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John Yusuf To Refund N22.9b, Jailed 6 Years

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John Yusuf, the pension thief who five years ago, was given a slap on the wrist by Justice Abubakar Talba of the Federal Capital Territory High Court, for stealing N32.8billion police pension money, has finally gotten his deserved sanctions.

John Yusuf, the pension thief who five years ago, was given a slap on the wrist by Justice Abubakar Talba of the Federal Capital Territory High Court, for stealing N32.8billion police pension money, has finally gotten his deserved sanctions.

John Yusuf The Court of Appeal Abuja Division on Wednesday jailed him six years and also asked him to refund N22.9billion. Justice Talba had sentenced him to two years in jail, with the option of paying a fine of N750,000. The judgment triggered national outrage.

The ruling by the appellate court was the climax of the appeal by the Economic and Financial Crimes Commission which on April 26, 2013, approached the appellate court to set aside the judgment of the lower court. The five grounds of the appeal, bordered on the exercise of discretion of the Judge in imposing sentence on the respondent who pleaded guilty to the three count charge, in which he admitted converting an aggregate sum of over N24 billion of Police Pension fund into his personal use.

The EFCC asked the Appeal Court to decide “whether the trial judge exercised his discretion judicially and judiciously when having convicted the respondent of a three count charge of conversion of over N3billion contrary to section 309 of the Penal Code, His Lordship imposed two years imprisonment with an option of fine of N250, 000 on each of the three counts”.

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Yusuf’s lawyers on 10 June 2015 raised a preliminary objection on the competence of the appeal for which they argued that the notice of appeal was filed outside the mandatory 90 days and therefore in contravention of s. 24(2)(b) of the Court of Appeal Act, 2010 (as Amended) and therefore urged the Court to dismiss the appeal.

The Justices of the Court of Appeal, dismissed the preliminary objection on the grounds that; “Having considered the computation of time volunteered by both parties, the question to be answered was whether the day the Judgment of the trial court was delivered was to be inclusive in the computation of the mandatory 90 days for which a notice of appeal was to be filed?

“That the day the Judgment of the trial court was delivered is the 28 January 2013, was not to be included in the computation of the 90 days.

“That since the day of the Judgment is not included, the 90 days starts running from the 29 January 2013 and the 90 days will fall on a Sunday.”

“That by virtue of s. 15(2) of the Interpretation Act CAP 123, where the last day is a holiday, the counting shall continue until the end of the next following day which is not a holiday.”

“That since the 90th day was a Sunday and by virtue of s. 15 (5) of Interpretation Act, a Sunday is a holiday, the next day which the notice of appeal was filed is within time, hence the appeal is competent and is therefore allowed.”

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Ruling on the substantive matter, the Justices of the Court of Appeal held unanimously that the three counts involving the respondent (Counts 17, 18 and 19) clearly stated the amounts for which the appellant alleged that the respondent converted for his personal use. That the respondent pleaded guilty to the three counts and thereby admitted to the conversion of an aggregate sum of about N24billion to his personal use. The judges ruled that the sentence of the trial court does not serve as deterrence to both the convict and others.

Consequently, they ruled that the sentence is “hereby quashed and deserves to be reviewed as follows:

*on Counts 17, the Respondent is hereby sentenced to two years imprisonment with an addition of fine of N20billion Naira;

*on Counts 18, the Respondent is hereby sentenced to two years imprisonment with an addition of fine of 1.4billion Naira;

*on Counts 19, the Respondent is hereby sentenced to two years imprisonment with an addition of fine of 1.5billion Naira”.

The prison sentence will run consecutively and the fine is to be cumulative. In a related development, the Supreme Court on March 9 dismissed the appeal by Onyia Ifeanyi, seeking to upturn his conviction and sentence to 7 years imprisonment on November 28, 2013 by the Federal High Court Enugu presided over by Justice M.L. Shuaibu ( as he then was) for the offence of obtaining by false pretence and being in possession of documents containing false pretence.

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Dissatisfied with his conviction, the appellant had lodged an appeal against it at the Enugu Division of the Court of Appeal, which affirmed the decision of the trial court. Still not satisfied with the decision of the appellate court, the convict proceeded to the Supreme Court. The apex court in a unanimous judment on March 9, affirmed the decision of the Court of Appeal

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Senate Approves Tinubu’s $500m Loan for Power Sector Boost

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The Nigerian Senate has approved President Bola Tinubu’s $500 million loan request intended to bolster the operations of the Bureau of Public Enterprises (BPE) to enhance the financial and technical performance of electricity distribution companies, ultimately benefiting citizens.

The endorsement, announced on Tuesday, follows a thorough examination of the report presented by Senator Aliyu Wamakko, who heads the Senate Committee on Local and Foreign Debts overseeing the 2022 – 2024 External Borrowing (Rolling) Plan specifically for the Bureau of Public Enterprises (BPE).

During the presentation of the report, Senator Haruna Manu, serving as the Vice Chairman of the Committee, emphasised the importance for the Senate to duly receive and deliberate upon the report of the Committee on Local and Foreign Debts concerning the 2022 – 2024 External Borrowing (Rolling) Plan for the Bureau of Public Enterprises (BPE).

The $500 million loan constitutes a portion of the $7.94 billion loan originally requested by President Bola Tinubu on November 1st, 2023, within the framework of the 2022-2024 external borrowing plan. In addition to the $500 million, President Tinubu also sought approval for a €100 million loan.

However, during a special plenary session on December 30, the Senate greenlit the borrowing of $7.4 billion after careful consideration of the report furnished by the Committee on Local and Foreign Debt.

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Melinda Gates Resigns from Gates Foundation, Set to Receive $12.5 Billion

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In this file photo taken on September 26, 2018, Bill Gates and his ex-wife, Melinda Gates, introduce the goalkeepers event at the Lincoln Center in New York. Ludovic MARIN / AFP

Melinda French Gates announced Monday she was leaving the philanthropy mega foundation she established with her ex-husband, Microsoft co-founder Bill Gates.

The resignation, which becomes effective on June 7, will leave Bill Gates as the sole chair of one of the world’s most influential and powerful non-governmental organizations.

“After careful thought and reflection, I have decided to resign from my role as co-chair of the Bill & Melinda Gates Foundation,” Melinda French Gates wrote in a statement posted on social media.

The statement gave no reason for her departure, but noted that “under the terms of my agreement with Bill, in leaving the foundation, I will have an additional $12.5 billion to commit to my work on behalf of women and families.”

The couple married in 1994 but announced their divorce in 2021.

They had continued to co-chair the foundation which they established in 2001 with the vast wealth acquired through the success of Microsoft.

With a focus on child poverty and preventable diseases, the foundation has been heavily involved in fighting malaria and in providing toilets and sanitation in poorer parts of the world.

The foundation’s website says it has spent $53.8 billion since 2000, and claims the number of children around the world who die before their fifth birthday has halved in this time.

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Bill Gates thanked his ex-wife for her “critical contributions” to the organization.

“As a co-founder and co-chair Melinda has been instrumental in shaping our strategies and initiatives, significantly impacting global health and gender equality,” he said.

“I am sorry to see Melinda leave, but I am sure she will have a huge impact in her future philanthropic work.”

The organization’s chief executive, Mark Suzman, said its name would change to simply the Gates Foundation — it has been known as The Bill & Melinda Gates Foundation.

“I truly admire Melinda, and the critical role she has played in starting the foundation and in setting our values, she has played an essential role in all that we’ve accomplished over the past 24 years,” he said in a video posted to social media.

“I will miss working with her and learning from her. I look forward to seeing her continued impact.”

 

 

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EFCC calls on banks’ compliance officers to uphold confidentiality

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The Executive Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has urged Compliance Officers of Banks nationwide to refrain from unauthorised disclosure of EFCC’s investigative activities and requests made to banks’ customers.

Speaking through the Acting Zonal Director of the Ibadan Zonal Command of the EFCC, ACE I Hauwa Garba Ringim, during a stakeholders’ meeting with Compliance Officers of Banks in Oyo State on Tuesday, Olukoyede emphasised the detrimental impact such disclosures have on the investigation of financial crimes and the timely filing of corruption cases in court.

Olukoyede expressed concern over the tacit support fraudsters receive from the Nigerian banking sector, highlighting the challenges it poses to the Commission.

He urged Compliance Officers to promptly respond to EFCC’s correspondence with certified true copies of relevant documents, as this facilitates swift investigation processes.

Also, Olukoyede addressed the illegal trading of naira with Point-of-sale (POS) operators, stressing the need to curtail such practices for the benefit of Nigerians.

In response to the chairman’s directives, Compliance Officers assured the EFCC of their unwavering support and commitment to enhancing collaboration between the Commission and banks for more effective anti-corruption efforts.

 

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