TheNewsGuru

Tag: Probe

  • Fraud probe: India seizes 10,000 luxury watches of billionaire jeweler

    Indian authorities have seized over 10,000 imported luxury watches belonging to disgraced billionaire jeweller Nirav Modi and his firms in connection with the country’s biggest-ever bank fraud of 1.8 billion U.S. dollars, an enforcement official said Saturday.

     

    “All the luxury watches were meant for sale through Modi’s jewellery stores across India.

     

    “Earlier, we froze shares and mutual funds of Modi and also seized his nine luxury cars include Porsche Panamera, Rolls Royce Ghost and Mercedes Benz,” said the official.

     

    Modi is said to have defrauded Punjab National Bank, India’s second largest state-run bank, of 1.8 billion dollars, though he said that he owed the bank only 775 million dollars, in a letter sent to the bank’s management.

     

    Investigators have so far arrested 12 people, including high-ranking bank officials, for their alleged involvement in the fraud.

     

    But the jeweller, the mastermind of the massive fraud, is said to have fled the country and was reportedly last seen in New York after his appearance at the World Economic Forum in Davos as a part of an Indian delegation.

     

    Though India has not yet charged Modi and only suspended his passport as well as his uncle and business partner Mehul Choksi’s for four weeks, threatening to take strict legal action in case of his failure to respond to the government’s notice.

     

    Presidential Amnesty Programme still on course – Boroh

  • Senator Adamu who demanded corruption trial for Obasanjo now under probe for mismanaging N70m

    Senator Abdullahi Adamu [APC, Nasarawa West,] who took a swipe at former President Olusegun Obasanjo for criticizing President Muhammadu Buhari, has been removed from office as the Chairman, Northern Senators Forum, over allegations bothering on mismanagement of N70m belonging to northern governors.

    Adamu was on Wednesday said to be replaced by Senator Wamakko Aliyu as the new Chairman of Norther Senators Forum.

    According to a Senator @ShehuSani it was alleged that some monkeys took the money belonging to northern.

    Recall that Adamu who recently attacked Obasanjo in a media briefing said the former president ought to be on trial for his activities while in office.

    Adamu’s words on Obasanjo: “Chief Obasanjo said President Buhari is selective in his anti-corruption war. I agree with him because if the President were not selective, Chief Obasanjo himself would be in the dock today on trial on charges arising from the pursuit of his third term gambit in the National Assembly in 2006.”

  • Senate commences probe of $16bn Egina oil project

    The Senate on Tuesday commenced a probe into the local content elements and cost variations related to the $16 billion Egina Oil Field Project and two related Bonga South-West and ZabZaba projects.

    Senator Solomon Adeola, in a motion co-sponsored by 18 others had notified the Senate of the possible loss of revenue by the Federal Government as a result of the handling of the project.

    His motion was adopted, leading to the setting up of a committee mandated to investigate the project.

    Adeola, who chairs the Senate committee on Local Content,‎ said various contracts were awarded to the various components of the Egina project adding that many of the contractors handling the project, were found to have engaged sub-contractors.

    He stated that the Egina project was expected to comply with the provisions of the Nigerian Oil and Gas Industry Content Development Act of 2010.

    The senator said: “At inception, the project was estimated to cost 6 billion dollars but has undergone various cost variations that currently put its cost at over 16. 352 billion dollars.

    “At inception, the project boasted of 24 million man-hours of work done representing 77 percent of the workload for the project and equivalent to a workforce of 3000 persons on average over a period of five years. It is worrisome that over the life of the project, its cost components have been reviewed twice from the initial 6 billion dollars to 13 billion dollars and more recently 16.352 billion dollars.

    “Meanwhile petitions have been submitted to the effect that monumental fraud and acts of disregard for the Nigerian Oil and Gas Industry Content Development Act of 2010 abound on the procurement and contractual arrangements.’

    “Egina project is located within the Oil Mining Lease (OML) block 130 and covers an area of about 500 square miles. It is developed by Total Exploration and Production Nigeria Limited(24%) in partnership with CNOOC Energy Nigeria Limited(45%), Petrobas (16%), Sapetro(15%).

    “The essence is to contribute an estimated 20,000 barrels of oil per day to the Nigerian daily oil production from the planned 2018 commencement date and the oil field is situated at a water depth of up to 1,750m. Meanwhile, engineering studies for the Egina Oil-Field Project began in 2008, with an approval of the National Petroleum Investment Services (NAPIMS) and the Department of Petroleum Resources(DPR) in 2008 and 2009 respectively.

    “The Egina project was conceived as a deep offshore field comprising of a Floating Production and “Offloading Vessels (EPSO). It was also conceived as an Oil Offloading Terminal and Subsea Production Systems,’’ Adeola submitted.

    However, Senate President, Bukola Saraki while rounding off the deliberations said that the issue of cost variations and lack of adherence to the local content law were paramount.

    He also charged the committee that the allegations were enormous and deserve to be well investigated.

    He stated: “I find it difficult to understand why cost variation will move from 6 billion dollars to 16 billion dollars in 10 years. Why such variations and when will the Federal Government ever get revenue on these fields.

    “If we allow this to go with the Egina project, other deep offshore will follow the same model and government will never get the revenue. The second issue is to ensure compliance with the local content law. The committee has the responsibility to turn in the report as soon as possible. We do not want the report to linger on.

    “Please ensure you are done in three weeks so that by the time we resume we will consider the report and be able to address other projects that are going on.’’

  • BREAKING: Senate set up committee to probe Maina

    The Senate on Tuesday set up a committee to investigate the embattled ex-chairman of the Presidential Task Force on Pension Reforms, Abdulrasheed Maina, who has been accused of complicity in an N2bn fraud and has gone into hiding.

    According to the Senate, the committee is to investigate the circumstances of how Mr Maina got into the country, how Mr Maina was reinstated into Public Service and how Mr Maina got promoted to the level of Director.

    After its sitting on Tuesday, the Senate resolves that the Committee on Public Service and Establishment investigate how Maina got into the country after he left the shores of the country after being on investigation by EFCC.

    The Senate through the committee is also set to investigate how Maina was reinstated into Public Service and how he got promoted to the level of Director in the civil service.

    Senator Akpan Bassey adds that the Committees on Interior and Anti-Corruption should be included to the committee carrying out the investigation.

    Senator Olusola Adeyeye in his contribution said that the Ad-hoc Committee should include Chairman and Vice Chairman of the Committees on Interior, judiciary and anti-corruption, public service and establishment headed by the Chairman Committee on Public Service and Establishment.

    Senator Alasoadura said, “We should not always duplicate the Executive, if the Executive has ordered an investigation we shouldn’t order another.”

    Some lawmakers in their contributions say the reinstatement of Maina into the civil service is an indictment on the Attorney General of the Federation.

  • EXCLUSIVE: NNPC faces fresh probe over non-remittance to TSA

    EXCLUSIVE: NNPC faces fresh probe over non-remittance to TSA

    The Nigerian National Petroleum Corporation, NNPC alleged failure to remit a huge sum of money into the Treasury Savings Account may be a source of fresh troubles for those at the company’s helm of affairs.

    The money, according to sources, totals $629 million and is lodged in different sums in different accounts.
    An account in Sterling Bank with number 0023515951 is said to hold $26,560,076.76 while the sum of 16.6 miilion dollars is in an account with number 1006160930 in Keystone Bank.

    TheNewsGuru.com gathered that the sum of 277.8 million dollars is in another account with Diamond Bank numbered 0033789960 while a total sum of 19 million dollars sits in two different accounts with First Bank. $12 million is in a current account numbered 2006307767 and 6.9 million is in another First Bank Escrow account with number 2016965894.

    In addition to this total sum of $340,102,485.10 another sum of $289 million is placed via two separate cheques with the Central Bank of Nigeria.

    According to sources, requests from relevant offices to the NNPC to remit the total sum of the said $629,093,716.77 to the Nigerian Petroleum Development Company TSA account as is the practice have been rebuffed for reasons not known yet. Treasury Single Account (TSA) allows government banking to be unified, to enable the relevant stakeholders, such as the Ministry of Finance and Accountant General of the Federation have full oversight of all cash flows across different bank accounts.

    TSA also helps check cases of multiple, sometimes, untraceable accounts operated by government MDAs for collection and spending of government revenues.

    TSA helps check cases of idle cash lying over extended periods in bank accounts held by the agencies of government, giving room for unscrupulous officials to make private wealth from interests on such deposits or by trading with the money.

    Also, the scheme makes it impossible for banks that are fond of using public sector funds to make free profits to continue to do so.

    The introduction of the Treasury Single Account policy, therefore, has been useful in reducing the proliferation of bank accounts operated by ministries, departments and agencies, thereby ensuring financial accountability as well as transparency.

    Though it was first introduced in 2012 by the Goodluck Jonathan administration, its implementation was largely nil until the Muhammadu Buhari government came on board and gave the scheme real muscle.

    It is against the background of TSA’s potentials for curbing corruption that any flouting of its rules is sternly frowned upon by the Buhari government which sets so much store of fighting corruption.

    According to Sources, the fact that relevant queries were raised by appropriate offices but ignored may compel the presidency to empanel an inquiry soon.

  • Buhari orders probe of past JAMB, NIMASA heads over ‘meagre’ revenue remittance

    The Federal Executive Council during its meeting on Wednesday presided over by President Muhammadu Buhari ordered the forensic probe of some government agencies.

    The exercise is to recover unremitted revenues, according to Minister of Finance Mrs Kemi Adeosun, who briefed State House correspondents at the end of the Federal Executive Council (FEC) meeting.

    With Mrs Adeosun were Minister of Water Resources Suleiman Adamu, Minister of Budget and National Planning, Udoma Udo Udoma and Special Adviser to the President on Media and Publicity, Femi Adesina.

    According to her, some of the government agencies suspected to be diverting government revenues will be made to account for the past revenues.

    She said the Joint Admissions and Matriculation Board (JAMB), which had been remitting N3 million annually, remitted N5 billion this year alone and disclosed that it had N3 billion more to remit to the government’s purse this year.

    The minister also listed past management of the Nigerian Maritime Administration and Safety Agency (NIMASA) among the offenders.

    She said: “Secondly, we spoke about revenue generation. The VAIDS Programme is ongoing and we are having quite a positive response in terms of tax compliance.

    “We also reported on the progress made by a number of our agencies some of whom have reported very significant increases in the amount paid into the consolidated revenue fund.

    “Council discussed JAMB, which recorded significant progress and NIMASA as well as others and gave us the charge to really go and look at these agencies, look in some cases the past management of those agencies and see where those agencies were leaking and to encourage agencies that haven’t done so to continue with efficiencies,” she said.

    Asked to disclose the figures expected from the agencies, Mrs Adeosun said: “The highest amount that JAMB has ever remitted to the consolidated revenue fund before this management was N3 million. This year, so far, they have done N5 billion and the Minister of Education reported that they have additional N3 billion that they are ready to remit, which will take this year’s figure alone to N8 billion.

    “Now they have not increased their charges nor their fees. So the question that Council members were asking was that where were all these monies before?

    “So the directive was given that we must call those who were the heads of those agencies and similar ones to account and that is what we intend to do.”

    She added: “It’s a similar story with other agencies and these are the leakages which we are now blocking. These are the monies in the consolidated fund that is now being applied in the projects that really need to get the economy moving. These are the monies that are missing that has led us to the position we are in. It is the grandest looting that this administration action has come in to address.”

    The minister also disclosed that FEC approved for Nigeria to rejoin the African Trade Insurance Agency.

    She said: “This is an agency that is out to provide risk guarantee for private investors coming into Nigeria as well as exporters from Nigeria.

    “It will provide risk guarantees, so instead of projects asking for sovereign guarantees, we will be able to provide that risk mitigation through the African Trade Insurance Agency. Many other countries are already members, so Nigeria will also be joining.

    “This agency has an A rating international and is able to guarantee long term projects. So, what we see as a result of this is that there will be increased level of investments particularly PPP where every often the investors want some guarantee from the government. Instead of the government issuing sovereign guarantee directly, this agency will step in and issue it. It is very similar to MIGA, the Multi-lateral Insurance Guarantee Agency that is owned by the IFC.”

    She went on “My second activity was part of the briefing on the economy and to speak to the fiscal conditions and outlook.

    “As you know, we are on the part way of resetting the economy and adjusting permanently to a sort of lower oil pricing.

    “The recent announcement of the exit from recession we see as statically backed indicator that we are moving in the right direction.

    “We recognised that there is a lot to be done. I briefed the council on various fiscal initiatives that we are pursuing. These include continued fiscal consolidation and cost efficiency, driving cost savings in government; there is still a great need to do so.

    “I have some progress report on the work we have done with payroll where we are still seeing contraction. Every time we put agencies into our automated payroll system we see contraction and we intend to continue with that.

    “So, in summary, the outlook is positive. We did some comparative analysis in June 2014 with oil price of $109, federation allocation was N844 billion and in June 2017 it was down to N318 billion, just to give you an idea of how much income the country has really lost in the last few years.

    “So, we are adjusting very strongly and we believe if we continue with this trajectory not only will we stay permanently out of recession but, more importantly, we will have a positive and growing economy what works for all Nigerians which is our aim.” she said

    Udoma Udo Udoma said his ministry briefed the Council on the recent 2017 Second Quarterly Report of the National Bureau of Statistics (NBS).

    He said: “We were encouraged by the GDP growth rates. The report is very encouraging for the government as it shows that we are on the right direction.”

    The Minister of Water Resources disclosed that he briefed FEC on floods and possible threats of flood.

    He said there was no threat of flood in the country.

    The Ministry has observatory units in Niamey and Lokoja, he said, adding: “If there is any indication of significant rise or threat to lives and properties, we will promptly issue warning alerts.

    “For now, there is no cause for alarm. We cannot stop the flood but we can provide early warnings.”

  • $20m ‘bribe’: EFCC commences probe of 20 ex-NPA officials

    Operatives of the Economic and Financial Crimes Commission, EFCC, have commenced a probe of how $20 million was wired into the accounts of shell companies and some former directors of the Nigerian Ports Authority (NPA).

    The cash, which is believed to be a bribe, is being traced by the EFCC.

    The anti-graft commission is also looking into the operation of a firm which had been indicted by Switzerland over the bribe.

    The affected company was fined 1 million Swiss Francs by a Switzerland court, which also ordered it to pay back 36 million Swiss Francs described as illegal profits.

    No fewer than 20 former NPA top shots may be interrogated over the deal.

    Besides, there is pressure on the government to suspend business or contractual obligation with the indicted firm for a hitch-free probe by the anti-graft agency.

    The scam predates the appointment of the incumbent Managing Director, Hajiya Hadiza Bala Usman.

    A source in the anti-graft agency confirmed the commencement of investigations into the bribery scandal.

    “So far, we are looking into the accounts of 10 suspects and about five firms which were implicated in the deal.

    “We have been able to discover that the indicted firm had been entrenched in the system in the last 10 to 12 years with some contract procedure waivers linked to it.

    “It is a big bribery scandal with international network. We will unravel all the perpetrators and beneficiaries,” the source said.

    The EFCC plans to collaborate with the Swiss authorities in getting to the root of “this huge bribery”. We are hopeful of retrieving all relevant documents.

    “The good thing is that the Swiss government has always shown understanding by cooperating with the Federal Government.” The Swiss government had returned more than $650million Abacha loot to the Federal Government.

    The source said the latest dimension on the scandal made it necessary for the EFCC to probe the implicated company.

    “With the leg work done by our team, the $20million was not consultancy fees as being claimed by some of the highly-placed Nigerians.

    Another source gave an insight into the role played by the administration of ex-President Goodluck Jonathan in cooperating with the Swiss authorities.

    The source said: “The Swiss authorities, through the Office of The Attorney-General, Department of International Affairs, on May 2, 2012 implicated some Nigerians in the $20million scandal alongside a firm.

    “The EFCC was then asked to look at the issues involved and the outcome of the agency’s findings was sent to Felix Reinmann, the Swiss Federal Attorney.”

    The source said a letter by a former Attorney- General of the Federation and Minister of Justice, Mr. Mohammed Bello Adoke (SAN), revealed the steps taken by the Federal Government.

    The letter said: “I refer to your letter dated 2nd May 2012, wherein you forwarded a Mutual Legal Assistance request to Nigeria on the above subject matter. The request was brought pursuant to the United Nations Convention Against Corruption and the International Law Principle of Reciprocity.

    “The documents on further findings of the executing competent authority, the Economic and Financial Crimes Commission revealed that the money was paid as consultancy fee to the various recipients.

    “The said documents are herein forwarded to you verbatim.

    “Accept please, the assurances of my highest consideration and esteemed regards.”

    A source in NPA said: “We have referred the case to our Legal Unit for advice on what to do on the firm and the indicted former staff of NPA.

    “We are being careful in seeking legal advice because the contract the company signed was through the Federal Executive Council (FEC).

    “We need to look into all contractual documents to avoid running the country into another crisis. This advice will guide us in determining what to do with the company.

    “As for our former employees, I think about 20, we also need legal advice on whether or not within our own mandate we can take action.

    “So, we are trying to follow due process. This is without prejudice to the investigation by the appropriate regulatory authority.”

    There has been pressure on the government to stop any transaction or contractual obligation with the firm.

    A government source said: “The Presidency has been receiving representation on the need to suspend business or contractual obligation with the firm.

    “This is left to President Muhammadu Buhari and his team to determine.”

    The French company VINCI is one of its main shareholders.

    On June 14, the Managing Director of the agency, Hadiza Bala Usman, told PREMIUMTIMES that apart from being “deeply embarrassing” to the NPA, the indictment was particularly worrisome.

    She said: “It is a development we are deeply worried about because it relates to the integrity of our agency and process.

    “We are reviewing the indictment and we will call for a full-scale investigation as it relates to companies and individuals in Nigeria said to have been involved. “This corruption revelation is a helpful development.”

     

  • IG raises panel to probe alleged bribery in personnel promotion

    The Inspector-General of Police (IG), Ibrahim Idris, has set up a Special Investigation Panel to investigate complaints and petitions of alleged bribery by police officers for special promotion.

    The Chairman, Senate Committee on Navy, Isah Misau, in an interview granted to a newspaper report published on August 10, had alleged that police officers pay bribe for special promotion.

    The Force Spokesman, CSP Jimoh Moshood, in a statement in Abuja on Friday, said Mr. Misau had been invited by the panel to get more details to assist it to conduct a discreet investigation into the matter.

    According to Mr. Moshood, the panel among other responsibilities, is expected to investigate the allegations, other complaints, petitions and grievances from police officers within the Force and other members of the public.

    Others are to determine the substance of the complaints, petitions and grievances from aggrieved police officers and members of the public on allegations of giving money for special promotion.

    The panel is to also determine those involved in the matter, recommend appropriate judicial action and other punishments appropriate in line with the provisions of Public Service Rules Section 030401 (j) (k) and other statutory enabling laws/Acts.

    The Panel is to submit its reports to the Inspector-General of Police within two weeks.

    Mr. Moshood urged police officers and members of the public to send their complaints and petitions to the following phone numbers, WhatsApp and email: 08054904443, 08035896648, 08181895582 JOYJUDEJOSHUAH@YAHOO.COM for success of the investigation.

     

     

    (NAN)

  • Probe of revenue leakage not done in secret – Senate

    The Senate on Wednesday said ongoing probe into alleged N30 trillion revenue leakage in the country’s import and export value chain was not shrouded in secrecy as alleged in some quarters.

    TheNewsGuru.com reports that the probe covers activities in the value chain between 2006 and 2017.

    The Chairman of Senate Joint Committee on Customs, Excise and Tariff and Marine Transport, which is conducting the investigation, Sen. Hope Uzodinma, told journalists in Abuja that some firms that allegedly involved in the process had made “confessions.”

    He assured that no amount of blackmail would deter the committee from carrying out its constitutional role, particularly with regard to issues that had direct impact on Nigerians.

    Uzodinma said: “If there is anybody who is still in doubt whether there are recoverable revenues of government in the hands of these companies, by the admission of some of them, it means that the person should better wake up.

    “We call on all Nigerians to support the Senate. We are all very serious men and women.

    “We are professionals in different fields of endeavour and when we have decided to come here to serve the country, we mean every word of it.

    “What we are doing and showing by this investigation is that the country can be better and that we can move from where we are now to where we expect the country to be.”

    He dismissed insinuations that the committee’s investigation was shrouded in secrecy, saying it was unfounded.

    He, however, said the committee was being careful in disclosing some details as the investigation was still ongoing and that making the details public now may jeopardise the process.

    “We are not shrouding anything in secrecy.

    “The public is interested in this investigation and you know the Stock Exchange is an important platform for trade in Nigeria.

    “We don’t want to create unnecessary panic in the market as some of the companies are public-quoted.

    “There is a signal we will let to the market that will destroy the image and integrity of these companies.

    “We have not arrived at any conclusion because the investigation is still on. On the final day, we will do a full blown news briefing so that Nigeria will know the outcome of our exercise,’’ Uzodinma added.

     

  • Osinbajo drops two ICPC board members under probe

    Osinbajo drops two ICPC board members under probe

    Acting President, Yemi, Osinbajo, has dropped the two new members nominated to be on the board of the Independent Corrupt Practices and Other Related Offences Commission who are said to be undergoing investigations by the same commission.

    Osinbajo had last week named a new chairman and board members of the commission.

    Recall TheNewsGuru.com had earlier published a report on Friday, in which two of the board members are currently being investigated by the ICPC.

    The Senior Special Assistant to the Acting President on Media and Publicity, Mr. Laolu Akande, disclosed on his Twitter handle on Sunday that the nomination of the affected persons was being stepped down.

    Akande said it had been confirmed that the two nominees were being investigated by the agency they were nominated to serve.

    He said the situation presented a conflict of interest.

    Akande wrote, “We are stepping down two of the new ICPC board nominees who have ongoing investigation issues with the commission as this presents a conflict.

    “While the existence of allegations or petitions against someone shouldn’t necessarily disqualify them (six) from considerations for appointments, this case presents a peculiarity as we have confirmed that the agency in which they are to serve is indeed investigating the two of them.

    “A basic check showed no court convictions against them. But when weighty petitions come up, this administration will always do the right thing.”