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After The Recovered Loots, What Next?

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Money laundering is a
global phenomenon that is not restricted to Nigeria. It is more prevalent where there is systemic failure, bad governance and poor value orientation.
This accounts for the reason President Muhammadu Buhari and 59 other world leaders agreed to sign a pact on the sanctions to be imposed on corrupt political and public office holders.
The agreement which is expected to be signed in United Kingdom will among other things, check the high rate of looting and money laundering around the world 60 countries are involved in the deal.
The Attorney-General of the Federation and Minister of Justice, Mallam Abubakar Malami (SAN), who spoke to journalists about the agreement, said some of the sanctions include travel restriction or denial of entry visa into the 60 countries, rejection of request for political asylum by corrupt political and public office holders, likely loss of citizenship while culprit will not be allowed to operate foreign accounts in any of the 60 nations.
The justice minister said the agreement would make it difficult for those stealing public funds in the country to escape abroad or operate slush accounts.
“The administration of President Muhammadu Buhari is stepping up the fight against corruption. I am happy to bring to your notice that Nigeria and 59 other countries will enter into an agreement in May on the imposition of international sanctions against corrupt political and public office holders. This will take place at the 2016 international summit on anti-corruption in the UK. At the May summit, these 60 countries will agree on some sanctions against those who steal public funds or launder money”, Malami said.
According to him, “the affected countries will also design ways of sharing intelligence on corrupt officers and money launderers. We will all key into this understanding as part of the global action against corruption. With this development, there is no hiding place for any public office holder who steals funds in this country.
Malami also noted that Nigeria is being considered as the 2017 host of the international summit on anti-corruption.
As a measure to put an end to this hydra-headed menace called money laundering in the country, the Nigeria police sometimes ago indicted a former governor of Kwara State (name withheld) and some of his associates for money laundering and consequently recommended their prosecution.
In a report of its Special Fraud Unit (SFU) investigation into a petition dated September 11, 2011, addressed to the Inspector-General of Police, Joy Petroleum Limited alleged illegal withdrawal from its accounts by the then Intercontinental Bank Plc. The police found that the former governor and another person conspired to breach the money laundering Act.
In an interview with The Tide, a printer, Mr George Griffin, said that as Nigeria intensifies efforts at recovering all monies looted in the past, the government should not lose sight of the fact that there are some others in the present government who had been in one way or another involved in money laundering, , adding that no one should be spared or seen as a sacred cow in the money recovery exercise.”
According to him, it is regrettable that in spite of the various legislations against corruption in the country, it still persists as the legislations seen not to be helping the issues. There is the need now to review the existing corruption laws in the country to ensure greater operation, efficiency and deterrence.”
Griffin called on the Economic and Financial Crimes Commission (EFCC), and the Independent Corrupt Practices Commission, (ICPC) to change the public perception that they are only engaged in prosecuting corrupt government officials because of the sentiments attached to it.
May Nigerians have commended the new anti-corruption drive by the Muhammadu Buhari administration, but called on the Federal Government to make judicious use of the recovered monies for the development of the country.
“There is infrastructural decay in the country, yearning for prompt attention, just as the citizens are wallowing in abject poverty and hunger. Nigerians are expecting better living condition from the out-come of the fight against corruption,: a civil servant Mrs Judith Amachree said.
Another source said, “we have refineries that need to be made function and produce petroleum products at higher capacities and we have the industrial sector that is crying for revival. If the Federal Government can use the recovered loots to take care of these areas there will be employment for the teeming jobless youths, and issue of restiveness will be over”.
It would be recalled that as part of the drive to recover the monies looted by Nigerians in the past, the United States (U.S.) has agreed to repatriate $480 million believed to have been stolen by the late Head of State, General Sani Abacha and his family to Nigeria.
A source who did not want his name in print, told our correspondent that the Abacha family’s loot is the largest ever traced to a former Nigerian public officer in the United States, pointing out that the conditions for the repatriation of the cash and other details are being worked out.
It was also learnt that the Department of Justice in the US now has a kleptocracy unit, which will assist track looted funds and money laundered by public officials from Nigeria and other countries. The planned repatriation, according to the source, was the outcome of a recent meeting between US Department of Justice and Nigeria’s Attorney-General and Minister of Justice, Abubakar Malami, and the Acting Chairman of the Economic and Financial Crime Commission (EFCC), Mr Ibrahim Magu.
A highlight of the loot as published shows that the Abacha family and its associates are to forfeit over $550 million and #95,910 in 10 accounts and six investment portfolios linked to them in France, Britain, British virgin Islands and the United States.
So far, cash recovered from the Abacha loot are $226.3 from Liechtenstein, 7.5m euros from an associated company in Liechtenstein in 2011, #22.5m from Island of Jersey while $480m is expected to be repatriated from the United States.
Recently, the Socio-Economic Rights and Accountability Project (SERAP) said it had received several documents from the World Bank totaling over 700 pages on information on the spending of recovered assets stolen by the late General Abacha, with some of the documents suggesting that Abacha loot was spent by the previous administrations on roads, electricity, education, health and water.
But a letter from Mr Rachid Benmessaoud of the SERAP revealed certain facts which raised more questions about what happened to Abacha loot.
Firstly, that Mrs Ngozi Okonjo-Iweala as Minister of Finance in a letter dated January 9,2005 explained to the World Bank that around $500 million of Abacha loot received from Switzerland was programmed into and spent in the 2004 and 2005 budgets on roads, etc, across all the 6 geo-political zones of Nigeria. Its breakdown showed that #18.60m was spent on roads, #10.83bn on health, #7bn on education, #6.20bn on water and #21.70bn on electricity. This shows that all the federal ministries had full details on the spending of repatriated Abacha loot.
But the big question is, if truly these recover monies were spent on these areas mention by the former minister of fiancé, why is Nigeria still suffering poverty are infrastructural decay?

 

Shedie Okpara

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SMEs Dev: Firms Launch N100m Loan Scheme 

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The Coalition of Microlending and Cooperative Institutions in Nigeria (COMCIN), the umbrella body of non-bank microfinance institutions and cooperative societies in Nigeria, in partnership with NEAT Microcredit, has unveiled a N100 million joint loan facility aimed at supporting small and medium-scale enterprises (SMEs) across the country.

The facility will be disbursed through participating Microfinance Institutions (MFIs), which will in turn extend the loans to their customers, particularly SMEs, as they directly interface with businesses at the grassroots level.

The Executive Director of COMCIN, Mr. Micheal Ogbaa who represented the Chairman, Dr. Iredele Oyedele (FCA, FCCA),  said the initiative is designed to strengthen micro-lending institutions and expand access to finance for grassroots entrepreneurs, particularly women and youths in the informal sector.

Ogbaa explained that COMCIN does not lend directly to individuals but works through its network of microfinance and cooperative institutions, which in turn provide loans to end users.

“We came together to advocate for the microfinance ecosystem. Commercial banks often exclude people at the grassroots, but our members are positioned to reach them. This facility will empower them to do more,” he said.

He noted that the loan scheme offers low interest rates and flexible repayment plans, making it more accessible to small business owners.

According to him, about 90 percent of beneficiaries are expected to be women, who play a key role in sustaining families and driving economic activities at the local level.

“Our focus is on traders, service providers, and players in the informal sector. These are the real movers of the economy. By supporting them, we are strengthening families and contributing to national development,” he added.

Ogbaa disclosed that eligible SMEs with proven integrity and business track records could access up to N5 million each through participating micro-lending institutions. The rollout has commenced in Lagos and will extend to Abuja, Enugu, and other regions, including the South-West, South-East, and North-East.

He said 12 micro-lending institutions have already benefited from the scheme, while 85 applications are currently being processed under the pilot phase.

“Our target is to reach at least 100,000 SMEs nationwide. We are building a platform that connects funding partners with credible micro-lending institutions, creating a reliable channel for financial inclusion,” Ogbaa said.

He added that COMCIN is also working to attract larger funding pools from development finance institutions and private investors, noting that successful implementation of the pilot phase would boost confidence and unlock more capital for SMEs.

“We have seen encouraging testimonies from early beneficiaries. As we demonstrate transparency and efficiency, more institutions will be willing to channel funds through us,” he said.

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Yenagoa’s Radisson Hotel Ready  December   — NCDMB, Other 

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The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Felix Omatsola Ogbe, has expressed confidence that the five-star Radisson Hotel and Conference Centre, Yenagoa, Bayelsa State, would be completed and commissioned this December .
He said this while addressing visiting top executives of Edison Corporation  and Megastar Technical and construction company at the conclusion of a one-day project management tour and workshop at the headquarters of the Nigerian Content Tower (NCT), Yenagoa, weekend.
The Board in a statement from the Directorate of Corporate Communications said  all other stakeholder assured of the delivery of world-class services in the hotel upon it’s completion.
Ogbe described the hospitality facility as a top priority project of the Board whose progress he would be following up every day and week.
“This project is critical to the Board, critical to Yenagoa, Bayelsa State and Nigeria. With this hotel becoming functional at the end of the year, I believe there will be tourism in Bayelsa State, and that’s one of my dreams.
“When I took up this job as Executive Secretary in December 2024 I said I must make this hotel work”, the NCDMB boss said.
He commended the team from Edison Corporation and the project contractor, Megastar Technical and Construction Company, for the quality and pace of work, adding “much is required from the Management to meet up the schedule delivery
“Most of the critical aspects of the project have been resolved in terms of mark-up room, scope of work in terms of financing and contracting strategies”
The Board’s  Scribe said he was sure all hands would be on deck to ensure that work proceeds unhampered.
In his remarks, the Chief Executive Officer of Edison Corporation, Mr. Vivian Reddy, said the team from Edison Hotel Group was very excited to come into a contractual arrangement with NCDMB, assuring the project will put the city on the world map.
“What is so important with the group Radisson International is that, if anyone around the world looks for Radisson Yenagoa, they will see this place pop up, and it’s going to help to uplift the area in terms of visitors and tourism.
“Our role is to make sure we deliver a world-class quality hotel from start to finish. We will open the hotel, we’ll furnish it. We’re working with the main contractor to make sure the facility meets world-class standards”, he said.
Speaking on the sealing of the contractual deal with the NCDMB, he noted it took great efforts, saying “getting Radisson in the agreement was not easy, and it took several months and cumulative one and a half years of discussions and documentation”.
The Edison boss, who is reputed to be the first South African businessman to lead a high-level business delegation from that country to Nigeria during the tenure of President Thabo Mbeki in 1999, was full of commendation for the NCDMB boss, describing him as “a great and visionary leader”.
“The vision and dream of the Executive Secretary of the NCDMB are going to become a reality.  We’re going to help him and make it a reality and it’s going to be the best hotel in this region”, the   boss noted.
Mr Reddy also commended the project contractors and professional teams involved, stating that his team has every confidence in their technical competence.
By: Ariwera Ibibo-Howells, Yenagoa
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RIRS Sets Tomorrow As Deadline For Individual Tax Returns Filing    

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The Rivers State Internal Revenue Service (RIRS) has set tomorrow as the deadline for the filing of  all  Annual Individual Income Tax Returns  for all taxable residents of the state.
This was contained in a public notice  by the Service to the taxable residents of the state in compliance with statutory provisions.
The notice was signed by the Executive Chairman of the agency, Sir Israel O. Egbunefu, and made available to the public in Port Harcourt recently.
 Egbunefu stated that the directive was in line with the provisions of the Nigeria Tax Administration Act 2025, which mandates individuals to declare their income for the preceding year of assessment.
 According to the notice, the obligation covers all categories of income earners, including employees in both the public and private sectors, self-employed individuals, business owners, and professionals operating within the state.
The agency reiterated that the timely filing of tax returns remains critical to promoting transparency, accountability and efficient tax administration in Rivers State.
 It further noted that compliance with tax obligations plays a vital role in enabling the government to meet its developmental goals and provide essential public services.
 RIRS urged all eligible taxpayers to ensure that their 2025 tax returns are properly completed and submitted through its approved channels before the stipulated deadline .
The Service warned that failure to comply with the directive may attract penalties and other sanctions as prescribed by relevant tax laws.
 It also stated its commitment to enforcing compliance while maintaining a taxpayer-friendly approach in its operations.
 Taxpayers requiring assistance were advised to visit any RIRS office or access its official platforms for guidance on the filing process.
The agency assured residents of continuous support, including professional advisory services, to facilitate a seamless and stress-free compliance experience.
 The notice forms part of ongoing efforts by the Rivers State Government to strengthen revenue generation and enhance voluntary tax compliance across the state.
 Residents are therefore encouraged to take advantage of the available support systems and meet the deadline to avoid unnecessary penalties.
By:  King Onunwor
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