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Again, Court Orders Forfeiture Of Property Linked To Diezani

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The Federal High Court sitting in Lagos has ordered the final forfeiture of a plot of land in Port Harcourt, Rivers State, said to belong to a former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke.

Justice Chuka Obiozor made the forfeiture order on Tuesday following an exparte application by the Economic and Financial Crimes Commission.

The anti-graft agency told the judge that the land, “measuring 7,903.71 – 8,029.585 square metres” and designated as Plot 9, Azikiwe Road, Old GRA (UAC Property on Forces Avenue), Port Harcourt, was reasonably suspected to be part of proceeds of unlawful activities.

The commission, therefore, asked the court for an order to allow it “to appoint a competent person or firm to manage the asset/property.”

It also asked the court to prohibit “any disposal, conveyance, mortgage, lease, sale or alienation or otherwise of the asset/property.”

It also asked the court to prohibit “any disposal, conveyance, mortgage, lease, sale or alienation or otherwise of the asset/property.”

Counsel for the EFCC, Ebuka Okongwu, also told the court that it had the power, pursuant to Section 17 of the Advance Fee Fraud and Other Related Offences Act 2006, to make the forfeiture order.

After listening to the lawyer, Justice Obiozor granted the forfeiture order.

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It would be recalled that the same Federal High Court had earlier ordered the forfeiture of 2,149 pieces of jewellery and a customised gold iPhone, valued at $40m, belonging to Diezani.

The EFCC said it found and recovered the jewellery and the gold iPhone from Diezani’s premises, adding that it reasonably suspected that the former minister acquired them with “proceeds of unlawful activities.”

According to the schedule attached to the application, the jewellery, categorised into 33 sets, include “419 expensive bangles; 315 expensive rings; 304 expensive earrings; 267 expensive necklaces; 189 expensive wristwatches; 174 expensive necklaces and earrings; 78 expensive bracelets; 77 expensive brooches; and 74 expensive pendants.”

“The respondent’s known and provable lawful income is far less than the properties,” the EFCC told the court.

 

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Labour union protests Heritage Bank’s dismissal of 1,000 workers

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The headquarters of Heritage Bank at Victoria Island, Lagos, was besieged on Thursday by members of the labour union, protesting the recent dismissal of 1,000 support workers.

The National President of the National Union of Banks, Insurance and Financial Institutions Employees, Comrade Anthony Abakpa, led the demonstration, condemning the bank’s management for what he deemed a lack of adherence to due process in the termination of employment contracts.

Speaking during the protest, Comrade Abakpa asserted that the leadership of Heritage Bank failed to follow established protocols before executing the mass layoffs.

He emphasised the union’s commitment to pursuing justice for the affected workers, vowing to escalate their demands until the bank’s management rectifies the situation.

“We will intensify our demands for justice,” declared Comrade Abakpa, urging the bank’s management to take corrective action to address the grievances of the dismissed workers.

 

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Nigeria not using foreign reserves to defend naira, says CBN governor

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The Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso, clarified that Nigeria is not utilising its foreign reserves to bolster the naira, despite recent fluctuations in reserve levels.

Speaking from Washington DC, where he is attending the International Monetary Fund-World Bank Spring Meetings, Cardoso highlighted the influx of $600 million into Nigeria’s reserves account within the past two days.

While the naira has experienced a notable appreciation against the dollar in recent weeks, climbing over 40% from approximately N1,900/$ to about N1,000/$1, Nigeria’s foreign reserves have been dwindling. As of April 15, reserves dropped to approximately $32.29 billion, marking the lowest level in over six years.

Cardoso emphasised that the shifts in reserves are typical for any country, where various financial obligations, such as debt repayments, necessitate withdrawals.

He stated, “What you’ve seen with respect to the shift in our reserves is normal in any country’s reserves where, for example, debts are due and certain payments need to be made. They are made because that is also part of keeping your credibility.”

Continuing, Cardoso underscored the dynamic nature of the market, advocating for a system driven by willing buyers, willing sellers, and price discovery.

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He emphasised, “The shift in our reserves has really little or nothing to do with defending the naira, and that is certainly not our objective.”

 

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Dangote Slashes Diesel Price Amidst Economic Optimism

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Dangote Petroleum Refinery has made headlines by announcing a further reduction in the price of diesel, dropping it from ₦1200 to ₦1000 naira per litre.

The refinery’s decision comes on the heels of its recent supply at a significantly reduced price of ₦1200 per litre, which was introduced three weeks ago, signifying a remarkable 30 per cent decrease from the previous market price of approximately ₦1600 per litre.

This substantial reduction in diesel prices at Dangote Petroleum Refinery is expected to reiterate positively throughout various sectors of the economy, potentially serving as a catalyst in alleviating the persistently high inflation rate in the country.

In a statement last week, Aliko Dangote, Africa’s wealthiest individual and the owner of the refinery, expressed his optimism regarding the potential impact of the price reduction on inflation in Nigeria.

“I believe that we are on the right track. I believe Nigerians have been patient, and I also believe that a lot of goodies will now come through. There’s quite a lot of improvement because if you look at it, one of the major issues that we’ve had was the naira devaluation that has gone very aggressively up to about ₦1900,” he remarked.

As anticipation builds around the implications of this move by Dangote Petroleum Refinery, stakeholders and consumers alike remain hopeful for the positive effects it could bring to the Nigerian economy in the coming months.

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