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Cryptocurrency Portrays Greater Danger To World Economy, Says EFCC

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Chairman, Economic and Financial Crimes Commission, EFCC, Abdulrasheed Bawa, has said growth of cryptocurrencies, such as Bitcon portrays a far greater danger to the world economy.

The EFCC boss stated this while delivering a keynote address on Monday at the 38th Cambridge International Symposium on Economic Crime, themed, “Economic Crime-Who pays and who should pay?”, organized by the Center for International Documentation on Organized and Economic Crime (CIDOEC), Jesus College, University of Cambridge,, United Kingdom.

Describing cryptocurrencies as the new typologies of economic crimes, Bawa said criminals now elect to transact or receive illegal monies such as ransom money in digital currency, noting that Bitcoin and Ethereum were the most commonly used medium of these exchanges.

He therefore, advocated collective and collaborative approach by authorities around the world in dealing with the challenges of financial crimes which, he noted, is a global scourge as no nation is spared its virulence.

According to him, economic crimes which are largely illegal acts committed for private gain, “affect the vital structures of global economies, causing significant damage to the Global Financial System and depriving developing nations of the needed resources for sustainable development”.

He noted that developed countries are not immune from the scourge, which has “magnified with the proliferation of Cyber-crimes which threatens the stability of Global Financial Institutions.”

He commended the choice of theme which he said offers a platform to interrogate the challenges of economic crimes.

“As the victims of crime continue to suffer globally from the effects of financial crimes, either directly or indirectly as part of a social system, the determination of who pays or who should pay becomes a critical measure of the criminal justice system in place,” he said.

He underlined the imperatives of an impartial judiciary in ensuring that “the perpetrators of acts and not the victims pay for their crimes.”

While highlighting some of the transparency and accountability achievements of the Nigerian Government under the leadership of President Muhammadu Buhari including enactment and amendment of relevant laws to enhance public accountability and reforms such as Treasury Single Account and the Whistle Blower Policy among others;  Bawa pointed out that the EFCC, as the rallying point in the fight against economic crimes in Nigeria, has recorded important milestones in investigations, prosecutions and assets recovery.

In his words, “Since its establishment in 2003, the Commission has recorded no less tha  3,500 convictions and recovered assets of significant value including properties in Nigeria, the UK, USA, and the UAE. All these have measurably contributed to the national efforts against economic crimes in Nigeria”.

The EFCC boss concluded by challenging participants to come up with practical solutions to curb the international threat of economic crimes.

Chairman of the Symposium, Mr. Saul Froomkin, thanked the EFCC boss for his insightful presentation, and the support received from Nigeria in organizing the event.

Participants at the Symposium were drawn from law enforcement and security agencies, accountability institutions and select stakeholders from across the World.

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Preside Tinubu Calls For Stronger Partnerships In Manufacturing Sector

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President Bola Tinubu says Nigeria’s investment climate has been bolstered by critical new reforms, with an array of opportunities across sectors for investors.

Speaking during the presentation of a letter of credence by the Ambassador of the Republic of Korea to Nigeria, Vice-Admiral Kim Pan Kyu, at the State House, on Friday, the President said Nigeria is a huge market for Korean products, particularly for Korean goods manufactured and produced in Nigeria, while emphasizing that Nigerian goods will be of great benefit to the Korean market.

Highlighting the favourable economic outlook of the country, President Tinubu invited more South Korean companies to leverage these opportunities by establishing production bases in Nigeria.

”I am glad that you have a very good knowledge of Nigeria and appreciate the role of our country in Africa. Our doors are open for economic opportunities and trade, and I acknowledge that several South Korean companies and products are firmly entrenched in the Nigerian market.

”Nigerians appreciate South Korean technology, and Nigerian products can also be beneficial to South Korean markets. You need to bring more of your companies and manufacturing plants here. We have everything your industries require to excel as we progress over the near-term. We can partner on skill development and the systematic transfer of knowledge to further empower our country’s innovative youth population.

”We have investment opportunities in the solid mineral sector and other areas, and cooperation in these areas will strengthen our bilateral relations,” the President said.

Recounting his fruitful discussions with President Yoon Suk Yeol during the G20 Summit, in New Delhi, in 2023, and their mutual commitment to strengthen cooperation, President Tinubu pledged to build on the outcome of that meeting to further expand bilateral ties.

He welcomed an invitation from President Yoon to attend the first-ever South Korea-Africa Summit from June 4 to June 5, 2024, in Seoul, South Korea, and directed Nigeria’s Ministry of Foreign Affairs to keep him abreast of the matter.

Ambassador Kim underscored President Tinubu’s pivotal role as the Chairman of ECOWAS Authority of Heads of State and Government and leader of Africa’s largest economy, population, and democracy.

He noted the importance of Nigeria’s participation at the highest level at the Summit to enhance bilateral relations while also creating a future of prosperity for Africa and Korea as genuine partners in progress.

”Your Excellency’s visit to South Korea for the Summit will provide an excellent opportunity to strengthen the relations between the two nations,” the Ambassador said after reading a formal invitation from President Yoon.

Earlier, President Tinubu also received letters of credence from Ambassador Antit Mohsen of Tunisia and High Commissioner Muhali Imbuwa of Zambia.

At the separate events, the President emphasized the need to strengthen African unity and brotherhood that not only creates economic opportunities but also works toward eliminating conflicts across the continent.

Speaking with the High Commissioner of Zambia, the President said African unity and cooperation are important if the continent must overcome perennial conflict.

”We are ready to explore more areas of cooperation that promote African brotherhood and ensure sustainable growth across different sectors and provide economic opportunities for our citizens.

”Our doors are open, and do not hesitate to bring any challenges you may have in the course of your duty to the Ministry of Foreign Affairs,” the President told the Zambian High Commissioner.

In his audience with the Tunisian Ambassador, the President affirmed Nigeria’s willingness to deepen partnership with North African countries toward achieving continental prosperity for all African people.

He declared that Nigeria is open for business like never before and that the international community is taking notice, while investor confidence in the country is returning.

He thanked the Ambassador for acknowledging the progress in the country in the last eleven months of his administration, promising that his government will continue to ensure a memorable and rewarding stay for representatives of foreign governments.

The Tunisian Ambassador said his government welcomes the new vibrancy and determination the President has brought into national leadership since his inauguration on May 29, 2023.

”We welcome the economic reforms and the enhancement of national security in Nigeria under your leadership.

”Because of what we have seen, we are emboldened to collaborate on a new level, particularly in the areas of trade, economy, and defence,” the Tunisian Ambassador said.

 

 

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Kano APC spokesperson accuses Presidency of sabotaging Ganduje

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Ahmad Aruwa ,Kano APC spokesperson

 

The spokesperson of the All Progressives Congress (APC) in Kano, Alhaji Ahmad Aruwa, has issued accusations against the Presidency for undermining and conspiring against the suspended Acting National Chairman of the APC Dr. Abdullahi Umar Ganduje.

Mr. Aruwa articulated these claims in a short video he produced in Kano circulating on social media where he blamed the some forces in the presidency that are pushing for the exit of the former Kano State Governor as the Ag. national chairman.

He asserted their awareness of individuals engaged in conspiracies to sabotage Mr. Ganduje’s efforts, with the intention of fracturing his relationship with the President.

He warned of the potential for a significant political upheaval if any APC members dared to oppose Ganduje in Nigeria as he was one of the pillars of President Bola Ahmed Tinubu’s success at the 2023 polls.

Breaking:Court Confirms Ganduje’s Suspension As APC member

“We will confront anyone within the APC who dares to challenge Ganduje, regardless of their status or political influence.”

Mr. Aruwa also criticized Tinubu for disregarding the support extended to him in Kano when others had rejected him.

He observed that no one in Kano, a state with largest voter turnout would support Tinubu’s cause, as Ganduje was the sole architect of his success in the state. Therefore, they will not tolerate any subversion at the Villa.

“I solemnly pledged that if anyone is to confront Ganduje within the APC, it would inevitably lead to a substantial political crisis which we are very ready to fight back.”

“Irrespective of the individual’s identity, we are acutely aware of the plotting and machinations orchestrated by certain APC members at the Villa.

“It was solely Ganduje who facilitated Tinubu’s presence in Kano when there was a lack of support from others.

“Every resident of Kano is refraining from associating with Tinubu, as those within the APC who are acquainted with him are distancing themselves due to Buhari’s influence.”

Reliable sources from the Presidential villa who pleaded for anonimity revealed that Ganduje’s trivails started when he was directed to galvanize the attention of Kano state Governor Abba Yusuf and his political Godfather Rabiu Kwankwaso to abandone thier political party (NNPP) and join the ruling APC.

It was reported that contrary to the terms of reference given to Mr. Ganduje, he arrived Kano and chaired a stakeholders meeting where he mocked Kwankwaso and Kano state Governor, a situation that stalled the negotiation process with Kwankwaso’s team.

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The Journey So Far: Mbum Ferdinand Presents Score Card Since Assumption Of Office As Mighty Jets International FC General Manager

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By Asile Abel, Jos

With the consciousness that his set objectives are sacrosanct, the General Manager of Mighty Jets international FC of Jos, Ferdinand Mbum has reeled out some of his achievements at the club since his assumption of office.

The Club, renowned for its rich history as one of the few in the early days of Nigerian football to place the country on the world map since its inception in 1970, has steadily stamped its authority in the circles of modern football around the country.

“Talent development has been at the core of everything we’re doing right now and the results are already manifesting, so we’re not perturbed nor shaken at all”, Mr. Ferdinand told a team of reporters at his office in Jos.

“Four of our youngsters have currently been invited to the Golden Eaglets team as a result of their performances in what is just their first season”, he further said.

Mr. Mbum maintained that their mandate is for the Club to be self-sufficient and prove that the status quo can change by all means legitimately possible.

Determined to make clear his arguments, he opined that several scouts have been sounded from his first day in office, “Some of whom have documented a good number of our players and are monitoring their development with data-driven tools which I cannot reveal to you.”

Accordingly, those at the top echelon of football activities within the Club have worked with a roadmap and clear cut instructions about the need to prioritize game time for young prospects, hence the reason for their involvement in first team duties with a hybrid of a number of experienced faces to strike a balance in that regard.

For the Club’s chief, the young footballers have to be trusted, “Talent may be universal but opportunity is not, we have to believe them enough and hand them the opportunities they need to prove themselves” he added.

Commenting on his recent foreign trip to England, he revealed that it was solely in the interest of the Club as he had the opportunity to peach the idea of exporting players to clubs that partnerships have not been struck with them at the initial stage such as Southampton, Tottenham Hotspur and Leganese in Spain, which was added to the list of clubs that Mighty Jets Int’l FC hopes to do a lot with in Spain. All these he said were part of his agenda during the International Sports Convention held in the United Kingdom.

According to him “Our journey overseas was not for a tea party by any means as we also held a number of strategic business meetings and beneficial networking.

Already two of our players will travel for trials in top Spanish clubs in addition to other mentioned breakthroughs.”

He did not also stop applauding the Executive Governor of the state, Barr. Caleb Manasseh Mutfwang for the free hand granted the management to operate without hindrance.

He reiterated that there is a close collaboration between the club’s Sporting Director and that of the state as they look to get the very best result moving forward.

While describing allegations of match-fixing against the club’s management as “baseless and unfounded”, he said the club will most likely initiate legal action against known persons who mischievously intend to peddle a narrative they know to be untrue.

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