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Controversies Surround $10m, N1.360bn Deposit Recovered For NEXIM

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There are strong indications that the sum of $10,180,583.10 and N1,360,736,865 recovered by investigators for the Nigerian Export-Import Bank may have been misappropriated.

The sums were recovered from Heritage Bank in 2019 by the disbanded Special Presidential Investigative Panel on the Recovery of Public Property.

The $10m was part of the $20m said to have been illegally placed in fixed deposit by the management of NEXIM Bank, while the N1.360bn was a refund from Heritage Bank on behalf of Paytech Technology Limited, which the bank had provided crystallized bank guarantee on a loan it took from NEXIM Bank.

Paytech had failed to pay back the loan until the SPIP caused the bank to settle its indebtedness to NEXIM Bank.

But findings showed that NEXIM did not account for or acknowledge the recoveries in its communication with the National Assembly while investigating the status of recovered loot and assets of the Federal Government.

Instead, the financial institution, which was established by Act 38 of 1991 as an export credit agency with a share capital of N50bn, said only N133m was recovered by the bank through the SPIP intervention.

In a letter to the SPIP dated July 29, 2019, NEXIM Bank had acknowledged receipt of the sum of $10m deposit and N1.360bn, being a settlement of the Paytech loan from Heritage Bank.

The acknowledgment was contained in a letter titled, ‘Investigation activities: Re: NEXIM Bank placement’, and signed by the Managing Director, Abba Bello, and addressed to the then SPIP Chairman, Chief Okoi Obono-Obla.

The letter read in part, “Thank you very much for forwarding Heritage Bank’s letter of May 2, 2019, to us. We note its contents and wish to comment as follows:

“Payments: Please find attached a schedule detailing transactions on the account from August 2017 when your office became involved. We confirm receipt of the cumulative sum of $10,180,583.10 from Heritage Bank, $2,889,250.32 of which has been paid after your office interceded.

“We also confirm receipt of the sum of N1,360,736,865:00, being the settlement of the crystallized guarantee to Paytech Technology Limited.”

About Heritage Bank’s appeal for an extension of payment on its obligation, which was due in May 2019, Bello said his organization was constrained to consent to the request for an indeterminable period by which the bank must pay.

Since the payment period had passed, the NEXIM boss urged the SPIP to seek a definite payment date from Heritage Bank, which should not exceed six months from when it first fell due.

“We wish to reiterate that whilst this is pending, interest and penalties, where applicable, shall continue to accrue as agreed in the placement terms and conditions,” the letter stated.

Curiously, the bank failed to mention the sum recovered by the SPIP in its communication with the House of Representatives Ad hoc Committee on the Assessment and Status of all Recovered Loots, Movable and Immovable Assets from 2002-2020 by agencies of the Federal Government of Nigeria for effective/efficient management and utilization.

In a letter to the committee’s clerk dated June 21, 2021, and signed by Bello, the bank stated, “It is worthy of note that there were no seizures of N523m and landed property from NEXIM Bank as claimed or reported by the disbanded SPIP.

“Please note that total recoveries of loans granted by the previous management of the bank through the intervention of the SPIP stand at N133,052,860.35:00. We thank you for your kind support and please accept the assurances of our highest regards.”

When asked about the discrepancies in the recoveries presented to the National Assembly, Bello, who denied acknowledging the said amount, claimed that he could not remember the recovered deposit and loan.

The NEXIM Bank spokesman, Tayo Omidiji, stated in a text message, “I spoke with the MD (Bello) and he said he never made any statement like that. The statement about the recovery of $10m did not come from NEXIM. He cannot recall mentioning the figures quoted here.”

BIG STORY

Defence HQ Declares ‘9 Lakurawas Lerrorists’ Wanted

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The Defence Headquarters (DHQ) has declared nine suspected members of the “Lakurawas” terrorist group wanted.

They are Abu Khadijah, Abdurrahman, Dadi Gumba a.k.a “Abu Muhammed,” Usman Shehu, Abu Yusuf, Musa Wa’a, Ibrahim Suyeka, Ba Sulhu, and Idris Taklakse.

Edward Buba, director of defence media operations, disclosed this while speaking to journalists in Abuja on Thursday.

Buba noted that the new terror group emerged from the “Niger Republic” following the coup, which disrupted military cooperation between Nigeria and the country.

He said the terrorists began infiltrating northern parts of Sokoto and Kebbi states from “Niger Republic” and “Mali.”

Buba added that prior to the coup, joint border operations with Nigerien security forces had kept the terrorists away.

He said the group continues to use the vast under-governed areas to evade troops and harass local populations.

“The terrorists took advantage of the gaps in cooperation between both countries and exploited the difficult terrains to make incursions in remote areas in some North Western states to spread their ideology,” he said.

Buba added that the group was initially welcomed by locals who believed they had good intentions.

He noted that the locals failed to inform military and security agencies of the terrorists’ movements.

He assured Nigerians that troops have sustained intelligence, surveillance, and reconnaissance (ISR) efforts to weaken the terrorists.

He said the troops are “actively locating the terrorists to neutralise their threats.”

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BIG STORY

Equitorial Guinea Sacks Senior Government Official, Baltasar Engonga Over “Sexcapade”

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The Director General of the National Financial Investigation Agency in Equatorial Guinea, Baltasar Engonga, has been dismissed following the discovery of over 400 explicit videos involving him with high-profile women across the country.

The dismissal, ordered by President Teodoro Obiang Nguema Mbasogo, was confirmed by Real Equatorial Guinea, which referenced Decree No. 118/2024, issued on November 4.

According to the decree, Engonga’s removal was due to alleged professional misconduct and personal behavior deemed incompatible with his public position.

The scandal surfaced during a fraud investigation involving the 54-year-old economist, leading to a surprise search of his house and office by ANIF officials.

During the search, they uncovered several CDs containing explicit videos that revealed his sexual encounters with different married women.

One of the women involved has since committed suicide. It has not been confirmed whether Engonga will face prosecution for his actions.

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BIG STORY

Kaduna Government Gifts N100,000, Smartphones To 39 Released #EndBadGovernance Protesters

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The Kaduna State government has provided N100,000 in cash, new smartphones, and additional support to 39 #EndBadGovernance protesters who were recently released from detention.

The government facilitated their reunion with their families on Wednesday, following their release from detention.

The reunion ceremony took place at the Children Homes along Kauru Road in Kaduna, where Governor Uba Sani offered support to the protesters, promising to assist them in reintegrating into society.

He assured them of opportunities for empowerment, contingent upon their commitment to lawful and responsible conduct.

Speaking to journalists after the release of the protesters, the Secretary to the Kaduna State Government, Abdulkadir Meyere, who represented the governor, revealed that Sani had instructed him to gather the credentials of those who have completed their tertiary education.

‘’The governor promised that some of them will be given start-up capital to begin trading, others will be taught skills, and some will be offered employment,’’ he said.

However, the SSG emphasized that the activities and conduct of the released protesters would be monitored to ensure they maintain good behavior, “before these benefits will be extended to them.”

Meyere also noted that the state government had taken the details of the released detainees, including their contact information, telephone numbers, and the names of their Next of Kins, to facilitate tracking and monitoring.

He further explained that the protesters underwent medical evaluations and received psycho-social counseling to encourage them to make positive changes and become productive members of society.

“Both Islamic and Christian religious leaders preached to them to embrace the teachings of their faiths and avoid bad company, so as to benefit from God’s blessings here and in the hereafter,” he said.

Meyere added that the detainees were each given a phone because they had lost theirs during detention, and ‘’the Governor has graciously given each of them N100,000 as a measure of goodwill.”

The state Commissioner for Human Services and Social Development, Hajiya Rabi Salisu, also addressed the protesters during the reunion, emphasizing the government’s commitment to their welfare.

She stated that the 39 protesters, including two minors aged 16 and 17, had received various forms of support from the government.

“We want you to be ambassadors of peace and preach peace within your peer groups, so you won’t be involved in any unlawful protests.

“We want you to return to a more peaceful environment with your families, and then we can invite you back for further training,” she said to the released protesters.

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