Fed Govt scouts for assets of Boko Haram sponsors – Newstrends
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Fed Govt scouts for assets of Boko Haram sponsors

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The federal government has launched a massive search and freeze campaign for all assets of 13 alleged ‘Boko Haram’ sponsors who have been added to Nigeria’s blacklist of terrorists and terrorism sponsors.

A circular obtained yesterday indicated that the coordinated search for the assets of the 13 alleged sponsors of Boko Haram was sequel to their indictment and addition of their names to the Nigeria Sanctions List, a masterlist of all persons and institutions blacklisted for terrorism.

The Nigeria Sanctions List is under the supervision of the Nigeria Sanctions Committee, a multi-agency committee created by the Terrorism (Prevention and Prohibition) Act 2022.

The search and freeze campaign involved all national enforcement agencies and the regulated private sector entities with specific mandate to immediately track, discover and freeze all funds, physical and financial assets, businesses, organisations and all other related entities to the 13 alleged Boko Haram sponsors.

Acting in concert with the Nigeria Financial Intelligence Unit (NFIU), the coordinating secretariat of the Nigeria Sanctions Committee, Nigeria’s apex capital market regulator, Securities and Exchange Commission (SEC) yesterday directed all capital market operators to immediately search for and freeze all assets in the names of the 13 alleged Boko Haram sponsors.

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The blacklisted alleged terrorism sponsors included 10 individuals and three entities. These include Abdurrahaman Musa Ado, Bashir Ali Yusuf, Ibrahim Ali Alhassan, Muhammad Ibrahim Isah, Salihu Yusuf Adamu, Surajo Abubakar Mohammad, Fannami Alhaji Bukar, Muhammed Musa, Sahabi Ismail, Mohammed Saleh Buba,  Alin Yar Yaya General Enterprises, Are Nigeria Limited and Suhailah Bashir General Enterprises.

The general use of “all capital market operators” and “stakeholders” virtually included all finance, investment and estate development professionals and businesses in Nigeria as well as all public and private businesses.

The list of capital market operators include banks, insurance firms, stockbroking firms, registrars, fund management firms, solicitors, accountants, auditors, issuing houses, venture capital, estate valuers and surveyors and commodities and securities exchanges among others.

According to SEC, pursuant to section 54 of the Terrorism (Prevention and Prohibition) Act, 2022, all capital market operators and stakeholders are “required to immediately, identify and freeze, without prior notice, all funds, assets, and any other economic resources belonging to the designated persons and entities” in their possession and report same to the secretariat of the Nigeria Sanctions Committee.

The directive also required all operators and stakeholders to report to the Secretariat of the Nigeria Sanctions Committee, any assets frozen or actions taken in compliance with the designation, including attempted transactions.

The search and freeze campaign also mandated all operators and stakeholders to “immediately file a suspicious transactions report to the NFIU for further analysis on the financial activities of such an individual or entity; and report as a suspicious transactions report to the NFIU, all cases of name matching in financial transactions prior to or after receipt of the Nigerian Sanctions List”.

The directive subsequently prohibits “dealings with the designated persons and entities and to continue to check for transactions relating to the designated person or entity and the actions to be taken if funds or other assets or suspect transactions are discovered”.

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According to the search and freeze campaign directive, the freezing obligation extends to “all funds or other assets that are owned or controlled by the designated person or entity, and not just those that can be tied to a particular act, plot, or threat of terrorism or terrorism financing; those funds or other assets that are wholly or jointly owned or controlled, directly or indirectly, by designated persons or entities; the funds or other assets derived or generated from funds or other assets owned or controlled directly or indirectly by designated persons or entities; and funds or other assets of persons and entities acting on behalf of, or at the direction of designated persons or entities”.

The circular noted that the asset freezing mechanism is a preventive tool to disrupt terrorist support, stressing that “it is incumbent on financial institutions and designated non-financial businesses and professions to comply with the asset freezing obligations, giving the potential of both criminal and civil liabilities for non-compliance, as well as the reputational risks for financial institutions and DNFBPs of being seen to be in breach of the asset freezing mechanism”.

The interdiction also included total travel ban and arm embargo on all the designated persons, a directive being implemented by another inter-agency group, according to a source in the know of the proceedings.

The first six alleged sponsors of Boko Haram and the three enterprises had been tried and convicted by the Abu Dhabi Federal Court of Appeal severally for collaborating with the terrorist group Boko Haram terrorist group of Nigeria by collecting money in Dubai and sending it to the group in Nigeria as well as providing sundry acts to aid terrorism.

The other four designated persons- Fannami Alhaji Bukar, Muhammed Musa, Sahabi Ismail and Mohammed Saleh Buba, who were believed to have been seized in Nigeria, were interdicted for being members of Boko Haram terrorist group, terrorism financing, received training, rendering support to the terrorist group, concealment of information, attending terrorist meeting and provision of facility in support of terrorist acts.

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CBN fines any bank N150m hoarding cash

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CBN fines any bank N150m hoarding cash

The Central Bank of Nigeria (CBN) has imposed a N150 million fine on a commercial bank for failing to dispense cash through its Automated Teller Machines (ATMs).

This action follows an unannounced inspection by the apex bank, which uncovered deliberate cash hoarding and ATM manipulation by the erring bank.

Sources within the CBN revealed that the sanctioned bank was caught disabling its ATMs, thereby denying customers access to their funds while prioritizing cash disbursements to select VIP clients.

A staff member of the CBN stressed that the apex bank would not tolerate such practices. “The Bank will not spare any Deposit Money Bank (DMB) caught in the act of hoarding cash or found favoring VIP customers over other customers,” the official stated.

To this end, the CBN has intensified spot checks on banks nationwide, exposing various illicit cash-handling practices by some unscrupulous financial institutions.

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For now, the CBN is imposing financial penalties on defaulting banks. However, according to the official, the next phase of enforcement will include publicly naming and shaming offending banks and prosecuting implicated bank officials.

“This fine is just the beginning. The CBN is determined to hold banks accountable for any actions that undermine public trust and the integrity of the banking system,” the official added.

Despite the ongoing challenges, the CBN has reiterated its commitment to promoting cashless banking in the country. Another senior official disclosed that the apex bank’s management is intensifying efforts to encourage the use of electronic channels for transactions.

“The frustration faced by account holders is undermining our push for a cashless economy. We are doubling down on initiatives to restore public confidence in electronic banking solutions,” the official said.

CBN fines any bank N150m hoarding cash

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Three days to Christmas, food prices, transport fares hit the roof

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Three days to Christmas, food prices, transport fares hit the roof

According to the Universal Declaration of Human Rights ,UDHR, Article 25(1), everyone has the right to standard of living adequate for their health and well-being, which includes access to food, clothing, and housing.

Similarly, the International Covenant on Economic, Social and Cultural Rights ,ICESCR, Article 11 emphasizes the right to an adequate standard of living, including sufficient food.

Furthermore, the Covenant recognizes the fundamental right to be free from hunger and advocates for measures both individual and international to eliminate hunger.

It is widely acknowledged that inadequate food availability can lead to health issues, as food is as essential to health as air is to breathing.

The situation is exacerbated by the rising costs of healthcare, which are increasingly out of reach for many due to ongoing inflation.

Difficult situations

In Nigeria, harsh economic conditions are forcing households into difficult situations, with many going to bed hungry due to skyrocketing food prices. With Christmas just three days away, our correspondents visited local food markets in Lagos and Abuja to see how citizens are coping with the rising cost of goods and services.

In the locations, buyers and sellers expressed their frustrations over the increasing prices of food items.

At Agric Market in Ikorodu, Mummy Somto, lamented that she had never witnessed such high prices in her lifetime.

She noted that a chicken that cost N15,000 last year now sells for N35,000, with only older layers available for N15,000.

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“What will that do for my family? We have never seen it like this in Nigeria. I hope this hope is the hope,” she said.

At Mile 12 International Market, trucks filled with perishable goods such as tomatoes, peppers, onions, cucumbers, potatoes, carrots, cabbages, and other vegetables were lined up for unloading while eager buyers waited nearby.

When asked about the high prices despite the abundance of food, truck owner Alhaji Shehu, explained that the situation arose from expenses related to diesel, farm security, police and military checkpoints before reaching Lagos.

He mentioned spending between N500,000 and N800,000 per truck, which inevitably raises prices.
“This is our business, and we are not pleased with the high costs either. If I sell my goods, I still need to buy what I don’t sell. It’s suffocating us. I also commend the buyers,” Shehu added.

Bags of rice

Mrs. Bukky Osagie, a rice vendor at Mike 12, shared her concerns about escalating prices: “Last December, a bag of rice was between N65,000 and N70,000. Today, it’s from N95,000 depending on the brand. Traders are exhausted. People are buying half bags because they can’t afford full ones. They also need to buy additional items. How do people survive this trend? This has to stop if the government truly cares for its citizens.”

At Daleko Market, Mrs. Hannah, was seen pricing vegetable oil when she declared, “Whether the devil likes it or not, we will celebrate with our families and share love during this season. We will just have to adjust our spending according to our means.”

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As of the time of filing this report, a 25-liter container of vegetable oil was selling for between N86,000 and N95,000 depending on the brand.

Garri was priced at N56,000, while Ijebu Gaari was N58,000.

A carton of satchel tomatoes ranged from N8,800 to N9,200 while a pack of spaghetti cost N23,000.
70 grams of noodles were priced between N9,800 and N10,500. A roll of curry or thyme sold for N550 each, while small bulbs of onion reached as high as N200, making them almost unaffordable for many.

Christmas cheer

In Abuja, soaring food prices and steep transportation costs are casting a shadow over Christmas celebrations for many families.

The cost of essential holiday items, such as poultry, has surged, with chickens priced between ¦ 15,000 and ¦ 25,000, and turkeys reaching up to ¦ 130,000 in some markets.

Sunday Vanguard learned that rising feed prices, transportation costs, and supply chain disruptions are driving these increases.

Additionally, a 50-kg bag of rice now costs between ¦ 94,000 and ¦ 125,000, a significant leap from previous months.

Transportation fares have also skyrocketed, with transport fare from Abuja to major cities such as Lagos, Port Harcourt, and Enugu increasing from 15 percent to 35 percent in the past month.

For instance, a trip from Abuja to Lagos by road, which previously cost ¦ 28,000–¦ 35,000, now ranges between ¦ 46,500 and ¦ 60,000.

 

Three days to Christmas, food prices, transport fares hit the roof

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Three Ogun varsity students die auto crash

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Ogun State Command Police Public Relations Officer, SP Omolola Odutola

Three Ogun varsity students die auto crash

The Police Command in Ogun State has confirmed the death of three university students in a single-vehicle accident on the Ilisan-Ago-Iwoye Road.

In a statement issued on Saturday, the command’s spokesperson, SP Omolola Odutola, revealed that the victims were suspected to be students of Olabisi Onabanjo University (OOU), Ago-Iwoye.

The incident, which occurred around 3:30 p.m. on Friday, involved an Opel car with registration number AAA-126 HE. The vehicle was reportedly driven by Adekunle Adebiyi, a resident of 5 Sunmibare Street, Awa Ijebu.

“The accident was caused by overspeeding, leading to the driver losing control and the vehicle flipping into the bush,” Odutola explained.

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She further disclosed that one male passenger, whose identity is yet to be confirmed but is believed to be an OOU student, died on the spot. His body was taken to the mortuary at General Hospital, Ijebu Ode.

“Two female students from Olabisi Onabanjo University — Dada Oluwanifesimi, 18, and Miracle Daniel, 19 — were rushed to Love and Care Hospital but sadly passed away while receiving treatment,” she added.

The vehicle involved in the crash has been recovered and is now in police custody.

Odutola assured the public that further updates on the tragic incident would be provided and advised motorists to adhere to traffic regulations, particularly during the festive season.

 

Three Ogun varsity students die auto crash

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