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Tag: Nigeria

  • ‘Fake Lawyer’ Claim: Inibehe Effiong Takes Legal Action Against Chief Umeofia, Erisco Foods For Defamation

     

    Human rights lawyer, Inibehe Effiong, has given Chief Eric Umeofia, the Chief Executive Officer of Erisco Foods Limited 14 days to retract and apologise to him for the alleged defamatory statement against his person.

     

    Effiong in a statement issued on Monday, said that in the pre-action notice his counsel, Femi Falana served Chief Umeofia and his company, he is demanding N100 million in damages with an apology letter which must be published in two national newspapers, while insisting that his demands must be complied with within the 14-days or he would commence legal case against the Erisco boss. 

     

    He said, “During his (Chief Umeofia) interview with Television Continental (TVC) on October 2, 2023, Chief Eric Umeofia, the President/CEO of Erisco Foods Limited while speaking on the ongoing case between Erisco Foods Limited and Mrs. Chioma Okoli, made a damaging, audacious and utterly libellous claim that my client dropped her previous lawyer who accompanied her to the Force Headquarters in Abuja and went to Lagos to hire “a fake lawyer, a charge and bail lawyer to deceive her.” 

     

    He explained that the video of the interview where the claims were made was advertised on the Facebook page of Erisco Foods Limited and viewed by a “large number of people”.

     

    “Chief Umeofia knew exactly who he was referring to since my engagement and representation of Chioma was already a matter of public knowledge.

    “My attention has repeatedly been drawn by my clients, colleagues, associates, and members of the public to the malicious claims made against me by Umeofia. Those who have confronted me over these claims were taken aback by Umeofia’s bold assertion that they have been dealing with an imposter who has been falsely masquerading himself as a lawyer all these years.

     

    “These claims have caused me prolonged emotional stress and deep anxiety. I have lost professional engagements and financial opportunities because of these claims.

     

    “I have practiced law in Nigeria for the past ten years; having been duly called to the Nigerian Bar as a Barrister and Solicitor of the Supreme Court of Nigeria. My name is on the Roll of Legal Practitioners in Nigeria and can be easily verified.”

     

    He added that Chief Umeofia’s claim that “I am a fake lawyer who was out to deceive my client is dangerous and intended to destroy my career which I have laboured to build for a decade.

     

    “His claim that I am a charge and bail lawyer is also malicious and defamatory. The courts have ruled in previous cases that referring to any lawyer as “charge and bail” is defamatory and actionable.

     

    “Based on the foregoing, I have briefed my counsel, the foremost human rights lawyer, Mr. Femi Falana, SAN to take legal action on my behalf against Eric Umeofia and Erisco Foods Limited over the said obnoxious and destructive claims.

     

    “In a demand letter served on Erisco Foods Limited on Monday, April 8, 2024, Falana SAN has demanded a written apology from the company and its CEO, which must be published in at least two national newspapers, a full retraction of the defamatory statements and the sum of N100 Million as damages which they must comply with within 14 days.”

     

    He, however, vowed that this was only the beginning of his legal actions against Umeofia and Erisco Foods. 

     

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  • Oil-for-cash-deal: Afreximbank to release $1bn balance to Nigerian govt in May

    Fire outbreak leaves Nigeria's crude oil export on the decline

    African Import Export Bank (AFREXIM Bank) is set to release the sum of $1.05bn to the federal government of Nigeria in May 2024.

    This is the balance of the $3.3bn oil for cash facility arranged by Afreximbank, with repayment terms tied to crude cargoes from the Nigerian National Petroleum Company Ltd (NNPCL).

    According to Bloomberg, Afreximbank’s Senior Executive Vice President for Finance, Administration, and Banking, Denys Denya, confirmed the impending release of the fund following the confirmation of the availability of the required crude oil.Read more

    Denya confirmed that the loan would be finalised next month.

    “The verification of the crude availability has happened so we expect in the next month to finalize the release of the balance,” Denya said.

    READ ALSO:Petroleum Minister raises alarm over lack of crude oil for P/Harcourt, Dangote, other refineries

    “Based on future production, you get the money now.”

    Denya also said the facility has participation from commercial banks and oil traders, most of which have already secured internal approvals.

    The Afreximbank oil-for-cash loan agreement with NNPC is expected to attract an interest of 11.85 percent per annum.

    The loan is also expected to help with the acute foreign exchange shortage in Nigeria and stabilise the country’s financial system.

    The loan aims at reviving Nigeria’s economy and enhancing the supply of hard currency in the local foreign exchange market. A substantial portion of it — two-thirds, was already disbursed in January.

    The NNPC had earlier received the initial disbursement of $2.25 billion of the agreed $3.3 billion facility.

    By: Babajide Okeowo

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  • GTCO reports ₦609.3bn PBT in 2023 full-year audited result

    The Guaranty Trust Holding Company Plc (“GTCO” or the “Group”) has released its Audited Consolidated and Separate Financial Statements for the year ended December 31, 2023, to the Nigerian Exchange Group (NGX) and London Stock Exchange (LSE).

    The Group reported profit before tax (PBT) of ₦609.3billion, representing an increase of 184.5% over ₦214.2billion recorded in the corresponding year ended December 2023. The Group’s loan book (net) Increased by 31.5% from ₦1.89trillion recorded as of December 2022 to ₦2.48trillion in December 2023, while deposit liabilities grew by 63.7% from ₦4.61trillion in December 2022 to ₦7.55trillion in December 2023.

    The Group’s balance sheet remained well structured, diversified, and resilient with total assets and shareholders’ funds closing at ₦9.7trillion and ₦1.5 trillion, respectively. Full Impact Capital Adequacy Ratio (CAR) remained very strong, closing at 21.9%, while asset quality was sustained as IFRS 9 Stage 3 Loans improved to 4.2% in December 2023 from 5.2% in December 2022. However, Cost of Risk (COR) closed at 4.5% from 0.6% in December 2022 owing to worsening macros which caused a significant increase in ECL variables.

    Commenting on the results, the Group Chief Executive Officer of Guaranty Trust Holding Company Plc, Mr. Segun Agbaje, said: “The challenging operating environment of 2023 truly tested the business model we put in place for the Holding Company, for both our banking and non-banking business verticals. Harnessing the Group’s synergies yielded a strong performance, allowing us to strengthen our foothold in banking whilst also building viable and resilient businesses of HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Also important to our success is our relentless obsession with innovation and offering great customer experiences as demonstrated by the successful redesign and upgrade of our mobile banking application, GTWorld.”

    READ ALSO: EFCC Arraigns Emefiele for Alleged $4.5bn, N2.8bn Fraud

    Mr. Agbaje added: “In a landscape characterised by evolving regulatory reforms, global uncertainties, and heightened competition, we have continued to leverage our inherent strengths and capabilities to unlock significant value, creating more opportunities for the businesses and individuals we serve. As we navigate the challenges and opportunities that lie ahead, we are confident that our robust underpinnings and focus on flawless execution will continue to drive sustainable growth across all our operations and deliver long-term value for our stakeholders.”

    Overall, the Group continues to post one of the best metrics in the Nigerian Financial Services industry in terms of key financial ratios i.e., Pre-Tax Return on Equity (ROAE) of 50.6%, Pre-Tax Return on Assets (ROAA) of 7.6%, Full Impact Capital Adequacy Ratio (CAR) of 21.9% and Cost to Income ratio of 29.1%.

    GTCO is a leading financial services group with banking operations in Nigeria, West Africa, East Africa, and the United Kingdom alongside non-banking verticals in HabariPay, Guaranty Trust Fund Managers, and Guaranty Trust Pension Managers. Its leadership in the banking industry and efforts at empowering people and communities has earned it many prestigious awards over the years.

    Recently, Guaranty Trust Bank was recognized as Nigeria’s Best Bank and Best Bank in CSR at the 2023 Euromoney Awards for Excellence, Best Banking Group in Nigeria by World Finance, and Best Bank in Nigeria by Global Finance.

    GTCO’s Guaranty Trust Bank is featured in the Top 1000 Banks in the World and Top 100 Banks in Africa rankings by The Banker.

  • EFCC Arraigns Emefiele for Alleged $4.5bn, N2.8bn Fraud

    EFCC Arraigns Emefiele for Alleged $4.5bn, N2.8bn Fraud

    EFCC Arraigns Emefiele for Alleged $4.5bn, N2.8bn Fraud

    The Lagos Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Monday, April 8, 2024, arraigned a former Governor of the Central Bank of Nigeria, Godwin Emefiele, before Justice R.A. Oshodi of the Special Offences Court sitting in Ikeja, Lagos for an alleged $4.5bn and N2.8bn fraud.

    Emefiele was arraigned alongside one Henry Omoile on an amended 26-count charge.
    The former CBN Governor was specifically mentioned in counts one to four as well as counts eight to 26 bordering on alleged abuse of office, contrary and punishable under Section 73 of the Criminal Law of Lagos 2011; accepting gratification, contrary and punishable under Section 8 of the Corrupt Practices and Other Related Offences Act 2000; corrupt demand, contrary and punishable under Section 10 of the Corrupt Practices and Other Related Offences Act 2000; receiving property fraudulently obtained, contrary to and punishable under Section 328 of the Criminal Law of Lagos 2011; and conferring corrupt advantage, contrary to Section 19 of the Corrupt Practices and Other Related Offences Act 2000.

    Omoile was mentioned in counts five, six and seven bordering on acceptance of gifts by agents, contrary to Section 65 of the Criminal Law of Lagos State 2015.

    Count one: “That you, Godwin Ifeanyi Emefiele, between 2022 and 2023 in Lagos, within the jurisdiction of this Honourable court, directed to be done in abuse of the authority of your office as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $2,136,391,737.33 without bids, which act is prejudicial to the rights of Nigerians.”

    Count two: “That you, Godwin Ifeanyi Emefiele, between 2020 and 2021 in Lagos, within the jurisdiction of this Honourable court, directed to be done in abuse of the authority of your office as the Governor, Central Bank of Nigeria, an arbitrary act, to wit: allocating foreign exchange in the aggregate sum of $291,945,785.59 without bids, which act is prejudicial to the rights of Nigerians.”

    Count five: “That you, Henry Isioma Omoile, on or about the 17th of November 2020, within the jurisdiction of this Honourable Court, whilst acting as an agent, accepted from Raja Punjab through Moday Osazuwa the total sum of $110,000 for Godwin Ifeanyi Emefiele, gifts as reward for allocating foreign exchange by the Central Bank of Nigeria in favour of Raja Punjab’s employer.”

    They pleaded “not guilty” to all the charges when they were read to them.

    In view of this, prosecution counsel, Rotimi Oyedepo, SAN, said: “ By their plea, they have given themselves up for trial.

    We pray the court to grant accelerated hearing and for us to call our witnesses to prove our case.”

    Counsel representing the defendants, A. Labi-Lawal, informed the court of the bail applications for the defendants, which he said had been served on the prosecution.
    Moving the bail application for Emefiele, he urged the court to grant him bail “on self- recognisance” or “on the most liberal terms”, pending the hearing and determination of the case.

    In his argument, he gave a background to the case involving Emefiele, being prosecuted by the EFCC , before Justice Muazu of a Federal Capital Territory, FCT High Court. He also informed the court that the court granted Emefiele bail in the sum of N300 million and two sureties in like sum, which he said Emefiele had met.

    Labi-Lawal added that the bail condition confining him to Abuja, pending the trial in Abuja, was later varied, adding that “this is what has enabled him to be in court today.

    The offence is a bailable one and is not a capital offence. The defendant does not have any criminal record; and his antecedent, at the other matter, where he has dutifully attended trial, shows that he is not a flight risk.”

    He further prayed the court that Emefiele “be released to his lawyers pending determination of the bail application”, so he could still attend to other charges against him.

    Moving the bail application for the second defendant, he urged the court to grant him bail on most liberal terms pending the hearing and determination of the case.

    Responding, Oyedepo noted that granting bail was at the discretion of the court. We allow the court to exercise this discretion judicially and judiciously,” he said. He also prayed the court to impose conditions “that will compel him to appear before this court for his trial, as what we pray for is accelerated hearing.” He further noted that there was a court order secured by the defence granting the second defendant bail. This case is now pending before your lordship,” he said.

    Thereafter, Justice Oshodi adjourned till April 11, 2024 “for ruling on bail and trial.” He also ordered that Emefiele be remanded in the EFCC custody, and the second defendant at the Ikoyi Correctional Centre.

    Visit www.efcc.gov.ng for more stories




  • Intruders Sabotaging Our Chances In The 2027 Presidential Election—NLC

    L-R NLC President, Joe Ajaero, Labour Party logo

    The Chairman of the Nigeria Labour Congress (NLC) Political Commission Prof. Theophilus Ndubuaku on Monday alleged that the crisis rocking the Labour Party (LP) and NLC is stirred by intruders.

    Ndubuaku decried that the LP has been reduced to a vehicle, for the sole purpose of contesting elections.

    THE WHISTLER had reported that a stakeholders meeting between the NLC and LP will be held today to decide the fate of the party in regards to Julius Abure’s re-election as LP National Chairman.

    Speaking at the stakeholders meeting attended by THE WHISTLER in Abuja on Monday, Ndubuaku said, “The Nigerian Labour Congress, through its political commission, has made several efforts to realign successive leadership of the Labour Party to the lay of fidelity to the ideology of the party.

    “Unfortunately, again, these commissions have met with a lot of resistance from successive leadership of the Labour Party. It has left the political commission of the NLC amidst the interests of many of those who have presented themselves as the leaders of the Labour Party.

    “This has also established the need for all lovers of popular democracy, good governance, and political accountability, qualities that are exemplified by Mr. Peter Obi who was the presidential candidate of the Labour Party in the 2023 elections, to rally around the NLC political commission as he takes determined steps to recover and reposition the labour party.

    “A lot of the things that are happening in the labour party are engineered from outside”.

    Ndubuaku assured that the sole purpose of the stakeholder’s forum was to restrategize ahead of future elections in the country.

    He added, “Arising from this meeting, we must make decisions that will deliver an all-inclusive and expansive national convention of the Labour Party.

    “Most crucially, we must make decisions on mass mobilization of Nigerian workers and people into the labour party, as a conscious duty making decisions of democracy and winning elections.”

    He reiterated that invitations were extended to all the relevant organizations and individuals who, by the reason of their formal positions and contributions to the LP, are qualified as stakeholders to charge a course forward for the party.

    Weighing in on the issue at the event, a former NLC president, Mr Abdulwaheed Oma, lauded the importance of strengthening the party to become a reckoning force.

    “We are not happy with what is happening in the Labour Party, the struggle did not start today, but we will restrategize,” Oma said

    Intruders Sabotaging Our Chances In The 2027 Presidential Election—NLC is first published on The Whistler Newspaper

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  • Fraud Manager at Carry1st

    Carry1st is the leading publisher of social games and interactive content in Africa. We work with studios across the globe – from Addis Ababa to Sofia to New York City – to level up their games and scale in dynamic, frontier markets. In addition to our full-stack publishing service, we’ve built a proprietary payments and ecommerce experience which allows customers to pay for digital content, even when they don’t have a credit card.
    As a Fraud Manager, you will lead a dynamic fraud team, directing day-to-day operations and shaping strategic initiatives to combat fraud effectively. With over 5 years of e-commerce risk management experience, the ideal candidate will demonstrate proficiency in team leadership, leveraging technology, and conducting risk assessments. Adept at interpreting data and utilising risk management software, the candidate will be instrumental in developing and implementing fraud prevention strategies at Carry1st.

    You will…

    Lead and provide day-to-day and strategic direction for the fraud team
    Define & implement comprehensive fraud prevention and management strategies, leveraging both technological solutions and manual processes as necessary.
    Conduct regular risk assessments to identify emerging fraud trends and vulnerabilities, taking ownership of loss prevention due to fraud and abuse.
    Collaborate with cross-functional teams to plan and  integrate fraud prevention measures 
    Analyse fraud metrics and key performance indicators to measure the effectiveness of fraud prevention efforts and recommend improvements.

    Requirements

    What makes you a great candidate?

    A degree in a relevant field such as finance, business administration, or computer science; advanced certifications in fraud examination or risk management would be advantageous
    +5 years of extensive experience in risk management within the e-commerce industry
    Demonstrated experience in effectively managing and mentoring teams, fostering a collaborative and high-performing work environment
    Experience with risk management software, with a deep understanding of their capabilities and how to maximise effectiveness
    Excellent communication and interpersonal skills, enabling effective collaboration with stakeholders and providing clear actionable risk advisory
    Experience working in frontier markets with a preference for countries in Africa

    Click Here To Apply

  • Gunman shoots dead two people before turning weapon on himself during deposition at law office in Las Vegas

    Gunman shoots dead two people before turning weapon on himself during deposition at law office in Las Vegas

    A gunman today shot dead two people before turning the weapon on himself at a law office in Las Vegas.

     

     

    The shooting occurred at the offices of Prince Law Group in Summerlin shortly after 10.30am local time.

     

     

    A source told KTNV the shots were fired during a deposition, with the gunman killing two people before fatally shooting himself. 

     

    Gunman shoots dead two people before turning weapon on himself during deposition at law office in Las Vegas

     

    Officers shut down traffic in the area as a major emergency response was launched, with initial reports stating the gunman had barricaded himself inside.

     

     

    ‘This is a dynamic event and multiple LVMPD emergency vehicles are responding,’ police stated on social media. ‘Please avoid the area.’ 

     

     

    The suspect was a male and the two victims that are deceased are a male and a female, according to Sheriff Kevin McHahil.

     

     

    ‘I just want to assure the community now we believe that the suspect is deceased, we do have two deceased victims on scene and there is no further threat to the community,’ McHahil said.

     

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  • Aiyedatiwa revalidates APC membership in Ondo

    The Ondo State Governor, Lucky Aiyedatiwa, on Monday revalidated his membership of the All Progressives Congress (APC) ahead of the April 20 primary election in the state.

    Aiyedatiwa, who revalidated his membership card in Igbokoda, Ilaje local government area of the state, commended the leadership of the party for the exercise.

    The governor stressed the significance of the exercise in upholding the integrity of the party and its commitment to democratic ideals.

    The Chairman of the membership revalidation committee, Mr. Yakubu Bello, told party members the objective of the exercise was to ensure that only financially capable members of the party were eligible to participate in the primary.

    He said that the accuracy of the membership list was paramount to maintaining transparency and fairness in the electoral process.

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  • EFCC Arraigns Binance, Executive for Alleged $34m Money Laundering

    EFCC Arraigns Binance, Executive for Alleged $34m Money Laundering

    EFCC Arraigns Binance, Executive for Alleged $34m Money Laundering

    The Economic and Financial Crimes Commission, EFCC on Monday, April 8, 2024 arraigned Binance Holdings Ltd and one of its executives, Tigran Gambaryan before Justice Emeka Nwite of a Federal High Court sitting in Abuja.

    They were arraigned on a 5-count charge bordering on alleged tax evasion, currency speculation and money laundering to the tune of $34,400,000 (Thirty-Four Million, Four Hundred Thousand United States Dollars).

    At the last adjourned date, the second defendant, Tigran Gambaryan had claimed that he was not an agent, director, or a representative of the Binance Company in Nigeria and should not be served on behalf of the first defendant.

    However, at Tuesday`s sitting, Justice Nwite held that the second defendant, in his earlier affidavit, had stated that he is an American who visited Nigeria along with Nadeem Anjarwalla, a British-Kenyan citizen, solely for the purpose of attending a meeting with government officials as representatives of Binance. He also mentioned in the document that he joined Binance in September 2021, which clearly shows his involvement with the first defendant within jurisdiction, thereby striking out the objection to stop his arraignment.

    “Count One of the charge reads; That you BINANCE HOLDINGS LTD (“A.K.A BINANCE”), TIGRAN GAMBARYAN AND NADEEM ANJARWALLA (now at large) between January, 2023 and January 2024 in Abuja within the jurisdiction of this Honourable Court carried on specialized business of other financial institution without valid licence and thereby committed an offence contrary to Section 57(1) and (2) of the Banks and other Financial Institutions Act, 2020 and punishable under section 57(5) of the same Act.

    Another count reads; that you BINANCE HOLDINGS LTD (A.K.A) BINANCE”) between January, 2022 and January 2024 in Abuja with the Jurisdiction of this Honorable Court not being an authorized dealer in Nigeria`s Autonomous Foreign Exchange Market used your virtual asset services platform to unlawfully negotiate foreign exchange rates in Nigeria and you thereby committed an offence contrary to and punishable under section 29(1)(c) of the foreign Exchange (Monitoring And Miscellaneous Provisions) Act.

    He pleaded not guilty to all the charges when they were read to him.

    In view of his plea, prosecuting counsel, Ekele Iheanacho asked the court for a trial date.

    However, defense counsel, Mark Mordi, SAN, pleaded with the court to grant his client bail, stating that the second defendant is a foreign national who has been in detention for over 40 days claiming that his detention is unlawful. He further again pleaded that the defendant should be remanded in EFCC custody instead of the correctional center.
    Responding, Iheanacho stated that the circumstances of the defendant`s detention is lawful, adding that the law provides that after an arraignment is made, a defendant is supposed to be remanded in a correctional centre, as it does not matter the status of the defendant, hence his detention is lawful.
    Justice Nwite fixed April 18, 2024 for hearing of bail applications and May 5, 2024 for trial. Furthermore, he ordered that the defendant be remanded in Kuje Correctional Centre.

    Visit www.efcc.gov.ng for more stories

  • Betta Edu: N30bn Recovered, 50 Bank Accounts Being Probed – EFCC

    Betta-Edu-Minister-of-Humanitarian-Affairs-and-Poverty-Alleviation

    The Economic and Financial Crimes Commission (EFCC) has revealed that it is probing about 50 bank accounts in connection with the case of the suspended Minister of Humanitarian Affairs, Betta Edu, and the ongoing probe of the ministry over alleged money laundering.

    The Commission made the revelation in its monthly e-magazine made available to THE WHISTLER on Monday.

    It said, “Concerning this particular case, we have recovered over N30 billion, which is already in the coffers of the Federal Government.

    Recall THE WHISTLER reported that Betta was suspended by President Bola Tinubu, over allegations involving the sum of N585 million.

    She was alleged to have directed the Accountant-General of the Federation, Oluwatoyin Madein to transfer the said amount to a private account owned by one Oniyelu Bridget who the ministry claimed currently serves as the Project Accountant, Grants for Vulnerable Groups, among other fraud allegations involving her office.

    However, EFCC said on Monday that: “It takes time to conclude investigations; we started this matter less than six weeks ago. Some cases take years to investigate.

    “There are so many angles to it, and we need to follow through with some of the discoveries that we have seen. Nigerians should give us time on this matter; we have professionals on this case, and they need to do things right. There are so many leads here and there.

    “As it is now, we are investigating over 50 bank accounts that we have traced money into. That is no child’s play. That’s a big deal. Then you ask about my staff strength.”

    The Commission also highlighted that it has “thousands of other cases” it is still working on, adding that Nigerians have seen the impact of its hard work so far.

    “If it is about seeing people in jail, well let them wait. Everything has a process to follow. So Nigerians should wait and give us the benefit of the doubt,” it said.

    Betta Edu: N30bn Recovered, 50 Bank Accounts Being Probed – EFCC is first published on The Whistler Newspaper

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