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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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President Tinubu Salutes Nigerian Workers On May Day

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President Bola Ahmad Tinubu

 

President Bola Tinubu heartily congratulates Nigerian workers on the auspicious occasion of Workers’ Day held annually to celebrate the lifeblood of our country.

The President salutes Nigerian workers for their fidelity to the peace, progress, and development of the nation evident in their tireless efforts and patriotic zeal to keep the national engine running.

President Tinubu celebrates Nigerian workers across all spheres – from the clerical officer who ensures the proper documentation and distribution of correspondence; the security officer who remains ever dutiful through all seasons; the teacher who secures the future of our nation by imparting knowledge to the next generation; the doctor who works relentlessly to save precious lives, and to all Nigerian workers who keep the candle aflame.

The President affirms that his administration remains committed to improving the welfare of all workers, noting the various relief programmes, including the wage award and the imminent minimum wage review.

President Tinubu strongly believes that the custodians of the nation’s machinery deserve a fair wage and enhanced welfare and that a labourer is deserving of not just any reward but fair and commensurate wages.

In a statement t by Chief Ajuri Ngalele Special Adviser to the President on Media and Publicity said the President assures Nigerian workers of his dedication to not only improving their welfare but also enhancing their working conditions and providing the necessary tools for them to succeed.

 

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Backward Integration: Dangote Targets 700,000MT of Refined Sugar in Four years

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L-R: Company Secretary/Legal Adviser, Dangote Sugar Refinery Plc, Temitope Hassan; Group Managing Director/CEO, Dangote Sugar Refinery Plc, Ravindra Singhvi ; Executive Director, Dangote Sugar Refinery Plc, Mariya Aliko Dangote; and Chairman, Dangote Sugar Refinery Plc, Aliko Dangote, at the Dangote Sugar Refinery Plc 18th Annual General Meeting, on Tuesday, April 30, 2024 in Lagos.

 

Dangote Sugar Refinery Plc (DSR) has unveiled plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane in the next four years, through its Backward Integration Programme (BIP).

Chairman of Dangote Sugar Refinery Plc, Aliko Dangote stated this at the company’s 18th Annual General Meeting (AGM) held yesterday in Lagos, just as the Nigerian Exchange released the company’s first-quarter result for 2024, indicating an increase of 20.1 per cent in its revenue to N122.7 billion.

Dangote, at the AGM, said in alignment with the Federal Government of Nigeria’s policy guidelines, DSR continues to focus on and enhance its Backward Integration Project (BIP) by deploying and reviewing project strategies to ensure efficient delivery.

He noted that the 700,000 metric tonnes would meet 50 per cent of the current market demand for refined sugar. According to him, the 10-year sugar development plan to produce 1.5 million MT of sugar per annum from locally grown sugarcane remains a germane roadmap to the attainment of the Company’s objectives.

Our focus is on achieving the revised targets set for DSR Numan Operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited, while we are hopeful that the Taraba State Government will resolve the community payment issues that have led to the stoppage of activities at the Dangote Taraba Sugar Limited, Lau/Tau project.”

He added that “…During the year under review, despite the challenges we were faced with, the company significantly scaled up investment in the Backward Integration Projects with the ongoing expansion of the DSR Numan factory refining capacity from 3,000TCD to 9,800TCD year-end.

The factory will be increased with an additional 5,200TCD to 15,000 TCD (tonnes of cane crushed per day) eventually to meet the need in view of the massive land development activities also going on at the site. The aim is to achieve 24,200 hectares in total by the year 2029.”

He also emphasised that despite the adverse impact on the business environment by the continuous increase in the inflationary trend, lack of liquidity and FX to fund the company’s equipment import among others for the backward integration projects, concerted efforts are ongoing to secure the needed funds for the development of the Nasarawa Sugar Company Limited project at Tunga in Awe Local Government Area of the state.

This will enable the company to put in place the needed infrastructure for the eventual commencement of full-scale production and ensure that the Dangote Sugar Backward Integration ‘Sugar for Nigeria Project’ is achieved. In the end, over $700 million investment would be committed to the Backward Integration Programme,” he added.

Dangote said that the Dangote Sugar (Ghana) Limited, was established as a subsidiary of the Company during the year under review, in line with the plan to expand its presence in the sugar industry across Africa.

On outlook, he stated that “achievement of the goals of the Sugar Backward Integration Master Plan remains our focus. This will go a long way in delivering the anticipated benefits, especially in FX savings and cushioning its impact on our operations amongst other benefits to the company, all stakeholders, and the nation.”

Group Managing Director/CEO of Dangote Sugar, Ravindra Singhvi said, “Despite these challenges, we are resolute and focused on the delivery of our business targets in the medium to long term.”

He pointed out that “as we continue to navigate through the scarcity and high cost of foreign exchange, escalating costs of raw materials amongst others, our focus is to enhance the effectiveness of our supply chain processes, optimise cost, improve our operational efficiencies and delivery on our Sugar for Nigeria backward integration project.”

He said “the target is to produce a minimum of 1.5MT refined sugar annually from locally produced sugarcane at our integrated sugar production estates, which is expected to alleviate some pressure on costs and our demand for foreign currency.

Achievement of a sustainable business remains one of our key strategies and concerted efforts were made towards sustaining the achievements we have recorded in the past,” Singhvi added.

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Ganduje’s Suspension: Court Fixes May 27 For Hearing

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Kano State Governor ,Dr Abdullahi Umar Ganduje
Dr Abdullahi Umar Ganduje,APC National Chairman

 

A Kano High Court sitting at Audu Bako secretariat has fixed May 27, 2024, for the commencement of hearing of three applications in the case of the suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.

The Court presided over by Justice Usman Malam Na’abba after listening to counsels from both parties involved set the date for the hearing.

The applications are preliminary objection, joinder application and challenge of jurisdiction of the court to entertain and hear the matter.

Breaking:Court Vacates Order Suspending Ganduje As APC National Chairman

The applicants, Haladu Gwanjo and Laminu Sani Barguma through their counsel, Ibrahim Abdullahi Sa’ad filed a motion exparte with 13 paragraph affidavit dated April 16 sworn by the second.

The applicants are seeking for the Court to determine an order of interim injunction on Ganduje’s suspension.

The court had on 17th April granted an order directing parties to maintain status quo as at the 15th day of April, 2024, in relation to the suspension of the fourth respondent from the first respondent by the Ganduje Ward executive committee restraining the respondents whether by themselves, servants, agents, privies from taking any step contrary to the decision of the executive committee of Ganduje Ward which suspends the fourth respondent from the first respondent political party pending the hearing and determination of the motion on notice.

A Kano High Court sitting at Audu Bako secretariat has fixed May 27, 2024, for the commencement of hearing of three applications in the case of the suspension of the National Chairman of the All Progressive Congress (APC), Abdullahi Umar Ganduje.

The Court presided over by Justice Usman Malam Na’abba after listening to counsels from both parties involved set the date for the hearing.

The applications are preliminary objection, joinder application and challenge of jurisdiction of the court to entertain and hear the matter.
The applicants, Haladu Gwanjo and Laminu Sani Barguma through their counsel, Ibrahim Abdullahi Sa’ad filed a motion exparte with 13 paragraph affidavit dated April 16 sworn by the second applicant.

The applicants are seeking for the Court to determine an order of interim injunction on Ganduje’s suspension.

The court had on 17th April granted an order directing parties to maintain status quo as at the 15th day of April, 2024, in relation to the suspension of the fourth respondent from the first respondent by the Ganduje Ward executive committee restraining the respondents whether by themselves, servants, agents, privies from taking any step contrary to the decision of the executive committee of Ganduje Ward which suspends the fourth respondent from the first respondent political party pending the hearing and determination of the motion on notice.

At the resumed hearing on Tuesday, counsel to the applicant, Ibrahim Sa’ad, said they were served with the counter affidavit by the respondent this morning in court.
He asked for another date to enable them respond to the application.

Counsel to the first, second and third respondents did not object to the request made by the counsel to the applicant for a new date to be given.

“We have filed and served all parties our motion dated April 24 challenging the juriaoof this Court to entertain this matter.”

Counsel to the fourth respondent, Lydia Oyewo, did not also object the new date but told the court that her client was not served with the court processes.

“We have not been served with the processes of the Court. The plaintiff is in contempt of the court because they have failed with the order of the Court directing him to serve all the defendants in the matter.”

“Particularly, we are appearing out of respect to the court. Our client has not been served so we could not file any processes before the Court.

However we have been unable to compile and transmit record. In essence, the court of appeal is not yet seized with the jurisdiction for the matter and then for this court to determine and continue with the matter pending when we did the needful.

“This is an intra party matter and the court has held severally to even to the apex court that the court does not have jurisdiction to hear and determine intra party matters that has to do with leadership, membership and discipline of members.”

On their part, parties seeking to be joined led by Barrister S. U Jibril informed the Court of their position in joining the matter.

After listening to both counsels, Justice Usman Malam Na’abba fixed 27 May to enable both parties to serve their processes and for hearing of the three applications.

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