Connect with us


BIG STORY

How Female Minister Laundered $37m Through Real Estate Deal —- EFCC Boss Bawa

Published

on

The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, has described the real estate sector as one with grand scale corruption in the country.

The EFCC boss added that about 90 to 100 percent of resources are being laundered through the sector.

Bawa stated this while featuring on Sunrise Daily, a current affairs programme, on Channels Television on Tuesday.

He said the commission investigated a female minister, who he said, bought $37.5m property from a bank and deposited $20m cash.

Bawa, who is marking his 100 days in office, did not however disclose the identity of the suspect or whether she is a current or former minister.

He said, “One of the problems we have in the country is the real estate. Ninety to 100 percent of the resources are being laundered through real estate. Of course, they are being regulated but they are not enough in terms of how they give their returns to the Special Control Unit.

“We investigated a matter in which a bank MD marketed the property to a minister and agreed to purchase it at $37.5m. The bank then sent a vehicle to her house to evacuate $20m from her house in the first instance.

“The bank succeeded to put it in their system and paid the developer and then a lawyer set up a special purpose vehicle where the title documents were transferred into and of course, he is posing as the owner of the house.

“Without the help of the banker, the minister couldn’t have imagined collecting $20m from anyone with opportunity from the real sector; she could not have thought of where to launder the proceeds of crime.”

BIG STORY

Alleged N110bn Fraud: Court Adjourns Yahaya Bello, Other’s Bail Ruling To December 10

Published

on

The Federal High Court in Abuja has adjourned to December 10 for a ruling on the bail application by the immediate past Governor of Kogi State, Yahaya Bello, and two others.

Bello had pleaded not guilty to the 16-count charges brought against them by the Economic and Financial Crimes Commission.

The former governor, along with Umar Oricha and Abdulsalami Hudu, are being prosecuted as the 1st to 3rd defendants, respectively, in a fresh N110bn 16-count charge instituted against them by the EFCC.

Bello, the 1st defendant, vehemently denied the allegations before Justice Maryanne Anenih as they were read out to them.

After taking their plea, the Defendant’s Counsel, Joseph Daudu, moved an application for bail.

However, the EFCC Counsel, Kemi Pinheiro, opposed the application, arguing that it had expired in October.

Clarifying the issue, the Defendant’s Counsel stated that the only relevant application before the Court was the motion for bail in respect of the first defendant, which was filed on November 22.

Relying on all the paragraphs of the affidavit, he added that the bail application was also supported with a written address.

Justice Anenih ordered that the defendants be remanded in the custody of the EFCC.

The EFCC had filed an N110bn alleged fraud suit against the former governor.

Continue Reading

BIG STORY

JUST IN: Court Remands Yahaya Bello In EFCC Custody Amid Alleged N110bn Fraud Case

Published

on

The Federal Capital Territory (FCT) High Court has remanded Yahaya Bello, former governor of Kogi, in the custody of the Economic and Financial Crimes Commission (EFCC).

Bello was arraigned on a 16-count charge related to alleged money laundering on Wednesday.

He pleaded not guilty to all the charges.

 

More to come…

Continue Reading

BIG STORY

First Phase Of 10,800-Bed Hostel In LASU Ready — Tokunbo Wahab

Published

on

The first phase of a 10,800-bed hostel project at the Lagos State University (LASU) is now ready for inauguration, according to Tokunbo Wahab, former special adviser to the governor on education.

Wahab, who is now commissioner for environment and water resources in Lagos, describes the project as ambitious and transformative.

“ It remains one of the most ambitious and transformative projects undertaken during my time as the Special Adviser to the Governor on Education,” he wrote on X.

“It was executed through a Public-Private Partnership (PPP) model under a Build-Operate-Transfer (BOT) arrangement which involves seven reputable investors.”

Wahab commended Babajide Sanwo-Olu, Lagos governor, for his leadership and continuous support.

“Proud of the work done here and to have been a part of this special one,” he added.

“Through the grace of God and the unwavering support and the dedication of the Lagos State Office of Public-Private Partnerships, the relentless efforts of the management staff of LASU, led by Vice Chancellor Prof. Ibiyemi Olatunji-Bello, and the cooperation of other key stakeholders, the first phase of this landmark project has now been completed.”

Wahab emphasized that the project showcases the state government’s commitment to leveraging public-private partnerships to address critical infrastructure needs in the education sector.

Continue Reading



 

Join Us On Facebook

Most Popular