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105 fintech accounts frozen over alleged money laundering
Nine fintech companies have frozen 105 accounts allegedly involved in unauthorised foreign exchange dealings, money laundering, and terrorism financing.
This follows an application by the Economic and Financial Crimes Commission (EFCC) to a Federal High Court in Abuja. The court granted an interim order on April 24, 2024, to freeze the accounts for 90 days while investigations continue.
The affected fintechs and the number of accounts include Fairmoney Microfinance Bank (6), VFD (2), Kuda Microfinance Bank Ltd (27), Opay Digital Services (43), Carbon MTB (7), MoMo Payment Service Bank (1), Pagatech (8), PalmPay Ltd (5), and Moniepoint (6).
These frozen accounts are part of a larger investigation by the EFCC into 1,146 bank accounts suspected of forex racketeering. The EFCC believes that the owners of some of these accounts exploited cryptocurrency platforms to manipulate the naira’s value against the dollar.
A couple of weeks ago, the EFCC Chairman, Ola Olukoyede, told journalists that about 300 accounts had been frozen because of their connection to illegal trading on a peer-to-peer platform. He explained that over $15 billion passed through a particular (unnamed) forex platform in the last year, outside financial regulations.
News
Tinubu Feared For His Health, But I Convinced Him To Become President For Yoruba Interest – Akande
In a revealing interview on State Affairs with Edmund Obilo, published on YouTube on Wednesday, Akande claimed that Tinubu was initially hesitant, citing financial constraints and personal doubts.
“When I met him, he said, ‘Baba, do you have money? If I had the kind of money people have to be president, I would rank with Dangote,’” Akande recalled. It was a surprising admission from a man widely regarded as one of Nigeria’s most formidable political figures.
But it wasn’t just about money. Tinubu, according to Akande, actively resisted discussions about his candidacy. “People called me and said, ‘Come, there is trouble. Anybody that talks to him about the presidency, he quarrels with them,’” Akande said. Concerned, the elder statesman traveled to Lagos for a personal intervention.
When words of encouragement failed, Akande turned to tradition. He framed Tinubu’s candidacy not as a personal ambition but as a necessary sacrifice for the Yoruba people.
“I told him, ‘We don’t want you to be president because of you. You are unimportant in this matter. But in Yoruba tradition, when you want to worship the deity, you take the fattest animal or the biggest yam to worship. Yoruba wants to be president, and you are the one we have now. It is to sacrifice you so that we can have a president, not for you to be anything.’”
The approach stunned Tinubu. “He was looking at me as if I was sick or something,” Akande recounted. But it planted a seed of possibility.
Still, Tinubu hesitated. “Baba, you now say I should run. What about this, my leg?” he asked, referring to his known health challenges. Akande was unwavering. “Go and do it. There is still time. You will heal in six months.”
Even after Tinubu finally embraced the idea of running, the road ahead was fraught with challenges. Akande claimed that the #EndSARS protests were part of a larger effort to end Tinubu’s political career.
“#EndSARS was designed to be the end of Tinubu,” he alleged. When asked who orchestrated it, he pointed fingers at the Obidient movement. “The Obidients were behind #EndSARS. It was manufactured from America and brought in just to stop him.”
Akande quickly clarified that he was not referring to Peter Obi directly, but rather to a movement that, in his view, emerged from the protests and later attempted to form a political party.
Akande also shed light on the complex political maneuvering behind Tinubu’s rise. He revealed that he played a key role in Yemi Osinbajo’s selection as vice president in 2015.
“In 2011, Tinubu was discussing with Buhari about replacing Pastor Tunde Bakare as running mate. I told Tinubu, ‘I’m going to recommend Osinbajo,’ and I did.”
However, that alliance was later tested. During the 2022 presidential primaries, Osinbajo refused to step down for Tinubu, despite efforts to prevent internal discord among Yoruba candidates.
When asked if former President Muhammadu Buhari opposed Tinubu’s candidacy, Akande dismissed the speculation. “He didn’t tell me so,” he said. “I asked him many questions, including whether he instigated Osinbajo to contest against Tinubu. He said no and explained that, in his culture, when your mentor is interested in a position, you don’t contest with him.”
Akande ended with a candid reflection on Tinubu’s evolution as a political strategist.
“He may have known a lot about the politics of Lagos and America, but he was very ignorant about the politics of Nigeria. Now that he is president, I don’t know how much he has learned.”
It’s a striking statement, suggesting that even the most powerful leaders remain, at their core, students of politics—shaped not just by their ambitions but by the forces, allies, and histories that push them forward.
Foreign
Former US Senator Bob Menendez sentenced to 11 years in prison for bribery
A judge sentenced a powerful former US senator, Bob Menendez to 11 years in prison Wednesday, after he was convicted of corruption following the discovery of gold bars and hundreds of thousands of dollars in cash at his home.
Bob Menendez, a 71-year-old Democrat from New Jersey, was convicted of federal charges of extortion, obstruction of justice and accepting bribes to perform favors for businessmen with connections to Egypt and Qatar. He said he would appeal.
“Somewhere along the way… you lost your way,” District Judge Sidney Stein said in announcing the sentence. “Working for the public good became working for your good.”
Menendez, who had served as chairman of the influential Senate Foreign Relations Committee, had vowed to appeal the verdict handed down in July 2024, and on Wednesday he asked for leniency from the judge ahead of his sentencing.
“I am going to ask you for mercy — not for me, but for Anthony,” a crying Menendez said, referring to his son who has autism.
Ahead of the sentencing, the court received letters from acquaintances of Menendez testifying to his character.
“Bob inspired many people, including me, with hope that it is possible to change the world,” said one, from author Donald Scarinci.
Menendez’s attorney Adam Fee said that “despite his decades of service, he is now known more widely as ‘gold bar Bob.’”
The counts on which Menendez was convicted after less than three days of jury deliberations included conspiracy to commit bribery and acting as a foreign agent while a public official.
– ‘Egregious abuse’ –
Menendez said outside court following his conviction last year: “I have never been anything but a patriot of my country and for my country. I have never, ever been a foreign agent.”
On Wednesday he vowed to appeal and called his prosecution a “witch hunt.”
“President (Donald) Trump is right. This process is political and it’s corrupted to the core. I hope President Trump cleans up the cesspool and restores integrity to the system,” he said.
He was not immediately taken into custody following the hearing.
In a raid on Menendez’s New Jersey home, FBI agents were said to have found nearly $500,000 in cash hidden around the house, as well as gold bars worth around $150,000 and a luxury Mercedes-Benz convertible.
His wife Nadine Menendez, to whom defense lawyers sought to shift the blame, was charged but faces trial separately as she receives treatment for breast cancer.
Menendez was convicted alongside two of the businessmen he helped — Egyptian-American Wael Hana and Fred Daibes, a real estate developer. They were both sentenced to jail terms Wednesday.
A third businessman, insurance broker Jose Uribe, pleaded guilty to bribery charges in March and assisted investigators.
Menendez is said to have interfered in the nomination of New Jersey’s prosecutor in a bid to ensure that proceedings were dropped against Daibes and Uribe.
He is also accused of accepting bribes to use his power and influence to enrich his co-conspirators and benefit the government of Egypt, including by helping Hana protect his monopoly on US exports of halal food products to the country.
Prosecutors had sought a jail term of 15 years while Menendez’s defense sought no more than eight years behind bars.
Prosecutor Danielle Sassoon said in a statement “the sentences imposed today result from an egregious abuse of power at the highest levels.”
News
JUST IN 2025 Ramadan: Sultan Makes New Announcement For Muslims
By Kayode Sanni-Arewa
The Sultanate Council Advisory Committee on Religious Affairs, in collaboration with the National Moon Sighting Committee, has confirmed that there were no verified sightings of the crescent moon marking the beginning of Sha’aban 1446AH.
This announcement holds significant importance for Muslims in Nigeria, as Sha’aban is the last month before Ramadan, the holiest month in Islam.
Official Declaration of Sha’aban 1446AH
In a formal statement, Sambo Wali Junaidu, the Wazirin Sokoto and Chairman of the Advisory Committee on Religious Affairs, Sultanate Council, Sokoto, disclosed that no credible reports of moon sightings were received from moon sighting committees across the country.
As a result, Thursday, January 30, 2025, will be observed as the 30th day of Rajab 1446AH, while Friday, January 31, 2025, has been officially declared as the first day of Sha’aban 1446AH.
Sultan of Sokoto Endorses the Decision
The declaration was formally endorsed by His Eminence, Alhaji Muhammad Sa’ad Abubakar, the Sultan of Sokoto and President-General of the Nigeria Supreme Council for Islamic Affairs (NSCIA).
“The confirmation of Sha’aban’s commencement is crucial, as it ensures consistency in the Islamic calendar and helps guide religious observances for Muslims across the country,” the statement emphasized.
Call for Spiritual Preparation for Ramadan
In light of this development, the Sultanate Council has advised Nigerian Muslims to adhere to official moon sighting announcements and begin spiritual preparations for Ramadan.
Sha’aban is considered a sacred month in Islam, often dedicated to increased prayers, fasting, and self-reflection in anticipation of Ramadan, which is set to begin in the coming weeks.
The Council reiterated the importance of unity and adherence to Islamic traditions, urging Muslims to take advantage of Sha’aban for spiritual purification and devotion.
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