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BIG STORY

UBA Group Expands To EMEA, Launches Banking Operations In DIFC, Dubai

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The United Bank for Africa (UBA), Africa’s global bank has been in operation for over seven decades. Today, the group is present in 20 African countries, the United Kingdom, the United States of America, and France. The bank has extended its operations to the United Arab Emirates with the official launch of its new branch at the Dubai International Financial Centre (DIFC).

United Bank for Africa Plc (DIFC Branch) will operate under the Category 4 license and will be regulated by the Dubai Financial Services Authority (DFSA), the financial regulatory agency of the special economic zone, the Dubai International Financial Centre.

The UBA branch in the DIFC will service corporate & financial Institutions and customers across the Middle East with a core focus on correspondent banking, relationship management, and advisory services.

Through this new expansion, the UBA Group will be able to harness opportunities in the Middle East, Africa, and South Asia (MEASA), which comprise 72 countries with an approximate population of 3 billion and a nominal GDP of US$7.7 trillion and thereby, reinforce its strong franchise as Africa’s Global Bank, facilitating trade and capital flows between Africa and the rest of the world.

Speaking during the launch of the new subsidiary in Dubai on Thursday, the Chairman, UBA Group, Mr. Tony O. Elumelu, explained that with the Group’s foray into the Gulf Region, UBA continues to focus on its strategic intent to lead the way when it comes to doing business in Africa. He said “Collaborating with our franchises in 20 African countries and the major financial centers of London, New York, and Paris, UBA (DIFC Branch) will facilitate the financing of trade transactions between the Middle East and Africa, enabling trade finance and investments,” Elumelu said.

‘We have been looking forward to this day as it is the first time we will have a presence in this part of the world. We know that our international expansion is incomplete if we are not present in the gulf’, he continued

UBA’s Group Managing Director/CEO, Mr. Kennedy Uzoka, who also spoke at the event said, “Today, we are formally on four continents across the globe, operating in 24 countries, serving over 35 million customers, and still growing.

“We are the only bank with Nigerian origin that has extended out of Nigeria to the UAE. Those before us have come through other locations and that shows the strength and respect the Dubai authorities have for UBA. Our presence in Dubai affirms that UBA is a strong franchise, expanding its reach across the world,” Uzoka said.

“The authorities and business environment here in the DIFC is phenomenal and UBA is seeing Dubai as the gateway for Africa and that is why we are here, to be closer to our clients, to be partnering with them and facilitate businesses and trade flow into Africa through the UBA franchise. So, we are super excited.  

On his part, the CEO, UBA(DFIC), Mr. Vikrant Bhansali, said; “Trade, commerce, and Investments in Africa are expanding in the Gulf Region and Asia. Leveraging the presence of UBA Group in global financial centers, UBA (DFIC) will enhance the ability of the group to facilitate access of Gulf investors and banks to African markets. We will finance trade, facilitate commerce and help grow investment in Africa, across all sectors.”

Arif Amiri, Chief Executive Officer, Dubai International Financial Centre(DIFC) Authority, said during the ribbon-cutting ceremony “UBA(DFIC) attests to the strong relationship between Dubai and Africa. It is a beautiful start as we are looking forward to achieving more interaction, and channeling more trade and investments into Africa, and with UBA DIFC, we are closer to achieving our objectives. DIFC will continue to seek partnerships that will deliver winning relationships as we have just witnessed with UBA Group.

BIG STORY

Popular UK-Based Nigerian Pastor Tobi Adegboyega Faces Deportation After Losing Case At Immigration Tribunal

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The British Government is set to deport popular pastor Tobi Adegboyega to Nigeria after losing his case against deportation at the immigration tribunal.

The UK government had previously shut down his church, SPAC Nation, after investigations revealed a misuse of funds by the church leadership.

It was reported that UK authorities closed the church after Adegboyega failed to properly account for more than £1.87 million in outgoings and operated with a lack of transparency.

According to The Telegraph, an immigration tribunal ruled that Adegboyega should be deported back to Nigeria after investigations.

Adegboyega, who arrived in the UK on a visitor’s visa in 2005, has lived in the country unlawfully ever since.

In 2019, the pastor applied for leave to remain under the European Convention on Human Rights’ (ECHR) right to a family life. His application was initially dismissed by a first-tier immigration tribunal before he appealed.

Having been married to a British woman, Adegboyega claimed that deportation would violate his right to a family life under the ECHR and that the authorities had failed to consider his community work with SPAC Nation.

His legal team described him as a “charismatic” community leader of a large, well-organized church who had “intervened in the lives of many hundreds of young people, predominantly from the black communities in London, to lead them away from trouble.”

Adegboyega also claimed that politicians, including former Prime Minister Boris Johnson and senior figures within the Metropolitan Police, had “lauded” his work, although no testimony from them was submitted to the court.

However, the Home Office argued that “all is not as it seems” and brought him before an immigration tribunal.

According to the tribunal’s judgment, as quoted by The Telegraph, evidence against Adegboyega was taken into account.

The judgment reads: “Various manifestations of [Mr Adegboyega’s] church have been closed down, by either the Charity Commission or the High Court, because of concerns over its finances and lack of transparency.

“Former members of the church have alleged that it is a cult, in which impoverished young people are encouraged to do anything they can to donate money, including taking out large loans, committing benefit fraud, and even selling their own blood.

“It is alleged that the church leadership lead lavish lifestyles and there have, it is said, been instances of abuse. The [Home Office’s] case before us was that all of this needs to be taken into account when evaluating whether [Mr Adegboyega] is in fact of real value to the UK.”

During the tribunal, Adegboyega argued that the claims of his church being a cult were unfounded and that attacks on him and his church were politically motivated. He also maintained that no one had ever faced criminal charges related to his church’s finances and argued that his deportation would violate his human rights.

However, the tribunal was informed that the Charity Commission had concluded “there had been serious misconduct and/or mismanagement in the administration of the charity which was sustained over a substantial period of time.”

The tribunal also found Adegboyega’s evidence to be “hyperbolic in many instances” and that he had “sought to grossly inflate his influence.”

The tribunal concluded, “We are not satisfied that the good work that SPAC Nation undertakes generally would collapse or even significantly suffer should the appellant be required to leave the UK.

“Weighing all of the foregoing in the balance, we conclude that the decision to refuse leave to remain was wholly proportionate.

“Mr Adegboyega seeks to rely on family and private life relationships, all of which have been established whilst he was in the UK unlawfully, and which would survive his return to Nigeria.

“The interference would therefore be limited, and lawful in all the circumstances.”

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BIG STORY

Tax Reform Bills: President Tinubu Directs Justice Ministry, NASS To Work On ‘Concerns’

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Nigeria’s President, Asiwaju Bola Ahmed Tinubu, has directed the Federal Ministry of Justice and the National Assembly to address concerns raised over the tax bills.

The transmission of the Tax Reform Bills to the National Assembly has sparked widespread criticism, particularly from some governors in the northern region. Critics argue that the bills could harm the northern region and further impoverish Nigerians.

To address these concerns, President Tinubu has instructed the Ministry of Justice to engage with the National Assembly’s leadership to address any issues with the bills.

“It is pertinent to state that the government has nothing sinister to warrant the suggestion that the process is being rushed. In line with the established legislative procedure, the Federal Government welcomes meaningful inputs that can address whatever grey areas there may be in the bill,” Minister of Information and National Orientation Mohammed Idris said in a statement on Tuesday.

“In this vein, President Tinubu has already directed the Federal Ministry of Justice and relevant officials who worked on the drafts to work closely with the National Assembly to ensure that all genuine concerns have been addressed before the bills are passed.”

  • ‘Spirit of Democratic Engagement’

Mohammed stressed that President Tinubu remains committed to accountability to the Nigerian people and praised the debates generated by the tax bills as “welcomed, and commendable.”

“It is very inspiring to see Nigerians from all walks of life coming out to express their views and opinions on these matters of critical national importance,” he said. “This is the very essence and meaning of democracy.”

“In the spirit of democratic engagement, there should be no room for name-calling or the injection of unnecessary ethnic and regional slurs into this important national conversation,” the minister added.

Some critics have argued that the bills are targeted at impoverishing certain states, particularly in the north. However, the minister dismissed these claims as “fake news” and “misinformation.”

“The fiscal reforms will not impoverish any state or region of the country, neither will they lead to the scrapping or weakening of any federal agencies,” he stated.

Once passed, he added, these bills are expected to “bring relief to tens of millions of hardworking Nigerians” and “empower and position our states and the 774 local governments for sustainable growth and development.”

“On top of this necessary foundation, the resources being conserved and realized from these reforms will be invested in critical infrastructure (healthcare, education, transportation, digital technology, etc.) and in social investments that will benefit all Nigerians and ensure that no one is left behind,” the statement read.

  • Experts Call for Restraint, Patriotism

The Tax Reform Bills have continued to generate significant debate among Nigerians.

Following the heated discussions, Channels Television hosted a town hall event on Monday to examine the pros and cons of the tax bills. The event featured a range of experts, including the Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele; former Speaker of the House of Representatives, Yakubu Dogara; Group CEO of Global Investment and Trade Company, Baba Yusuf; Public Affairs Analyst and Writer, Michael Chibuzor; and former President of the Institute of Chartered Accountants of Nigeria.

Governor Sule Abdullahi of Nasarawa also participated in the discussion.

At the town hall, panelists urged restraint and called for a thorough review of the bills to address any grey areas.

Oyedele, who was instrumental in drafting the bills, highlighted that they contain over 200 “transformative provisions” aimed at fixing the country’s fiscal system and guiding it toward prosperity. He reassured Nigerians that the bills should not be held up by a few contested provisions.

“These Bills have more than 200 transformative provisions to fix our country and set us on the right path to prosperity,” Oyedele said. “We should not allow one or two provisions that we can easily discuss and agree on to become the pain or the bottleneck.”

Dogara also appealed to the northern region, urging them not to condemn President Tinubu over the bills, asserting that the measures are not aimed at undermining the north.

“I want to talk to my brothers in the North. I don’t think this is the time for us to begin to condemn the president and to begin to say that on account of these bills, he is anti-north,” Dogara said.

The Tax Reform Bills have already passed their second reading in the senate, despite calls for their withdrawal.

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BIG STORY

Emefiele, Cronies Acquired 753-Duplex Estate With Forex Kickbacks — EFCC

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Court papers filed by the Economic and Financial Crimes Commission (EFCC) have linked the immediate-past Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, to a massive property in Abuja, consisting of 753 duplexes and other apartments located in the Cadastral Zone area of the capital city.

On Monday, the EFCC announced the recovery of the property from an unnamed former top government official, calling it the largest single recovery the agency had made in its history of fighting corruption since its establishment in 2003.

The recovery followed a ruling on December 2, 2024, by Justice Jude Onwuegbuzie of the FCT High Court in Apo.

Court documents obtained by our correspondent on Tuesday detail how the EFCC connected Emefiele to the massive estate, which spans 150,500 square meters and is identified as Plot 109, Cadastral Zone C09, Lokogoma District, Abuja.

Emefiele is currently facing prosecution by the EFCC in three separate cases before different judges.

Before Justice Hamza Mu’azu, he is on trial for procurement fraud, forgery of former President Muhammadu Buhari’s signature, and other charges.

Before Justice Rahman Oshodi at the Special Offences Court in Ikeja, Lagos, Emefiele is charged with fraud involving $4.5bn and N2.8bn.

Additionally, Emefiele faces charges before Justice Maryann Anenih of the FCT High Court in Abuja for allegedly approving the printing of N684.5m worth of notes at the cost of N18.96bn.

According to the EFCC’s documents, Emefiele is accused of carrying out a “monumental fraud” while serving as CBN governor, with the assistance of his cronies, to acquire several properties, including the estate.

“The commission, whilst investigating the alleged monumental fraud carried out by the immediate past Governor of the CBN and his cronies, traced and discovered several properties reasonably suspected to have been acquired and/or developed with proceeds of unlawful activities,” the EFCC stated.

The agency further alleged that Emefiele negotiated kickbacks in exchange for allocating foreign exchange to companies in desperate need of funds for legitimate business activities.

The EFCC also claimed that Emefiele received kickbacks from contractors awarded contracts by the Central Bank of Nigeria.

The investigation revealed that Emefiele collaborated with several cronies, including one Ifeanyi Omeke, who “ran several errands for him, including the purchase and perfection of title documents for properties located in highbrow areas of Lagos and Abuja.”

The EFCC said the documents for the Abuja property were recovered during a search of Omeke’s office, and investigators located the property on September 17, 2024, “with the assistance of a surveyor from the Abuja Geographical Information Systems, using search results and coordinates.”

The agency noted that the property has been abandoned since June 2023, following the arrest of the former CBN governor.

In October, the EFCC arrested Emefiele shortly after he regained his freedom from the Department of State Services (DSS), which had previously detained him.

The EFCC further disclosed that the massive property, allegedly acquired through cronies, was originally intended for a mass housing development. The investigation revealed that Emefiele used three companies to pay a total of N2.2bn for the property.

It said the seller “received the aggregate sum of N2,200,000,000.00” and that the three companies involved in the payment were “enmeshed in criminal maneuvering of layering proceeds of illegal activities of Mr. Godwin Emefiele.”

The EFCC alleged that one company paid N900m, a second company paid N700m, and a third company paid N600m, bringing the total to N2.2bn.

It further stated that the directors of the companies were arrested, and their statements were voluntarily obtained during the investigation.

“The funds used in the acquisition of the property highlighted in Schedule A to this application are not legitimate earnings of Godwin Emefiele but funds acquired through illegal and unlawful activities,” an EFCC investigator stated in the affidavit filed in court.

The EFCC added that the court had, on November 1, 2024, made an order for the temporary forfeiture of the property after evaluating the facts before it. The commission requested that the judge now order the permanent forfeiture of the property to the Federal Government, as no one had contested the facts, despite the interim forfeiture order being published (in The Punch) on November 6, 2024.

The court agreed to the EFCC’s request, and the property has now been permanently forfeited to the Federal Government.

Attempts to reach Emefiele’s legal team for comment were unsuccessful. One of his lawyers, Matthew Burkaa (SAN), did not respond to calls or text messages seeking Emefiele’s side of the story.

‘Why EFCC Concealed Property Owner’s Identity’

EFCC spokesperson Dele Oyewale defended the agency’s decision not to reveal the identity of the property’s owner.

Responding to public criticism about the concealment, Oyewale explained, “The allegation of a cover-up of the identity of the promoters of the estate stands logic on the head in the sense that the proceedings for the forfeiture of the Estate were in line with Section 17 of the Advance Fee Fraud Act, which is a civil proceeding that allows for action-in-rem rather than action-in-personam.”

He added that the civil proceeding focused on the property itself, not an individual, especially since the property was “unclaimed.” He emphasized that since the investigation was ongoing, revealing the identities of suspects not directly linked to title documents would be unprofessional.

“The substantive criminal investigation on the matter continues. It will be unprofessional of the EFCC to go to town by mentioning names of individuals whose identities were not directly linked to any title document of the properties,” Oyewale concluded.

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