Connect with us

BIG STORY

Nigerians Will Know Terrorism Financiers At The Right Time —– EFCC Chair, Bawa

Published

on

The Chairman of the Economic and Financial Crimes Commission, Abdulrasheed Bawa, on Thursday, said Nigerians will know the identities of terrorism financiers in the country at the right time.

He spoke as a guest on Channels Television’s ‘Politics Today’ current affairs programme.

Bawa, who collapsed during an official function at the Aso Rock Villa earlier on Thursday, also said he had seen his doctor and “everything about me is okay, except for the fact that I’m a bit dehydrated and I need to take a lot of water”.

The President, Major General Muhammadu Buhari (retd.), had on February 16, 2021, named 41-year-old Bawa as the fourth chairman of EFCC following the corruption allegations leveled against embattled ex-acting EFCC chair, Ibrahim Magu, and his subsequent suspension.

The EFCC was established in the early 2000s during the administration of the then President Olusegun Obasanjo to combat economic and financial crimes like advance fee fraud (419), money laundering, terrorism financing, and miscellaneous offenses.

On Monday, the United Arab Emirates named and prosecuted six Nigerians and 32 others for allegedly financing terrorism.

Nigerians on the UAE’s terrorism list include Abdurrahaman Ado Musa, Salihu Yusuf Adamu, Bashir Ali Yusuf, Muhammed Ibrahim Isa, Ibrahim Ali Alhassan and Surajo Abubakar Muhammad.

The Nigerians were said to have transferred up to $800,000 in favour of Boko Haram between 2015 and 2016.

The six persons were said to have been tried and sentenced to at least 10 years in jail in the UAE.

Also in March 2021, presidential aide, Garba Shehu, had said the Nigerian Government arrested 400 Bureau De Change operators for allegedly funding Boko Haram insurgency in the country.

He had said the Nigerians were transferring money to the sect from the United Arab Emirates.

Asked specifically on the television programme on Thursday to reveal the people financing terror and unleashing mayhem on Nigerians in the last 12 years, the EFCC chairman replied the interviewer, “If you are my adviser, will you advise me to come on national television to tell the whole world regarding matters of sensitive national security issue? Certainly, not. But what I want to assure is the fact that we are working tirelessly with other sister agencies to ensure that this country is free of terrorism.”

When further asked whether it was appropriate for the government to conceal the identities of terror financiers whose activities have led to the killing of thousands of innocent lives, Bawa said, “Of course, transparency is one of the bedrock(s) of this administration, of course, I am not a spokesman for this administration, but I believe that at the right time Nigerians will get to know those that are financing terrorism in this country and beyond as well.

“These are issues that are beyond the borders of this country and of course we are working tirelessly with our partners overseas as well as other sister agencies at home. We are working, it is not something we should come out to say that these are the modus operandi that we are adopting.”

Terrorism financing has become a concerning issue in Nigeria in the last few years as some unnamed politicians have been fingered of complicity with the marauders.

This newspaper had earlier reported that a former Navy Commodore, Kunle Olawunmi, said that Boko Haram terrorists mentioned names of current governors, senators, and Aso Rock officials as sponsors during interrogation but the President has demonstrated an unwillingness to go after the high-profile politicians for reasons best known to him.

Last September, a former deputy governor of the Central Bank of Nigeria, Obadiah Mailafia, also claimed that a serving northern governor was a Boko Haram leader and moneybag.

For over a decade, the Boko Haram terror group had killed thousands of Nigerians in the North-East, especially in Borno, Yobe, and Adamawa States. The Nigerian Army and the Presidency had at several times claimed the group had been ‘technically defeated’ and ‘weakened’ but the bloodthirsty terrorist faction continues to strike with daring effrontery and crude savagery.

BIG STORY

Federal Government To Grant Mining Licenses To Only Companies That Process Locally

Published

on

Nigeria will only grant new mining licences to companies that present a plan on how minerals would be processed locally, under new guidelines being developed, a government spokesperson confirmed on Thursday.

This is a departure from Nigeria’s long-standing practice of exporting raw commodities, as governments around Africa work to increase the value derived from their substantial mineral reserves.

To spur investment, Nigeria will offer investors incentives including tax waivers for importing mining equipment, make it easier to secure electricity generation licences, allow full repatriation of profits and boost security, Segun Tomori, a spokesperson for Nigeria’s minister of solid minerals development said.

“In exchange, we have to review their plans for setting up a plant and how they would add value to the Nigerian economy,” Tomori said. He did not say when the guidelines would be finalised or come into effect.

However, last week the minister of solid minerals development, Dele Alake, said it was now government policy to make value addition a condition for obtaining licences so as to create jobs and help local communities.

Alake, who also chairs an African mining strategy group comprising mining ministers from Uganda, Democratic Republic of Congo, Sierra Leone, Somalia, South Sudan, Botswana, Zambia and Namibia, is pushing for a continent-wide effort to get maximum local benefit from mineral exploration.

Nigeria, Africa’s top energy producer, has struggled to extract value from its vast mineral resources due to poor incentives and neglect. The underdeveloped mining sector contributes less than 1% of the country’s gross domestic product.

Last year Nigeria exported mostly tin ore and concentrates worth about 137.59 billion naira ($108.34 million), mainly to China and Malaysia, according to the country’s statistics bureau.

The government aims to drive more investment into the sector by issuing more licenses. It has set up a state-owned solid minerals corporation offering investors a 75% stake and established a special security unit tasked with fighting illegal miners.

The government is also trying to regulate artisanal miners, who dominate the sector, by grouping them into cooperatives.

Foreign mining companies operating in Nigeria include Canada-based Thor Explorations which is involved in gold exploration, Chinese-owned Xiang Hui International Mining which partnered with a local company to process gold, and Indian-owned African Natural Resources and Mines, which is building a $600m iron ore processing plant in northern Nigeria.

Continue Reading

BIG STORY

Governor Babajide Sanwo-Olu Felicitates President Tinubu At 72

Published

on

Governor Babajide Sanwo-Olu, has congratulated President Bola Ahmed Tinubu on his 72nd birthday, describing him as a brave, bold, and passionate leader who is dedicated to the advancement, growth, and development of Nigeria.

He said that President Tinubu’s contribution to the nation’s growth is cause for celebration, citing the President’s unparalleled bravery, integrity, honesty, and patriotism in his efforts to steer Nigeria’s ship in the correct path since he into office on May 29, 2023.

Governor Sanwo-Olu, in a statement issued on Thursday by his Special Adviser, Media and Publicity, Mr. Gboyega Akosile, said President Tinubu has provided honest and transparent leadership in Nigeria by taking bold decisions to address challenges militating against the prosperity of Nigeria and Nigerians.

Sanwo-Olu further described the President as a visionary and master strategist whose democratic credentials are scholarly materials for study in political economy.

He said: “On behalf of my family, the government, the people of Lagos State,  members of the Governance Advisory Council (GAC), leaders, and members of the ruling All Progressives Congress (APC) in Lagos State, I congratulate our leader, President Bola Tinubu, on the occasion of his 72nd birthday.

“President Tinubu has sacrificed the greater part of his life in the service of our dear State and Nigeria. He contributed to the enthronement of democracy and good governance, serving first as a Senator in the aborted third republic and later as a pro-democracy activist, working tirelessly as a member of the National Democratic Coalition (NADECO) to struggle for the de-annulment of the June 12, 1993 presidential election.

“President Tinubu’s financial wizardry and economic intellect, which he put to good use as the Governor of Lagos State, have taken our dear state to a greater height. Today, Lagos is the pride of Nigeria, occupying an enviable position as the fifth largest economy in Africa.

“President Tinubu has made positive impacts in the country through the Renewed Hope agenda of his administration. His unblemished service and track record of impressive achievements in public office have made him a role model for many Nigerians.

“As President Tinubu celebrates his 72nd birthday, it is our prayer that God will grant him more prosperous years in good health and wisdom as he continues to serve our dear nation.”

Continue Reading

BIG STORY

JUST IN: CBN Increases Banks Capital Base To N500bn, N200bn For National Commercial Banks

Published

on

The capital basis for commercial banks with international permission has been raised to N500 billion by the Central Bank of Nigeria (CBN).

The policy change was confirmed by Mrs. Hakama Sidi Ali, CBN’s acting director of corporate communications. in a declaration.

She added that commercial banks with regional authorization are expected to reach a capital floor of N50 billion, while those with national authority must meet a ceiling of N200 billion.

Announced on Thursday, March 28, 2024, this comprehensive financial reform requires significant increases in banks’ minimum capital bases, which vary depending on the size of the bank.

The latest policy directive specifies that commercial banks with international authorization are now required to shore up their capital base to N500 billion.

In a bid to tighten the financial fabric, the CBN has not overlooked merchant banks, which are now subject to a N50 billion minimum capital requirement.

Continue Reading

Most Popular