TheNewsGuru

Tag: assets

  • N5.4tn debts: AMCON threatens to seize, sell assets of defaulters

    N5.4tn debts: AMCON threatens to seize, sell assets of defaulters

    The Asset Management Corporation of Nigeria (AMCON) has said that there will be no more room for negotiation with debtors as it is now set for a new stage of complete asset takeover.

    The Managing Director and Chief Executive Officer, AMCON, Mr Ahmed Kuru, who stated this in an interview with newsmen in Abuja on Sunday, said the N5.4tn debts had lingered for too long.

    Kuru said AMCON had got tired of debtors coming to its office and telling lies about wanting to embark on staggered payment, which they ended up never fulfilling.

    He stated that most part of the N5.4tn debt had been with the banks for five years before AMCON bought them over, adding that after seven years of its operations, the obligors had yet to pay.

    Kuru said, “Resolutions through staggered plans have never worked. Let us not forget that before those loans were transferred to AMCON, they had been with the banks for over five years. Now, AMCON is almost seven years; so, the facilities have been running bad for 12 years. It is not easy to recover those kinds of facilities.

    “So now, we have changed our strategy from sitting down and drinking tea and the obligors telling us lies and we pretend that we don’t know you are telling us lies. There is no more time for lies, because we have a sunset period. So, now our focus is on recovery. We do not want to hear anything; you cannot come and tell me you are going to pay me in the next six years, I do not have that time.

    “If you cannot pay me the money now then give me my assets, because the assets belong to AMCON, so that we can sell them.”

    He added that in the case where the registered assets of a company that was in debt were not enough to clear their obligations, then AMCON would also go after the directors and their private companies.

    Kuru said as part of the new strategy of AMCON, directors of companies would now be sought after so that they would be forced to take part in repaying loans obtained by their firms.

  • AMCON takes over Sen Oduah’s companies, other assets over unpaid debts

    The Asset Management Corporation of Nigeria (AMCON) has taken over Sea Petroleum Oil & Gas Ltd. and other assets belonging to Sen. Stella Oduah-Ogiemwonyi over an unpaid debt of about N20 billion.

    AMCON said the takeover followed an injunction granted by Justice M.S. Hassan of the Federal High Court, Lagos against Sea Petroleum Oil & Gas Ltd.

    The corporation in a statement by its Head, Corporate Communications, Mr Jude Nwauzor, on Friday said that Oduah-Ogiemwonyi had been having a running battle with AMCON over her inability to settle her huge debt of nearly N20 billion.

    The statement said that AMCON purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas from Union Bank Plc. sometime in 2012.

    It said that in spite of overtures and genuine efforts made by AMCON to reach an amicable settlement, the senator and her co-promoters had remained recalcitrant.

    “Having exhausted all avenues of peaceful resolution of the humongous debt, AMCON had no other choice than to refer the matter to court,” the statement said.

    It said that the order also affected the senator’s other business interests for which AMCON had since appointed Moyosore Jubril Onigbanjo (SAN) as receiver over the assets of Oduah-Ogiemwonyi; Sea Petroleum Oil & Gas; Sea Petroleum and Gas FZE as well as Star Tourism and Hotels Ltd.

    The statement said that the court also ordered the freezing of the funds of Sea Petroleum & Gas and its affiliated companies and principal promoters, held anywhere by any entity or persons in Nigeria.

    It also authorised AMCON and its receiver, Onigbanjo to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Ltd.

    “In compliance with the order of the court, AMCON through its receiver, Moyosore Jubril Onigbanjo, SAN, today (May 18), simultaneously took possession of the assets of Sea Petroleum & Gas Ltd. and its affiliated companies.

    “Justice Hassan specifically, ordered Sea Petroleum Oil & Gas Ltd. and its affiliated companies to hand over the company’s business, which sits on over 9000 square kilometres of land in the fastest developing area of Lagos State along the Lekki-Epe Expressway,” it said.

    Other affected assets, according to AMCON, are two tank farms of 500 metric tonnes capacity; a property at Maiyegun Tourism Zone, Lekki Peninsula Scheme 11, Lagos Island and a filling station complex at kilometre 14, Lekki-Epe Expressway, Ikota, Lagos.

    The court order also listed a host of other assets across the country, including Plot 2, Block 12C, Babafemi Osapa Crescent Lekki; Block 5, House 4A Mobolaji Johnson Estate, Lekki, and office/filling station at Jakande in Lekki, Lagos, among others.

  • FG moves to recover looted funds, assets traced to ex-govs, ministers, others in Dubai

    FG moves to recover looted funds, assets traced to ex-govs, ministers, others in Dubai

    The Federal Government on Friday launched fresh moves to seize looted funds and suspicious assets traced to some former governors, ministers and senators in the United Arab Emirates (UAE).

    The Attorney-General of the Federation, Mallam Abubakar Malami (SAN), and the Acting Chairman of the Economic and Financial Crimes Commission, Mr. Ibrahim Magu, left for Dubai last night to finalize the forfeiture process.

    The number of the affected Politically Exposed Persons (PEPs) under probe were said to be over 20.

    According to a report by The Nation, names of those implicated includes a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke; a former Managing Director of the Pipelines and Product Marketing Company (PPMC), Mr. Haruna Momoh(eight suspected assets in Dubai ); a former Managing Director of the defunct Oceanic Bank, Mrs. Cecilia Ibru; a former First Lady; Senators involved in London-Paris Club scandal; ex-PDP National Chairman; ex-CG of Customs; a former Special Assistant on Domestic Affairs to a former President; about nine ex-governors and six former ministers.

    Recall that Nigeria had signed six agreements with the UAE on January 19, 2016 following a state visit by President Muhammadu Buhari.

    The pacts include Judicial Agreements on Extradition, Transfer of Sentenced Persons, Mutual Legal Assistance on Criminal Matters and Mutual Legal Assistance on Criminal and Commercial Matters (the recovery and repatriation of stolen wealth).

    A top source, who spoke in confidence, said the Federal Government had gathered enough evidence on some of the Nigerian suspects who had stashed public cash in Dubai with choice assets to wit.

    The source also said in some cases, the EFCC had secured court orders/Mareva injunctions for the seizure of some of the assets.

    Also the source claimed that financial intelligence had confirmed how public funds were wired to UAE by some of the suspects in question.

    The source added: “In the last two years, there had been shuttles to Dubai by the AGF and Magu on some of the slush funds and suspicious assets.

    “We are now at the stage of attaching or seizing some of the cash and assets. We have hauled evidence to the place with a view to concluding the process of repatriating the looted funds. In fact, in some instances, a few suspects admitted owning some of these suspected assets in Dubai.

    “The UAE law is very strict on suspected assets and looted funds. Nigeria had to provide verifiable evidence before seizure can be allowed.

    “From the look of things, we are hopeful that the first set of seizures will soon be agreed upon by the two countries. Those affected are many.”

    Responding to some questions, the source added: “I think some cases are straightforward. It is public knowledge that a former Managing Director of the defunct Oceanic Bank, Mrs. Cecilia Ibru, was convicted. The Federal Government is only trying to attach some suspected assets allegedly owned by her or traced to her links. It is left to the UAE Government to verify through appropriate agencies whether or not the suspected assets in Dubai are hers.

    “The EFCC also has evidence of how some Senators benefited from the London-Paris Club refunds and the shop owners in Dubai used to launder such funds. The financial intelligence sharing by the two countries can uncover this. Apart from seizing the funds, those implicated can be prosecuted in Nigeria for money laundering.

    “There are some cases in which we have provided evidence, including some on ex-Minister Diezani, businessman Kola Aluko, a former PPMC MD, Momoh; a former First Lady, a former Special Assistant to an ex-President on Domestic Affairs and some ex-governors and ministers.

    “The assets allegedly identified with Diezani are marked as J5 Emirates Hills (30million Dirham) and E146 Emirates Hills valued at 44million Dirham.

    Those allegedly traced to Aluko are as follows: 4100 Le Reve Dubai Maria, Dubai; Unit 1402, PS 14th Floor located at Metro TECOM near Internet City Metro Station, Dubai; Unit 712, ES 7th Floor located at First Central, Off Sheikh Zayed, TECOM, Al-Barsha 3 Dubai and Unit 512, 5th Floor located at First Group Marina Hotels, Al-Seba Street, Plot 394-426, Dubai AE-AJ.

    The list of the houses allegedly traced to Momoh in the United Arab Emirates( UAE) are at First Group Marina Hotels, Al-Seba Street, Plot 394-426, Dubai, AE-AJ United Arab Emirates; Unit 503, 1 Bedroom Heritage, 5th Floor located at First Central Dubai Media City TECOM off Sheikh Zayed, TECOM Al- Barsha 3 Dubai; Unit 1910 ES Heritage, 19th Floor located at First Central Dubai Media City TECOM off Sheikh Zayed, TECOM Al- Barsha 3 Dubai; a Unit 2507 Dubai Sports City; Unit 314 Dubai Sports City; and Unit 1002, TECOM BARS 125616.

    Others are Unit 1402, PS 14th Floor located at Metro Central, TECOM near Internet City Metro Station, Dubai ( UAE); Unit 712, ES 7th Floor located at First Central, Off Sheikh Zayeed, TECOM, Al-Barsha 3 Dubai( UAE); Unit 512, 5th Floor located at First Group Marina Hotels, Al-Seba Street, Plot 394-426, Dubai AE-AJ UAE.

    Sections 7 of 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004 mandate the agency to seize suspicious assets.

    Section 7 says: “The commission has power to (a) cause any investigations to be conducted as to whether any person, corporate body or organization has committed any offence under this Act or other law relating to economic and financial crimes.

    “(b) Cause investigations to be conducted into the properties of any person if it appears to the commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”

    Sections 28 and 34 of the EFCC (Establishment Act) 2004 and Section 13(1) of the Federal High Court Act, 2004 empower the anti-graft agency to invoke Interim Assets Forfeiture Clause.

    “Section 28 of the EFCC Act reads: ‘Where a person is arrested for an offence under this Act, the Commission shall immediately trace and attach all the assets and properties of the person acquired as a result of such economic or financial crime and shall thereafter cause to be obtained an interim attachment order from the court.’

    Section 13 of the Federal High Court Act reads in part: “The court may grant an injunction or appoint a receiver by an interlocutory order in all cases in which it appears to the court to be just or convenient so to do. (2) Any such order may be made either unconditionally or on such terms and conditions as the court thinks just.”

     

  • CBN, RMAFC oppose creation of Assets Management Agency

    CBN, RMAFC oppose creation of Assets Management Agency

    The Central Bank of Nigeria (CBN) and the Revenue Mobilization, Allocation and Fiscal Commission (RMAFC) on Tuesday, expressed opposition to the planned creation of a new agency to manage assets seized from corruption and other criminal cases.

    The agencies made their stance known in Abuja at a public hearing organised by the House Committee on Banking and Currency on a bill seeking to establish the Nigerian Assets Management Agency (NAMA) to manage government assets, including those seized, forfeited or taken over by anti-graft and other federal security agencies.

    Mr Godwin Emefiele, CBN Governor, advised the House to either consolidate the bill with the Senate’s Proceeds of Crimes Recovery and Management Agency Bill or drop it.

    Emefiele, who was represented by CBN Assistant Director, Legal, Mr Henry Forma, said the bill before the Senate appeared more comprehensive, adding that the two bills should be consolidated into one since they are similar.

    He stated that issues covered in the Senate bill were duplicated in the bill being considered by the House.

    “In view of the foregoing, it’s our recommendation that, in order to avoid an inevitable conflict that will arise if the Proceeds of Crime bill and the bill for the establishment of the Nigerian Assets Management Agency were to be passed into law, the House committee should obtain and adopt the Senate bill which adequately covers all the matters contained in the (House) bill,” Emefiele said.

    The CBN governor argued that since the nature of the asset recovery envisaged in the House bill was uncertain and unpredictable because of its dependent on the commission of crimes that may involve the recovery of stolen government assets or forfeiture of crime proceeds, it may not be financially prudent to establish an agency that may become at some point redundant and a waste of scarce public resources.

    “The establishment of the agency would also add to the already bloated cost of governance in Nigeria.

    “The House committee may wish to apportion the functions of the proposed agency to an existing agency of government with a structure that can accommodate the envisaged functions of the agency such as the EFCC,” he said.

    In his submission, acting Chairman, Revenue Mobilization Allocation and Fiscal Commission (RMAFC), Mr Shettima Gana, who also opposed the establishment of the new agency, said the functions of the proposed agency should be transferred to Assets Management Company of Nigeria (AMCON) or the EFCC which already have existing structures.

    He said that following government’s determination in 2011 to reduce the number of agencies, the establishment of a new agency to manage all assets seized, forfeited or taken over by federal security bodies would not only increase the cost of governance, but amount to duplication of the functions of an existing agency.

    Earlier, Chairman of the Committee, Rep. Jones Onyereri, explained that the idea behind the bill was to provide for an agency that would be responsible for taking and managing Federal Government’s owned assets.

    He added that the assets included but not limited to assets acquired through court orders, forfeitures and seizures by federal agencies.

    “Prior to now, such assets were scattered among different agencies without proper coordination as to their real value and earnings from disposal of such assets,” Onyereri said.

     

  • FG to dispose all unclaimed looted assets – President Buhari

    President Muhammadu Buhari on Monday said all unclaimed looted assets including landed properties recovered by the Federal Government would be sold and the proceeds deposited into government treasury.

    The President made this known when he addressed members of Daura Emirate coalition who paid him a condolence visit at his country home, Daura, Katsina state.

    President Buhari noted that many suspected looters of government resources had been denying ownership of their ill-gotten properties and assets across the country.

    He stated that he was not surprised by the increasing number of those denying ownership or disclaiming the properties traced to them by the various anti-corruption agencies.

    “Some years back one of my schoolmates in the primary school who worked at a cottage company before his demise predicted that we will come to a situation when looters will deny their loots in Nigeria.

    “So as a civil servant, you have 10 houses in Abuja and even in Kaduna and abroad, the more you show them the properties the more they will swear that it does not belong to them.

    “And we are still following the process, you know democracy you have to follow due process and respect the rule of law.

    “If you are following you will hear that some of these looters were arrested, and for those who deny their loots, then instead of what happened before, this time around we will sell those stolen properties and the proceeds will be deposited in government treasury,’’

    “If the money is in the government treasury I will see who will come back after we left and reclaim them,’’ he said.

    The president pledged that government would ensure availability of fertilizer and other farm inputs to farmers to sustain the successes recorded by the farmers in the previous farming seasons.

    He said: “Please tell Nigerians that we are trying our best, and I thank God, the rainy season is blossom, we will try to add more money to farmers, and ensure the availability of fertilizer and other farm inputs.

    “We will also continue to reconstruct roads and railways and provide electricity and we promise we will continue to do so.’’

    The leader of the coalition, Alhaji Muhammed Saleh told the President that they were in his resident to condole with him over the death of his two relatives.

    Saleh, who lauded the APC-led administration for transforming the nation’s economy, said improved electricity supply in their communities and growing foreign reserves were clear indications of good management of the economy under the present administration.

    The delegations also congratulated the President on his appointment as the continental Champion against corruption by the African Union, noting that it underscored the global appreciation of the good work he was doing in fighting corruption.

    The groups represented at the meeting were the Daura Emirate Coalition of Associations; the Amalgamation of Daura Emirate Political Associations; the Buhari Group; the Daura Emirate Development Forum; Women in Politics in Daura Emirate and the Daura Emirate Consultative Forum.

     

  • President Mnangagwa orders ministers, top govt officials to declare assets

    President Mnangagwa orders ministers, top govt officials to declare assets

    President Emmerson Mnangagwa of Zimbabwe has given cabinet ministers and senior government officials until the end of February to declare their assets.

    Mnangagwa, 75, took power after Robert Mugabe was toppled by the military.

    He immediately promised to tackle corruption, especially in public institutions.

    Misheck Sibanda, chief secretary to the president and cabinet, said in a statement that it was now mandatory for cabinet ministers, their deputies, senior government officials and bosses of state-owned businesses to declare their assets.

    The officials will be required to disclose details on their real estate, other property valued above 100,000, dollars and shareholdings in businesses by Feb. 28.

    “The president expects the full and urgent cooperation of all the affected office bearers,” Sibanda said.

    Mnangagwa, who is attending the World Economic Forum in Davos, the first time by a Zimbabwean president, is trying to break with past policies of Mugabe in a bid to lure foreign investment and end the country’s international pariah status.

    Under Mugabe’s near four-decade rule, few government officials were arrested for corruption.

    When the military announced it had put Mugabe under house arrest on Nov. 15, it said it was targeting criminals that surrounded the 93-year-old leader.

    Since then, three former government ministers and allies of Mugabe have been arrested and charged in court for criminal abuse of office.

    The trio denies the charges and say they are being persecuted for supporting Mugabe and his wife Grace.

     

  • N11tn electricity fund: Omokri blasts SERAP, says ‘Jonathan privatized power sector, saved billions from sale of assets’

    N11tn electricity fund: Omokri blasts SERAP, says ‘Jonathan privatized power sector, saved billions from sale of assets’

    Sequel to report released on Wednesday in Lagos by the Socio-Economic Rights and Accountability Project, SERAP, indicting the successive administrations of former presidents Olusegun Obasanjo (1999 – 2007), Umaru Musa Yar’Adua (2007 – 2010) and Goodluck Jonathan (2010 – 2015) of embezzling N11 trillion meant to provide regular electricity supply in the country, an aide to former President Jonathan has said the immediate past Nigerian leader privatised the power sector thereby saving billions for the country in the process.

    TheNewsGuru.com reports that the report stated that: “The total estimated financial loss to Nigeria from corruption in the electricity sector starting from the return to democracy in 1999 to date is over Eleven Trillion Naira (N11 Trillion Naira). This represents public funds, private equity and social investment (or divestments) in the power sector. It is estimated that may reach over Twenty Trillion Naira (N20 Trillion Naira) in the next decade given the rate of Government investment and funding in the power sector amidst dwindling fortune and recurrent revenue shortfalls.”

    The 65 pages report launched on Wednesday at the Westown Hotels, Lagos is titled: From Darkness to Darkness: How Nigerians are Paying the Price for Corruption in the Electricity Sector.

    The report presented to the media by Yemi Oke, Ass. Professor, Energy/Electricity Law, Faculty of Law, University of Lagos, discloses that “the country has lost more megawatts in the post-privatisation era due to corruption, impunity, among other social challenges reflected in the report.”

    The report shows that “The much-publicised power sector reforms in Nigeria under the Electric Power Sector Reform Act of 2005 is yet to yield desired and/or anticipated fruits largely due to corruption and impunity of perpetrators, regulatory lapses, and policy inconsistencies. Ordinary Nigerians continue to pay the price for corruption in the electricity sector–staying in darkness, but still made to pay crazy electricity bills.”

    However, Omokri, in a statement advised SERAP to conduct a thorough finding to properly ascertain who (among the three former leaders) embezzled monies meant for providing improved electricity supply to Nigerians.

    Omokri revealed this in a statement he signed and released on Thursday on behalf of the former leader.

    The statement reads: “My attention has been drawn to the story ‘Obasanjo, Yar’Adua, Jonathan wasted N11tn on electricity –SERAP’ published most prominently in The Punch newspapers on August 10, 2017 and less prominently in other papers.

    While I cannot speak for others, I can certainly say that as touching former President Goodluck Jonathan, the story is false and is the fruit of the laziness of the researchers who could have taken advantage of the Freedom of Information Act that Dr. Jonathan signed into law in May, 2011 to get records and data from relevant government ministries, departments and agencies that would have given them a fuller picture instead of the narrow view they have.

    Former President Jonathan could not have wasted ₦11 trillion or any other amounts of money for the simple reason that he was the Nigerian President who privatized the Power Sector beginning on August 26, 2010 when he launched the roadmap to power sector reforms and culminating on October 16, 2012 when the winning bids were announced for the sale of power generating and distributing companies.

    SERAP may do well to remember that on Monday the 30th of September 2013, at the Aso Rock Presidential Villa, Former President Jonathan successfully handed over the bulk of Nigeria’s Power Infrastructure to successful private sector bidders after they had made payments for the assets they acquired.

    At that event, he said “I congratulate our new owners who have taken over the engines and cables that are expected to drive not just the electricity industry but also the socio-economic well-being of the nation”.

    In total, the Power Holding Company of Nigeria was split into six generation and 11 distribution firms, all sold separately, for about $2.5 billion for which the Jonathan administration received much deserved praise.

    In fact, rather than wasting money, the Jonathan administration generated money for the federation from the sale of these assets which were seen to be transparent and followed global best practices.

    Between May 6th 2010 when he was first sworn in as President to May 29, 2015 when he handed over power, the budget for the ministry of power under Dr. Jonathan was not up to ₦400 billion in total for the simple reason that his administration had succeeded in transferring most of Nigeria’s power assets, liabilities and personnel from the public sector to the private sector.

    As such, it is evidently clear that any allegations that the Jonathan government wasted trillions is not a well thought out allegation at best and is a figment of the imagination of the makers at worse.

    I do hope those papers which published this false report against the person of former President Jonathan and the administration that he led will be honorable enough to set the records straight for posterity”.

     

  • APC UK backs call for Sagay’s sack over failure to declare his asset

    The All Progressive Congress (APC), United Kingdom chapter has backed calls for Acting President Yemi Osinbajo to sack the chairman of the Presidential Advisory Committee on Anti-Corruption (PACAC), Professor Itse Sagay for failure to declare his assets at the CCB in accordance with the law.

    The APC UK chapter, which made its stand known on its official Twitter account, directly asked @PACAC , if asset declaration was limited to elected officials?
    The party also requested why Prof. Sagay is yet to declare his assets.

    Also contained in the APC UK tweet is a media report of a statement released by a pro-democracy group, National Committee of Yoruba Youths (NCYY), signed by its national president, Comrade Oladimeji Odeyemi and made available to journalists, stated that Sagay evaded that constitutional responsibility on him to declare his assets.

    “The consequences of this illegality is for Professor Sagay to be sacked from office and be immediately prosecuted. “We, therefore, give the respected Acting President Yemi Osinbajo who is a Professor of Law and senior advocate to put a stop to this illegality within 48 hours. “We also call on the CCB to within 72 hours commence the prosecution of the PACAC chairman at its tribunal,” the group said.

    “We, therefore, give the respected Acting President Yemi Osinbajo who is a Professor of Law and senior advocate to put a stop to this illegality within 48 hours. “We also call on the CCB to within 72 hours commence the prosecution of the PACAC chairman at its tribunal,” the group said.

    The group further claimed that its investigation showed that tSagay’s circumvention of the law was known to the former board of the CCB headed by Mr Sam Saba and that the board deliberately covered up the act of omission only for the facts to become known now that the CCB has no board. “We are surprised and disappointed to find out that Sagay continues to go to equity with soiled hands. He is the one who is loudest about the anti-corruption fight of the government, yet he does not deem it fit to be transparent by declaring his assets as demanded by law.

    “We are surprised and disappointed to find out that Sagay continues to go to equity with soiled hands. He is the one who is loudest about the anti-corruption fight of the government, yet he does not deem it fit to be transparent by declaring his assets as demanded by law.

    “We are surprised and disappointed to find out that Sagay continues to go to equity with soiled hands. He is the one who is loudest about the anti-corruption fight of the government, yet he does not deem it fit to be transparent by declaring his assets as demanded by law.

  • CCT: Saraki, Ngwuta, others to forfeit alleged undeclared assets

    CCT: Saraki, Ngwuta, others to forfeit alleged undeclared assets

    Sequel to their ongoing trial before the Code of Conduct Tribunal, CCT, Senate President Bukola Saraki and Justice Sylvester Ngwuta of the Supreme Court, may have their properties, which are subject of the charges leveled against them, temporarily forfeited pending the final determination of their cases.

    This is according to the CCT’s new Practice Direction, 2017, released last week.

    TheNewsGuru.com reports that the 26-paragraph Practice Direction, with commencement date of February 16, 2017, is signed by the CCT’s Chairman, Danladi Umar, and the other member of the tribunal, William Atedze.

    Paragraph 12 of the document, which deals with ‘Seizures’, gives the prosecution the discretion to apply (through ex-parte motion) for temporary forfeiture of assets which are subject of the trial pending the final determination of the case.

    It allows the prosecution to make the application for property seizure at the commencement of the trial or “at a reasonable time thereafter”.

    According to legal experts, since the new practice direction is a procedural framework, it will take immediate effect on ongoing cases.

    Paragraph 12 reads, “The prosecution may, at the commencement of the trial or at a reasonable time thereafter, apply to the tribunal for an interim order of seizure, forfeiture and confiscation of the property, the subject of the charge pending the final determination of same by the tribunal.

    “An application for temporary seizure may be heard in chambers or in open court by the tribunal.

    “Application for temporary seizure shall be made motion ex parte supported by an affidavit and schedule of the property to be so attached.”

    TheNewsGuru.com reports that Saraki is being prosecuted by the Federal Government before the CCT on 18 counts including mostly false assets declaration.

    According to The Punch, some of Saraki’s properties which are the subject of the charges preferred against him are located at 15, 17, 17A and 17B Mcdonald Street, Ikoyi, Lagos. Others are located at Plots 2481 and 2482 Cadastral Zone A06, Maitama, Abuja, (otherwise known as 1 and 3 Targus Street, Maitama, Abuja).

    Saraki is also accused of obtaining a N375m loan from Guaranty Trust Bank Plc on February 11, 2010, which he allegedly used to buy property in London.

    The Senate President was said to have failed to declare the London property.

    On his part, Justice Ngwuta was arraigned on eight counts before the CCT on April 20.

    Properties, which are subject of the case, are listed in seven of the counts.

    In count one to seven, the prosecution accused Ngwuta of false declaration of assets by failing to declare a parcel of land and properties in Abakaliki, Ebonyi State, as well as some luxury cars, all belonging to him, when he declared his assets to the Code of Conduct Bureau between June 2, 2011 and July 19, 2016.

    The offence is said to be contrary to Section 15 of the Code of Conduct Bureau Act, Cap C15 Laws of the Federation of Nigeria 2004 and punishable under Section 23(2) of the same Act.

    The Justice of the apex court is also accused in count eight of engaging in private business as a public officer, contrary to Section 6(b) of the Code of Conduct Bureau and Tribunal Act.

    Specifically, in count one to three he is accused of failing to declare his parcel of land measuring 1,722.952 Square Metres located at Umkpufu, Off Onwe Road, Azuiyiokwu, and properties at Plot 36, Onwe Road Layout as well as Plot 35, GRA Extention (Onwe Road) Layout, allin Abakaliki, Ebonyi State.

    In count four to seven, the Justice of the Supreme Court was accused of failing to declare between June 2, 2011 and July 19, 2016, the following cars as part of his assets:

    *A Wrangler Jeep with Vehicle No: VRG5553562034689, Chassis No: IJ4GA591581626734 and number plate RSH526AJ; a BMW 5 Series Saloon with Vehicle No: 7779067484832 and Chassis No: WBSWL91060P323876, marked KUJ510FU; a Hummer Jeep with Vehicle No: VRG77746900444362 and Chassis No: 5GRGN2389H101515 and number plate KWL881JE; a Liberty Jeep with Vehicle No: VRG77746817425807 and Chassis No: 1J8GP28KX9W550564, marked RBC570DP.

    Forfeiture of property, which is the subject of a trial, has been part of the three types of sentences imposable on the defendant found guilty since the establishment of the tribunal.

    But giving room to the prosecution to request the seizure of the said property before the final determination of the case is novel at the CCT.

    The other two sentences the tribunal can pass on a defendant, convicted by the CCT, are vacation of office and disqualification from holding public office for 10 years.

    The new practice direction explains in its First Schedule that one of the sentences or combination of two or all the three sentences can be passed on a convict depending on the level of harm of the offence on the victim and the level of culpability of the defendant in the offence.

    The document also now divides the trial before the tribunal into four stages, which are arraignment, pre-hearing, the trial and sentencing procedures.