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Paris Club Fund : Looted N500m and $500,000 traced to Yari to be forfeited

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The Federal High Court in Abuja on Tuesday ordered an interim forfeiture of the sums of N500m and $500,000 said to have been looted from the Paris Club refunds made by the Federal Government in favour of the 36 states of the federation.

The money is said to have been recovered from two firms, First Generation Mortgage Bank Limited, and Gosh Projects Limited, and were allegedly linked to the Governor of Zamfara State and Chairman of the Nigeria Governors’ Forum, Abdulaziz Yari.

According to the Economic and Financial Crimes Commission, EFCC, the money were fraudulently diverted from the NGF’s bank account on the instruction of Yari.

The commission also alleged, in an affidavit filed in support of its ex parte application seeking the interim forfeiture of the sums of money, that the N500m was diverted to offset Yari’s personal loan obtained from the First Generation Mortgage Bank Limited, PUNCH reports.

It also alleged that the second firm, Gosh Projects Limited, utilised most of the proceeds of the alleged loot, transferred to it for the purchase of building materials for Yari’s 100-room hotel project in Lagos.

Gosh Projects was also said to have used part of the looted funds for the purchase of treasury bills and transfers to offshore accounts.

PUNCH reports that Justice Nnamdi Dimgba made the interim forfeiture order of the sums of money to the Federal Government in a ruling delivered on June 30, 2017.

The judge also ordered that any person(s) or body with interest in the funds must, within 14 days of the publication of the interim order of forfeiture in any national daily, show cause why an order of final forfeiture to the Federal Government of the funds should not be made.

The ruling was delivered in an ex-parte application jointly filed on June 19, 2017, by the Federal Government of Nigeria (the first applicant) and the EFCC (the second applicant).

First Generation Mortgage Bank Limited and Gosh Projects Limited, from whom the allegedly looted funds were recovered, were joined as respondents.

After the application was moved by the EFCC’s counsel, Mr. Ben Ikani, on June 30, Justice Dimgba granted the three prayers sought by the two applicants.

The judge granted prayers, including “an order of interim forfeiture to the Federal Government of Nigeria (the first applicant) of the sum of N500,000,000.00 recovered from the first respondent (First Generation Mortgage Bank Ltd.) and presently in the possession of the second applicant (EFCC) in its Recovered Funds Account domiciled at the Central Bank of Nigeria.

“An order of interim forfeiture to the Federal Republic of Nigeria (first applicant) of the sum of US$500,000.00, recovered from the second applicant (Gosh Projects Limited) and presently in the possession of the second applicant (EFCC) in its Recovered Funds Account domiciled with the CBN.”

In an affidavit filed in support of EFCC’s ex parte motion, an operative of the anti-graft agency investigating the case, Mr. Osas Azonabor, alleged that investigation had revealed that the Paris Club refund involved “complex case of money laundering.”

According to him, firms that had no contract with the Nigerian Governors’ Forum, which was holding the Paris Club refunds in its account on behalf of all the states government, were used to divert about N2.2bn from the NGF account.

According to the investigator, the sum of N500m, recovered from First Generation Mortgage Bank Limited, was part of the N2.2bn “fraudulently transferred by the NGF to BINA Consults and Integrated Services Limited on December 23, 2016.

He accused Yari of giving the instruction for the transfer of the N500m out of the N2.2bn to the First Generation Mortgage Bank Limited.

On how the alleged fraud was discovered, the investigator said the commission, sometime in January 2017, received intelligence in respect of a case against the NGF.

Azonabor stated that the intelligence alleged conspiracy, criminal misappropriation of public funds involving the sum of N19,439,225,871.11 out of the Paris Club refunds made by the Federal Government in favour of the 36 states of the federation.

According to the EFCC investigator, preliminary investigation conducted by the commission “revealed that the 36 state governments, under the auspices of the NGF, engaged the services of Bizplus GSCL Consortium”.

He said the state governments also asked Bizplus GSCL to “recover amounts due to the states from first line charge made on them from 1995 to 2002 for a success fee of two per cent payable by the NGF.”

Source: ( Punch Newspaper )

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National News

Senate Committee Screens Yakubu For INEC Chair Today

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Senate Committee Screens Yakubu For INEC Chair Today

Mahmood Yakubu

The Senate Committee on the Independent National Electoral Commission (INEC), will screen Mahmood Yakubu today following his re-appointment as Chairman of the Commission for a second and final term.

The Chairman of the committee, Kabiru Gaya, disclosed this to journalists on Wednesday after the panel submitted the report of the 2021 budget estimates of the commission to the Senate Committee on Appropriation.

The Senate received President Muhammadu Buhari’s letter seeking Yakubu’s confirmation on Tuesday.

Also Read: 2023: Buhari Reappoints Mahmood Yakubu As INEC Chairman

He had on October 27 announced his decision to reappoint the former INEC boss.

The president’s letter was forwarded to the committee on INEC for screening which Senator Gaya said will be carried out expeditiously.

“Precisely the re-nominated Chairman of the Commission, Professor Mahmood Yakubu is to face our committee by 2:00 pm for the required drilling, the outcome of which will determine the report to be submitted to the Senate on Tuesday,” he said.

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No Plan To Review 2021 Spending Estimates: Minister

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No Plan To Review 2021 Spending Estimates, Says Ahmed

Finance, Budget and National Planning Minister, Mrs. Zainab Ahmed

Minister of Finance, Budget and National Planning, Zainab Ahmed has expressed that there is no plan to review the spending estimates of the 2021 budget.

She has also allayed the fears of federal civil servants that the country’s entering into recession might stall the salary payments of workers.

She made this known while speaking with journalists after the weekly virtual Federal Executive Council (FEC) meeting in the State House.

Also Read: Nigeria Will Exit Recession By First Quarter Of 2021 – Finance Minister

Ahmed said even the consequential adjustment in the 2020 budget wholly addressed salary matters.

Recall that the proposed 2021 budget is currently being reviewed by members of the National Assembly.

“On the 2021 budget, we are not planning to retrieve the budget or to reverse the budget beyond the work of appropriation that the National Assembly is currently doing in consultation with us,” she said.

 

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#EndSARS: UK Parliament Does Not Speak For British Govt – FG

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#EndSARS: UK Parliament Does Not Speak For British Govt – FG

Geoffrey Onyeama

The federal government of Nigeria has stated that it has reached out to the United Kingdom to explain its side of the story over the #EndSARS crisis.

This follows a petition being considered by the United Kingdom to sanction officials of the Nigerian government over alleged human rights abuses during the #EndSARS protests in the country.

However, Minister of Foreign Affairs, Geoffrey Onyeama, explained to State House Correspondents on Wednesday that Nigeria has reached out to the UK govt.

He explained that FG has presented its own side of the story to the UK govt to aid its deliberations on the matter.

This he stated after the weekly federal executive council (FEC) meeting presided over by President Muhammadu Buhari, noting that a balanced view is important in such matters.

Also Read: #EndSARS Protest: Those who have murdered Nigerians will not benefit from trade or travel to the UK – Lyn Brown

He said: “Yes, we have reached out to the UK government. The meeting that took place were Parliamentarians and they do not speak for the UK government which acts for the United Kingdom and they have also heard the side of the (Nigerian) government regarding everything that has happened.

“So, we have been in touch with them and engaging with them. Of course, as in any democracy, the members of parliament are able to also able to air their views.

“But what is important, is that a balanced picture is made available to them before they take any decision.”

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