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Reps summon NNPC, CBN, FIRS, EFCC, probe illicit financial flows
The House of Representatives has resolved to invite various departments and agencies of the Federal Government over illicit financial flows in Nigeria.
At the plenary on Thursday, the House specifically mandated its committees on Finance; Anti-Corruption; Financial Crimes; Banking and Currency; and Insurance and Actuarial Matters to ‘investigate the phenomenon of illicit financial flows and appraise the Federal Governments current policy framework to curb the continuous loss of Nigeria’s’ revenues to illicit financial flows’.
The House also mandate the committees on finance; national planning and economic development; anti-corruption; financial crimes; banking; and currency and insurance and actuarial matters to appraise the Federal Inland Revenue Service’s current framework for identifying, tracing, preventing and sanctioning cross-border tax evasion and other illicit financial outflows.
The committees are to invite the Minister of Finance, Budget and National Planning, Zainad Ahmed; and heads of the Federal Inland Revenue Service, Economic and Financial Crimes Commission, Central Bank of Nigeria, Independent Corrupt Practices and Other Related Offences Commission, Nigerian Financial Intelligence Unit, Nigerian Export-Import Bank, Nigerian National Petroleum Corporation ‘and any other relevant institutions’.
They are to ‘address the committees on the continuous loss of government revenues to illicit financial flows and present reports on the measures to curb revenue losses, particularly the coordinated implementation of the automatic exchange of information standard, to prevent further revenue leakages, curb tax evasion and money laundering activities’.
These resolutions followed the unanimous adoption of a motion moved by Chairman of the House Committee on Local Content, Ochiglegor Idagbo, titled ‘Need to appraise Nigeria’s legal framework against illicit financial flows’.
Idagbo explained that IFF was the cross-border transfer of capital that was illegally earned, transferred or utilised, and often consisted of commercial money laundering, tax evasion and proceeds of corruption and criminal activities.
The lawmaker said that the socioeconomic development of Nigeria had deeply suffered due to the unabated cross-border financial dealings of the nation’s revenues resulting from illicit financial flows.
Idagbo decried that statistics showed that the amount of revenues lost annually was more than what came in as development aid.
“The net official development aid received by Nigeria in 2017 was $3,358,790,000, and the United States Agency for International Development has donated over $526.7m in humanitarian assistance to Nigeria and the Lake Chad Basin since 2017. Yet, none of the aforementioned figures matches the estimated $15 and $18bn Nigeria loses to IFFs annually, hence Nigeria continues to struggle with growing inequality, poor infrastructure and lacking service delivery,” he said.
The lawmaker further decried that despite having at least 12 institutions and agencies responsible for tackling IFF and related crimes, Nigeria continued to be menaced by weak regulatory structures and complicity of other financial secrecy.
News
More trouble for Yahaya Bello as immigration places him watchlist
More trouble for Yahaya Bello as immigration places him on watchlist
The Nigeria Immigration Service has ordered the arrest of former Governor of Kogi State, Alhaji Yahaha Bello, if found at any entry/exit point of the country.
The NIS said on Thursday night that Yahaya Bellowas placed on its watchlist after evading arrest by the Economic and Financial Crimes Commission (EFCC) over allegation of N80 billion fraud.
This notice came a few hours after the EFCC had declared the former governor wanted.
The NIS, in a letter addressed to the Director-General, Department of State Services (DSS), the Inspector-General of Police, the Director-General of the National Intelligence Agency as well as other formations declared that Bello had been placed on its watch list.
The letter was signed by the Assistant Comptroller of Immigration (Suspect Index), D S Umar, on behalf of the Comptroller General of the Immigration Service.
Part of the letter read, “Suffice to mention that the subject is being prosecuted before the Federal High Court Abuja for Conspiracy, Breach of Trust and Money Laundering vide letter Ref: CR: 3000/EFCC/LS/EGCS.1/TE/V 1/279 dated 18th April 2024, if seen at any entry or exit point, he should be arrested and referred to the Director of Investigation or contact 08036226329/07039617304 for further action.”
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BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
The Economic and Financial Crimes Commission (EFCC) on Thursday declared former Kogi State Governor, Yahaya Bello, wanted.
The anti-graft agency said Bello is wanted for alleged offences relating to economic and financial crimes to the tune of N80.2 billion.
The EFCC called on Nigerians with information as to his whereabout to report immediately to the Commission or the nearest Police Station.
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“The public is hereby notified that YAHAYA ADOZA BELLO (former Governor of Kogi State), whose photograph appears above is wanted by the Economic and Financial Crimes Commission (EFCC) in connection with alleged case of Money Laundering to the tune of N80,246,470,089.88 (Eighty Billion, Two Hundred and Forty Six Million, Four Hundred and Seventy Thousand and Eighty Nine Naira, Eighty Eight Kobo).
Bello, 48-year old Ebiraman, is a native of Okenne Local Government of Kogi State. His last known address is: 9, Benghazi Street, Wuse Zone 4, Abuja.
Anybody with useful information as to his whereabouts should please contact the Commission in its lbadan, Enugu, Kano, Lagos, Gombe, Port Harcourt and Abuja offices or through these numbers 09-9044751-3, 08093322644, 08183322644, 07026350721-3, 0706350724-5; its e-mail address: info@efccnigeria.org or the nearest Police Station and other security agencies, ” a public notice issued by the EFCC read.
BREAKING : EFCC declares Yahaya Bello wanted, seeks information on his whereabout
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BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
BREAKING: Submit yourself for probe, FG tells Ex-Kogi gov, Yahaya Bello
The Attorney General of the Federation and Minister of Justice, Prince Lateef Fagbemi, SAN, has called on the immediate-past governor of Kogi State, Alhaji Yahaya Bello, to submit himself for probe.
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