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90% Of Money Laundered Via Real Estate, EFCC Reveals
The Economic and Financial Crimes Commission (EFCC) says about 90 per cent of money laundering is done through the real estate sector.
The commission’s Chairman, Abdulrasheed Bawa, stated this while featuring on Channels TV’s Sunrise Daily, yesterday,
According to him, although the sector is monitored via the special control unit, more needed to be done.
According to Bawa, “One of the problems we have now is the real estate. 90 to 100 per cent of the resources are being laundered through the real estate.”
He said there are so many issues involved, but that they were working with the National Assembly to stop what he called “the gate keepers” as there would be reduction in looting if there is no one to launder the money.
Bawa, the EFCC boss, gave an example of a minister who expressed interest in a $37.5million property a bank manager put up for sale.
He said, “The bank sent a vehicle to her house and in the first instance $20million was evacuated from her house.
“They paid a developer and a lawyer set up a special purpose vehicle, where the title documents were transferred into.
“And he (the lawyer) is posing as the owner of the property. You see the problem. This is just one of many; it is happening daily.”
The EFCC chairman also revealed that he receives death threats often.
Asked to respond to President Muhammadu Buhari’s frequent “Corruption is fighting back” expression, Bawa said he was in New York, USA, last week, when someone called to threaten him.
“Last week, I was in New York when a senior citizen received a phone call from somebody that is not even under investigation.
“The young man said, ‘I am going to kill him (Bawa), I am going to kill him’.
“I get death threats. So, it is real. Corruption can fight back,” he said.
On corruption in the civil service, he said there were a lot of gaps, especially in contracts processing, naming “emergency contracts” as one.
Bawa said, “A particular agency is notorious for that. They have turned all their contracts to emergency contracts.”
However, he said, EFCC has strategies in place to check corruptions, one of which is “corruption risk assessments of MDAs”.
According to him, “I have written to the minister and would soon commence the process of corruption risk assessments of all the parastatals and agencies under the Ministry of Petroleum Resources to look at their vulnerability to fraud and advise them accordingly.”
Asked if the scope of corruption in the country overwhelms him, Bawa, the EFCC boss said, “Yes, and no.”
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We’re Determined To Leave Legacy Of Quality Education -Fubara
Rivers State Governor, Sir Siminalayi Fubara, has promised to give the best attention to the education sector so that standard and quality learning will never be compromised in the State.
The governor emphasised that in achieving such legacy, schools in the State will be driven with a curriculum that will equip school-aged children to become competitive, innovative and self-reliant.
Governor Fubara made the assertion while inaugurating the Governing Council of Rivers State University at Government House in Port Harcourt on Wednesday.
He said: “There is a lot of noise everywhere: people asking what we are doing; that we are not focused, and that we don’t have direction.
”But I want to tell the world that we are focused and aware that we cannot grow if our energies are not channeled to education. Not just education, but purposeful education.
”Education that is creative. Education that gives you independence. We have left the era in the world when you speak too much grammar. We are in such times when it is what you can do with your hands.
”Our purpose for education is that we should bring back our academic programmes to where, at the end of your studies, you don’t need a job but you create jobs. When one creates a job, you automatically employ others. That is what I want this council to see as their task.”
Governor Fubara noted the non-existence of public secondary schools for the male child in the Diobu axis of Port Harcourt.
He said such negligence leaves children in that area who have completed primary education, and whose parents cannot afford sending them to far away secondary schools, to roam the streets, and therefore becoming willing tools for criminality.
Governor Fubara assured that such fundamental problem will be addressed by his administration as a measure to curb the negative impression associated with Diobu axis of Port Harcourt.
The governor said he trusts in the capacity of the members of the Governing Council of Rivers State University to bring about positive change in the institution while also contributing their quota to improving the general education standard in the State.
”I charge you, not just in terms of administering the affairs of the university, but let us add something different from the normal things that we already have to see new things.”
In her response, on behalf of the other members, the Pro-Chancellor of the Governing Council of Rivers State University, Justice Mary Odili (rtd), thanked the governor for finding them worthy to serve in such capacity.
Justice Odili assured they will work assiduously as a team to solve the problems that agitate the mind of the governor and ensure their contributions form part of the legacy that will be bequeathed by his administration.
The members included Justice Mary Odili (rtd) as the Pro-Chancellor and Chairman of the Governing Council with Barrister Mela Oforibika and Chukwuma Chinwo, Esq.
Others were Adata Bio-Briggs, Esq., Dr. Jonathan Nimi Hart, Ngo Martins-Yellowe, Dr. Nancy Nwankwo, Dr. Igoni William-Park, and Mr. Ogbugbu Barisua.
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Fubara, Others Eulogise Rivers First Lady’s Mother
Rivers State Governor, Sir Siminalayi Fubara, his Deputy, Prof Ngozi Odu, and key stakeholders of the State on Wednesday paid glowing tributes at the Service of Songs held in honour of late Mrs Adeline Jaja, mother of the wife of the Governor, Lady Valerie Fubara, at St. Andrew’s Anglican Church, Mile 1, Diobu, Port Harcourt.
Speaking at the event, Governor Fubara described his late mother-in-law as a great and visionary woman who lived on truth and conviction in what she believes.
“Mama was a great woman. She wasn’t a materialistic person. When she believes in you, she’ll be all out for you. She stood for me. I feel pained that, like my own mother, she left at this moment.
”Mama believed so much in God, and the wonders of God. I thank everyone, particularly the Church. On behalf of the bereaved family, we will support the Church to immortalise her name,” the Governor said.
In his homily, Vicar of the Church, Ven. A. A. Ijon-Ama, who spoke on the gains of death, said physical departure from earth was not an ultimate end but an opening for higher and permanent gain and perfection.
He pointed out that when a man has a good relationship with God, he stands to gain more in death.
Ven. Ijon-Ama described late Mrs. Adeline Jaja as a devout Christian, who exuded deep sense of hospitality, and endowed with accommodating spirit, noting that she will be greatly missed by all.
The Vicar, who prayed for the repose of the soul of Mrs Adeline Jaja, also solicited for Divine fortitude for the family to bear the great loss, and called for the immortalisation of the deceased to keep her good legacies alive.
Some family members, who spoke at the Service of Songs, extolled the virtues of the deceased, describing her as “a great community leader, counsellor, peace maker, and caring mother, who provided for the needy, and participated actively in Church activities.
Highlights of the event were special prayers for the bereaved family, conducted by the Anglican Bishop of Evo Diocese, Rt. Rev. Innocent Ordu; remarks by key family members, choir ministration, among others.
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CBN Donates 2m Bags Of Fertiliser Worth N100bn To Farmers
The Central Bank of Nigeria (CBN) has donated over 2 million bags of fertilisers worth N100 billion to farmers through the Federal Ministry of Agriculture and Food Security.
Mr Yemi Cardoso, the Governor of the CBN, presented the bags of fertilisers to the Minister of Agriculture and Food Security, Abubakar Kyari, on Wednesday in Abuja.
Cardoso said that the gesture aligned with a core objective of the apex bank and the agriculture ministry, which is food security.
He said that the initiative also resonated deeply with livelihoods of all Nigerians, and was aimed at curbing escalating cost of food.
“The CBN places a significant emphasis on maintaining price stability as one of its primary mandates.
“Food prices are a crucial component of inflation, especially considering that a substantial portion of household expenditure in Nigeria is allocated to food and non-alcholic beverages.
“This reinforces the critical need to address food inflation as a pivotal aspect of managing overall headline inflation, “ the CBN governor said.
Cardoso also said that the apex bank had been implementing measures to curb inflation over time.
“But in the short term, the inflationary pressure may persist, predominantly driven by escalating food prices.
“This is why we are strengthening our collaboration with the Federal Ministry of Agriculture and Food Security with the shared objective of mitigating the surge in food prices.
“The CBN has veered away from direct quasi-fiscal intervention and transiting towards leveraging conventional monetary policy tools for executing monetary policy effectively.
“We want to extend our support and closer ties with Ministry, Departments and Agencies (MDAs) that bear this mandate.
“And we aim to enhance our partnership with the agriculture ministry to enhance food productivity and security “ he said.
In his response, Kyari, commended the apex bank for the kind gesture.
He assured the CBN governor that the fertilisers would be effectively distributed to farmers.
“We will deliver the fertilisers to the farmers and ensure its judicious use to address the galloping inflation, “ he said.
The Minister of Budget and Economic Planning, Sen. Atiku Bagudu, who was also present at the event, commended the CBN for the gesture towards price stability.
According to Bagudu, 2.15 million bags of fertilisers will go a long way towards controlling the ever increasing cost of food.
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