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Alleged fraud: Court okays CBN’s request to freeze accounts of coys

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By Gistflash News

Aug 18, 2021

The Federal High Court, Abuja has granted the request of the Central Bank of Nigeria to freeze the accounts of some companies allegedly involved in fraudulent financial activities.

The request, granted by Justice Ahmed Mohammed, was filed by former Attorney-General of the Federation and Minister of Justice, Mr Michael Aondoakaa, SAN, on behalf of the CBN.

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Some of the affected companies include Rise Vest Technologies Limited, Bamboo Systems Technology Limited, Bamboo Systems Tech. Ltd., CTL/Business Expenses and Trove Technologies Limited.

Others are: Chayomi Multi Services Limited, Ningbo Excel Enterprises Limited and Dagang Enterprises.

The court order, empowers the CBN to direct heads of Zenith Bank,  Guarantee Trust Bank, Standard Chartered Bank, Access Bank and VFD Microfinance Bank  to freeze forthwith all transactions on the 86 accounts on the list annexed to the CBN’s application  and all other bank accounts of the defendants/respondents for a period of 180 days for the first set of defendants and 90 days for the second set.

Aondoakaa told the court that some of the firms were  owned by individuals and organisations based in the United States.

The accounts are to be frozen pending the outcome of investigation and inquiry currently being conducted by the CBN.

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Aondoakaa said that the application was premised on the grounds that the firms were using the foreign exchange sourced from the Nigerian market to purchase foreign bonds/shares in contravention of its directive issued in July 2015.

The applicant also accused the firms of operating without licences as asset management companies, adding  that the firms violated the CBN directive contained in its circular referenced TED/FEM/FPC/GEN/01/012 and dated July 1, 2015.

The  former Attorney- General also said that the forex deals by the defendants were undercutting the strength of the naira against the dollar.

He said there was the need to block 15 accounts of the first set of  firms for 180 days to stop the firms from moving their funds out of Nigeria.

“We need to write the embassy, we need to go to the Foreign Affairs, the minister will serve the U.S. to seek assistance so that we can block these leakages,” he said.

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In a short ruling, the judge granted the prayers saying the court was satisfied with the reasons given for the action.

He, however, said  that the defendants were at liberty to approach the court and ask that the order be vacated within the stipulated period.a

He adjourned the matter until Feb. 20.

In an affidavit of facts deposed to by a senior supervisor of the CBN, Christiana Gyang,  the apex bank said it had reviewed the activities of the defendants to determine their alleged involvement in illegal foreign exchange  dealings.

She stated that investigation showed that the platforms were violating Nigeria’s trading laws including dealing in cryptocurrency in contravention of the CBN policy.

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Concerning Rise Vest Technologies Limited, the affidavit stated that it was incorporated in Oct. 2019 with objects of technological and business consultancy.

” The company partners with companies involved in payments and settlements as well as internal and international remittances.”

The CBN also said Bamboo Systems Technology Limited was owned by US-based Bamboo Global LLC (99.99 per cent share).

“Further reviews showed that Bamboo Systems Technology Limited operates an online App, ‘Bamboo’, that provides a medium for investors to buy and sell stocks, exchange traded funds (ETFs), index funds and derivatives listed in major exchanges in the U.S.”

Gyang in her deposition said that the investigation being carried out concerned what had been discovered to be  serious infractions by the defendants in connection with some foreign exchange transactions.
She also said the infractions included  non-documentation by the defendants in violation of the extant laws and regulations, particularly the Foreign Exchange (Monitoring and Miscellaneous Provisions) Act and the Central Bank of Nigeria Foreign Exchange Manual.
“That more specifically, there is a grave allegation that the defendants/respondents are engaged in illegal foreign exchange transactions, accessing/procuring of foreign exchange ‘via their banks from the Nigerian Foreign Exchange ‘Market via several bureaux de  change, International Money Transfer Operators and have transferred cash deposit of more than $10,000.00 (Ten thousand dollars) to various accounts overseas contrary to provisions of extant laws and regulations and also traded in foreign securities and cryptocurrencies in contravention to CBN ‘Circular referenced TED/FEM/FPC/GEN/01/012 .
“The aforesaid transactions undertaken by the defendants  using their bank accounts has caused and is causing significant financial loss to members of the public if left unchecked in order to mitigate the likelihood of reputation /legal risk on the bank.”
NAN

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Crime

Supreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John Yakubu

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Supreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John Yakubu

Supreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John YakubSupreme Court Affirms Six-Year Jail Term For Former Director Of Pensions, John Yakubu

The Supreme Court has affirmed the six years imprisonment imposed on a former Federal Director of Pensions, Mister John Yakubu, and also ordered him to refund the sum of N22.9b to the Federal Government.

The N22.9b was part of the police pension fund he admitted before a High Court of the Federal Capital Territory (FCT) to have been misappropriate

Justice Tijjani Abubakar in a judgment in an appeal filed by Yusuf upheld the decision of the Court of Appeal which in 2018 sent him to six years imprisonment in addition to the refund of the sum.

The apex court held that Yusuf and others engaging in fraudulent practices must be told through court judgments that it is no longer business as usual.

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Sept 26, 2021A Senior Advocate of Nigeria (SAN), Mallam Yusuf Ali, says it is not to late for members of the  National Assembly to revisit the issue of  electronic transmission of election results to ensure credibility.Ali, who made the remarks while speaking in an interview with newsmen on Sunday in Osogbo, said the more credible elections were, the less litigations they will attract.The  News Agency of Nigeria (NAN) reports  that the Nigerian Senate had on July 16, passed the Electoral Act (Amendment) Bill, 2021, after division among its members on the electronic transmission of results.

The clause 52(2) of the bill gives the Independent National Electoral Commission (INEC) the discretion to determine when, where and how voting and transmission of results will be done.

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The Senate had ruled out the possibility of having results transmitted electronically when it voted that the NCC, with the National Assembly’s approval, would determine whether INEC could transmit results electronically or not.

Similarly, the House of Representatives, on July 16, passed the Electoral Act (Amendment) Bill, maintaining the controversial Clause 52(2) as presented amidst protests, especially by members of the minority caucus.

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Justice Abubakar said that the appeal of the former federal pension director seeking to set aside the six years jail term against him was frivolous and devoid of merit.

He further held that victims of the convicted director deserve restitution which can only be achieved through justice.

Yusuf had dragged the Federal Government before the apex court seeking to overturn the six years imprisonment slammed on by the Court of Appeal.

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The former pensions director, who is serving the six years jail term at the Kuje correctional facility, also asked the Supreme Court to set aside a whopping sum of N22.9 billion he was ordered to refund to the government treasury by the Court of Appeal in a 2018 judgment.

He was sent to prison in 2018 by the Court of Appeal in Abuja upon being found guilty of defrauding the Federal Government to the tune of N22.9 billion through police pensions.

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Judiciary

Crypto agent docked for alleged N10.8m fraud

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By Gistflash News

Sept 27, 2021

A crypto agent, Nnamdi Obinna on Monday appeared in a Grade I Area Court in Karu, Abuja, for allegedly defrauding a client of N10.8 million naira.

The police charged Obinna, 21, of Dape Village, Abuja with criminal breach of trust, cheating and criminal misappropriation.

The Prosecution Counsel, Ade Adeyanju told the court that the defendant opened a ”hobbit” account for the complainant with his details, emails, phone number 08107621135, with Password- L17ZY234$1 and the account has been managed by the defendant between February to July, 2021.

The Prosecutor said that the complainant therefore entrusted N10.8 million to his GTbank account number 0408772986 and palmpay Account for the purpose of purchasing crypto currency for him.

During Police investigation, he said, it was discovered that the Bank verification Number- 22189167822 he used to operate the above mentioned account belongs to Samuel Nnamde.

He said that the defendant changed the password of the ”hobbit” account and  the complainant could not access it.

The prosecutor said, the offence contravened the provisions of sections 312, 322 and 309 of the Penal Code

The defendant, however, pleaded not guilty to the charge.

The Prosecutor said the matter was reported by the complainant, Chinedum Onyedikachi of Block 46 Low cost housing Estate, Umuahia, Abia.

The Judge, Mr Inuwa Maiwada, admitted the defendant to bail in the sum of N13 million with three sureties in like sum.

Maiwada said the surety must live within court jurisdiction.

He ordered that the surety must be a civil servant of level 12, he or she must provide means of Identification, statement of account and valid address verified by the court staff.

He adjourned the case until Oct. 27 for mention.

NAN

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Judiciary

Alleged nude photos: Court fixes Oct. 21 for arraignment of Ohakim

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By Gistflash News

Sept 27, 2021

The Federal High Court, Abuja, has fixed Oct. 21 for arraignment of former Imo Governor, Mr Ikedi Ohakim, for allegedly threatening to release nude photos of an Abuja-based woman, Mrs Chinyere Amuchienwa.

Justice Taiwo Taiwo ordered the Attorney-General of the Federation (AGF) and Minister of Justice, to take over the prosecution of Ohakim from the Inspector-General of Police, at the resumed trial on Monday.

The police had filed criminal charges against Ohakim and Chinedu Okpareke over alleged threat to life and threat to release nude pictures of Amuchienwa.

However, before Ohakim arraignment, the police filed a notice of discountenance of the matter on March 15, same day the AGF informed the court that he was taking over the matter.

According to the charge, Ohakim and Okpareke allegedly threatened to release nude photographs of Amuchienwa if she failed to drop charges of attempted kidnap against them.

On the last adjourned date, Mr Bagudu Sani, a counsel from the minister’s office told the court that the police would no longer prosecute the case as they had filed a notice of discontinuance.

Sani said that the matter, as originally filed by the police, had now been transferred to the office of the attorney-general.

He further told the court that the office of the attorney-general had gone ahead to file an affidavit of compliance.

Counsel to the police Mr Rufus Dimka, opposed the application by the minister, saying that the police had filed a complainant/applicant’s counter affidavit.

Dimka prayed the court to grant the notice of discontinuance and strike out the charge.

Counsel to Ohakim, Mr Emeka Etiaba (SAN), however, opposed the request by the AGF to take over the matter and prayed the court to dismiss the application.

Etiaba said that the content of the affidavit of compliance by the AGF did not in any way affect the consequence of the notice of withdrawal of the charge against his client.

In his ruling, Justice Taiwo held that there was no doubt that the AGF had unfettered powers to take over the prosecution of any case at any point.

He said that the AGF could do that as long as judgment had not been delivered in such a case.

The judge said since the constitution had given the AGF such powers, the court could not give effect to the notice of discountenance filed by the police.

He held that the application by the police to discontinue the matter, lacked merit and upheld the argument by the AGF to take over prosecution of the matter.

He subsequently adjourned the matter until Oct. 21 for arraignment of the former governor and beginning of trial.

NAN

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