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N80bn fraud: Court orders former AMCON MD’s arrest

Published

2 weeks ago

December 4, 2024

The Lagos State Special Offences Court in Ikeja, on Tuesday, issued a bench warrant against the former Managing Director of the Asset Management Corporation of Nigeria, Ahmed Kuru, over alleged N76bn and $31.5m of fraud.

Justice Mojisola Dada ordered Kuru’s arrest for failing to appear before the court for his arraignment by the Economic and Financial Crimes Commission.

The court had scheduled Tuesday to arraign Kuru along with the Managing Director of Arik Air, Captain Roy Ilegbodu, the receiver manager of Arik, Kamilu Omokide, Union Bank Plc, and a company, Super Bravo Limited, for alleged N76bn and $31.5m fraud.

They are facing six counts bordering on making a false statement, fraudulent conversion, abuse of office, stealing, and dishonest conversion of property.

According to the EFCC, the offences committed contravened Section 96 of the Criminal Law of Lagos State 2015 and Sections 278 (1) (b) and 278(6) of the Criminal Law of Lagos State 2011.

However, the arraignment could not go on due to the absence of Kuru and his lead counsel, Olasupo Shasore (SAN).

Earlier, when the case was called, the EFCC’s prosecuting counsel, Dr. Wahab Shittu (SAN), announced his appearance while Prof. Taiwo Osiptan (SAN) appeared for the first defendant (Kamilu Omokide ) and the third defendant ( Captain Roy Ilegbodu).

Olalekan Ojo (SAN) announced his appearance for the fourth defendant (Union Bank of Nigeria Plc), while Tayo Oyetibo SAN appeared for the fifth defendant (Super Bravo Limited).

However, the second defendant (Ahmed Kuru) was absent from court and was not represented.

The court then issued a bench warrant against Kuru.

However, as the judge was about to adjourn the case, she was informed that Kuru was on his way to court. So, she stood the case down for a while.

When the court recovened, Kuru was still absent but a lawyer, I.B. Amefula, announced appearance as Kuru’s lawyer.

However, Shittu, displeased by the development, prayed the court to issue a warrant for Kuru’s arrest.

“The former MD of AMCON had jumped administrative bail granted by the EFCC on several occasions.

“In view of the attitude of the second defendant, we urge the court to issue a bench warrant.

“My Lord, all the defendants in this case were served, but they got to the residence of the second defendant, the man had disappeared. He had blocked his contact.

“Someone who is a former MD of AMCON is not supposed to behave that way,” Shittu argued.

Justice Dada granted Shittu’s prayer and issued a bench warrant against Kuru.

The plea by Amefula for the judge to lift the bench warrant was declined.

“I will retain the order until the next adjourned date. When he is here on the next adjourned date I will revoke the order,” the judge said and adjourned till January 20, 2025 for the arraignment.

Related Topics:Court Lagos Man Nigeria revoke

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Tax Reforms: Those criticising it lack knowledge -Akpabio

Published

8 minutes ago

December 18, 2024

Naijablitznews

The Senate President, Godswill Akpabio, has flayed critics of President Bola Tinubu’s tax reforms as lacking an understanding of what the initiatives were truly about.

Akpabio disclosed this during his remarks at the presentation of the 2025 budget estimate by President Tinubu to a joint session of the National Assembly on Wednesday.

He said, “Your Excellency, we commend you on your groundbreaking tax reform initiative. The four tax reform bills—the Joint Revenue Board of Nigeria (Establishment) Bill, 2024; Nigeria Revenue Service (Establishment) Bill, 2024; Nigeria Tax Administration Bill, 2024; and Nigeria Tax Bill, 2024—represent a monumental shift in our fiscal landscape.

It is disheartening that those who have not taken the time to understand these bills are the loudest critics. I urge all Nigerians, especially those in public office, to engage with these vital reforms thoughtfully. This initiative marks the first comprehensive tax reform since Nigeria’s independence, presenting a transformative opportunity for rejuvenating small and medium enterprises and enhancing the livelihoods of ordinary Nigerians.

“These reforms will not only improve Nigeria’s revenue profile but also create a more conducive and internationally competitive business environment, transforming our tax system to support sustainable development.”

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Tinubu presents N47.9trn 2025 Resurrection Budget

Published

9 minutes ago

December 18, 2024

Naijablitznews

Defence and insecurity , infrastructure, health and education were some of the sectors with high allocations in the N47.9tn Budget Proposal presented by President Bola Tinubu before a joint session of the National Assembly on Wednesday afternoon.

“It is with great pleasure that I lay before this distinguished joint session of the National Assembly, the 2025 Budget of the National Assembly of Nigeria titled, ‘The Resurrection Budget’ security peace, building prosperity,” Tinubu said as he concluded his 30-minute speech at 1:10pm on Wednesday.

Earlier in his presentation, the President listed some of the highlights of the budget as defence and security – N4.91tn, infrastructure – N4.06tn, health – N2.4tn, education – N3.5tn, among others.

He expressed commitment to economic renewal, thanking all Nigerians for embarking on the journey of reform and transformation in the last 18 months together.

The President said the economy is responding to stimulus and that his government would continue to take the right steps for economic progress. “The reforms yielding results, no reversals,” he said.

Tinubu stressed that food security is non-negotiable, adding that the government is taking steps to ensure Nigerians feed and not go to bed hungry.

Tinubu said, “Our 2025 is not just another statement of projected government revenue and expenditure; it is one that calls for action.

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BREAKING: President Tinubu Presents N47.9trn Appropriation Bill To NASS

Published

1 hour ago

December 18, 2024

Gloria Ikibah

…improvement witnessed in 2024 led us to 2025 budget – Tinubu

…say “Time for lamentation is over”

By Gloria Ikibah

President Bola Ahmed Tinubu in a Joint Session of the Senate and House of Representatives on Wednesday, 18 December 2024, presented the sum of N47.9 trillion as the proposed 2025 Appropriation Bill, with new borrowings of N13.0 trillion, which is 3.87 per cent of the estimated Gross Domestic Product (GDP).

The President, in his address to the National Assembly described the 2025 Budget as the “Budget of Restoration” which he said, reinforces the administration’s roadmap to secure peace, prosperity, and hope for a greater future for Nigeria.

“This budget christened, “Budget of Restoration: Securing Peace, Rebuilding Prosperity,” strikes at the very core of our Renewed Hope Agenda and demonstrates our commitment to stabilizing the economy, improving lives, and repositioning our country for greater performance.”

The budget of restoration according to president Tinubu, serves as the very hope of the Renewed Hope Agenda and improving the lives of Nigerians.

He said the 2025 budget is one of the reform and transformation to consolidate the key policies of the Tinubu-led administration. Reeling out the progress made he said global economic growth for Nigeria increased from the 2.6% estimated to 3.5% growth.

Naijablitznews.com recalled that the 2025-2027 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP), and its fiscal parameters, adopted an “an oil price benchmark of $75 per barrel for 2025, oil production of 2.06 million barrels per day, an exchange rate of N1400 to $1, and a GDP growth of 4.6 per cent.”

President Tinubu said the 2025 budge seeks to restore micro economic stability, foster increased growth, employment, human capital development.

He said: “The journey of economic renewal and institutional development, which we began 18 months ago as a nation, is very much underway. It is not a journey of our choosing but one we had to embark on for Nigeria to have a real chance at greatness. I thank every Nigerian for embarking on this journey of REFORMS and TRANSFORMATION with us.

“The road of reforms is now clearly upon us, and as the President of this blessed nation, I know this less-travelled road has not been easy. That there have been difficulties and sacrifices. They will not be in vain. And we must keep faith with the process to arrive at our collectively desired destination.

“We must build on the progress we have made in the past eighteen months in restructuring our economy and ensuring it is strong enough to withstand the headwinds of any future shocks of the global downturn.

“The 2025 budget that I present today is one of restoration. It seeks to consolidate the key policies we have instituted to restructure our economy, boost human capital development, increase the volume of trade and investments, bolster oil and gas production, get our manufacturing sector humming again and ultimately increase the competitiveness of our economy.

“We do not intend to depart from this critical path to strengthen the Nigerian economy. Just as I believe in the resilience of our economy to withstand the current challenges, I also strongly believe in the resilience of the Nigerian people. Again, I summon the unstoppable Nigerian spirit to lead us on as we work to rebuild the fabric of our economy and existence.

“The improvements we witnessed in the 2024 budget have led us into the 2025 budget. The goals of advancing national security, creating economic opportunities, investing in our youthful population, infrastructure development, and national re-orientation form the core of the 2025 budget. But more than that, this will lay a solid foundation for Nigeria’s future growth trajectory”.

The President said the reforms instituted are beginning to yield results and Nigerians will soon experience a better and more functional economy.

According to him, these clear results of gradual recovery, among others, reflect the resilience of our economy and the impact of deliberate policy choices we made from the outset.

“Global economic growth for the outgoing year 2024 was projected at 3.2 percent, and against predictions, our country made significant progress.

“Our economy grew by 3.46 percent in the third quarter of 2024, up from 2.54 percent in the third quarter of 2023.

“Our Foreign Reserves now stand at nearly 42 billion US dollars, providing a robust buffer against external shocks.

“Our rising exports are reflected in the current trade surplus, which now stands at 5.8 trillion naira, according to the National Bureau of Statistics.

Tinubu informed that his administration attained remarkable milestones in implementing the 2024 Budget.

“In 2024, we achieved: 14.55 trillion naira in revenue, meeting 75 percent of our target as of the third quarter; 21.60 trillion naira in expenditure, representing 85 percent of our target, also in the third quarter.

“While challenges persist, we improved revenue collection and fulfilled key obligations. The transformational effects of this on our economy are gradually being felt”, the President added.

Hw explained that the budgetary allocations reflect the administration’s strategic priorities, especially in the implementation of the Renewed Hope Agenda and its developmental objectives.

The 2025 Budget President said seeks to restore macroeconomic stability, enhance the business environment, foster inclusive growth, employment, and poverty reduction and promote equitable income distribution and human capital development.

“The numbers for our 2025 budget proposal tell a bold and exciting story of the direction we are taking to retool and revamp the socio-economic fabric of our society.

“In 2025, we are targeting 34.82 trillion naira in revenue to fund the budget.

“Government expenditure in the same year is projected to be 47.90 trillion naira, including 15.81 trillion naira for debt servicing.

“A total of 13.08 trillion naira, or 3.89 percent of GDP, will make up the budget deficit. This is an ambitious but necessary budget to secure our future.

“The Budget projects inflation will decline from the current rate of 34.6 percent to 15 percent next year, while the exchange rate will improve from approximately 1,700 naira per US dollar to 1,500 naira, and a base crude oil production assumption of 2.06 million barrels per day (mbpd).

These projections the President said are based on reduced importation of petroleum products alongside increased export of finished petroleum products; bumper harvests, driven by enhanced security, reducing reliance on food imports; ncreased foreign exchange inflows through Foreign Portfolio Investments; and higher crude oil output and exports, coupled with a substantial reduction in upstream oil and gas production costs.

Tinubu said the budgetary allocations are informed by the commitment of his administration to security of lives and property, infrastructural development, education and healthcare delivery.

“Our budgetary allocations underscore this administration’s strategic priorities, particularly in advancing the Renewed Hope Agenda and achieving its developmental objectives.

“Highlights of the 2025 Budget Allocations:

• Defence and Security: N4.91 trillion

• Infrastructure: N4.06 trillion

• Health: N2.48 trillion

• Education: N3.52 trillion

He solicited the support of the lawmakers and Nigerians in addressing the country’s challenges

He stated: “The time for lamentation is over. This is a time to act. A time to support and promote greater investment in the private sector. A time for our civil servants to faithfully execute our policies and programmes. It is a time for every Nigerian to look hopefully towards a brighter future because a new day has dawned for us as a nation.

“As your President, I remain committed and resolute to continue to lead the charge.

“This 2025 budget proposal lays the foundation for peace, prosperity, and much needed hope. It is the plan through which a Nigeria where every citizen can dream, work, and thrive in safety can be achieved”.