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Ireland, Nigerian Government Sign MoU To Return Another €5.5m Abacha Loot

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Ireland has signed a memorandum of understanding with the federal government of Nigeria to return €5.5 million looted by Sani Abacha, the late head of state, to Nigeria.

Helen McEntee, Ireland minister of justice and equality, said the MoU followed an order recently issued by a court in Ireland regarding the funds.

The Ireland Criminal Assets Bureau was said to have frozen the loot in 2014 where it was kept in an Ireland bank account.

“I am very pleased to sign this Memorandum of Understanding between Ireland and Nigeria. This represents the culmination of a long process which began with an internationally led investigation,” McEntee said in a statement on Thursday.

“The Criminal Assets Bureau took part in this international operation which led to the freezing of over $1 billion in funds worldwide, of which approximately €5.5 million was identified in a Dublin based bank account.

“The return of these assets will be the first time that Ireland has taken such action and will be a concrete demonstration of Ireland’s commitment to international cooperation in the fight against corruption and to assisting countries which have been adversely affected by corruption in the past, and is in line with our international obligations as a signatory to the UN Convention Against Corruption.”

She said the MoU to return the loot was achieved by significant multi-agency collaboration in Ireland, adding: “It demonstrates the intent of both States to uphold our shared values and our international obligations to eliminate corruption.”

Transparency International estimates Abacha might have looted as much as $5 billion during his regime from 1993 to 1998.

About $3.6 billion has so far been recovered out of that money.

BIG STORY

NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

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NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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BIG STORY

JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

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The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

 

More to come…

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Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

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The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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