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Magu reveals ‘identity’ of those he found difficult to investigate on assumption as EFCC Chairman

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Ibrahim Magu, the acting Chairman of the Economic and Financial Crimes Commission, EFCC, on Monday revealed those he found difficult investigating on assumption of office.

Magu disclosed that he found it difficult investigating some, “senior journalists and media owners” who were allegedly involved in the sharing of the funds meant for the fight against insurgency in the North East.

The acting Chairman of EFCC said this at the 68th General Assembly of the Broadcasting Organization of Nigeria, BON, in Abuja which was monitored by DAILY POST.

Magu noted that journalists should be partners with security agencies in the fight against corruption.

According to Magu, media practitioners who should help expose corruption have taken to the vice, in a bid to satisfy some of their alleged paymasters.

He said, “Corruption has made Nigeria a laughing stock among committee of nations. We have never been in doubt that checking corruption is the part way to escape from poverty in the country, this is the reason why successive administration made the fight against corruption a priority.

“The success has been mixed, while some of us are blaming past administrations for lacking the will to tackle corruption, I believe that we also share in the blame. As citizens and professionals, we have roles to play. The question is how effective have we played our roles?

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“As media practitioners, how effective have we being in helping to fight corruption, the media occupy a unique place in the fight against corruption and impunity in Nigeria. As the fourth estate of realm, the media is the only profession that is constitutionally mandated to hold the nation’s leaders to account, but how has the media fared well in the discharge of this sacred mandate?

“The media has been in the vanguard of the liberation of democracy from the shackles of military dictatorship, but since the return to democracy in 1999, the experience as an observer, has been mixed, we have seen flashes of courageous reporting that have straightened our public accountability.

“Let the truth be told, there is no way law enforcement agencies can know about all cases of graft in the society. Journalists as investigators in their own right are supposed to help in exposing corruption and other societal ills, wherever they exist.

“Unfortunately, this is one area we have challenges, media practitioners that are supposed to help fight corruption have been swapped into malpractice.

“One of the difficult tasks I faced soon after I took over as acting Chairman of the EFCC was having to investigate senior journalists and media owners that partook in the monies meant for sharing of arms to fight insurgency in the North East.

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“It was shocking that even those arraigned in court still feel they have done nothing wrong, it is difficult to understand the disposition of many media practitioners who are comfortable helping the corrupt to undermine the fight against corruption by attacking anti-corruption agencies.

“I’m not against critical review of anti-corruption fight if such arguments are based on facts. Journalists are supposed to be investigators like us by training but investigative reporting is less fancied these days as media practitioners pursue bread and butter issues.

“Journalists and journalism have been hijacked by those who have the means and sometimes they do stories to satisfy the needs of their paymasters.”

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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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