Nigeria has spent over N6tn to prosecute its war against terrorism since 2008, Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has said.
He also said the country lost N5.4tn to tax evasion by multinationals between 2011 and 2021.
Bawa made the disclosure during a paper presentation, ‘combating of crime, corruption and implication for development and security’, at the 38th Cambridge international symposium on economic crime, organised on Friday by the Centre for International Documentation on Organised and Economic Crime, Jesus College, University of Cambridge, United Kingdom.
A statement by spokesman for the commission, Wilson Uwujaren, said Bawa was represented at the event by his Deputy Chief of Staff, Sambo Mayana.
He also stated that since he took over in March, the agency had recovered over N6tn and over $161m from people who committed economic crimes.
The agency also recovered £13,000, €1,730, 200 Canadian dollars, CFA 373,000, ¥8,430 and 30 real estates, he added.
“We have arrested over 1,500 internet fraudsters, many of whom are being prosecuted,” he said.
He said till date the EFCC since its creation had secured over 3,400 convictions.
Bawa called on leaders across the world to rise to the challenge of fighting corruption to enhance global economic development and security.
According to the EFCC boss, economic and financial crimes including corruption, which manifest in various forms in different nations, are at the core of global development and security challenges.
Citing a report by the Organization for Economic Cooperation and Development OECD, he said, “Resources that could support a country’s development are lost through criminal acts like corruption, tax evasion, money laundering, and others.
“The ‘spoiler’ effects on countries’ development processes are diverse, and particularly severe for fragile states: economic crime, including illicit financial flows, diverts much needed resources needed to rebuild countries’ public services, from security and justice to basic social services such as health and education.”
The EFCC chair said the absence of substantial improvement in the living condition of the people in Africa and the rest of the developing countries, in spite of their natural resources, could be blamed on pervasive economic crimes taking place in these countries.
He said, “The incidence of illegal mining, smuggling of goods, tax evasion, illegal oil bunkering, illegal arms deals just to mention but a few does not allow the government to receive the full accruals from the continent’s vast resources that are needed for development.
“The revenue generated is embezzled by government officials and their collaborators in the private sector. This does not allow for economic growth and by extension a hindrance to development.”
Airlines to pay $3,500 per passenger for flouting COVID-19 protocols – NCAA
THE Nigerian Civil Aviation Authority (NCAA) has issued a notification to airlines stating that they will pay a penalty of $3,500 per passenger if they flout the newly revised COVID-19 provisional quarantine protocols.
Besides, the regulator said extreme violation by any carrier would lead to an outright ban.
An All Operators Letter (AOL) issued on December 3, to accountable managers and signed by the NCAA Director-General, Captain Musa Nuhu, said protocols for international flight operations and quarantine protocols for travellers arriving Nigeria issued on July 1, still subsists.
- Police arrest medical doctor over alleged rape of housemaid in Delta
- Truck crushes two bike riders to death on Lagos-Abeokuta Expressway
- Buhari Sacks Abuja Disco Board Over Prolonged Internal Wrangling
The NCAA directed airlines to airlift passengers travelling to Nigeria, who are in possession of a paid permit to travel with a QR Code and a result of a negative COVID-19 test done not later than 48 hours from time of boarding.
The NCAA said violation of these travel directives will cost the airline $3,500 for any individual passenger or earn them a ban from flying into Nigeria.
“Non-compliance to these pre-boarding requirements by any airline will attract a penalty of $3,500 per passenger. Airlines who consistently fail to comply with these requirements may be banned from coming to Nigeria.”
Buhari Sacks Abuja Disco Board Over Prolonged Internal Wrangling
•Sets up interim management to oversee power company
President Muhammadu Buhari yesterday formally sacked the management of the Abuja Electricity Distribution Company (AEDC), following a prolonged internal power tussle among the owners of the company which affected the welfare of the staff of the distribution company.
A statement by Ofem Uket, a Media Aide to the Minister of State, Power, Mr. Goddy Jedy-Agba, announced that a new interim governing board had been appointed to oversee the day-to-day operations of the electricity distribution company.
Although the decision had been expected long before now, the dissolution of the board was further accelerated by Monday’s industrial action embarked upon by the aggrieved staff of the company over the non-payment of arrears of pensions, allowances, salaries and promotion.
The statement indicated that the sack of the management team was conveyed by the presidency to the federal ministry of power, stressing that the new development takes immediate effect.
- ASUU strike: Union discloses next line of action as 3-week ultimatum to FG elapses
- President Has Recovered Over N1trn Stolen Funds, Says PACAC
- Banditry: How Sokoto passengers were burnt alive in broad daylight
In addition, it stated that the Minister of Power, Aliyu Abubakar and Agba, had earlier intervened through dialogue with the ministry of labour, Bureau of Public Enterprises, and the Nigerian union of Electricity Employees, NUEE, to resolve and call off the 14 hours strike action.
AEDC’s franchise areas include the Federal Capital Territory (FCT), Kogi, Nasarawa, Kaduna and parts of Edo states.
The industrial action by the workers on Monday, had left the affected areas in total blackout between 7 am in the morning to about 8 pm as a result of the strike action.
“The presidential directive as conveyed has also directed the BPE to set up a new management team for the AEDC,” the statement revealed.
Furthermore, the statement noted that a Memorandum of Understanding (MoU), had earlier been jointly signed by Jedy-Agba; the Chairman, Nigerian Electricity Regulatory Commission (NERC), Sanusi Garba; the Director General, BPE, Alex Okoh; as well as Joe Ajaero on behalf of the union, for the suspension of the strike.
“And they have been given 21 days within which the outstanding emoluments and entitlements of staff will be paid,” the statement noted.
It further noted that government, “has described the non-performance and incompetence of the AEDC as a national embarrassment,” saying the suspension of the management team will subsist until further notice.
“At the end of the expansive consultation between the leadership of NUEE and relevant government institutions in the power sector over the industrial action government intervened with the firm arrangement to ensure the payment of the outstanding entitlements of AEDC staff within 21 days counting from the date of the signing of the MoU.
The tussle relating to the board of KANN Utility Company Limited, owners of AEDC had raged for years as the shareholders had continued to differ on decisions and appointments to the board and the management.
- Missing child found dead in Ekiti pastor’s house…as irate youths set residence ablaze
- Gunmen abduct Ondo Catholic priest
- Edo students strip policeman, set school ablaze, principal flees
The matter got to a head last year when some investors in the AEDC purportedly announced changes to the governing board of Disco.
At the time CEC Africa Limited (CECA), one of the parties in the matter, had said the board of KANN Utility Company Limited had announced the withdrawal of their nominations to the board of AEDC and their replacement with new nominees.
It had said that the board of KANN proposed the following new directors: Mr. Joe (Joseph) Makoju , Mallam Ibrahim Aliyu, Dr. Olubunmi Peters, Dr. George Nwangwu, and Mr. Faruk Aliyu.
“The board of AEDC has since resolved to accept both the withdrawals and the new appointments,” it said.
But Chairman of the dissolved board of AEDC and KANN, Shehu Malami in a reaction, said the alleged change in the management of the Disco was false.
”For the records the board of AEDC is the only authorised body that can appoint or remove its directors, and has made no such decision in recent time,” he said at the time.
Flying Doctors introduce catalyst fund for tech startups
Flying Doctors Healthcare Investment Company has unveiled a catalyst fund to support health tech and fintech startups.
Catalyst funds are used to support inclusive tech innovators in emerging markets — especially micro and small firms.
In a statement issued on Tuesday, the company said the initiative tagged ‘FDHIC Catalyst Fund’, would tackle Africa’s healthcare and finance challenges.
Citing the International Finance Corporation (IFC), the FDHIC noted that only a few countries in Africa spend between $34 and $40 a year per person on healthcare as recommended by the World Health Organisation (WHO).
This, it said, has led to very high infant and maternal mortality rates across Africa.
The company said solving these challenges requires a holistic approach to drive financial inclusion through private sector investments.
“Through the new Flying Doctors Healthcare Investment Company (FDHIC) Catalyst Fund, we are building an investor collective that will tackle Africa’s healthcare and financial inclusion challenges by backing technology-enabled healthtech and fintech startups in the early or growth stage,” the statement reads.
“Our Catalyst Fund offers corporate bodies and individuals, anywhere in the world, an opportunity to invest in, and get returns from, Africa-based HealthTech and FinTech Investments combined with the satisfaction of making sustainable impacts in underserved communities.
“We provide qualified investors – who are a part of our investors collective — with vetted investment opportunities in the Fintech and HealthTech space.
“The FDHIC Catalyst Fund will channel its investments through deal-specific syndicate investment vehicles domiciled in the USA.”
Assuring prospective investors of its expertise, FDHIC said its founder and management team have deep sector expertise in healthcare and finance from years of work and study.
“At FDHIC CF, we will bring to bear our investment analysis and portfolio management experience,” the statement added.
The company also pointed out that it has investments in companies like Mdaas Global, Helium health, Chisco express, Lifestores Pharmacy & Sygen.
FDHIC said it decided to democratise the membership of the catalyst fund to break away from the conventional.
“We want to give time-strapped executives and mid-level professionals the opportunity to get high-value returns without facing the attendant rigours of managing a full-time business,” the statement said.
It added that individuals and corporate entities can subscribe to membership of FDIHC’s investors collective, in preparation for deal sourcing, evaluation, and eventual investment
Don’t lose hope, all will be well again, Abiara tells Nigerians
Police rescue 7 victims, foil attack on Niger communities
Edinson Cavani wants Barcelona FC move
CCECC completes Apapa port link to Lagos-Ibadan railway
Customs: Vehicle tariff reduction to begin next week
Biden, Treasury Secretary say Republicans COVID-19 aid too small
- Education2 days ago
ASUU hints of fresh strike from Wednesday
- metro2 days ago
(UPDATED) 8 children die inside vehicle in Lagos community (VIDEO +PHOTO)
- Politics5 days ago
Orji Kalu, Umahi ‘in desperate move to return to PDP’ ― Nkole
- metro5 days ago
#EndSARS panel blames computer for errors in report
- metro4 days ago
Riot in Osogbo as Police allegedly kills truck driver
- metro6 days ago
Lagos hoodlums hack NURTW boss at home, shoot him dead in hospital
- metro4 days ago
How I became pregnant for my husband’s 17-year-old son, by Nasarawa housewife
- metro5 days ago
Hunters, others comb Osun bushes as herdsmen abduct couple on farm