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UK police seize $249.5 million worth of cryptocurrency
The British police on Tuesday said they have seized £180 million ($249.5 million) of an undisclosed cryptocurrency, as part of a money laundering investigation launched against organised crime groups that moved into cryptocurrencies in order to clean their money. The latest seizure happened in less than three weeks after the London police made a £114 million haul on June 24 as part of its money laundering investigation. By this, a cryptocurrency payload totalling £294 million ($408 million) has been reportedly seized so far under the money laundering investigation. “While cash still remains king in the criminal world, as digital platforms develop we’re increasingly seeing organised criminals using cryptocurrency to launder their dirty money,” Reuters quoted Graham McNulty, a metropolitan P...
Senate summons ex-NSITF bosses over ‘N84 billion embezzlement’
The Senate has summoned former managing directors of the Nigeria Social Insurance Trust Fund over alleged missing financial documents in the agency. The former NSITF bosses are expected to appear before the Senate Public Accounts Committee on Tuesday. The Chairman of SPAC, Senator Matthew Urhoghide, at the last meeting of his panel on Thursday, said 50 queries were issued against the NSITF officials by the office of the Auditor General for the Federation. Urhoghide said the ex-NSITF bosses were being invited following the failure of the officials of the agency to respond to the queries of the AuGF regarding some alleged financial infractions. He said, “Twelve out of the 50 queries of the Auditor General of the Federation so far reviewed by the committee revealed that N84bn had allegedly be...
Senate vows to expose MDAs refusing to account for public funds
President of the Senate, Ahmad Lawan, has said that the upper chamber will publish the names of government agencies that have refused to appear before the Public Accounts Committee to defend the interrogations of the Auditor-General for the Federation in the 2015 report. Lawan made this known in his remarks after the Senate considered the report of the Committee on Public Accounts on the annual report of the Auditor-General for the Federation on the accounts of the Federation for the year ended 31st December, 2015. According to the Senate President, any public official that refuses to account for public funds at their disposal must be shown the way out of office. He said, “This is one of our major responsibilities as a parliament, to hold the executive to account. “[And] whoever is given t...
Iran says nuclear talks policy won’t change after presidential vote
Iran’s policy in talks with world powers to revive the 2015 nuclear accord will remain unchanged after a June 18 presidential election because the issue is decided by its highest leadership, a government spokesman said on Tuesday. A host of barriers to the revival of the nuclear deal remain firmly in place ahead of talks due to resume this week, suggesting a return to compliance with the accord is still a way off, diplomats, Iranian officials and analysts said. “We have shown that we adhere to our international obligations under all circumstances, and this was a national decision,” cabinet spokesman Ali Rabiei told a weekly news conference. Rabiei said Iran’s nuclear policy, set by Supreme Leader Ayatollah Ali Khamenei, is not linked to internal developments and that the new government wou...
Bulgaria to set up its own ‘blacklist’ after U.S. graft sanctions
Bulgaria will set up its own “blacklist” of companies and people associated with three Bulgarians and 64 entities that the United States has imposed sanctions on over alleged corruption, preventing state dealings with them, the interim government said late on Friday. The United States this week blocked assets and cut off access to its financial system to former lawmaker and media mogul Delyan Peevski, government official Ilko Zhelyazkov and fugitive gambling tycoon Vassil Bozhkov. The interim government, in office until a July 11 parliamentary election, is setting up a group of financial and interior ministry officials as well as tax and intelligence officers to identify and list people and entities associated with those under U.S. sanctions. State administrations and companies with state ...
Sustaining economic empowerment through financial inclusion, energy access
Financial inclusion and provision of sustainable energy is at a turning point in Africa’s largest economy, Nigeria. With a population of over 200 million, about 50 per cent of the total population live in rural areas, and only 39 per cent of those living in rural communities have access to electricity. This is in addition to over 40 per cent of the entire population who are financially excluded or underserved. However, the proliferation of digital financial services in Nigeria – powered largely by growth in fin-tech companies – has catalysed an unparalleled increase in the current number of people with access to formal financial services, while further opening up opportunities to address power supply challenges across rural communities; a major feat instrumental towards achieving the broad...
Official: TETFund spends N120 billion on academic staff training since 2008
Academic Staff from public institutions across the country have so far accessed over N120 billion for training, within and outside Nigeria, from the Tertiary Education Trust Fund (TETFund) since its inception in 2008. The Chairman, Board of Trustees of TETFund, Alhaji Kashim Imam, disclosed this on Wednesday when he led a delegation of the fund to the University of Maiduguri (UNIMAID) on an assessment visit. Imam said for 2021 alone, the fund was investing N25 billion on academic staff training and development. Imam said the team was in the university for a verification visit and to assess the impact of the training programmes, through interaction with management and beneficiaries. He noted that the fund had to suspend the sponsorship of academic staff attending international conferences, ...
JAMB scraps use of email for UTME, DE registration
File Photo The Joint Admissions and Matriculation Board (JAMB) has said the use of email is no longer required for the Unified Tertiary Matriculation Examination (UTME) and Direct Entry (DE) registration processes. The Registrar of JAMB, Prof. Ishaq Oloyede, who made this known while addressing newsmen on Wednesday in Abuja, said email will only be requested at the successful completion of the registration by candidates to access information on the exam. He said as from Thursday, April 15, 2021, candidates will no longer be required to provide any email address during registration, adding that consequently, candidates will have the options to access their profile during or after registration. He said the options include “mobile APP on the candidates’ phone, on the 55019 option (being desig...
Femi Falana: EFCC can mandate bank MDs, executives to declare assets
The Economic and Financial Crimes Commission (EFCC) is charged with the responsibility of enforcing the provisions of all laws relating to economic and financial crimes, Africa’s leading human rights lawyer, Mr. Femi Falana (SAN) has said. Consequently, according to the senior advocate, the anti-graft commission is empowered to cause investigations to be conducted into the properties of any person as stipulated under Section 7 (1) (b) of the EFCC Act, 2004. Also yesterday, Transparency International (TI) argued that if the provisions of the Bank Employees, etc. (Declaration of Assets) Act, 1986 were effectively enforced, Nigeria could save between $15 billion and $18 billion illicit financial flows (IFFs) annually. Falana clarified the roles of the EFCC in a response to inquiries on whethe...
NNPC declares N13.43 billion trading surplus for November 2020
The Nigerian National Petroleum Corporation, NNPC, has declared a trading surplus of N13.43billion for November 2020, 54 per cent more than the N8.71billion recorded in October 2020. This is contained in the November 2020 edition of the NNPC Monthly Financial and Operations Report (MFOR), according to a press release by the Group General Manager, Group Public Affairs Division of the Corporation, Dr. Kennie Obateru Obateru said the trading surplus or trading deficit is derived after deduction of the expenditure profile from the revenue in the period under review. The report indicated that in November, NNPC Group’s operating revenue as compared to October 2020, decreased slightly by 0.02 per cent or N0.09billion to stand at N423.08 billion. Similarly, expenditure for the month decreased by 1...
Iran’s smog, blackouts made worse by power-sapping crypto mining
Outages have been compounded by cryptocurrency mining, which uses banks of high-powered computers. Cities across Iran have been cloaked in thick layers of toxic smog and darkened by blackouts, as the alleged use of low-quality fuel and power-sucking cryptocurrency mining deepen the country’s hardships. Tehran’s Hamshahri newspaper, the country’s most-read daily, ran the headline, “20 Days Living in Smoke,” on Wednesday over a photo of the capital covered in smog. Power plants have been forced to switch to burning low-grade fuel oils to generate electricity because high levels of domestic consumption have led to natural-gas shortages, the semi-official Iranian Students’ News Agency reported. Oil Minister Bijan Namdar Zanganeh denied earlier this week that any of Iran’s power stations are us...
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...
