Assets
Official: Nigerian government to establish central database for forfeited assets
The Federal Government’s inter-ministerial committee on assets disposal said Tuesday that it would create a central database of assets for finally forfeited assets. The chairman of the committee, Dayo Apata, said this during a courtesy visit of the committee to the headquarters of the Economic and Financial Crimes Commission (EFCC) in Abuja. Mr Apata, who is the Solicitor-General of the Federation and Permanent Secretary, Ministry of Justice, said: “the committee will create a central database of assets that had been forfeited to the Federal Government to ensure the Federal Government gets value for all the forfeited assets”. “Introducing uniform process of assets disposal, and avoiding wastages, so that the Federal Government can have the full benefit of what has been forfeited,” a statem...
Nigerian government distributes N20,000 each to 8,000 women in Lagos
Mrs Rhoda Iliya, the Deputy Director of Information, Minister of Humanitarian Affairs, Disaster Management and Social Development, said this in a statement on Friday in Abuja. Iliya explained that Hajiya Sadiya Umar-Farouq, Minister of Humanitarian Affairs, Disaster Management and Social Development, at the ceremony on Friday in Lagos reiterated the Federal Government’s commitment to alleviate poverty in the country. Farouq, who was represented by the Permanent Secretary in the Ministry, Alhaji Bashir Alkali, said that Federal Government’s target in Lagos was over 8000 beneficiaries across all the local government councils of the state. “The grant is expected to increase income and productive assets of target beneficiaries. “It is our hope that the beneficiaries of this programme will make...
Court orders final forfeiture of ex-Zamfara governor’s money in Zenith, Polaris banks
The Federal High Court, Abuja, on Tuesday, ordered the final forfeiture of former Governor of Zamfara, Abdulaziz Yari’s funds domiciled in Zenith and Polaris Banks. While 56, 056.75 dollars was lodged in Polaris Bank account, the sums of N12.9 million, N11.2 million, 301, 319.99 dollars; N217, 388.04 and 311, 872.15 dollars were kept in different Zenith Bank accounts in the name of Yari and his companies. Justice Ijeoma Ojukwu, in a judgment, held that the former governor had not shown good cause why the order sought by the Independent Corrupt Practices and Other Related Offences Commission (ICPC) should not be granted. Yari served as governor of Zamfara between May 2011 and May 2019. The ICPC had instituted a suit, praying the court for the former governor to show cause why the money unde...
PDP tasks Joe Biden to sanction APC leaders, officials for ‘corruption, assault on democracy’
The Peoples Democratic Party, PDP, has commends United States President Joe Biden for lifting the immigration visa restrictions on regular Nigerians but urged him to impose firm sanctions on leaders of the All Progressives Congress (APC) and officials of the Buhari administration involved in acts of corruption and undermining our nation’s democracy. The post PDP tasks Joe Biden to sanction APC leaders, officials for ‘corruption, assault on democracy’ appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share...
Nigerian government seizes bank’s assets over Shell’s N183 billion debt
File Photo Nigerian government have moved to sequester the assets of the country’s premier lender First Bank of Nigeria Limited in an effort to recover the damages oil major Royal Dutch Shell owed the Ejama Ebubu community of Rivers State in a legal contest spanning many decades, Bloomberg reported Thursday. Police operatives and court officials arrived the bank’s main branch in Port Harcourt on Tuesday to execute an order to seize the lender’s asset, FirstBank said in a statement. The bank said the incident leading to the confiscation of its properties was “unjustified, illegal and a reckless misuse of the machinery of justice.” Lagos-headquartered FirstBank resolved to guarantee the damages awarded against Shell by a Rivers State high court judge a decade ago. According to the estimation...
US slaps sanctions on two foundations linked to Iranian supreme leader
The United States on Wednesday blacklisted two Iranian foundations controlled by Supreme Leader Ayatollah Ali Khamenei and their subsidiaries, saying the institutions enabled Iran’s elite to sustain a “corrupt” system of ownership over large parts of the economy. The designations announced by the US Department of the Treasury target Execution of Imam Khomeini’s Order (EIKO) and Astan Quds Razavi (AQR), their leaders and subsidiaries. These are the latest actions to reinforce the “maximum pressure” campaign on Iran pursued by US President Donald Trump’s administration. “These institutions enable Iran’s corrupt leaders to exploit a system of ownership over a wide range of sectors of Iran’s economy,” US Secretary of State Mike Pompeo said in a statement. US-Iranian tensions have risen since T...
2021: Banks to walk a tightrope amid low revenue environment
Nigeria’s deposit money banks (DMBs) must brace up for the challenge of 2021 that might tax their resolve to remain in business. Reason: the industry is faced with a tougher operating environment that could threaten the operators’ ability to meet their stakeholders’ needs and expectations yet perform meaningful corporate social responsibility roles. Their valuable customers such as high net-worth individuals, corporate bodies and other institutions are equally challenged. In his book, Business Stripped Bare, celebrated iconic entrepreneur and founder of the Virgin Group, Richard Branson, says, “without trustworthy banks, there can be no business, no employment, no money. According to Branson, “People have got to be able to go to bed at night secure in the knowledge that the money they depo...
Yuletide: Police chief orders tight security nations wide
The Inspector-General of Police, IGP, M.A. Adamu, has ordered 24/7 water-tight security arrangement and proactive high visibility patrols in all the States of the Federation and the Federal Capital Territory (FCT), ahead of the Christmas and New Year Celebrations. The IGP gave the directives to all Assistant Inspectors-General of Police and Commissioners of Police in charge of Zonal and State Commands nationwide to ensure a peaceful celebration. The IGP equally directed the Strategic Officers to ensure massive deployment of intelligence and other operational assets of the Force particularly on major highways, airports, railway stations, recreational centres, motor – parks, places of worship, financial institutions, amongst others. They are also to ensure that personnel deployed are adequat...
Why we shutdown Total E&P gas plant – Rivers community
Obite indigenes in Ogba/Egbema/Ndoni Local Government Area of Rivers State have an advanced reason for shutting down a gas plant operated by Total Exploration and Producing Nigeria Limited in their domain citing alleged insensitivity of the oil multinational to their plight. The aggrieved natives, drawn from the five villages of Obite community also lamented the alleged refusal of the oil firm to honour a Supreme Court judgement that compensation is paid to the community for the land acquired in the area for its operations. Mr Daniel Clifford Uma, one of the natives, who spoke during the community protest march to the oil firm said, “What you are seeing here today is as a result of total negligence from Total E and P. This thing started 22 years ago. Some of the people that started this ma...
NAICOM: Don’t shun insurance despite inflation, harsh business environment
File Photo As businesses and individuals adopt cost reduction measures in response to rising inflation and the harsh business environment, the National Insurance Commission, NAICOM, has charged Nigerians to avoid the tendency to shun insurance of their assets. Commissioner for Insurance, Mr. Sunday Thomas, who gave the charge noted that despite the biting inflation in the country, even as people reduce the cost of expenses, this is not the best of time to reduce insurance consumption. Thomas stated this at a webinar organised by Coronation Insurance Plc in partnership with Access Bank Plc, with the theme: “Managing Business Risks at a Time of Uncertainty.” Thomas, who was represented by Mr. Taiwo Adeoye, Technical Adviser to the Commissioner for Insurance, noted that sometimes the gain in ...
Group dismisses Nigerian Army chief’s coup alarm as diversionary
A Coalition of elders under the auspices of Nigeria Elders for Peace and Good Governance (CONEPAGG), has accused the Chief of Army Staff, Lieutenant General Tukur Buratai, of raising false alarm about “imaginary” coup to divert the attention of Nigerians from the failings of the Service Chiefs. Buratai had while decorating the 39 newly promoted Major Generals, said he was aware that some Generals were being approached by politicians, warning that his eyes are on them. He vowed that the Nigerian Army will never tolerate any agent of destabilization bent on scuttling the current democratic dispensation. “Democracy has come to stay. We will not tolerate any agent of destabilization. The years of military misadventure in politics have never carried us anywhere. It is over,” Buratai had stresse...
U.S. warns Pacific islands about Chinese bid for undersea cable project
The United States has warned Pacific island nations about security threats posed by a Chinese company’s cut-price bid to build an undersea internet cable, two sources told Reuters, part of an international development project in the region. Huawei Marine, which was recently divested from Huawei Technologies Co Ltd and is now majority-owned by another Chinese firm, submitted bids along with French-headquartered Alcatel Submarine Networks (ASN), part of Finland’s Nokia, and Japan’s NEC, for the $72.6 million project backed by the World Bank and Asian Development Bank (ADB), the sources with direct knowledge of the project details said. The project is designed to improve communications to the island nations of Nauru, Federated States of Micronesia (FSM) and Kiribati. Washington sent a diploma...