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Tag: Osborne Towers

  • EFCC recovers N473b, $98.2m, £294,851 in 2017, says Magu

    EFCC recovers N473b, $98.2m, £294,851 in 2017, says Magu

    The Economic and Financial Crimes Commission (EFCC) was able to recover crime – related funds amounting to N473b in addition to $98,258,124.97; £294,851.82; €7,247,363.75; 443,400 Dirham and 70,500 Rand, the Commission’s acting Chairman, Ibrahim Magu has said.

    Magu also confirmed that identified whistle blowers, including the Osborne Towers, Ikoyi whistle blower were being paid timely to encourage other Nigerians buy into the policy.

    During the course of 2017, the Commission also succeeded in securing final forfeiture of the Osborne Towers, Ikoyi cash of $43m as well as N32b; $5m recovered from a former Petroleum Resources Minister and N449m discovered at Legico Plaza in Victoria Island, Lagos, he said.

    While defending the Commission’s 2017 budget before the Kayode Oladele-led House of Representatives Committee on Financial Crimes yesterday, Magu said the $43m Osborne Towers cash got forfeited to the Federal government because no one came forward to claim it.

    The Committee had asked Magu whether the Osborne cash was ever traced to anyone.

    In response, Magu explained that the document recovered from the property from where the money was recovered showed that it belonged to a company owned by the wife and son of a former Director General of the National Intelligence Agency (NIA).

    However, after due diligence and no one coming forward to calm it, the court had to pronounce it’s final forfeiture, he said.

    Among other recoveries and forfeitures from proceeds of crime, Magu said over N329b was recovered from petroleum marketers by the Kano office of the Commission; withholding tax recovery of over N27.7b from banks; €6.6m recovered from Nigerian Ports Authority (NPA); recoveries of about N1.1b on behalf of AMCON; and recovery of subsidy fraud funds of over N4b.

    Magu however reiterated government commitment to the whistle blowing policy, saying, promised incentives are being paid timely.

    Saying that the Ikoyigate whistle blower has also been paid, Magu noted the payment policy was meant to encouraged more Nigerians to join in the campaign against corruption.

    On the 2017 budget implementation, the EFCC boss complained of delay in fund releases which he said affected operations of the Commission

    “Delayed and irregular release of the overhead component of the recurrent vote affected the commission’s investigation and prosecution activities especially in the Zones.

    “Out of the total sum of total sum of N17,202,253,360 appropriated in 2017, only N11,737,492,342.07 or 68 percent has so far been released out of which N9,759,277,008.53 has been utilized.

    “From the sum of N7,127,316,354 appropriated for Personnel, N6,533,373,324 was released; from N3,000,713,298 appropriated for Overhead only N1,667,007,163.70 has been released while from N7,074,223,708 appropriated for Capital expenditure, only N3,537,111,853.87 was released to the commission so far,” he added.

    He also complained that the Commission’s 2018 budget proposal of N45b was reduced to about N21b, which is capable of hampering the activities of the Commission for the year.

    Magu also informed the Committee that Nigerian Financial Intelligence Unit (NFIU) has been granted autonomy.

    “In the course of the outgoing financial year, the NFIU was granted self-accounting status by both the Office of the Accountant General of the Federation and the Budget Office. Effective date of implementation is 1st January, 2018 with a budget proposal of N2.903b,” he said.

    Of the sum, N339.350m was proposed for Personnel cost; N22.500m for meals and refreshment to cater for numerous sub-regional, national and internal meetings while N26.500m was proposed for publicity and advertisement for stakeholders in the financial sector.

  • ABC OF OSBORNE TOWERS

    ABC OF OSBORNE TOWERS

    •Osborne Towers comprises four-bedroom, luxurious, all en-suite apartments.
    •Built by Cappa D’Alberto, it won the 2011 International Residential Award for the Best Residential Property Interior in Africa.
    •Its special facilities include motion sensor in all the rooms, two swimming pools, a health and fitness centre, sauna, massage pavilion, squash court, club house, 3800 KVA caterpillar generators, dedicated transformer, video door entry telephone, CCTV, and 24hours security, according to its website.

  • Osborne Towers: EFCC invites ex-governor, others

    Osborne Towers: EFCC invites ex-governor, others

    How NIA got property where $43.4m was found

    Amaechi seeks N2b compensation

    Detectives are to question a former governor and some high-profile owners of apartments in Osborne Towers, Ikoyi, Lagos where $43.4million was recovered last Wednesday.
    Besides, the Economic and Financial Crimes Commission (EFCC) has identified how the controversial apartment 7B, where the $43.4m was kept, was acquired. Also recovered were £27,000 and N23m cash.
    The EFCC has intensified investigation into the roles played by some apartment owners and tenants on how the cash was brought into the Towers, The Nation has learnt.
    The anti-graft agency is said to be suspecting that some owners or tenants may have been complicit in the matter.
    A source said: “The more we investigate this $43.4m haul, the more we get fresh facts. It has become imperative to interact with some owners or tenants of apartments in the Towers.
    “We have invited a former governor and other high-profile owners and tenants for interaction. It is just to ask a few questions on whether or not they were aware of such movement of cash.
    “We have clues linking some occupants of the Towers to the cash haul. And in line with sections 16 and 17 of the EFCC (Establishment Act) 2004, we are inviting these landlords or tenants.
    “Unless we get to the root of this case, Nigerians may not know the truth or otherwise about the cash.
    “We are not saying that those invited are guilty of any infraction or having link with the $43.4million but we need to hear from them – in line with the ongoing profiling of those in the Towers.”
    Sections 16 and 17 of the EFCC Act reads: “A person when – (a) whether by concealment. removal from jurisdiction, transfer to nominees or otherwise retains the control of the proceeds of a criminal conduct or an illegal act on behalf of another person knowing that the proceeds is as a result of criminal conduct by the principal, or (b) knowing that any property is in whole, or in part, directly or indirectly represent another person’s proceeds of a criminal conduct, acquires or uses that property or has possession of it, commits an office and is liable on conviction to imprisonment for a term not less than five years or to a fine equivalent 105 times the value of the proceeds of the criminal conduct or to both such imprisonment and fine.
    “(1) A person who, without lawful authority (a) engages in the acquisition, possession or use of property knowing at the time of its acquisition, possession or use that such property was derived from any offence referred to in this section, or
    (b) engages in the management, organisation of financing of any of the offences under this Act; or(c) engages in the conversion or transfer of property knowing that such property is derived from any offence under this Act; or
    (d) engages in the concealment or disguise of the true nature, source, location, disposition, movement, rights with respect to or ownership of property knowing that such property is derived from any offence referred to in this section, commits an offence under this Act and is liable on conviction to the penalties provided in Subsection (2) of this section.
    ”The penalties for offences under subsection (I) of this section shall be imprisonment for a term not less than 15 years and not exceeding 25 years.”
    Meanwhile, there were indications yesterday that the EFCC had been able to trace how the controversial 7B apartment, where the $43.4m was kept, was acquired.
    Another source said detectives discovered that the 7B Apartment was bought in the name of a company allegedly owned by the wife of a senior government official.
    “Since investigation is still ongoing, we will not release the identity of the owner of the company. Doing so might jeopardise investigation,” the source said, adding that the EFCC had interacted with “some people from the company.”
    A National Intelligence Agency (NIA) source said of the apartment: “What happened was that because of the nature of the covert operations which the apartment will be used for, it was necessary to manage the process well.”
    Only the Deed of Assignment was acquired by Thabis Ventures Limited on behalf of NIA. “And immediately the process for the purchase of the apartment was completed, the ownership was clearly stated in the name of NIA. All the papers are reflecting NIA too, he said, adding: “The title document is available for anyone to verify.”

  • Five Osborne Towers VIP tenants under EFCC probe

    Five Osborne Towers VIP tenants under EFCC probe

    More facts emerged at the weekend on the cash haul at Osborne Towers, Ikoyi, Lagos.

    The Economic and Financial Crimes Commission (EFCC) was on the trail of some high-profile tenants when it found the $43.4 million, £27,000 and N23 million at House 6, Apartment 7B, it was learnt.

    Four of the tenants have been quizzed; a petition is pending against the fifth.

    The building, it was learnt, had been under surveillance because of the tenants.

    Sources said a whistle-blower alerted the EFCC about the apartment in which the huge cash was recovered.

    When the EFCC moved in, a source said, it was unaware that the National Intelligence Agency (NIA) had a Safe Apartment there.

    The high-profile tenants live in the building.

    The anti-graft agency, according to the sources, had been trying to identify the tenants’ assets, including choice apartments in the towers.

    The whistle-blower, it was learnt, might have had knowledge of the EFCC’s discreet investigation and decided to help.

    But, as it turned out, the apartment does not belong to any of the tenants.

    One of them was said to have sold his stake in the towers.

    A source said: “As at the time of the EFCC’s operation on Wednesday, about five high-profile tenants, who are either being investigated or on the radar of the commission, were suspected to be living or having apartments there.

    “Some of the tenants have been quizzed and others are undergoing investigation. Only one of them has an outstanding petition still being probed by EFCC detectives.”

    “Among them are two former governors, a director of the Nigerian National Petroleum Corporation (NNPC) and two prominent lawyers.

    “So, when the whistle-blower raised the red flag, the EFCC was quick to move in without knowing that the 7B apartment is a safe house of the NIA.

    “There was excitement in the Lagos Zonal office of the EFCC about a breakthrough. This was why the operation started between 10am and 11am,” the source said.

    He said EFCC was hesitant to cooperate with the NIA.

    A government official, who pleaded not to be named because of “the sensitivity” of the matter, spoke last night in what transpired between EFCC and NIA.

    He said the EFCC did not set out to ridicule or embarrass the NIA. “It is unfortunate that this is the second time this type of incident is happening between the two agencies,” he said, adding:

    “There was a case of some cash released for contingency assignment by presidential fiat through the NIA account. The release was based on the directive of ex-President Goodluck Jonathan.

    “When the EFCC began the investigation of some Politically Exposed Persons (PEPs), it traced the movement of the cash to NIA account. Instead of seeking explanation from the Director-General of NIA, Ambassador Ayo Oke, the EFCC wrote directly to the Central Bank of Nigeria( CBN) to demand the details of the transactions on the said account.

    “In fact, the documents obtained from CBN included other sensitive operations and overhead. The NIA took exception to it. When President Muhammadu Buhari intervened, he saw all the records that neither NIA DG nor any staff benefited from the said funds.

    “NIA actually transferred the whole money as directed by the ex-President to another dedicated account. Subsequent EFCC investigation did not indict NIA. As for Wednesday’s operation, it was true that DG of NIA rushed to the Acting chairman of EFCC, Mr. Ibrahim Magu, who promised to intervene. The NIA boss only asked EFCC to retrieve the cash without making a public show of it in the media.

    “At the time the NIA got in touch with EFCC, the operation was already midway and strategy wise, the EFCC chairman felt it would convey a different impression because a crowd had already gathered in and around the towers.”

    Responding to a question, the source added: “The operation was based on the clues from the whistle-blower. The commission acted on intelligence. No one gave EFCC a list of safe houses of NIA. And the cash was also considered huge for NIA’s covert operations.”

    According to the source, the EFCC secured clearance from a senior intelligence officer before continuing its operation after entreaties from the NIA.

    ”I think there was communication gap somewhere and lack of synergy between the security and intelligence agencies,” he said, adding:

    “This incident will serve as a lesson for all the agencies to cooperate and share intelligence.”

    Nigerians have continued to raise questions about the ownership of the mystery cash, which the NIA has claimed.

    Among the questions is that if the money was meant for operations, why has it not been spent in two years? Was there any need for it, considering how long it has stayed unspent?

    Rivers State Governor Nyesom Wike has said the money belongs to the state. If it is not returned in seven days, said the governor, the state will launch a legal battle to recover it.

    He said it was the proceed of the state’s gas turbine sold by the Rotimi Amaechi administration.

    Amaechi denied the claim, saying he had nothing to do with the money. He challenged Wike to prove the allegation.

    About N16billion has been recovered by the EFCC in the last few days in Lagos.

    About N12,360,814,000 and N4billion were traced to private accounts.

    On December 22, last year, the Federal Government launched the whistle blowing policy to expose fraud and other related crimes in public and private sectors.

    The Minister of Finance, Mrs. Kemi Adeosun, said: “If there is a voluntary return of stolen or concealed public funds or assets on the account of the information provided, the whistle blower may be entitled to anywhere between 2.5 per cent (minimum) and 5.0 per cent (maximum) of the total amount recovered.”