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UK To Pay £210,000 In Fraud Compensation To Nigeria

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The United Kingdom (UK) declared on Monday, through its minister for Africa, that it had paid the Nigerian government 210,610 pounds (about N120 million) in fraud compensation.

This comes after a four-year investigation by the UK’s Serious Fraud Office into Amec Foster Wheeler Energy Limited’s employment of corrupt agents in the oil and gas sector.

The government of the UK represented by Ms Ford and the Nigerian government represented by Benjamin Okolo, solicitor-general of the federation, signed a memorandum of understanding on the utilisation of the money.

Mr Okolo said the signing of the MoU is a signal that the UK anti-bribery act will lead to a substantial return of illegally acquired profits, by businesses, to developing countries.

“We are grateful that you deemed it necessary to return this fund even though Nigeria did not participate in its negotiation. It shows the UK’s commitment to the global effort to tackle illicit financial flow and prohibit bribery in international business,” he added.

Ms Ford in turn noted that the security and defence dialogue held earlier this month between both countries reaffirmed their commitment to work together to tackle illicit financial flows, bribery and corruption.

“The UK has a zero-tolerance policy to corruption and we hope that today’s signing sends a clear statement about our commitment to this,” she said.

Juliet Ibekaku-Nwagwu, special assistant to the Nigerian president on justice reforms and international relations, said the funds will be invested in the Second Niger Bridge, Lagos-Ibadan expressway and Abuja-Kaduna expressway projects.

Origin of the compensation money
The money was obtained through a Deferred Prosecution Agreement (DPA), which is when a prosecutor agrees to defer prosecution in exchange for the defendant agreeing to fulfil certain requirements such as accepting criminal liability for offences and paying the appropriate compensation. In this case, the DPA was agreed with Amec Foster Wheeler (AFWEL), relating to the use of corrupt agents in the oil and gas sector.

According to the UK’s Serious Fraud Office, AFWEL took responsibility for ten offences of corruption relating to the use of corrupt agents in the oil and gas sector by the legacy Foster Wheeler business. The offences spanned from 1996 to 2014 and took place across the world, in Nigeria, Saudi Arabia, Malaysia, India and Brazil.

In the July 2021 ruling by Lord Justice Edis, sitting at the Royal Courts of Justice, Lisa Osofsky, Director of the Serious Fraud Office, said, “over a period of 18 years, Foster Wheeler Energy Limited brazenly and calculatedly paid bribes to officials around the world to cut corners and secure contracts, going to great lengths to conceal its corrupt conduct.

“In doing so, the company subverted the rule of law and harmed the integrity of the economy in the United Kingdom. We will continue to deliver justice for the taxpayer by punishing such actions and forcing companies to change for the better.

“Justice also means recovering money to compensate victims wherever possible, and I am delighted that we have been able to secure compensation for the Nigerian victims in this case.”

Offence
Amec Foster Wheeler Energy Limited, (incorporated in England and Wales under registered number 01361134 and known at the time of the alleged offending as Foster Wheeler Energy Limited), between March 1, 1996, and June 30, 2004, conspired with certain of its employees and others to make corrupt payments to officials in the Nigerian National Petroleum Company, the Eleme Petrochemical Company Limited, and the Central Bank of Nigeria, as an inducement or reward to ensure that payments were made to Foster Wheeler Management Operations (UK) for invoices submitted under contracts for services in Nigeria.

Also, between November 1, 2003, and May 30, 2004, the firm conspired with certain of its employees and others to make corrupt payments to Nigerian police and tax officials as an inducement and reward to settle an allegation of tax evasion against Foster Wheeler (Nigeria) Limited (incorporated in Nigeria under registered number 12992).

BIG STORY

BON Awards Release Line-Up Of Activities Ahead Of November 24

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  • Kwara First Lady To Join Segun Arinze, Wole Ojo Others For Book-Reading

As the Nigerian film industry gets set for the annual pan-Nigerian Best of Nollywood (BON) Awards, scheduled to be held on Sunday, November 24, at the Sugar Factory in Ilorin, Kwara State, the organisers of the travelling awards have released a line-up of activities, alongside other highlights of the 16th edition.

This year’s event is shaping up to be an unforgettable experience, featuring a variety of engaging activities, including a book reading session and the unveiling of new award categories.

A key highlight of the pre-award festivities will be the welcome party scheduled for Saturday, November 23rd in Ilorin. This will be followed by the Book of the Year reading on the morning of November 24, showcasing “Do As You Are Told, Bani” by the acclaimed author Lola Shoneyin.

Esteemed personalities, including the First Lady of Kwara State and well-known Nollywood actors like Segun Arinze, Wole Ojo, Kemi Adekomi, Cynthia Clarke, and Chioma Okafor, will participate in the reading. This session aims to inspire and engage the youths, specifically a select number of school children from Ilorin, Kwara State.

Also, the 2024 BON Awards has been revealed that four of its major award categories have been endowed by notable figures and organisations. The endowed categories include:

Best Indigenous Movie – Endowed by Oba Saheed Eleguishi, a distinguished traditional ruler and arts patron. Best Use of Food – Endowed by Abundish Limited, an agricultural product wholesaler cum grocery market in Lekki, Lagos.

The Best Actress category is also endowed by the Deputy Speaker of the Lagos House of Assembly, Hon. Moji Ojora, a well-known philanthropist and public servant dedicated to women’s empowerment. While the movie with the Best Social Message is endowed by Hon. Toke Benson, the Lagos Commissioner for Tourism, Arts and Culture, and a prominent advocate for social issues.

According to the founder of the Best of Nollywood Awards, these new endowments promise to enhance the awards’ prestige by taking it to the next level and also offer greater recognition for excellence in these fields.

As the seven-day countdown to the 2024 BON Awards begins, and the excitement is building, Feranmi Olaoye, the Executive Director of the awards has promised that this year is not just another gala night but a getaway weekend for hardworking Nollywood practitioners, and others within the Nollywood community.

With the awards’ unique blend of celebrity-filled events and meaningful high-impact initiatives, this year’s ceremony is poised to leave a significant mark on the entertainment industry and the wider Nigerian cultural scene.

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BIG STORY

JUST IN: Nigeria’s Inflation Rate Rises To 33.8% As Food Prices’ Surge Continues

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The National Bureau of Statistics (NBS) reports that Nigeria’s inflation rate reached 33.88 percent in October, up from 32.7 percent in September.

This data is outlined in the NBS’ latest consumer price index (CPI) report for October, published on Friday.

The CPI tracks the rate of change in the prices of goods and services.

According to the NBS, the headline inflation rate in October increased by “1.18% points when compared to the September 2024 headline inflation rate.”

“On a year-on-year basis, the Headline inflation rate was 6.55% points higher than the rate recorded in October 2023 (27.33%),” the NBS stated.

“This indicates that the Headline inflation rate (on a year-on-year basis) increased in October 2024 compared to the same month in the previous year (i.e., October 2023).”

“Additionally, on a month-on-month basis, the headline inflation rate in October 2024 was 2.64%, which was 0.12% higher than the rate recorded in September 2024 (2.52%).”

“This means that in October 2024, the rate of increase in the average price level was higher than the rate of increase in the average price level in September 2024.”

  • ‘INCREASE IN RICE, YAM PUSHED FOOD INFLATION RATE TO 39.16%’

The NBS also revealed that the food inflation rate in October soared to 39.16 percent, up from 33.77 percent in September.

On a year-on-year basis, the food inflation rate was 7.64 percent higher compared to the rate recorded in October 2023 (31.52 percent).

“The rise in food inflation on a year-on-year basis was driven by increases in prices of items such as guinea corn, rice, maize grains, etc. (Bread and Cereals Class), Yam, Water Yam, Coco Yam, etc. (Potatoes, Yam & Other Tubers Class), Palm Oil, Vegetable Oil, etc. (Oil and Fats Class), and Milo Lipton, Bourvita, etc. (Coffee, Tea & Cocoa Class),” the bureau explained.

The report also highlighted that the month-on-month food inflation rate in October was 2.94 percent, showing an increase of 0.3 percent compared to the 2.64 percent recorded in September.

“The rise can be attributed to the rate of increase in the average prices of Palm Oil, Vegetable oil, etc. (Oil & Fats Class), Mudfish, Croaker (Apo), Fresh fish (Obokun), etc. (Fish Class), Dried Beef, Goat Meat, Mutton, Skin meat, etc. (Meat Class), and Bread, Guinea Corn flour, Plantain flour, Rice, etc. (Bread and Cereals Class),” the NBS added.

“The average annual rate of food inflation for the twelve months ending October 2024, compared to the previous twelve-month average, was 38.12%, an 11.79% point increase from the average annual rate of change recorded in October 2023 (26.33%).”

The report also noted that Sokoto state (52.18 percent), Edo (46.55 percent), and Borno (45.85 percent) experienced the highest food inflation in October, while Kwara (31.68 percent), Kogi (33.30 percent), and Rivers (33.87 percent) recorded the slowest increases in food inflation on a year-on-year basis.

In terms of month-on-month food inflation, Adamawa (5.08 percent), Sokoto (4.86 percent), and Yobe (4.34 percent) states had the highest rates.

According to the NBS, states such as Kwara (1.11 percent), Ondo (1.31 percent), and Kogi (1.50 percent) had the slowest rise in food inflation in October 2024.

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BIG STORY

Blackmailing Of GTCO, CEO: Court Constrained To Grant Bloggers Bail Due To History Of Being Serial Offenders

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Justice Ayokunle Faji of the Federal High Court in Lagos has ordered an accelerated trial of the four bloggers charged with defaming and cyberstalking the management of GTCO (Guaranty Trust Holding Company), including its Group CEO, Mr. Segun Agbaje.

The four accused—Precious Eze, Olawale Rotimi, Rowland Olonishuwa, and Seun Odunlami—are facing 10 amended charges for allegedly publishing false information about the company through various social media platforms.

At the resumed hearing of the matter on the 13th and 14th of November, Justice Faji also dismissed the bail applications, citing the serious nature of the alleged offences, which include charges that could lead to up to 14 years in prison.

The judge also held that one of the defendants – Precious Eze has shown the tendency to commit a similar offence again if let out as he is currently charged with a similar offence in another court and was only on bail when he went ahead to commit the alleged offence for which he is now standing trial.

Justice Faaji also highlighted the potentially destabilizing impact such actions could have on the banking sector, particularly since some of the charges involve cross-border activities on the Internet.

The defense counsel, Afolabi Adeniyi, had at the last hearing of the matter while moving an application for bail for the accused persons argued that the defendants should be granted bail on liberal terms, emphasizing that the charges were bailable and that the accused were willing to face trial.

Opposing the application, the prosecution Counsel, Chief Aribisala, SAN, urged the court to reject the bail request, highlighting the risk of the defendants absconding and stressing the need for an expedited trial.

In delivering his ruling, Justice Faji not only denied bail but also ordered an accelerated trial, underlining the gravity of the charges.

He also noted that the defendants’ actions challenged the authority of regulatory bodies, including the Central Bank of Nigeria (CBN), which had approved GTCO’s audited statements.

The matter has been adjourned until the 10th and 12th of December for continuation of the trial.

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