The co-founder of a cryptocurrency exchange, FTX, Sam Bankman-Fried, has been sentenced to 25 years in prison for his role in the collapse of the platform.
He will also forfeit more than $11 billion, showing the magnitude of the financial damage caused by his action, culminating in a high-profile case that rocked the crypto industry.
The 32-year-old was convicted in November on charges of fraud and conspiracy following a precipitous fall from grace.
In his ruling at the federal court in Manhattan, the United States District Judge, Lewis A. Kaplan, expressed concern about the potential for Bankman-Fried to engage in further misconduct in the future, emphasizing the seriousness of the risk.
The government had highlighted the severity of the charges and sought a sentence of up to 50 years for the disgraced crypto whiz-kid.
Bankman-Fried, once a billionaire, now faces the prospect of spending decades behind bars after he was found guilty of orchestrating a fraud scheme that siphoned billions of dollars from FTX customers.
His sentencing comes as the final act in a saga that has cast a shadow over the crypto world.
EFCC Arrests 74 Suspected Internet Fraudsters in Ogun
Operatives of the Ibadan Zonal Command of the Economic and Financial Crimes Commission, EFCC, on Thursday, March 28, 2024 arrested seventy-four(74) suspected internet fraudsters in Ogun State.
The alleged fraudsters were arrested at Government Residential Area, G.R.A, Shagamu, in Ogun State following surveillance and intelligence exposing their suspected internet-related offences.
Items recovered from them include seven exotic cars, three laptops, 124 mobile phones, one PlayStation 3 game, two motorcycles and other incriminating documents.
They will be charged to court as soon as investigations are concluded.
The Group Chief Executive Officer of the Nigerian National Petroleum Company Ltd, Mele Kyari has assured that the national oil company will use oil and gas resources to drive prosperity for Nigerians.
This is just as he emphasized the critical importance of bridging the energy access gap to the creation of economic prosperity of the country.
Kyari made this submission in a keynote address on industry operations with the theme, “Stability in the Energy Sector: Integrated Strategies for Infrastructure, Transportation and Security,” at the 2024 edition of Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPE OLEF) held in Abuja, on Thursday.
To bridge the energy access gap in Nigeria, Kyari said NNPC Ltd. was working on developing the right infrastructure to deliver oil and gas to drive prosperity for Nigerians.
“We are committed to developing gas infrastructure across the country,” Kyari stated, stressing that the company’s commitment was not just a statutory requirement of the Petroleum Industry Act, but a pledge to ensure energy security beyond fuel supply.
“We are dedicated to investing in critical infrastructure to enhance economic prosperity by supplying gas to the domestic market, targeting at least 8 billion cubic meters,” Kyari added.
He listed some of the infrastructural projects being undertaken by the NNPC Ltd. to help bridge the energy access gap in Nigeria to include the Obiafu/Obrikom/Oben (OB3) and Ajaokuta-Kaduna-Kano (AKK) pipelines, adding that they are designed to enhance the nation’s gas supply network.
On the global front, Kyari said NNPC Ltd. was working on expanding gas supply to the international market primarily through the NLNG Train 7 project while efforts were also being made to kick off Train 8 as well as the various floating LNG initiatives.
Kyari called for support in leveraging Nigeria’s abundant gas resources for economic prosperity, emphasizing the need to bridge access gaps in electricity and clean cooking fuel.
He assured stakeholders and investors of the support of President Bola Ahmed Tinubu, whom he said is committed to the gas revolution.
Also speaking at the event, Chairperson of the Society of Petroleum Engineers (SPE) Nigeria Council and Head of Asset and Investments Management, NGPIS, Engr. Salahuddeen Tahir, emphasized the critical role of energy in modern society, stating: “It’s a trigger for essential services such as transportation, heating, electricity generation, medical services, security, banking services, and communication.”
Tahir said there was need to develop a diversified and sustainable energy transportation system as a measure for mitigating climate change and enhancing energy security.
This year’s edition of the Society of Petroleum Engineers Oloibiri Lecture Series and Energy Forum (SPE OLEF) is the 24th in the series having debuted in 1991. The forum is focused on contributing to Nigeria’s oil and gas industry policy development in commemoration of the first commercial oil discovery in Nigeria by Shell D’Arcy at Oloibiri, Bayelsa State in 1956.
NNPC Ltd Will Use Gas To Drive Prosperity For Nigerians- Kyari is first published on The Whistler Newspaper
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Anti-narcotics detectives have arrested five suspects believed to be part of a large cocaine-smuggling ring after intercepting a woman with 57 pellets of cocaine hidden in her private part at the Jomo Kenyatta International Airport (JKIA).
The Directorate of Criminal Investigations in a statement on Wednesday, March 27, 2024, said the primary suspect, Apoko Damaris Adhiambo, had concealed the pellets in her underwear when she was flagged down at JKIA’s terminal A1 central screening area just before boarding a Madagascar-bound plane on Tuesday.
Upon interrogation, the suspect revealed she was recruited into the cocaine smuggling syndicate by one Harriet Asaba, a woman living in Nairobi.
Using forensic technologies, detectives tracked Asaba to Accra Road in Nairobi and arrested her.
“A woman’s stratagem to traffic 57 pellets of cocaine to Madagascar by escaping the grip of our security apparatus at the Jomo Kenyatta Intn’l Airport proved futile last night, when anti-narcotics detectives noted the nose candy stuffed in her under garments and rerouted her travel itinerary to a police cell,” the statement read.
“In the 10.30pm interception, Apoko Damaris Adhiambo, 32, was flagged down at terminal A1’s central screening area, as she checked in to board Kenya Airways KQ 256 flight to Antananarivo, Madagascar.
“A body scanner at the checkpoint revealed suspicious items concealed around her privates, triggering a quick search that saw over 600g of the highly addictive gak discovered. A spot test conducted on the discovery was positive for the coca product.
“After a moment of interrogation by female anti-narcotics officers, Apoko revealed to have been recruited by a Ugandan national identified as Harriet Asaba who resided within the Kenyan Capital.
“Deploying forensic technologies, detectives traced Asaba to Accra Road in Nairobi CBD and effected her arrest.
“In the painstaking pursuit to break the entire syndicate, the second suspect led officers to Free Area Hotel building and into the VIP Beauty Shop, where a meticulous search was conducted and another 33 pellets of crack found.
“Therein, three more suspects namely Nangonzi Shirah (a Ugandan national), Esther Wanjiru, 24 and Sophia Kathambi aged 24 were also rounded up.
“Presumptive test on the second recovery also tested positive for Cocaine, weighing approximately 396 grams.
A Bayelsa senator, representing Bayelsa Central, Benson Konbowei, was arraigned on Thursday acing three charges of forgery related to his National Youth Service Corps (NYSC) exemption certificate.
The senator pleaded not guilty to the charges.
The counsel for the prosecution, Rubben Egwaba, had opposed the bail application for the defendant.
He noted that the defendant would interfere with his trial if granted bail.
He said, “While the charge was filed, the defendant took several steps to interfere with the matter. He also wrote a lot of petitions against me to truncate the matter. We urge My Lord to refuse the application.”
Read Also: FAAN shuts KFC outlet for allegedly discriminating against ex-Ogun Gov’s disabled son
The counsel for the defendant, Gordy Uche (SAN), urged the court to grant his client bail, assuring the court he would not jump bail if granted one.
Justice Christopher Oba, presiding over the case, granted the senator bail set at N50 million. Additionally, the judge mandated the senator to provide two sureties with landed properties within the Federal Capital Territory (FCT). The authenticity of the sureties’ Certificates of Occupancy (C-of-O) will be verified by the court.
This case highlights the ongoing scrutiny surrounding eligibility requirements for public office in Nigeria. The NYSC program is a mandatory one-year service for Nigerian graduates. Obtaining an exemption certificate is a legal process with specific criteria.
The Federal Airports Authority of Nigeria (FAAN) has shut down a KFC facility at the Murtala Muhammed International Airport in Lagos over alleged discrimination against a passenger with disability.
This was on the heels of a social report in which a passenger with Reduced Mobility (PRM) alleged receiving discriminatory treatment at the outlet.
Discrimination against persons with disability is against the Lagos State law on People with Special Needs Part C, section 55 of General Provisions on Discrimination.
A statement by Mrs Obiageli Orah, Director, Public Affairs and Consumer Protection at FAAN, said upon receiving the media report, the MD/CE of the agency, Mrs Olubunmi, Kuku intervened by deploying management team to investigate the allegation.
She said that it was based on the findings of the team that FAAN shut down the KFC facility at the MMA.
“In line with Lagos State law on People with Special Needs Part C, section 55 of General Provisions on Discrimination which states that,” A person shall not deprive another person of access to any place, vehicle or facility that members of the public are entitled to enter or use on the basis of the disability of that person”, the management of the Federal Airports Authority of Nigeria (FAAN) has closed the KFC facility at the Murtala Muhammed International Airport in Lagos with effect from March 28, 2024.
“This is as a result of a social media report by a Passenger with Reduced Mobility (PRM), alleging discriminatory treatment he received at the Murtala Muhammed International Airport, Lagos.
“The MD/CE of FAAN, Mrs Olubunmi Kuku intervened swiftly by deploying a management team comprising the Director, Public Affairs and Consumer Protection, Mrs Obiageli Orah, the Regional Manager South West, Mr Sunday Ayodele, Ag. General Manager Public Affairs, Mrs Ijeoma Nwosu-Igbo and the International Terminal Manager, Mr Kerri, to investigate the allegation,” Orah said.
FAAN instructed the KFC management to tender an apology to the passenger and make a policy statement of non-discrimination which should be written and pasted at the door post of their facility at MMIA before it resumes operation.
“The Authority has instructed that the KFC Management should tender an unreserved apology, in writing, to the affected PRM and a policy statement of non-discrimination be written and pasted conspicuously at the door post of their facility at MMIA before it resumes operation. FAAN uses this medium to express our unreserved apology to the affected Passenger with Reduced Mobility and assures all airport users that we shall continue to work tirelessly to ensure that the rights of every passenger are not infringed upon,” she added.
LAGOS: FAAN Shuts Down KFC Outlet At Airport Over Discrimination Against Passenger With Disability is first published on The Whistler Newspaper
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Former billionaire crypto boss, Sam Bankman-Fried, who was convicted of fraud and money laundering, will be sentenced today for his crimes.
Bankman-Fried, 32, was convicted last November of fraud and conspiracy by a jury that found that he illegally used money from FTX depositors to cover his expenses, which included purchasing luxury properties in the Caribbean, alleged bribes to Chinese officials and private planes.
He will return to a New York court on Thursday.
Prosecutors have recommended a prison sentence of 40 to 50 years.
“The defendant victimised tens of thousands of people and companies, across several continents, over a period of multiple years,” prosecutors told Judge Lewis Kaplan in a court filing.
“He stole money from customers who entrusted it to him; he lied to investors; he sent fabricated documents to lenders; he pumped millions of dollars in illegal donations into our political system; and he bribed foreign officials. Each of these crimes is worthy of a lengthy sentence,” they added.
Bankman-Fried’s lawyers, friends and family have urged leniency, saying he is unlikely to reoffend. They also say FTX’s investors have largely recovered their funds, a claim disputed by bankruptcy lawyers, FTX and its creditors.
“Mr Bankman-Fried continues to live a life of delusion,” wrote John Ray, who was appointed CEO of FTX after its collapse and had to clean up the bankrupt company. “The ‘business’ he left on November 11, 2022, was neither solvent nor safe.”
Two weeks ago, Bankman-Fried’s lawyer Marc Mukasey slammed a probation office recommendation of 100 years in prison, saying a sentence of that length would be “grotesque” and “barbaric”.
He urged the judge to sentence Bankman-Fried to a term of five to six and a half years in prison.
“Sam is not the ‘evil genius’ depicted in the media or the greedy villain described at trial,” Mukasey said, calling his client a “first-time, non-violent offender”.
FTX’s collapse in 2022 was a stunning fall for Bankman-Fried, who had become a billionaire and business celebrity promoting the firm, a platform people could use to deposit and trade crypto.
It attracted millions of customers before rumours of financial trouble sparked a run on deposits.
In November 2023, a US jury found Bankman-Fried had stolen billions in customer money from the exchange ahead of the collapse to buy property, make political donations and use for other investments.
Many of those customers now appear poised to recover significant sums, under a plan being developed in the separate bankruptcy case.
Under that proposal, former customers could receive money based on what their holdings were worth at the time the exchange collapsed.
In court filings, the defence for Bankman-Fried, who is expected to appeal his conviction, has argued that such recovery warrants a lighter sentence.
They said it proved that “money has always been available” which “would be impossible if [FTX’s] assets had disappeared into Sam’s personal pockets”.
But the repayment plan has left many former customers outraged, since they will miss out on the crypto rebound that has occurred since.
John Ray, the lawyer leading FTX through bankruptcy and a critic of Bankman-Fried, noted the concerns in his own letter to court.
“Make no mistake; customers, non-governmental creditors, governmental creditors, and non-insider stockholders have suffered and continue to suffer,” he wrote to the court, arguing that the claims of minimal loss were a sign that Bankman-Fried continued to live “a life of delusion”.
Members of the Social Democratic Party and supporters of its governorship candidate in the November 11, 2023 Kogi election, Murtala Yakubu Ajaka are currently in a jubilation mood.
This followed the testimony of the representative of the Federal Capital Territory (FCT) High Court at the Kogi Election Tribunal that Governor Usman Ahmed Ododo’s affidavit was fake and did not emanate from the court.
SaharaReporters had reported that Ajaka sued Ododo for certificate forgery as part of the electoral matter before the tribunal, which sought invalidation of his election.
The SDP candidate had avowed that the age declaration attached to Ododo’s document was forged, insisting that it was issued on a non-working day, Saturday, August 2, 2003.
SaharaReporters in 2023 published the document when a concerned citizen exposed the matter to the public for scrutiny.
However, at the resumed proceeding on Thursday, an FCT High Court witness appeared to confirm the status of the certificate.
The matter of election is currently ongoing simultaneously with that of certificate forgery.
The witness who gave his name as Danmusa Williams, was introduced by the counsel for the SDP led by Pius Akubo, SAN.
The witness told the court that he lives in Nyanya in the FCT, Abuja and is a civil servant working in the capital city.
He also told the court that he is the Commissioner for Oath.
When the counsel for the Petitioner, Akubo asked the witness: “Are you aware of the Subpoena to compel the witness to come to court?”
He replied: “Yes, my Lord.”
Akubo: Do you have a copy of the subpoena?
Witness: Yes.
The Petitioner’s counsel asked him to hand over the subpoena to the tribunal and it was shown to all the counsel for their examination. The Subpoena was subsequently admitted in evidence.
The Petitioner’s counsel continued his questions.
He asked, “Is it the same affidavit deposed by one Ahmed Usman Ododo attached to INEC form in the document before you?”
Witness: Yes, my Lord.
The Counsel for the INEC, Kanu Agabi (SAN) during cross-examination asked the witness:
Question: You deposed in paragraph 7?
Witness: Yes, my Lord.
Question: Did you confront the person alleged to have forged the affidavit?
Witness: There is no case of forgery before my court so I don’t need to confront the person rather it is the interested party that will bring the matter before the court but I reported to the court.
Question: Did you report to the police?
Witness: I don’t have the power to do so.
Question: Did you report to INEC?
Witness: No, my Lord.
Question: Is there any indication in the affidavit you examine before coming to court that it’s forgery?
Witness: We examined and discovered that the date in the affidavit is on Sunday so I reported to the registrar of the court, my Lord.
Meanwhile, the Bimodal Voter Accreditation System (BVAS) machine has exposed some discrepancies in BVAS records which have been admitted as evidence in court. The reports are for the BVAS used for Okene, Okehi, Adavi and some parts of Ajaokuta and Lokoja.
