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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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Market Traders Association of Nigeria Suspends Operations of 36 State Chapters

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President market traders association of Nigeria Jamilu Abbas

 

The Market Traders Association of Nigeria (MATAN) has announced the suspension of operations across its 36 state chapters and the Federal Capital Territory (FCT), Abuja. The decision was disclosed by MATAN’s National President, Jamilu Abbas, while addressing journalists on the prevailing challenges within the association.

According to Abbas, the suspension comes in response to multiple concerns raised by stakeholders, alongside unforeseen circumstances that have impacted the organization’s unity.

He emphasized the need for solidarity, stating, “Based on the current situation across the country regarding our association, along with the receipt of various calls from stakeholders and unforeseen circumstances—including exchanges of words on our platform—I believe that we are one family, united in the progress of our great nation. That is why we are MATAN: when we work, our nation moves forward.”

The MATAN President clarified that, despite the general suspension, the scheduled inauguration for Imo State would proceed as planned, while that of Enugu State has been postponed. Abbas noted that further directives on the future of the association’s activities would be determined by the Federal Executive Council. He stated, “In view of all these developments, as the President and father of our teeming family members, I am here to announce that the Enugu State inauguration is suspended, while Imo State’s inauguration should proceed as scheduled. Furthermore, the operations of all 36 state chapters and Abuja are hereby suspended until the Federal Executive Council convenes and announces a new mode of operation for the entire 36 states and Abuja.”

Abbas acknowledged that the suspension could cause disruptions for MATAN members but stressed that it was a necessary course of action. He expressed his regret over the inconvenience, adding that he remains optimistic about the upcoming discussions with the Federal Executive Council, which he believes will provide lasting solutions to the association’s concerns. “This decision was made out of necessity. I believe the suspension may hurt our members, and we regret any inconvenience this painful decision may cause. However, we had no choice but to implement it. I am confident that the outcome of our meeting will serve as the final solution to our grievances,” he stated.

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MATAN members across the country will be awaiting further updates as the association navigates this transitional phase. In the meantime, Abbas urged traders to remain united, emphasizing his unwavering commitment to resolving the underlying issues affecting the organization.

The Market Traders Association of Nigeria is a national organization committed to supporting market traders and advancing trade-related policies for economic growth. The association plays a crucial role in facilitating dialogue between traders and government stakeholders, ensuring that market conditions remain favorable for business development.

This latest suspension marks a pivotal moment for MATAN, with traders, stakeholders, and the government looking ahead to forthcoming resolutions.

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Tragedy in Kano: Woman k!lls husband 9 days after wedding

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A newlywed woman, Saudat Jibrin Adam, has been arrested for allegedly kill!ng her husband, Salisu Idris Ibrahim, just nine days after their wedding in the Farawa community of Kumbotso Local Government Area, Kano State.

The tragic incident, which occurred late Monday night, has shocked residents of the area.

According to eyewitnesses, Saudat allegedly asked her husband to close his eyes for a “surprise” before fatally slitti!ng his throat with a knife.

A neighbour, Dini Mada, who was one of the first to arrive at the scene, disclosed that Salisu named his wife as the attacker before succumbing to his injuries at the hospital.

“I asked him who did this to you, and he said, ‘Dini, it’s my wife. She stabbed me in the neck in the parlour.

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“She told him to close my eyes for a surprise, not knowing she had hidden a knife,” Dini recalled.

He added that Salisu’s mother, whose home is attached to the couple’s residence, alerted him moments after hearing a disturbance.

“She thought it was an external attack, but we found Salisu bleeding with his throat slit.”

The suspect reportedly locked herself in a bedroom after the attack and was discovered by police during a search of the premises.

“She was on the phone when police entered and arrested her.

“We didn’t even know she was still in the house,” Dini added.

Sources close to the deceased claimed that the couple had unresolved marital issues.

Despite displaying affection during their courtship, the suspect allegedly refused to consummate the marriage and frequently declined to cook for her husband.

“That night, Salisu bought gurasa and meat for dinner because she again refused to cook,” one friend said.

Neighbours described the suspect as appearing “normal” and often accompanying her husband to visit family nearby, which made the attack even more shocking.

Family members confirmed that Salisu was rushed to the hospital but later died from his injuries.

His brother, Tanimu Idris, said he has been buried according to Islamic rites.

As of the time of this report, the Kano State Police Command has yet to issue an official statement.

Spokesperson SP Abdullahi Kiyawa said the command is investigating the matter.

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Group distributes cash, agro-inputs to indigents in Nangere

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From Ibraheem Abdu

A group under the auspices Rural Health Mission Nigerian, has distributed cash assistance to and agro-inputs to over 130 indigents in Nangere local government of Yobe state as part of the group’s citizens development initiative move to encourage self-reliance among communities.

Speaking during the venet, team lead of the group Muhammad Ahmad Saddiq stated that the group with head office in Gombe State is in Yobe state to render assistance and also to encourage people to self reliant.

He added that those that benefited from the support included 50 pregnant women that were given N40,000 each and maternity delivery kits were also given to them free adding that 15 people with special needs had received N50,000 each.

He further revealed that 15 elderly people were also given N50,000 each as part of the group’s assistance..

Similarly, the royal father of the day during the event that took place at Sabon Garin Nangere., His Royal Highness, the Emir of Tikau, Alhaji Abubakar Muhammad Ibn Grema while presiding over the distribution of the farm input to 35 farmer surged all beneficiaries to make good use of what they have received. He also commended the group for finding it worthy to assist the indigents in the area. The inputs distributed include fertilizer, spraying machines, liquid fertilizer, millet seeds, sorghum, and pest control among others.

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