The Nation Newspaper

Tag: Panama

  • EU adds Nigeria, Saudi to dirty-money blacklist

    Nigeria, Saudi Arabia and Panama are among the countries added by the European Commission to blacklisted nations for posing threats because of lax controls on terrorism financing and money laundering.

    The listing of the countries is part of a crackdown against money laundering after several scandals hit banks in European Union (EU) in recent months.

    But the development has triggered criticism from several EU states. They are worried about their economic relations with the listed states, notably, Saudi Arabia.

    Read also: CCT orders Onnoghen’s arrest

    The criteria used to blacklist countries include low sanctions against money laundering and terrorism financing, insufficient cooperation with the EU on the matter and lack of transparency over the beneficial owners of companies and trusts.

    Five of the listed countries are already included on a separate EU blacklist of tax havens. They are: Samoa, Trinidad and Tobago and the three United States (U.S.) territories of American Samoa, Guam and U.S. Virgin Islands.

  • England march into last 16 after thrashing Panama 6-1

    Harry Kane struck a hat-trick as England marched into the last 16 of the World Cup after a record 6-1 win over a woeful Panama in their World Cup Group G match on Sunday.

    The result, a record win for England in a World Cup finals match, means England qualify for the knockout stage with a game to spare, along with Belgium who also have six points.

    Tournament debutants Panama are eliminated along with Tunisia.

    England was 5-0 up at halftime after taking full advantage of a poor Panamanian defence.

    A header from a corner by John Stones, a penalty from Kane and a beautiful strike from the edge of the box by Jesse Lingard set them on their way.

    A Stones header from a well-worked free-kick routine and a second Kane penalty gave them a 5-0 lead going into the break.

    The England captain, now the tournament’s top scorer with five goals, completed his hat-trick when a shot from Ruben Loftus-Cheek deflected in off the Tottenham forward in the 62nd minute.

    Kane became just the third England player to score a hat-trick in a World Cup game following Geoff Hurst in 1966 final and Gary Lineker against Poland in the 1986 tournament.

    Panama pulled a goal back in the 78th minute through Felipe Baloy, the Central American nation’s first goal at a World Cup. (Reuters/NAN)

  • Magu in Austria, says EFCC recovered N738.9bn in two years

    Magu in Austria, says EFCC recovered N738.9bn in two years

    The Economic and Financial Crimes Commission ( EFCC ) on Wednesday in Austria said it recovered loots totaling N738.9 billion or $2.9 billion between May, 2015 and Oct. 20, 2017.

    Its Acting Chairman, Mr Ibrahim Magu, stated this at the ongoing 7th Session of the Conference of the States Parties to the United Nations Convention Against Corruption holding in Vienna.

    Spokesman of the commission, Mr Wilson Uwujaren, gave account of Magu’s engagement in a statement in Abuja on Wednesday.

    In a presentation titled: “International Cooperation in Relation to Tecnical Assistance: The Nigerian Experience”, Magu said the sum was exclusive of smaller currencies in Durham, CRA and British Pound.

    He stated that the commission had made a lot of recoveries locally using the mechanism of the non-conviction based forfeiture provided under Section 17 of the Advance Fee Fraud and Other Fraud Related Offences Act, 2006.

    “Within this year alone, the commission recovered stolen assets running into several millions of US Dollars and billions in naira.

    “These include the sum of $43 million recovered from Deziani Allison-Madueke, Nigeria’s former Minister of Petroleum and N2 billion spread in seven accounts within three Nigerian banks laundered from the Federal Capital Territory Police Command Salary Accounts”, he explained.

    Magu, who was said to be a panelist at the Implementation Review Group attended by over 100 delegates, detailed the Nigerian efforts in asset recovery.

    He said the country had also made progress in specific cases related to Abacha loot, Malabu Oil, Diezani and associates, and the arms procurement scandal.

    These efforts, he said, cut across Switzerland, USA, UK, UAE, Jersey Island and Panama.
    In his recommendations, the EFCC boss sought improved coordination and cooperation among state parties in asset recovery.

    He said this could be done through the consideration and adoption of measures that would remove traditional barriers such as bank secrecy in line with Article 46(8) and dual Criminality Article 46(9) as well as simplify legal technicalities in the recovery and repatriation of stolen funds.

    He further sought measures to reduce cost of recovery of assets for developing countries and ensure speedy return of all stolen assets to victim states in line with the current resolution sponsored by Nigeria.

    He also called for sanction and prosecution of any financial institution that violates AML/CFT measures and the maintenance of a public register on beneficial ownership.

    Meanwhile, Nigeria has received global commendation for its doggedness in tracing and recovery of its solen assets, according to the commission’s spokesman.

    Uwujaren said the commendation came at a meeting between Magu and Dr Nassar Abaalkhail, the Head of International Collaboration, National Anti-Corruption Commission, Saudi Arabia.

    The meeting, which held on the sidelines of the conference, followed Magu’s presentation, Uwujaren said.

    He quoted Abaalkhail as saying that Nigeria’s efforts at loot recovery were remarkable.

    “From what I have heard, Nigeria’s effort at asset tracing is remarkable. Nigeria is indeed a role model for countries, including developed countries.

    “We have so much to learn from Nigeria”, he said.

    Uwujaren said the Iranian National Focal Point for the United Nations Convention Against Corruption, Dr Mohsen Mardal, also commended the Nigerian presentation.

    Similarly, the Commissioner, Sierra Leone Anti-Corruption Agency, Ady Macauley, said the EFCC was not only “formidable, but a pride to the African States”.

    “My men were in Nigeria a fortnight ago to understudy your operations, I must confess, we have a lot to learn in investigation, prosecution and asset recovery”.

    NAN

  • Nigeria recovers $85m Malabu loot from UK

    Nigeria recovers $85m Malabu loot from UK

    The Minister of Justice and Attorney General of the Federation (AGF) Abubakar Malami Thursday announced that the Federal Government had just recovered $85million Malabu fund from the United Kingdom (UK).

    His words: “I am also pleased to inform that Nigeria has just recovered the sum of $85million on the Malabu funds from UK.”

    He spoke at the Agenda for Pre-Global Forum on Asset Recovery (GFAR) Consultative Meeting organized by the Mac Arthur Foundation and the Africa Network for Environment and Economic Justice (ANEEJ) in Abuja.

    Malami also added that the Federal Government of Nigeria was concluding negotiation with that of Switzerland on the return of $331million recovered from the family of the late Head of State, General Sani Abacha.

    According to him, the Civil Society Organizations will be involved in the monitoring of the utilization of the funds.

    He stressed that with the conclusion of the negotiation, the different countries involved are to sign a Memorandum of Understanding (MoU) on the repatriation of the funds in the next few weeks.

    The minister said that “we are indeed concluding negotiation with Switzerland on the return of $331million recovered from the late Abacha family. I am pleased to inform that Civil Society Organizations were involved in the negotiation of the Memorandum of Understanding.

    “Most importantly, the Civil Society Organizations will be involved in monitoring the use of funds. With the conclusion of negotiation, parties are to sign a Memorandum of Understanding at the global forum at Asset Recovery meeting and repatriation all follow within weeks as agreed by the parties. ”

    He recalled that Nigeria has implemented the United Nations Convention Against Corruption requirement through the development of National Strategy on Anti-Corruption.

    The National Strategy on Ant-Corruption, according to Malami, was adopted by Nigeria and has been approved by the Federal Executive Council in July this year, which the President is expected to launch in due course.

    He revealed that the Nigeria is currently reviewing its anti-corruption laws, noting that the Federal Government has signed government partnership initiative and completed the National Anti-Corruption national action plan with practical implementation in the country.

    Malami noted that President Muhammadu Buhari is scheduled to launch the National Action Plan very soon.

    He said that “it is pertinent to state at this point that the repatriation of our stolen wealth need very tedious several bilateral agreements entered into between Nigeria and other jurisdictions.”

    Even when the provision of the United Nations Convention against corruption obliged same, the minister said that, parties to facilitate the return of stolen assets between Nigeria and parties are facing several challenges.

    He said that his office has held talks with office of interests during the global forum on asset recovery.

    He said the countries include the United Kingdom, United State of America, Canada, Switzerland, South Africa, Panama, United Arab Emirates, Northern Ireland, Gambia and others.

    The Swiss Ambassador to Nigeria, Eric Mayoroz said Switzerland and the government of Buhari are committed to fight against corruption.

    He noted that his country changed its legislation in the last decade so that stolen money could not be deposited there.

    The envoy said that his country’s law on money laundering is now the global model in the fight against the crime.

    According to him Switzerland was the first country to return stolen funds to Nigeria from the western world after it recovered $22million from the late Abacha’s family.

    He said that then, the Swiss Justice discovered that there were still other assets owned by the family in the country and it froze hundreds of million dollars deposited by the family in the banks.

    The envoy added that after an agreement was signed by the Swiss government and that government of Nigeria in 2014,  the Swiss Attorney General in Geneva decided that the money about $320million  should be given back to Nigeria.

    It urged negotiation with the government of Nigeria and the modalities emerged in 2016 when Malami and the Swiss AGF signed the letter of intent ,that the money should be protected from another attempt of being looted again.

    He added that in June 2016, Vice President Yemi Osibanjo chose the projects to use the money on to include those that would benefit the poorest in the society and that it would be monitored by the World Bank.

    He said “a few weeks ago, at the moment of negotiation, leading to the final point and the writing of the Memorandum of Understanding, we are very grateful to the Nigerian authorities for its commitment to a transparent and accountable decision that is aimed to reduce absolute poverty and providing cash transfers to support the poorest and most vulnerable Nigerian population.

    He said that the Swiss government had insisted that measures must be taken to ensure that the money will not disappear again, noting that the role of the civil society is vital in the matter.

    Mayoroz said that “We openly expect to sign another agreement between the Nigerian Civil Societies and the World Bank even before the end of this year.”

    Speaking, the British High Commission/Ambassador to Nigeria Mr. Paul Arkwright, said that the United Kingdom is keen to see the quick passage of Nigeria’s bill on asset recovery and it is also ready to support its implementation.

    He said that Civil Society Organizations will have vital roles to play in the monitoring and oversight of assets.

    According to him, asset recovery is an important priority in the UK in its bilateral relationship with Nigeria.

    The transparent management and use of money and the returned assets matter more to the United Kingdom than Nigeria.

    He said that his government is insisting that the retrieved funds must be out to good use by the government of Nigeria for Nigerians.

    The United State Ambassador to Nigeria, who was represented by Senior Police Advisor, Mr. Michael Baner noted that the US was not a safe haven for stolen funds.

    The chairman of ICPC Prof. Bolaji Owasanoye  said that Nigeria needs to agree on some framework for asset returning saying that foreign countries a zealous to return stolen assets yet very conservative about returning the money.

    He said one should not criticize the position of the western world on asset return because previously returned ones were mismanaged or re-looted.

    According to him, Nigeria is now trying to put that accusation behind it by developing a roadmap for future asset recovery.

    He called for a framework and structure for the management of returned assets.

    He said that pending the passage of the bill in the National Assembly, there is now a framework which the government is using to diminish accusation against law enforcement agencies who recover asset in a transparent manner.

  • Panama dictator Noriega dies at 83

    Panama dictator Noriega dies at 83

    Former Panama dictator Manuel Noriega has died at the age of 83.

    Noriega used to spy for the U.S. before his drug trafficking and brutality triggered a U.S. invasion to oust him in 1989.

    President Juan Varela announced Noriega’s death on Twitter late on Monday, and said his passing marked the closing of a chapter in the Central American country’s history.

    Ruling Panama from 1983 to 1989, Noriega was a longtime collaborator of the Central Intelligence Agency and a useful U.S. ally in a region that was prone to leftist insurgencies.

    The invasion ordered by President George H.W. Bush brought an end to his career of money-laundering and cocaine smuggling, in which he worked with traffickers like Colombian Pablo Escobar.

    He was initially sentenced in the U.S. in 1992, but was serving a sentence for murder in Panama when he died.

    Noriega was let out of prison under house arrest in January to have an operation to remove a brain tumor.

    The surgery went ahead in early March, but he suffered a hemorrhage, underwent a second operation, and had been in a coma ever since.

    A Panamanian government official, speaking on condition of anonymity, said Noriega died at around 11 p.m. local time in a Panama City hospital after his condition suddenly worsened.

    President Varela said Noriega’s family should have the right to bury the former leader in peace.

    Most Panamanians had gone to bed by the time the announcement was made close to midnight in the isthmus nation, so local reaction was initially muted.

    “We Panamanians must remember the (Noriega) era as something that cannot be repeated in Panama, it was a really painful time for the country because it ended with an invasion,” said Aurelio Barria, a former leader of the Cruzada Civilista, a civil society campaign against the dictatorship.

    Born less than a mile from the U.S.-controlled Panama Canal Zone in a tough Panama City neighbourhood, Noriega was raised by a family friend.

    A poor but intelligent youth, his options were limited until a half-brother helped him join the military.

    Noriega became head of military intelligence under Omar Torrijos, who had seized power in a 1968 coup, and oversaw the army’s corrupt off-book deals, and ran the secret police force.

    Torrijos died in 1981, and as ruler in his own right Noriega hit the headlines as his relations with Washington turned sour, culminating in Washington sending nearly 28,000 troops to seize Panama City and capture him in a house-to-house hunt.

    Noriega spent the remainder of his life in custody between the United States, France and Panama for a host of crimes ranging from murder to racketeering and drug-running.

    With U.S. officials in the know, Noriega formed “the hemisphere’s first narcokleptocracy,” a U.S. Senate subcommittee report said, calling him “the best example in recent U.S. foreign policy of how a foreign leader is able to manipulate the U.S. to the detriment of our own interests.”

    After his capture, Noriega tried to turn the tables on the U.S., saying it had worked hand in glove with him.

  • Take me to Panama!

    Is Hardball a dull fellow? Why is it that he always misses on all the historic ‘actions’ happening in his time? The other day, it was the Dasukigate revelations which showed dozens of fake and obviously phoney companies floated overnight in a bazaar of global loot-laundering.

    Dasukigate as it turned out was for all-comers; every smart alec in town, every half-wit took part and all roads led to the Office of the National Security Adviser (ONSA) who doled out Nigeria’s cash as if he would die if he stopped. Almost everyone joined that big money scramble except Hardball. He buried his in the dreary thickets of words. He probably thinks the world waits on him. But alas, he may come up from his forage one of these days to find that the world had gone!

    Well some digressions there, but this time, the world; or let’s say the smart world was dealing in a place called Panama. According to the news in the whirl, eleven million secret documents, now famously called the Panama Papers, have been leaked from a Panama-based law firm, Mosack Fonseca.

    Panama for those who may not know is a Central American country hemmed between Colombia and Costa Rica. It is also bordered extensively by the Caribbean Sea on the northern parts and the Pacific Ocean south-wise.

    For a long while in its history, it was a stooge of the United States that built and controlled the strategic Panama Canal. The canal which beats a most important path between the Atlantic and Pacific Oceans is in itself as iconic as icons go.

    We digress yet again. The Panama papers, eleven million of them, contain largely illicit and secretive monetary transactions emanating from nearly all corners of the world. Huge monies and assets too large, too dangerous or too hot to be kept within countries’ borders are squirreled to Panama.

    Shell companies (or fake companies if you like) are formed on the go and these hot assets are quietly warehoused there. No questions are asked, fronts (or ghosts) are used as directors and from thence, these monies move around the world. That basically is how it works.

    As the civilised world pressured Switzerland which enjoyed that reputation as the world’s banker of slush funds, money grubs migrated to Panama, a middle-of-the-way banana republic.

    Just one law firm has 11m documents, consider what the troll might be when all the law firms and financial consultancies are checked out.

    They said water had no enemy but it’s actually money that seems to have no qualms or boundaries. To think that the Prime Minister of Iceland too has secret stash in Panama! Did anyone ever know where on the universe was Iceland! No exaggerations, it is actually a large icy island near the northernmost part of the world. Did you ever meet anyone from Iceland? Probably a frigid (unexcitable) people, what would they need money for!

    And now the meat of this tale: if frozen people from Iceland partook in the Panama pancake, how come Hardball’s name is not on that list? That simply means Hardball is dead to the world and that cannot be a particularly great virtue is it?

     

    • This piece was published on April 11
  • I own no property in Panama, says ex-minister

    I own no property in Panama, says ex-minister

    Former National Planning Minister Chief Rasheed Gbadamosi, has described as total falsehood report that he allegedly owns two luxury pent-houses in Panama. He said the allegation is a calculated attempt to tarnish his image and the reputation he built over the years.

    According to a document retrieved by PREMIUM TIMES from the leaked Mossack Fonseca database, Gbadamosi was alleged to have bought the property in 2008, while serving as chairman of the Petroleum Products Pricing Regulatory Agency (PPRA).

    In a telephone interview with The Nation, Gbadamosi said: “The report is a total falsehood. None of my14 passports including the diplomatic passport, which I had while I was a minister, tallied with the quoted passport numbers. In fact, I don’t even know where Panama is. It is a calculated attempt to tarnish my image and name, which I have laboured to build over the years.”

    The Septuagenarian who is a big art collector, writer and businessman, wondered if the originators of the documents have checked on his bank accounts balance to ascertain how he allegedly transferred such fund for the property.

    The report alleged that the the first pent-house Gbadamosi bought was valued at N436,800,000 ($1,365,000.00) in Ocean park Tower 2, and consists of a surface area of 537.33 square metres on 35th floor. The property is allegedly registered under the onwnership of Ciclones Corporation Inc.

  • How ex-minister bought two houses in Panama with shell firm

    A former Minister for National Planning, Rasheed Gbadamosi, owns two expensive and luxury penthouses in Panama, documents retrieved by PREMIUM TIMES from the leaked Mossack Fonseca database have shown.

    Gbadamosi, writer, businessman and bureaucrat,  bought the property in 2008, while serving as chairman of the Petroleum Products Pricing Regulatory Agency (PPPRA).

    The septuagenarian shelled out a staggering N836.8 million ($2.6 million) for the penthouses in a swanky tower in Panama, PREMIUM TIMES said.

    An official of Mossack Fonseca said in one correspondence that Gbadamosi was so enamoured, and in so much haste to acquire the exotic property that he once offered to fly to Panama in a private jet to inspect them.

    Details of Gbadamosi’s luxury acquisitions were part of the internal data of the Panama-based law firm, Mossack Fonseca, obtained by the German newspaper, Süddeutsche Zeitung, and shared by the International Consortium of Investigative Journalists (ICIJ) with PREMIUM TIMES and over 100 media partners in 82 countries.

    According to the documents, sometime in early 2008, the former minister approached Gilberto Aleman, a Panamanian real estate broker, to help him secure two posh penthouses, owned by Nicolas Corcione, owner of Ciclones Corporation Inc. and Cosmopolitan Corp., the companies under which the property was registered.

    Valued at N436,800,000 ($1,365,000.00),  the first penthouse  Gbadamosi bought, is in Ocean Park Tower 2, and consists of a surface area of 537.33 square metres, on 35th floor

    The property is registered under the ownership of Ciclones Corporation Inc.

    The second penthouse, Penthouse 5, is in the same building as the first, Ocean Park Tower 2. It consists of a surface area of 479.88 square metres, on the 39th floor of the building. It is registered under the ownership of Cosmopolitan Corp.

    Ocean Park Tower 2, which was completed in 2006, is one of the most expensive residences in Panama City. Located within the lush, Punta Pacifica area of the city, Ocean Park Tower 2 is a 44-floor glassy skyscraper that stood at 463 feet.

    According to Panama-guide.com, an English Language website in Panama, the building, which overlooks the Pacific Ocean, comes furnished with controlled security and high-end luxury finishing.

  • Still on Panama Papers

    Everyone fingered should speak to the allegations, even as the Buhari Presidency swiftly probes the allegations to try the indicted

    No one is perhaps surprised that Nigeria is well represented in the odious Panama Papers, the latest international scandal in which suspected fraudsters of all nations float shell companies, to corner public funds (politicians and public office holders), escape legitimate taxation (business barons) or launder drug money (international drug barons).

    It is a well and truly numbing United Nations of smart alecks, driven by uncommon greed to undermine and under-develop their countries!

    Captured in the humongous data, all of 2.6 tetrabytes, containing 11.5 million confidential documents, which one John Doe (not real name) leaked, were heads of state and governments of no less than five countries: Argentina, Iceland, Saudi Arabia, Ukraine and the United Arab Emirates.

    This ensemble also include government officials; and close relatives and associates of top dogs in more than 40 other countries, including Russia and Nigeria. Host of choice for most of the registered  shell companies was the British Virgin Islands (which seems to have lost its virginity and innocence to sleaze!); while most of the oft-cited banks, law firms and middlemen, were domiciled in Hong Kong.

    Supremely orchestrating the sleazy music was Mossack Fonseca, a Panama-based law firm, which somewhat had developed  globally recognised rogue expertise in such dodgy business. A concert of journalists, the International Consortium of Investigative Journalists (ICIJ), probed and blew the lid on the scam.

    ICIJ comprised 400 journalists, at 107 media organisations, in 16 countries, led by German newspaper, Suddutsche Zeitung.  They all collaborated on the investigations. Premium Times, a Nigerian online newspaper, says it is the only Nigerian newspaper in this noble assemblage.

    The scandal has already started claiming scalps. In Iceland, Prime Minister Sigmumdur Gunnlaugsson, resigned his office, even though technically he broke no laws. His wife, Ann Sigurlaug Palsdottir, not him, was involved; and under Iceland’s parliamentary laws, he was not obliged to declare her interests. But so fierce was public opinion, in a normally laid-back jurisdiction, that the Prime Minister hurriedly exited.

    In Britain, Prime Minister David Cameron still sweats to evade the drop. Again technically, he broke no laws. The deal was his inheritance from his father; and when he cashed out, he explained, he declared it and paid due taxes. But such is the public row that the jury is still out on whether or not he would survive the storm. Also, Spanish industry minister Jose Manuel Soria has joined the list of those who resigned over the Panama  Papers scandal.

    Of course, in Nigeria, the worst of global aberrations are bound to add the amoral Nigerian local flavour. Two of those named in the scandals are already proving this axiom painfully true.

    Dr. Bukola Saraki, Senate President, was mentioned. Initially, he claimed he did no wrong; and that the said assets belonged to his wife, Toyin, who came from a propertied Lagos family. But the wife’s lawyers countermanded that claim, saying the assets belonged to no family, but solely Mrs. Saraki’s.

    Afterwards, Premium Times revealed what looked like damning evidence of Saraki buying one of the shell companies, off his wife for £3 million, way back during his gubernatorial years. Part of the papers Premium Times provided bore what looked like Mrs Saraki’s personal handwriting and signature. Still, Saraki, embroiled in his Code  of Conduct Tribunal (CCT) trial, is resorting to bluff and bluster. Worse: he is even attempting institutional subversion of our laws to selfish ends.

    His supporters are pushing a hurried amendment to the Code of Conduct Bureau (CCB) Law, as well as the Administration of Criminal Justice Act (ACJA) of 2015. Both are aimed, like bandits billeted in the highest lawmaking chamber in the land, with a self-given mandate to subvert the law, at skewing both laws so that Saraki can wriggle out of his self-imposed troubles. Fond hope — but exceedingly reckless, provocative and condemnable.

    The second drama of the absurd involves David Mark, another former Senate President. After the news hit the wire, he claimed he had gone through the documents but didn’t find his name there! But Premium Times riposted: if the documents are still under wraps — and it was sure they were, since the newspaper was part of ICIJ — which document did Mark scour to clear himself of any alleged wrongdoing? Again, it would appear another bluff and bluster gone awry!

    Former defence minister Theophilus Danjuma has also been named in this sordid drama. He is the only Nigerian who has not thought it fit to respond. He owes it to Nigerians. The other, Onanefe Ibori, is in jail and may not be afforded platforms to explain himself. If the others who responded have resorted to subterfuge, at least they responded. Danjuma’s silence is unacceptable. He has been a prominent fixture in generations of this country’s leadership.

    At the end of the day, every name on the list is deemed innocent until proven guilty by detailed investigation and dutiful prosecution. That is why every Nigerian mentioned in the scandal must speak to the allegations; and fairly clear their names.

    But clearing your name is one thing. Stalling and lying to bury the truth is another. The first is fair and noble business. The other is provocative play on the polity’s intelligence. So, the earlier Saraki and Mark started fairly defending themselves, the better for them — and everyone. But that counsel also goes to other Nigerians mentioned, though the duo of Saraki and Mark are singled out because of strong suspicions of possible abuse of office, as sitting senators and public office holders.

    But however the mentioned decide to play it, the Economic and Financial Crimes Commission (EFCC) should swiftly move in and investigate the allegations. After that, it should bring the indicted to diligent prosecution and justice.

    The nation expects no less of an administration whose prime and legacy policy is zero tolerance for corruption.