TheNewsGuru

Tag: Seizure

  • New agency should manage and dispose forfeited assets – HEDA

    New agency should manage and dispose forfeited assets – HEDA

    A non-governmental organisation known as Human and Environmental Development Agenda (HEDA Resources Centre) has called for the creation of a new agency to manage and dispose forfeited assets.

     

    In a statement on Tuesday, HEDA said the new agency should have conflicting power of management, freezing, recovery, disposal, seizure, tracing and confiscation powers, similar to existing ACAs and LEAs, inimical to collaboration and efficient management of proceeds of crimes.

     

    Meanwhile, on financial implications for execution of mandate on nationwide and international assets, HEDA maintained that it was potentially impracticable and impossible, considering the inability of the Ministry of Justice to currently fund recovery of assets but rather employing services of external lawyers on no win, no fee basis.

     

    For the agency’s relevance in changing nature and scope of financial crimes and money laundering, the civil group affirmed that the agency would need to conduct its own investigations and prosecution of money laundering, terrorism financing etc and matters concerned.

     

    For response to perishable forfeited assets nationwide, the organization asserted that could be difficult, cumbersome and expensive with a center-dependent bureaucracy with other ACAs and LEAs.

     

    On proper handling of Exhibits at Interim Forfeiture stage, as well as how it might disrupt the fight against graft, HEDA submitted that Handling exhibits could jeopardize a successful prosecution and it would be very disruptive given the controversy surrounding the disposal of the ongoing assets by the AG’s office.

     

    On who are the Proponents and supporters, HEDA again said the Honourable Attorney of the federation (HAGF), finding its compliance with Orasanye’s report and government white paper on not creating new agencies, HEDA opined it contravenes the whole Ideas.

     

    For Accountability/Governance mechanisms, it maintained that there should be a Central DataBase in HAG’s Office and Quarterly Report to NASS Public Accounts Committees.

     

    More so on Accessibility to Forfeitures Records, the anti-corruption CSO suggested that Records domiciled in the Courts/NJC and National Data Base be made open for scrutiny.

     

    On the FATF Recommendation of POCA as captured in the lead debate of POCA Bill, HEDA said, “No agency was recommended while on The Effect of Expunged provisions of other LEAs and ACAs, it pushed for the expungement of relevant provisions in other ACAs and LEAs mandates needing amendment of all the Acts.”

  • [UPDATED] EXCLUSIVE: CBN commences seizure of funds, closure of cryptocurrency accounts

    [UPDATED] EXCLUSIVE: CBN commences seizure of funds, closure of cryptocurrency accounts

    The Central Bank of Nigeria (CBN) has commenced the seizure of funds and closure of accounts with history of cryptocurrency trades in the country, TheNewsGuru.com, TNG can authoritatively report.

    TNG recalls that the apex bank last week Friday ordered all banks to close accounts of anyone who transacts in cryptocurrency.

    However TNG observed that the CBN directive does not include forfeiture of funds in the accounts.

    The directive was contained in a circular to banks and other financial institutions, signed on Friday by the Director of Banking Supervision, Bello Hassan.

    “Accordingly, all DMB’s NBFI’s or OFI’s are directed to identify persons and/or entities transacting in or operating cryptocurrency exchanges within their systems and ensure that such accounts are closed immediately.

    “Please, note that breaches of this directive will attract severe regulatory sanctions. This letter is with immediate effect,” the CBN statement read in part.

    TNG reports that a cryptocurrency is a virtual or digital currency that appreciates or depreciates on the whims of market forces.

    A bank customer who trades in cryptocurrency told TNG that he couldn’t access his account and funds in one of the new generation banks since Tuesday.

    ‘I got to the bank on Tuesday to move my money to another bank but was told the CBN has frozen the money in account. As it stands now, I can’t open another account with the bank nor operate the old account and my funds are frozen,’ he said.

    A snapshot of one of the closed accounts by CBN order. NB: Details of account owner withheld

    Another bank customer said he was denied of his funds in an account he never used for cryptocurrency trading before.

    “I use a separate account for trading and keeping funds. When I got to the bank I use for trading, they said the account was already closed. I went to the bank where I keep funds, those ones said CBN has taken over the funds and accounts. Isn’t this madness?’, he quizzed.

    Confirming the development, a bank official who does not want to be named said the CBN directives to banks also affects accounts that have history of cryptocurrency trading.

    “Accounts with history of cryptocurrency trading that have now stopped are also affected. Its not the bank’s policy but the CBN’s, and it has to be obeyed to the letter,’ he said.

    Some cryptocurrency accounts still functional

    Findings by TNG revealed that not all the cryptocurrency trading accounts have been closed. TNG gathered from reliable industry source that only account holders (corporate and individual) that indicated dealing in cryptocurrency trading while filling the account opening forms are closed for now.

    ‘Another reason your account gets blocked is when someone makes transfer and put crypto or any crypto name in the comment. It will get shut almost immediately,’ the source explained.

    Meanwhile, TNG also gathered that some commercial banks are not yet following the CBN directives. Some customers said as at yesterday (Wednesday) they still traded in cryptocurrency from their accounts.

    Efforts by TNG to reach officials of the apex bank for comments was not successful as at press time.

  • Property seizure: EFCC’s action, an abuse of Court process – Saraki

    Immediate past President of the Senate, Bukola Saraki, on Monday, maintained his position that the application to the Federal High Court, Lagos, for interim forfeiture order on his Ilorin home by the Economic and Financial Crimes Commission, was an abuse of the court process and a violation of a subsisting order of the Federal High Court, Abuja.
    He has therefore vowed to challenge the verdict at a higher court of competent jurisdiction.
    Saraki made the declaration in a statement by his Special Adviser on Media and Publicity, Yusuph Olaniyonu, and made available to our correspondent in Abuja.
    He noted that the Federal High Court in Abuja presided over by Justice Taiwo Taiwo had given an order “restraining the respondents (commission) by themselves, their subordinates, agents, servants, or privies howsoever, from seizing, impounding, taking over, confiscating or otherwise forfeiting the Applicant’s (Saraki) right to own and peacefully enjoy any of his assets and properties”.
    The statement read in part, “The EFCC’s claim that the Ilorin property was built by any proceed of fraud is outrightly false.
    “The fact is that the Ilorin property was built partly by the Kwara State Government pursuant to the Third Schedule of the Governor and Deputy Governor (Payment of Pension) Law 2010 while Saraki personally funded the remaining cost of the building.
    “There are existing letters from the Office of the Head of Service of Kwara State notifying the former governor (Saraki) of the State Government’s compliance with the State Pension for Governor’s law and the one indicating his intention to bear the cost of the additional expenditure that will arise from building the property to his desired taste dated 25th January 2012 and 8th February 2012 respectively.
    “The construction of the building did not commence until the last few weeks of Saraki’s tenure as governor and the bulk of his contribution to the funding were made with cheques.
    “Where cash was involved, this was mainly in 2012 and 2013, more than a year after he had left office as Governor.
    “So, where is the claim that the money for the construction of the house fraudulent obtained from Kwara State Government coming from? It should also be noted that the land on which the house is built is not a government allocated land.
    “One can only see that EFCC is playing politics and spreading falsehood in its cheap attempt to witch-hunt and intimidate a perceived enemy.
    “We are also surprised that the EFCC could not even hide its penchant for abusing the nation’s judicial institution as it engaged in forum shopping when it filed a suit in Lagos on a property situate in Ilorin.
    “We will like to restate our earlier position that Saraki will contest this matter in the court at least to further attest to his belief in the rule of law, the sanctity of the courts and their enduring readiness to do justice in all matters and to all persons.
    “Let it be known that the usual claim by the EFCC that its actions were directed against corrupt elements does not apply to Dr. Saraki because he is a man who at every point in his public service has sought to institute transparency and accountability in governance. Dr. Saraki has always worked to promote transparency in governance in all the places he had held public office.
    “As a Special Assistant to then President Olusegun Obasanjo on budget matters, between 2000 and 2002, he initiated the passage of the Fiscal Responsibility Act and Public Procurement Act.
    “Both laws were aimed at ensuring macro-economic stability and efficiency in government procurement through greater accountability and transparency.
    “As governor of Kwara State, he waived his immunity to enable his regime be probed.
    “He is, perhaps, the most investigated individual, in the nation’s democratic history. However, each time, Saraki has been given a clean bill of probity and health.
    “It should be noted that seven separate investigations were instigated on Saraki during his time in office as Governor. “
  • P&ID: How UK judgment saved Nigeria’s assets from seizure – FG

    P&ID: How UK judgment saved Nigeria’s assets from seizure – FG

    The Minister of Information and Culture, Alh. Lai Mohammed has said that the judgment of the United Kingdom’s Commercial Court saved Nigeria’s assets from being seized by an Irish firm, Process and Industrial Developments (P&ID).

    He also said the Federal Government has mandated its lawyers to file an appeal against the court order for a security deposit of $200million to make the stay of execution of the $9.6billion award given to P&ID effective.

    He said contrary to the claims of P&ID, the Federal Government had a good outing in the UK Court.

    The minister made the clarifications at a briefing in Abuja on the outcome of the proceedings in the UK Commercial Court.

    Mohammed said: “Finally, and this is the most important point: For those who may still not understand the gravity of the judgement of the Commercial Court in London last week, let me say this: Had we lost our quest for a stay of execution and application to appeal in London last week, P&ID would by now be attempting to seize our assets all over the world.

    “Remember they boasted, before the judgment, that they have started compiling a list of our assets which they will attach. But now, that’s an empty boast, thanks to the successes recorded in the court of law and the court of public opinion last week.”

    He said Nigeria did not lose out in the UK Commercial Court.

    He added: “Gentlemen, I have gone the extra mile to summarize our week-long activities in London as well as the judgement of the London-based Commercial Court on the arbitration award of 9.6 billion US dollars to P&ID in order to put the record straight and knock the bottom off the argument by P&ID and its cohorts that we did not score a big victory in London last week.
    ” It was indeed a huge victory, and P&ID has every reason to be worried that the 9.6 billion US dollars arbitration award to it has a good chance of being overturned.”

    Details shortly…

  • JUST IN: Court orders seizure of Diezani’s 56 houses worth N2.6b

    A Federal High Court in Lagos has ordered the interim forfeiture of 56 houses allegedly bought for $16,441,906 (N2.6billion) by a former Minister of Petroleum Resources, Diezani Alison-Madueke.

    Justice Abdulaziz Anka, a vacation judge, made the order following an ex parte application by a counsel for the Economic and Financial Crimes Commission (EFCC), Mr. Anselem Ozioko.

    The EFCC, in documents filed in court, described the properties as including 29 terraced houses, 21 mixed housing units, six flats, six apartments, two maisonettes among others, in Lagos, Port Harcourt and Abuja.

    Ozioko persuaded Justice Anka that Diezani paid $16,441,906 cash for the properties through several shell companies from the proceeds of suspected unlawful activity during her tenure as minister.

    The $16,441,906 was allegedly picked up from her house by bank officials via a pick-up service.

     

    Details later…