Connect with us

News

Money laundering: Thousands of dollars flown out of Nigeria every hour — INTERPOL

Published

on

By Kayode Sanni-Arewa

The International Police Organisation (INTERPOL), on Monday, revealed that “hundreds of thousands of dollars” are being laundered out of Nigeria to other African countries and across the world every hour.

The organisation also said money laundering across Africa and the entire world has assumed a monstrous dimension, adding that it would require a concerted efforts of every security agencies in Nigeria and other countries to address.

arba Baba Umar, the INTERPOL Vice President for Africa, revealed this at EFCC Academy, Abuja when he declared a four-day workshop for Nigerian law enforcement agencies open.

Advertisement

The INTERPOL official, however, said the organisation has launched what he described as “Silver Notices Against Money Laundering”, saying it is in a bid to frontally tackle the scourge of money laundering and illicit financial flows across the world, especially Africa.

“Evidence has shown that every hour, hundreds of thousands of dollars are flowing out of Nigeria to the region and across the world, laundered before it reaches the pockets of criminals to enjoy the profits of their crimes, while the hardworking and honest Nigerians pay the price of crime.

“With every successful laundering of criminal money, our country becomes more prone to crime. More drugs, more fraud, more corruption and more violence. Every time criminal money is successfully laundered, our financial institutions take an additional blow…” Umar said.

He stressed that hard times await money launderers as the Initiative “Silver Notices” would make illicit funds more difficult to launder in any part of the world.

Advertisement

Speaking on the theme of the workshop: “Strengthening Capacity and Coordination against Financial Crimes” Umar noted that financial crimes had become transnational and law enforcement agencies needed regular training for their workforce to be ahead of fraudsters.

He said, “In essence, this Workshop will give us the opportunity to re-examine the challenges of fighting transnational crimes in the country, reassess our strategies, and reaffirm our determination and unity as a country to provide security to our citizens and by extension the global community.”

On his part, the Executive Chairman of the EFCC, Ola Olukoyede, harped on the need for enhanced collaboration in tackling financial crimes.

Olukoyede, who spoke through the Director, Fraud Risk Assessment and Control of the EFCC, Francis Usani, said the complex nature of corruption across the world could only be broken by the might of collaborative actions by every stakeholder.

Advertisement

“The daunting nature of the fight against corruption in Nigeria and the world at large deserve serious collaboration among organizations saddled with the responsibility of fighting corruption”, he said.

In his remark, Ambassador Extraordinary and Plenipotentiary of Japan to Nigeria, Mr Kazuyoshi Matsunaga, described the workshop as an important joint initiative between Japan and Nigeria to combat financial crimes.

He explained that in the contemporary globalized world, financial crimes transcended borders and required international cooperation among law enforcement agencies to combat them.

Similarly, the Director-General of the Nigerian Financial Intelligence Unit, Hafsat Bakare, spoke about the imperative of strengthening capacity and coordination against financial crimes, pointing out that “financial intelligence and financial analysis techniques are key to tackling economic crimes.”

Advertisement

The NFIU, she said, was sensitive to the interconnected nature of the criminal justice system, the threat of organized crime and cybercrimes being fought by law enforcement agencies.

(Daily Trust)

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

Change Negative Narrative About EFCC Being Used For Settling Political Scores- Reps

Published

on

………Ask Anti Graft Agency To Fight Financial Crimes Within Established Laws

.
……My Staff Are Poorly Paid, EFCC

…., States Why Fight Against Yahoo Boys Fierce

 

Advertisement

The House of Representatives has tasked the Economic and Financial Crimes Commission, EFCC, to purge itself from the negative impression that its being used to settle political scores and concentrate fighting financial and economic crimes within established laws.

The House handed the advise on Tuesday through the Chairman House Committee on Financial Crimes Honorable Ginger Onwusibe who led members of the committee on the 2024 oversight exercise on the commission.

The oversight covered extensive facility tour of departments and critical operational units of the antigraft agency.

In his terse remarks, Hon. Onwusibe challenged the agency to improve its operational activities in combating economic and financial crimes by complying with its 2004 Establishment Act and other relevant applicable laws like the Money Laundering ( Prevention and Prohibition) Act 2022: Terrorism ( Prevention and Prohibition) Act 2022: The Proceeds of Crime Act. 2022, as well as other statutes, that compels it to carry out these roles transparently with accountability and show that the negative maxim being peddled in some quarters that the agency is often being used for settling political scores is incorrect .

Advertisement

The committee assured that it will collaborate with the commission to actualize its mandate by enacting new laws or amending old ones and as well providing budgetary interventions, if it must strive tirelessly to be on top of its challenges

The House urged the agency to collaborate with sister agencies and desist from keeping suspects as- awaiting ‘trial in correctional centres nationwide

“At this point let me add that a recent visit to the Maximun and Minimun Correctional centres in Kirikiri Lagos State, numerous suspects have been awaiting trial for over one year and yet we are all acquainted with the saying that justice delayed is justice denied”

” It is on this note that we call on the EFCC, Attorney General of the Federation and the Judiciary to improve and ensure the administration of justice works and is efficiently delivered to the victims”

Advertisement

The House warned the agency to purge itself of rotten eggs in order to fight economic and financial crimes frontally, thereby stimulating the Nigerian economy

It also urged EFCC to focus properly on its mandate.

” The issue of appropriate and proper focusing on the mandate of the EFCC must relentlessly be on the front burner:

“Orders from competent courts , arrest and debt recovery must be pursued religiously” the House cautioned

Advertisement

But on its side, the antigraft agency said it has not deviated from its focus but rather working hard and fighting financial and economic crimes as enunciated in its mandate.

Chairman of the agency , Ola Olukeyede told his guest in his remarks during the oversight visit that the commission was doing much to fight financial and economic crimes and stimulate the Nigerian economy

He said so far that the agency has recovered over N250bn cash, tens of million of Dollars and other foreign currencies, with over 3000 convictions: 17000 petitions while also investigating over 20000,with about 4000 fresh cases , all being handled by a misery number of staff strenght

He noted that its priority is to improve the country’s image and stimulate its economy, such that there could be improvement in foregin direct investments and stimulation of the local economy.
Olukeyede however, argued that the agency needed more staff strenght, funding , better renumeration for staff because they were poorly paid. He also emphasised on modern day technology to fight the ever dynamic cyber criminals

Advertisement

According to the EFCC boss, it was important to give more salary to EFCC staff and deploy modern technology to fight emerging cyber crime dynamism . He expalined that the agency has increased efforts to fight Yahoo, yahhoo, boys because of their ability to crumble any economy within a twinkle of an eye

According to him, the agency was expanding its drag net to focus on ministries, departments and agencies infrastructural projects. ” “Go to MDAs and see their budget implementstion. It is not up to 20%”

“We want to ensure 50% infrastructural development” the anti graft boss announced, insisting that it would henceforth encourage monitoring of project implementation which was an aspect of preventing financial crimes

He said the agency has dismissed lots of erring staff, and will continue to dismiss and even prosecute them going forward.

Advertisement

Olukeyede disclosed that it had designed a template on staff integrity, using the Gift- Policy model

.” It is not every thankful gift we should collect” the EFCC boss warned

” I am advocating for more welfare improvement, better welfare, he said.

“We will do more recoveries, more convictions, but we need more resources to do our work, maintaining that, that was his stand on ethics and integrity .

Advertisement

Olokeyede’s demand for more salary wage for staff of the commission, is seen as an incentive to boost welfare and morale to fight financial crimes to standstill.

He stated that there was the utmost need to increase salaries of staff of the commission

The EFCC boss who spoke on his stewardship in the last one year, further added that it increased the war against Yahoo- Yahoo boys because of the consequences of their nefarious acts which could crumble a nation’s economy in a jiffy.

He argued that more technology was required to fight financial crimes.

Advertisement

For instance he explained that it was a common scenario then for thieves and armed robbers to attack and break into banks with guns and Dynamites

” But it is the same common and more easier scenario and task now to have Yahoo-Yahoo boys and bank thieves attack banks with technology in the comfort of their homes or hideouts”

“So we need technology and we also need to increase our fight against these Yahoo boys who can dismantle any economy within a twinkle of an eye

He called on the national Assembly to improve and increase its finances because fighting Financial crimes was a herculean task that requires adequate funding

Advertisement

Olokeyede who apparently was responding to criticisms of the commission’s over concentration on Cyber crimes/ thieves, perpetrated by Yahoo boys, said he has made tremendous impact in enforcement, investigation and conviction with an outstanding record convictions between October 2023 when he was appointed till date

Continue Reading

News

Trouble looming for Obaseki as Gov Okpebholo orders probe of his admin

Published

on

By Kayode Sanni-Arewa

Governor Monday Okpebholo of Edo State has ordered the setting up of a committee to probe the immediate-past administration of Godwin Obaseki for its failure to inaugurate 14 Edo Assembly lawmakers-elect into the 7th Assembly.

Okpebholo disclosed this while giving his inaugural speech as the new governor of the state.

Governor Okpebholo also ordered the State Chief Judge to immediately investigate the initial delay of former Governor Obaseki to inaugurate duly-cleared judges by the National Judicial Council (NJC) last year

Advertisement
Continue Reading

News

Naira may depreciate to N1,993 against dollar – Report

Published

on

By Kayode Sanni-Arewa

Nigeria’s naira has been projected to depreciate further to N1,993 per dollar in the coming days.

This is according to BMI, a Fitch Solutions subsidiary report title, ‘Weak Naira and Structural Challenges to Constrain Nigeria’s Medical Devices Market Growth’.

The report said the forecasted depreciation will be predicated on the 95 percent dependence on imports for pharmaceuticals in Nigeria.

Advertisement

According to the report, the development would erode both the health system and patient purchasing power.

“We expect that the naira will end 2028 at N1,993/$ from N306/$ in 2018.

“As the naira weakens, the cost of importing medical devices will continually increase, eroding both the health system and patient purchasing power, especially to invest in essential medical technologies given the underfunding of the public health sector,” the report stated.

This comes as Naira fell to N1681.42 and N1735 at the official and parallel foreign exchange markets on Monday.

Advertisement

This comes as FMDQ FX transaction turnover dropped significantly from $1.4 billion on Friday to $471.5 million on Monday.

Last Thursday, the Governor of the Central Bank of Nigeria, Olayemi Cardoso, said the country’s external reserves rose to $40 billion.

Despite Central Bank of Nigeria’s interventions and external reserves rise in the last months, the naira has continued to experience fluctuations in the FX market.

Advertisement
Continue Reading

Trending

Copyright © 2024 Naija Blitz News