News
US court jail two Nigerians over $5m wire fraud
By Francesca Hangeior.
A Nigerian national, Franklin Ifeanyichukwu Okwonna, has been sentenced to five years and three months in prison by a federal judge in the Eastern District of Virginia, United States.
He was also ordered to pay nearly $5 million in restitution for his role in a computer hacking and business email compromise scheme that resulted in over $5 million in losses to multiple victims in the United States and elsewhere.
The U.S. Department of Justice (DoJ) confirmed the sentencing in a statement, revealing that Okwonna, aged 34, was sentenced on Tuesday, September 3.
On May 20, the 34-year-old convict pleaded guilty to conspiracy to commit wire fraud and aggravated identity theft for his role in the scheme.
The DoJ said a fellow Nigerian and Okwonna’s co-defendant, Ebuka Raphael Umeti, 35, was sentenced on August 27 to 10 years in prison and ordered to pay nearly $5 million in restitution.
Umeti was convicted by a federal jury on June 13 of conspiracy to commit wire fraud, three counts of wire fraud, conspiracy to cause intentional damage to a protected computer, and intentional damage to a protected computer.
“According to court documents and evidence presented at Umeti’s trial, between February 2016 and July 2021, Umeti, Okwonna, and their co-conspirators caused millions of dollars in unauthorised wire transfers by sending victim businesses phishing emails.
“These emails falsely appeared as though they originated from trusted sources, such as a bank or a vendor.
“After the victim opened an attachment, their computers would be infected with malicious software, or “malware,” that allowed the defendants and their co-conspirators to gain unauthorised access to the victim’s computer systems and email accounts.
“The defendants and their co-conspirators then exploited that access to obtain sensitive information, which they used to deceive individuals at the victim companies into executing wire transfers to accounts specified by the co-conspirators.
“As a result of this scheme, the defendants and their co-conspirators caused or attempted to cause over $5 million in losses to the victim companies,” the DoJ said.
News
UK Court Jails 35-yr-old Nigerians 10 Yrs After Brutal R3pe Of Woman In Nottingham
By Kayode Sanni-Arewa
A 35-year-old Nigerian, Timilehin Olatunji, has been sentenced to 10 years in prison for the rape of a woman at a property in Nottingham during the early hours of September 29, 2024.
It was gathered that the victim courageously used a mobile app to record audio evidence of the attack before escaping and reporting the crime to Nottinghamshire Police.
Following the report, Olatunji was arrested shortly afterward and subsequently charged with three counts of rape.
He pleaded guilty to the charges.
During the sentencing at Nottingham Crown Court on Wednesday, January 15, Judge Michael Auty described the assault as “despicable and vile” and “beyond rational understanding.”
He condemned Olatunji’s actions, saying: “You took it upon yourself to rape her in the most brutal, sadistic, and cruel way imaginable.”
Olatunji has also been placed on the Sex Offenders’ Register for life and is subject to an indefinite restraining order to protect the victim.
In a statement released on Thursday, Nottinghamshire Police commended the victim’s bravery and reaffirmed their commitment to supporting survivors of sexual violence.
Detective Constable Emily Bucklow, of Nottinghamshire Police, said: “The recorded evidence of Olatunji’s horrific assault made this case particularly harrowing for all the officers who worked on it.
“It is one of the most upsetting things I have had to listen to in my policing career and only enhances my admiration for this victim’s bravery.
“I would also like to commend her for the courage she showed following Olatunji’s arrest and dignity during the subsequent court proceedings,” Emily said.
The detective said, “He subjected her to a violent, degrading and sustained ordeal but she has shown immense bravery to help us bring him to justice.
“I hope the sentence handed down will at least provide some closure to what must have been an acutely distressing period of her life.
“I also hope the sentencing of Olatunji will encourage other victims of rape and serious sexual assault to have the confidence to come forward and report offenders.
“Our experienced officers are here to help the victims of appalling crimes like this,” Emily added.
News
Tinubu Exhausted N9.74bn Supplying Rice, Beans Palliatives To Nigerians In 2024 – Report
By Kayode Sanni-Arewa
The President Bola Tinubu-led Nigerian government reportedly spent a total of N9.74billion for the procurement and distribution of food items as part of its efforts to mitigate the nationwide food crisis in 2024.
This was revealed by BudgIT on its platform, GovSpend, a civic-tech organisation advocating for transparency and accountability.
According to the report, a large portion of the funds was dedicated to supplying essential food staples such as rice, beans, maize, and other commodities.
The report showed that the Federal Ministry of Agriculture and Food Security led the initiatives, making multiple payments to contractors responsible for the emergency supply of palliative foodstuffs to various federal constituencies.
Key transactions included payments for the delivery of rice, beans, and garri to help alleviate hunger in vulnerable communities.
Payments, averaging around N85.45 million per constituency, were made between February and November 2024 across different regions.
Data from the platform reportedly indicate that N85,454,545.46 was spent on each constituency in states including Kano, Ogun, Osun, Akwa Ibom, Cross River, Adamawa, Kaduna, Jigawa, Ekiti, Oyo, Lagos, Bauchi, Rivers, Borno, Sokoto, and Enugu, bringing the total expenditure to N9.74 billion.
However, despite the significant financial outlay, there are concerns about the programme’s effectiveness in addressing the root causes of food insecurity.
Shedrach Israel, an economist at Lotus Beta Analytics, argued that food palliatives alone cannot solve Nigeria’s food crisis, according to PUNCH.
“While food palliatives are essential for addressing immediate hunger, they fail to address the underlying systemic issues, such as inflation and the deficiencies in the agricultural sector,” Israel said.
Israel added, “We need long-term economic policies focused on boosting local agricultural productivity and improving distribution networks to reduce dependence on external food aid.”
Israel further said that the N9.74 billion spent on palliatives could have been better invested in agricultural innovation and infrastructure development, which would provide sustainable solutions to food insecurity.
Also, La’ah Dauda, an agricultural economist based in Kaduna, emphasised the need for a more comprehensive approach to addressing the food crisis.
“The government’s reliance on palliatives is a short-term fix to a deeper agricultural crisis. While necessary, these measures do not tackle critical issues like inadequate irrigation, poor storage facilities, and limited market access, all of which continue to impede agricultural productivity across the country,” he said.
News
SEE Dollar (USD) to Naira Black Market Rate Today January 18, 2025 Aboki
By Kayode Sanni-Arewa
As of January 18, 2025, the Nigerian Naira (NGN) has continued to experience some level of volatility against the US Dollar (USD), while this has been the norm for decades now, this largely to some extent reflects the ongoing economic challenges.
See the Naira performance across various currencies
A quick check at the parallel market at Abuja Zone 4 market,as at January 18, 2025 , the black market exchange rate stands firmly at approximately ₦ 1,682.00 per USD. This means if you want to buy a dollar now, it is ₦ 1,682.00 while if you want to sell it is approximately ₦ 1,670.00 .
Please be aware that the parallel market or the black market rates are mostly and notably higher compared with what you get from the official market or CBN rate
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦ 1,682.00
Buying Rate ₦ 1,670.00
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