe that the Investments and Securities Bill (ISB) will be passed in the coming months. The ISB, if passed into law, will align the enabling Act with the realities and trends in capital market regulation and practice in Nigeria and abroad” he stated.

He promised that the commission will continue to provide extra support to the registered commodities trading platforms to complement government’s renewed diversification efforts in agriculture.

admin by — January 5, 2023 in Regulators 0
CBN Clears Air On Sale Of Polaris Bank

 

By Omobolanle Shosanya

The Central Bank of Nigeria,Wednesday,cleared air on the
the recent sale of the Federal Government’s interest in Polaris Bank Limited to new investors.

The apex bank spokesman,Osita Nwanisobi said in a statement that the action was propelled by spurious, malicious, and misleading being circulation by an online publication.

A new core investor of Polaris Bank,Strategic Capital Investment Limited (SCIL),on October 2022 which was announced by the Central Bank of Nigeria and Assets Management Company of Nigeria.

He said the divestment from Polaris Bank was supervised by a Divestment Committee(Committee) comprising senior representatives of Asset Management Company of Nigeria,AMCON and Central Bank of Nigeria,CBN and supported by reputable legal and financial advisers.

Thee divestment mode, process and decision received requisite board and regulatory approvals,he said,adding that at no time did any other party make a higher purchase offer as falsely claimed by the online publication.

He explained that the entity in question, Fairview Acquisition Partners, had indicated an interest in acquiring two banks,including Polaris Bank,for a total sum of N1.2 trillion, an indicative offer which significantly discounted the existing N1.305 trillion debt owed by Polaris Bank to AMCON and so represented a material loss to the Federal Government.

He said:”Notwithstanding, along with twenty-four (24) other parties, Fairview Acquisition Partners was invited by the financial advisors to participate in the sale process via the execution of a Non-Disclosure Agreement (NDA), the first stage of the process.

” The financial advisors informed the
Committee that Fairview Acquisition Partners neither executed nor returned the NDA despite verbally confirming receipt of the agreement and after follow-up from the financial advisors.Therefore, Fairview Acquisition Partners did not take the opportunity to update their offer by participating in the divestment process and thus did not make a binding purchase offer for Polaris Bank”.

He also clarified that the divestment was executed based on the relevant laws, global best practices for bank resolutions, and requisite regulatory approvals.

The committee, along with its legal and
financial advisers, he said,conducted a rigorous technical and financial evaluation of the purchase proposals, assessing promoters’ fitness and propriety,offer price received through reserve price, funding structure and financial capacity, strategy and growth plans, amongst others.

According to him,following evaluation, the promoters of the strategic purpose vehicle, SCIL,emerged as the preferred purchaser,having presented the most comprehensive technical/financial purchase proposal and the highest-rated growth plans for Polaris Bank.

The promoters also made the highest financial offer for the bank, which was significantly above its core valuation and reserve price in addition to passing all fitness and propriety tests.

He said CIL’s binding offer involved an immediate upfront consideration of N50 billion and full responsibility for the debt of N1.305 trillion owed to AMCON, essentially a total purchase consideration of N1.355 trillion.

He disclosed that the offer was the most competitive and provided taxpayers and the Federal Government with more thanfull recovery ofits intervention cost. By the sale, the CBN and Federal Government achieved a successful, value-driven resolution of a strategic financial institution.

He added:”This curiously-timed online publication deliberately misrepresents the circumstances surrounding the sale of a strategic asset of the Federal Government. Its misleading statements are obviously intended to undermine the credibility of the divestment process.It also portends negatively on the stability of Polaris Bank and risks derailing the progress made by the monetary authorities.

“We reiterate that the divestment from Polaris Bank was an institutional decision supervised by a Committee comprising senior representatives of AMCON & CBN, coordinated through reputable legal and financial advisers and approved by the respective leadership and boards of the two institutions.The CBN remains resolute in pursuing its mandate to promote a safe and sound financial system in Nigeria.”

admin by — January 5, 2023 in Banking&Finance 0