Banks used for money laundering may be blacklisted - CBN

Banks which allow themselves to be used for money laundering run the risk of being blacklisted by the Central Bank of Nigeria, CBN.

The apex bank's Deputy Governor in charge of Financial System Surveillance (FSS) , Mr. Okechukwu Joseph Nnanna said this in Abuja on Tuesday at
a workshop organised by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) .

“Any bank which we discover has been used, or manipulated by criminals who launder money, corrupt politicians who launder money, that bank and directors would be held accountable.

“Not only paying fines, we can also ask them to be blacklisted and will never work in the financial system any more. That is a very severe punishment.

“People who finance terrorists come in different guises; they may be genuine businessmen who after a while may turn to be criminals but what is important is for the banks to make sure that the customer who comes to deposit money and withdraw money, they must know who he is. Not only knowing who he is, they must know his or her business.

“At the CBN, we are doing a great deal. The bank has in fact put in place a regime of controls particularly for commercial banks. Know Your Customers (KYC) is a very serious affair with us.

“ You don’t go to the bank and open an account and go and lodge in N5 million, N10 million without you being reported to the NFIU and to the EFCC. You will be reported to explain the source of that money.

“We are not saying that Nigerians are all criminals. If you are a genuine businessman and you lodge in N1 billion there is nothing wrong with that but if you have N5000 and all of a sudden, you brought N10 million, we would like to know.

“The CBN in collaboration with the National Financial Intelligence Unit (NFIU) would like to know the source of that money and that we are doing very religiously,” he said.

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Six Things That Can Get You Killed On Abuja Roads

Have you ever been to Abuja? Well, even if you haven't, but have plans to visit Nigeria's most beautiful city, Abujacitynews advises that you take precaution over the following dangers while using Abuja roads.

1. Over speeding: Abuja has arguably the best roads in Nigeria, so drivers have virtually turned them to race tracks.

Most of the roads in the city have speed limits ranging from 70 km/h to 100 km/h but their expansive, solid and smooth surfaces have become the primary factors that tempt drivers to push their vehicles to the limits.

Moreover, given the lack of enforcement of speed limits by road traffic authorities, Abuja roads are accident-prone. Overturned cars lying 'comfortably' in Abuja's expansive drainages, especially along the Nnamdi Azikiwe International Airport road is a common sight.

2. Using pedestrian bridges at odd hours : Many footbridges dot Abuja's ever busy roads, even as the public demands for more.

However, these lifesaving structures become homes to miscreants and hoodlums at night.

If you use these footbridges in the lonely hours of the night, you run the risk of being mugged or raped. In fact, people are known to have been robbed, raped or killed in some particularly notorious pedestrian bridges like the ones at Lugbe and Mararaba.

3. Not using pedestrian bridges :  The watchword here is. "use Abuja's footbridges at daytime/rush hours but avoid them at odd hours.

Crossing Abuja's fast paced 10 lane dual carriage ways on foot is almost certainly a suicide mission. Yet there are people who prefer that option to the 'stress' of climbing a pedestrian bridge. A lot of such persons have been killed by fast moving vehicles.

4. Bullion Vans : These vans used by banks to move large amounts of money drive as if they are chased by a thousand demons.

Usually accompanied by gun wielding policemen, bullion vans neither respect traffic rules nor the rights of other road users.

So, if you see a bullion van blaring siren and weaving its way through the traffic, get out of the way as quickly as possible. Otherwise, you run the risk of being hit. And when you get hit, they won't even bother to stop.

5. Biking: Although Abuja roads have walkways, there are no provisions for bicycles.

If you must ride a bicycle in Abuja, do so within your premises or risk being killed while sharing the same road with motor vehicles.

6. One-chance cab operators: These unscrupulous, rapacious men and women constitute a major blot on Abuja city.

They drive through the streets and roads, picking up unwary passengers and dispossessing them of money and other valuables.

There have been reports of people getting pushed out of moving vehicles after being robbed by one-chance gangs. In fact, Abujacitynews recently witnessed one such case in which a lone 'one-chancer' operating in a blue Seat Cordoba kicked a lady out of his moving car, having robbed her of some money. The car pictured below had its windows and windshields smashed by a mob after he was apprehended.

Did I list all of the dangers on Abuja roads? If you know of anything that I did not mention, feel free to drop a comment.

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$2b Arms Contracts: Dokpesi, Bafarawa In EFCC Net.

Former Chairman of Daar Communications Plc and a former governor of Sokoto State, Alhaji Attahiru Bafarawa have been asked to explain to the Economic and Financial Crimes Commission, EFCC why they received large sums of money from the office of the former National Security Adviser, NSA, Col Sambo Dasuki.

According to EFCC sources, over two billion naira was traced to Dokpesi from the office of the former NSA while Bafarawa allegedly received N100m from the same source.

“A whopping sum of N2.1 billion was traced from the office of the embattled former NSA to Dokpesi without any clearly stated reason and we want to know what he received the huge sum of public funds for. We have also traced some money to the former Sokoto governor, Bafarawa, and we need to know what he got such money from the former security adviser for,” said an EFCC source.

Dokpesi and Bafarawa who arrived at the EFCC around 12pm on Tuesday have now swelled the ranks of 22 other suspects arrested for receiving various sums of money from the office of the former NSA and may be prosecuted with them.

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Six Things That Can Get You Killed On Abuja Roads

Have you ever been to Abuja? Well, even if you haven't, but have plans to visit Nigeria's most beautiful city, Abujacitynews advises that you take precaution over the following dangers while using Abuja roads.

1. Over speeding: Abuja has arguably the best roads in Nigeria, so drivers have virtually turned them to race tracks.

Most of the roads in the city have speed limits ranging from 70 km/h to 100 km/h but their expansive, solid and smooth surfaces have become the primary factors that tempt drivers to push their vehicles to the limits.

Moreover, given the lack of enforcement of speed limits by road traffic authorities, Abuja roads are accident-prone. Overturned cars lying 'comfortably' in Abuja's expansive drainages, especially along the Nnamdi Azikiwe International Airport road is a common sight.

2. Using pedestrian bridges at odd hours : Many footbridges dot Abuja's ever busy roads, even as the public demands for more.

However, these lifesaving structures become homes to miscreants and hoodlums at night.

If you use these footbridges in the lonely hours of the night, you run the risk of being mugged or raped. In fact, people are known to have been robbed, raped or killed in some particularly notorious pedestrian bridges like the ones at Lugbe and Mararaba.

3. Not using pedestrian bridges :  The watchword here is. "use Abuja's footbridges at daytime/rush hours but avoid them at odd hours.

Crossing Abuja's fast paced 10 lane dual carriage ways on foot is almost certainly a suicide mission. Yet there are people who prefer that option to the 'stress' of climbing a pedestrian bridge. A lot of such persons have been killed by fast moving vehicles.

4. Bullion Vans : These vans used by banks to move large amounts of money drive as if they are chased by a thousand demons.

Usually accompanied by gun wielding policemen, bullion vans neither respect traffic rules nor the rights of other road users.

So, if you see a bullion van blaring siren and weaving its way through the traffic, get out of the way as quickly as possible. Otherwise, you run the risk of being hit. And when you get hit, they won't even bother to stop.

5. Biking: Although Abuja roads have walkways, there are no provisions for bicycles.

If you must ride a bicycle in Abuja, do so within your premises or risk being killed while sharing the same road with motor vehicles.

6. One-chance cab operators: These unscrupulous, rapacious men and women constitute a major blot on Abuja city.

They drive through the streets and roads, picking up unwary passengers and dispossessing them of money and other valuables.

There have been reports of people getting pushed out of moving vehicles after being robbed by one-chance gangs. In fact, Abujacitynews recently witnessed one such case in which a lone 'one-chancer' operating in a blue Seat Cordoba kicked a lady out of his moving car, having robbed her of some money. The car pictured below had its windows and windshields smashed by a mob after he was apprehended.

Did I list all of the dangers on Abuja roads? If you know of anything that I did not mention, feel free to drop a comment.

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2015 General Elections: INEC Compromised - Minister

Former President, Goodluck Jonathan had sufficient evidence to fire the former Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, although he decided to exercise restraint.

This disclosure was made by the former Minister of National Planning, Dr. Abubakar Sulaiman, on Sunday, at the annual Zik Dinner Lecture/Award in Abuja where he delivered a paper on the 2015 power transition in Nigeria. 

He said that contrary to popular belief, there were instances of compromise by INEC.

“Few months to the general elections, there were calls from some quarters for the sack of the INEC Chairman, Prof. Attairu Jega.

“There were sufficient grounds for such calls but President Goodluck maintained a position that taking such decision would truncate the process and create an impression which only an insider would understand. There were indeed cases of compromise on the part of the commission, but as the president so wished, let the sleeping dog lie.

“Invariably, the decision to maintain the status quo in the commission by the administration was one decision that further lent credence to the peaceful outcome of the electoral process. We must not forget that the president in his exercise of his constitutional power has the authority to fire the chairman and replace him with any of the National Commissioners to preside over the commission," he said.

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Immigration Officer Alleges Elimination Plot; Sues DSS, AGF

A high ranking officer of Nigeria Immigration Service, NIS who was allegedly detained for 21 days for supporting Boko Haram has dragged the NIS, the Department of State Services, DSS, and the Attorney General of the Federation, AGF before an Abuja Federal High Court .

Daniel Makolo, a Chief Superintendent of Immigration (CSI), formerly attached to the Murtala Mohammed International Airport, Lagos, was reportedly arrested and detained with some of his colleagues by the DSS in late 2012 over allegation by his employer, that they aided a Boko Haram kingpin, Abdul Rahman, to enter the country.

In a fundamental rights enforcement suit he filed before the Federal High Court, Abuja, Makolo said that the allegation was aimed at eliminating him for querying some unlawful and fraudulent activities of some senior management personnel of the Immigration Service.

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SERAP Receives World Bank Records On Abacha Loot

The World Bank has delivered documents totalling over 700 pages on information on the spending of recovered assets stolen by the late General Sani Abacha to the Socio-Economic Rights and Accountability Project (SERAP) .

The Executive Director of SERAP, Adetokunbo Mumuni disclosed this in a statement issued on November 29, 2015.

According to the statement, the World Bank documents suggest that the Abacha loot was spent on infrastructure like roads, water, electricity, education and health facilities.

“SERAP can confirm that last week we received several documents from Ann May of the Access to Information Team of the World Bank following our Access to Information Request to the Bank. We also received a letter dated 24 November 2015 from Mr Rachid Benmessaoud, Director of the World Bank in Africa.

“In total, SERAP has received over 700 pages of documents, which we are now closely studying and scrutinising with a view to discovering whether the documents contain details that Nigerians would like to see and whether the information correspond to the facts on the ground. After this analysis, we will respond to the Bank and consider our options, including filing an appeal before the Bank’s Access to Information Appeals Board and taking other appropriate legal actions nationally and internationally to discover what exactly happened to Abacha recovered loot.

“In the meantime our preliminary review of some of the documents and the letter from Mr Rachid Benmessaoud has revealed certain facts which raise more questions about what exactly happened to the Abacha loot: First, that Mrs Ngozi Okonjo-Iweala as Minister of Finance in a letter dated 9 January 2005 explained to the Bank that around $500m (N65bn) of Abacha loot received from Switzerland was programmed into and spent in the 2004 and 2005 budgets on roads, electricity, education, water and health across all 6 geo-political zones of Nigeria.

”Second, Mrs Iweala explained to the Bank that N18.60bn was spent on roads; N10.83bn spent on health; N7bn spent on education; N6.20bn spent on water; and N21.70bn spent on electricity. She also said that part of the funds were spent on new and ongoing investment projects. Mrs Iweala said that relevant federal ministries have the full details on the spending of repatriated Abacha loot. The Bank noted that there was no funds monitoring and tracking mechanism in place to trace the spending of Abacha loot.

“Third, Mr Rachid Benmessaoud confirmed that the World Bank played a monitoring role in a return of assets by Switzerland but that the Bank is not currently involved in the monitoring of spending of Abacha loot that have been returned to Nigeria in recent years. He said that the Bank would be prepared to set up a mechanism to monitor the use of Abacha loot if the Nigerian government request the Bank's assistance in this respect.

“Given Mrs Okonjo-Iweala’s involvement in the spending of Abacha loot, SERAP calls on President Muhammadu Buhari to urgently probe the role of the Ministry of Finance and relevant federal ministries at the time in the spending of Abacha loot particularly given the strong allegations of mismanagement that characterised the use of the funds.

“Although Mrs Okonjo-Iweala said that Abacha loot was spent in the 2004 and 2005 budgets on roads, electricity, education, water and health across all 6 geo-political zones of Nigeria, there is no evidence of such projects as millions of Nigerians continue to travel on dead roads,while they continue to lack access to adequate electricity supply, water, health and quality education.

Therefore, President Buhari can no longer continue to remain silent on this issue of public interest if Nigerians are to continue to trust him in his fight against corruption."

SERAP had on September 21, 2015 sent an access to information request to World Bank President, Jim Yong Kim, urging him to  release documents relating to spending of stolen assets recovered from the late General Sani Abacha.

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