The Nation Newspaper

Tag: transfer

  • EFCC grills five ex-NNPC bosses over $153m transfer

    EFCC grills five ex-NNPC bosses over $153m transfer

    Commission moves to seize ex-minister’s posh estate

    Economic and Financial Crimes Commission (EFCC) detectives have questioned two former Group Managing Directors (GMDs) and three former Executive Directors (EDs) of the Nigerian National Petroleum Corporation (NNPC) over their roles in the transfer of $153m to some banks.

    The cash was wired from NNPC’s account to the banks on the directive of a former Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke whose  multi-billion naira estate the EFCC plans to seize.

    One of the former executive directors is said to have admitted playing a role in the transfer of the money, which belongs to the corporation.

    An EFCC source confirmed that the five ex-officials and a few others had been quizzed in connection with the transfer of the funds. He declined to name the former officials, saying it could jeopardise the probe.

    “We are however not stopping at this bend because we discovered that some of these officials were used for many illicit transactions,” the source said, adding:

    “By the time we extend our investigation to crude oil lifting, you will appreciate the sleaze during the tenure of Diezani as minister of Petroleum Resources. A syndicate was used to perpetrate the fraud in the oil firm.”

    An NNPC source confirmed the interrogation of the former officials.

    The source said: “This corporation is following the development. The EFCC is on top of the $153million palaver; it has actually been inviting some of our past officials for questioning.

    “The good thing is that some of these former officials are still on NNPC’s pension roll. They can be recalled at any time for clarification of some issues.

    The source declined to name those quizzed by EFCC, saying he would need to check with the administration and security departments.

    The source said NNPC could not react to the ruling of a Federal High Court on the $153million without  “getting necessary legal advice”.

    “Our board is meeting on the $153million saga and other matters on January 30. What we are doing now is to get the proceedings of the Federal High Court of Friday. We have a very articulate Legal Department which will study it.

    “NNPC is a corporation with a board and a chairman. The legal advice will determine our next step after the board’s meeting.

    “If the court indicts any former officials, the corporation can still exercise disciplinary control on them.”

    The EFCC has started the process of seizing a sprawling estate in Yenagoa, which was traced to Mrs Alison-Madueke.

    The asset will be placed on temporary forfeiture pending the arraignment and trial of the ex-minister either in Nigeria or in the United Kingdom.

    A source in the commission said: “Since we recorded the breakthrough, our legal unit has been working round the clock on how to seek the nod of the court for a temporary forfeiture order.

    “We have obtained relevant data from Bayelsa State Geographic Information System.  As a matter of fact, the estate is coded as BGIS/OK/02/16/310 by the agency.

    “We will file the required application for the seizure of the estate pending the arraignment and the conclusion of the trial of the ex-Minister. This is a standard benchmark allowed by the law. We are certainly heading for the court.”

    Sections 26 and 29 of the EFCC Act read in part:  “Any property subject to forfeiture under this Act may be seized by the commission in the following circumstances- (a) the seizure is incidental to an arrest or search; or (b) in the case of property liable to forfeiture upon process issued by the Court following an application made by the Commission in accordance with the prescribed rules.

    “Whenever property is seized under any of the provisions of this Act, the commission may-(a) place the property under seal; or (b) remove the property to a place designated by the Commission.

    “Properties taken or detained under this section shall be deemed to be in custody of the Commission, subject only to an order of a Court.”

    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.”

  • ‘PPP key to technology transfer’

    The Federal Government has been advised  to encourage greater Public–Private Partnership (PPP) so as to further boost the growth of technology skills transfer in the country.

    The Chief Operating Officer (COO), ISON Technologies, Rahul Srivasatav, who gave the advise yesterday Lagos, said if technology skills transfer is encouraged, it will lead to jobs created and the country will be better for it.

    He said: “What could expand skill base in the country is more public-private partnership (PPP) in  order to build and transfer specific skills.

    “At iSON Technologies, we are passionate about deploying tech services to our customers. Over the years, we have become the ‘go-to’ technology provider for different verticals spanning banking, government, healthcare, travel and hospitality.

    “It helps that we have a strong delivery center and ready access to unique technological skills, but also our constant search for improved service practices that can be utilised to better reach throughout our expanding customer base, is also a unique strength.

    Srivasatav said the firm is  excited about the future of technology, especially in a country like Nigeria, where technology inclusion is quite promising.

  • NACCIMA lauds CBN for money transfer licences

    NACCIMA lauds CBN for money transfer licences

    The Nigerian Association of Chamber of Commerce Industry, Mines and Agriculture (NACCIMA) has lauded the Central Bank of Nigeria (CBN) for licensing 11 more International Money Transfer Operators (IMTOs)  in the country.

    This, it said, was a part of efforts to liberalise the foreign exchange (forex) market, ensure liquidity and make forex available.

    Its President, Dr. Bassey E. O. Edem, said the policy was a step in the right direction in ensuring that remittances from the Diaspora remained a viable source of forex for the economy.

    He advised the apex bank to reconsider its stance in its earlier circular, where it stated that IMTOs were required to remit their foreign currencies to their agent banks in Nigeria for disbursement in naira to the beneficiaries while the foreign currencies’ proceeds were to be sold to Bureaux De Change operators for onward retail to end users.

    NACCIMA, he said, believes the policy would create room for sharp practices within the forex parallel market. He advised that the beneficiaries of foreign currencies’ proceeds be allowed to determine when they would sell their proceeds and at what rate.

    According to him, this would create a situation of multiple suppliers and sellers to meet the demand in the parallel market and reduce the pressure on the inter-bank window.

  • Airtel Rwanda, Western Union sign pact on money transfer

    The Western Union Company, a leader in global payments services, announced the collaboration agreement with Airtel Rwanda, to boost international money transfers for Rwandans and others wanting to send money to the country from across the globe.

    Airtel Money subscribers in Rwanda can now receive international money transfers through Western Union to their mobile wallet at no additional Western Union fee. The subscribers can either use this money for all the possible uses of the mobile wallet available in the Country, pick their money at any Airtel Money agent or withdraw the money from an ATM machine, 24 hours a day.

    Its Managing Director, Michael Adjei, said: “This is a transformative development in the area of international funds transfers.”

    With proximity to mobile money agents, people can easily access and transact with mobile money services. Receiving money on one’s Airtel Money account through Western Union gives the receiver the freedom to access it at any given time.

    Molly Shea, Senior Vice President in charge of Digital for Middle East, Asia, Africa and Eastern Europe Region in Western Union said: “Western Union continues to grow its reach across Africa, while delivering an exceptional experience across retail and mobile platforms, allowing consumers to conveniently and reliably move money. Western Union is delighted to work with Airtel Rwanda, as both companies are focused on making the lives of consumers better.”

    On receiving the message from the sender, the receiver may then pick up the transfer directly into his or her mobile wallet.

  • CBN: licensing of global money transfer firms ongoing

    CBN: licensing of global money transfer firms ongoing

    The Central Bank of Nigeria (CBN) yesterday said there is an ongoing licencing of interested International Money Transfer Operators (IMTOs).

    This has confirmed the story by The Nation, published yesterday that the regulator is receiving applications from prospective IMTOs.

    CBN’s Acting Director, Corporate Communications, Isaac Okorafor, dismissed allegations that the CBN has stopped licencing the IMTOs.

    He explained in a statement that in spite of its transparency in the licensing IMTOs, some persons have continued to allege that the bank has stopped the exercise.

    “The CBN wishes to state, unequivocally, that it has not foreclosed the licensing of interested players in the IMTO space in Nigeria. Therefore, interested applicants are required to forward their requests for licensing to the Director, Trade and Exchange Department of the CBN, in line with the CBN Guidelines on International Money Transfer Services in Nigeria (2014), which among other things, specifies the minimum technical and business requirements for various participants in the international money transfer services industry in Nigeria,” he said.

    It added:“The CBN remains committed to providing an enabling environment for international money transfer services in Nigeria. It is, however, important to emphasise that a prospective player shall first obtain the requisite licence to operate in Nigeria as an IMTO”.

  • CBN may license new money transfer operators

    CBN may license new money transfer operators

    The Central Bank of Nigeria (CBN) is considering licensing new International Money Transfers Operators (IMTOs) to join three certified operators – Western Union, MoneyGram and Ria, it was learnt yesterday.

    Industry sources said the apex bank is receiving new applications from prospective IMTOs jostling for the Nigeria market, and targeting huge dollar inflows from Nigerians in Diaspora, who remit over $21 billion annually to national coffers. The annual Diaspora remittance is expected to hit $35 billion this year following the devaluation of the naira, which remains an incentive for Nigerians in Diaspora to send more dollars home.

    The need to licence new operators, followed the exit of hundreds of international money transfer firms, after the CBN rolled out new guidelines stopping operations.

    “The CBN wishes to advise Nigerians at home and in the Diaspora to beware of the unwholesome activities of some unlicensed International Money Transfer Operators (IMTOs) in Nigeria. This warning has become necessary because of the activities of some unregistered IMTOs, whose modes of operation are detrimental to the Nigerian economy,” CBN Acting Director, Corporate Communications, Isaac Okorafor said.

    The CBN spokesman said all financial service providers in Nigeria, just as in other jurisdictions, are required to be duly licensed in order to protect both customers and the financial system as well as to ensure the credibility of financial transactions.

    ”For the avoidance of doubt, all licensed IMTOs, in line with the CBN Circular on the sale of foreign currency proceeds of July 22, 2016, are required to remit foreign currency to their respective agent banks in Nigeria for disbursement in Naira to the beneficiaries while the foreign currency proceeds are to be sold to Bureaux De Change operators, for onward retail to end users. The CBN will therefore not condone any attempt aimed at undermining the country’s foreign exchange regime,” Okorafor warned.

    WorldRemit, one of the international money transfer operators affected by the policy, said it sends more than 40,000 money transfers to Nigeria every month and receives more than $20 billion in remittances annually from migrants around the world.

  • Forex Crisis: AUN confirms transfer of foreign students

    Forex Crisis: AUN confirms transfer of foreign students

    The American University of Nigeria (AUN) at the weekend confirmed that it had received transfer request from some Nigerian students studying abroad who want to return home to finish their studies because of the scarcity of foreign exchange.

    The AUN stated that due to difficulty in sourcing for forex, some Nigerians in the Diaspora had decided to send their children to the school to finish their education at home.

    A large number of Nigerian students are studying abroad, mainly in the United States, the United Kingdom, Canada and others.

    The Assistant Vice President, Digital Services and Chief Information Officer, (AUN), Mr. Julius Ayutabe, confirmed this to journalists in Abuja at the 16th graduation ceremony of Global International College.

    Ayutabe, who did not give the figures of foreign Nigerian students who had applied to finish their studies in the university, stated that the school had received students from the US and UK.

    Ayutabe, stated that Nigerian universities had bridged the gap between those abroad, adding that parents now feel comfortable to send their children to study in private universities at home.

    He said: “The Nigerians in the Diaspora are sending their children back home because even they now, are realizing the potential back home to train their children at par with those abroad. Especially with the value of the naira today, parents don’t have the option than to bring their children back home.

  • Ovoke laughs off transfer rumours

    Ovoke laughs off transfer rumours

    Rivers  United winger, Bernard Ovoke has assured fans of the club that he will not be leaving the club in the ongoing transfer window.

    Ovoke has been linked with a move to several Nigeria Professional Football League (NPFL) clubs following a sparkling showing in the first half of the season.

    “There was concrete interest from no less than three clubs but I have decided to stay here (at Rivers United),” Ovoke told supersport.com.

    In a remarkable display of honesty, the attacker said  he was tempted but revealed that after ‘extensive consultations’, he decided to stay at United for sporting reasons.

    “I will not lie I was tempted because the clubs we are talking about are big sides. But I had extensive consultations with people that I respect and they advised me to stay at Rivers United for the sake of my career. I will stay on at Rivers United,” he said.

  • Money transfer: Bank to pay N10m damages for negligence

    Money transfer: Bank to pay N10m damages for negligence

    A Lagos High Court sitting in Igbosere has ordered Skye Bank Plc to pay a writer, Odafe Atogun, N10 million as damages for the six thousand Euros (€6,000) Western Union Money Transfer it wrongfully paid to an impostor.

    Justice Mobolanle Okikiolu-Ighile in her judgment held that the bank was negligent when it paid the 6,000 Euros Western Union Money Transfer to an impostor.

    The claimant had in his statement of claim dated July 31, 2009 filed by his lawyer; Pascal Ememonu, accused the bank of negligence in its handling of 6,000 Euros sent to him by one Hudson Killeen from Ireland to establish a printing press in Nigeria.

    But, the bank in its counter affidavit, contended that the High Court of Lagos State lacks the jurisdiction and competence to adjudicate on the suit being a claim arising from money transfer agreement between one Kevin Fuller and Western Union in the Republic of Ireland.

    But Justice Okikiolu-Ighile held that Skye Bank admitted under cross-examination that the Central Bank of Nigeria (CBN) investigated the matter and found that it was negligent in the course of the transaction.

    The court held that the defendant’s witness was not in the banking hall on the November 3, 2008 when the Benin City branch of the defendant wrongfully paid out the 6,000 Euros meant for the claimant to an impostor.

    Besides, the court observed that the bank neither produced the Close Circuit Television (CCTV) recording of the banking hall of its Benin City branch on that day nor did it produce the alleged report of its own investigation.

    Justice Okikiolu-Ighile stated that she found the claimant as a truthful witness after watching his demeanour.

    Consequently, the court awarded the sum of N10 million as general damages and addition N250,000 in favour of the claimant.

  • Justice Ofili-Ajumogobia ‘transferred’ to Illorin 

    Justice Ofili-Ajumogobia ‘transferred’ to Illorin 

    A week after the National Judicial Council (NJC) barred her from elevation to the Court of Appeal, Justice Rita Ofili-Ajumogobia of the Federal High Court, Lagos, has been transferred to Illorin Division in Kwara State.

    It was learnt that the Chief Judge, Justice Ibrahim Auta, approved her transfer.

    It could not be confirmed when she will resume in her new division.

    Sources said Justice Ofili-Ajumogobia may return to deliver judgment in cases she has concluded, such as the one involving a former Nigerian Maritime Administration and Safety (NIMASA) Director-General Temisan Omatseye who was charged with contracts splitting.

    Other cases before her, such as trial of a former Union Bank Managing Director ‎Bartholomew Ebong, may begin afresh.

    Deputy Chief Registrar, Lagos Division, Mr Bello Okandeji, said he was not aware that Justice Ofili-Ajumogobia has been transferred.

    “I’m hearing about it for the first time from you,” he said when our correspondent sought confirmation from him.

    A week ago, the NJC, in a statement by its Acting Director, Information, Soji Oye, placed Justice Ofili-Ajumogobia on its “watch list” for four years over misconduct.

    She is also not to be considered for any elevation to the Court of Appeal or included in any ad hoc judicial appointment till her retirement from the Bench.

    The penalties took immediate effect.

    The NJC’s decision, taken at its meeting on February 24 and 25, was based on its findings that the judge failed to deliver judgement in a pre-election case.

    It was alleged she delayed her verdict until the expiration of the tenure of the person whose qualification for election was being challenged.

    NJC statement reads: “The NJC, under the Chairmanship of Justice Mahmud Mohammed, at its meeting on February 24 and 25, 2016 decided to warn Justice Rita Ofili-Ajumogobia and put her on the ‘watch-list’ of the council for the next four years.

    “The judge will also not be considered for any elevation to the Court of Appeal or any ad hoc judicial appointment till her retirement from the Bench.

    “The decision was sequel to the petition written against her by Victoria Ayeni, alleging misconduct and injustice on the part of Justice Ofili-Ajumogobia for failing to deliver judgment in Suit No FHC/AB/CS/31/2011, a pre-election matter between Victoria A. A. Ayeni and Olusola Sonuga and two Ors.

    “She was also alleged to have adjourned the pre-election matter severally until the termination of the life span of the Ogun State House of Assembly.

    The decision of the Council on Justice Ofili-Ajumogobia is with immediate effect.”