.Signs MoU with Niger to stall illicit cash flows
.Vows to turn the heat on looters
The tone of Nigeria’s anti-corruption war changed dramatically yesterday when the chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, disclosed that corrupt and influential Nigerians had turned their attention from Europe and American but were stashing their loot in African countries considered as safe havens. Ibrahim Magu made the stunning revelation at the signing of a Memorandum of Understanding between Nigeria’s EFCC and Nigerien High Authority against Corruption and Related Crimes, HALCIA, in Niamey, the country’s capital. Magu said that unlike in the past when Nigeria’s looters of public treasury took their loot to safe havens in Europe, America and some islands, such elements had now found some African countries more attractive to hide their illicit cash and property. Magu said: “From available intelligence and our investigations, it has been revealed that looters from Nigeria now go to Ghana, Egypt, Cameroun, South Africa, Equatorial Guinea, Niger Republic, Morocco, and Seychelles and so on, to stash their loots. This has led to a sharp increase in the number of Nigerians buying properties in African countries. “In fact, some corrupt Nigerians even go to the extent of changing their names and acquiring the destination countries’ international passports in collusion with corrupt public officers in their countries of residence in order to hide their identities and evade detection. But he vowed to turn the heat on the looters until the war against corruption was won by the government and the culprits sent to jail to serve as a deterrent to others. The MoU, according to the EFCC in Abuja on Friday, is geared towards strengthening collaborative efforts between the Nigerian front row anti-corruption agency and its Niger Republic counterpart. The signing of the document was the climax of a two-day working visit by the Chairman of the EFCC, Ibrahim Magu to the West African country. But Magu begged the Nigerien authorities to help Nigeria confront the growing illicit cash movement along the borders of the two countries by identifying the owners of huge cash owned by some Nigerians in that country’s financial system and sharing the information with the EFCC to enable the agency to determine whether it is part of the proceeds of crime or not. He also pleaded with them to assist Nigeria by identifying the numerous property owned by Nigerians including the details of the owners in order to enable the commission to ascertain if such Nigerians acquired them with looted funds or proceeds of crime Other request by the EFCC boss to the Nigerien government included: Stopping moves by persons who plan to move funds during the elections hrough the usual medium to destabilise the political stage in Nigeria, increased clampdown on Nigerians who are involved in cyber crime and handing over their details to Nigeria and assisting the EFCC in the arrest of persons on its ‘Wanted Persons List’ who might have absconded through Niger Republic. President of HALCIA, Gousmane, said there was no better time than now for EFCC and the agency to sign the MoU for stronger collaboration between Nigeria and The Niger Republic in the fight against corruption. He said: “We are ready and willing to partner with Nigeria. Nigeria has the experience and the human capacity and with President Muhammadu Buhari who is a renowned anti-corruption icon, we have no choice but to leverage on Nigeria for capacity building in taming the corruption monster,” Gousmane said. One of the side attractions of the visit was Gousmane’s presentation of a horse as a special gift to Magu.
Access Bank Appoints Uche Orji as Independent Non-Executive Director
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
Access Holdings Plc (‘the Company’) is pleased to announce the appointment of Mr. Uche Orji as an Independent Non-Executive Director of its flagship subsidiary, Access Bank Plc (‘the Bank’), effective from January 7, 2025, following the approval of the Central Bank of Nigeria (‘CBN’).
This appointment reflects our commitment to enhancing our governance practices and ensuring a diverse and experienced board.
Mr. Orji is a renowned investment banking professional, information technology entrepreneur, and finance expert with three (3) decades of professional and board experience. He is the Co-founder and Partner of Titangate Capital Management, an equity firm that invests in deep-tech, enterprise software, semi-conductors, hardware, and artificial intelligence companies.
He is the Founder and Director of Vitesse Africa Limited, an investment advisory firm focused on African energy, technology and infrastructure sectors. He serves as an Executive Board member and investor in Ultrasafe AI, an artificial intelligence/IT development firm that maintains strategic collaborations with leading technology companies. He also sits on the Board of Private Infrastructure Development Group, London, and chairs the Risk Committee.
Previously, Mr. Orji served as the founding Managing Director and Chief Executive Officer of Nigeria Sovereign Investment Authority. He held positions as Managing Director and Senior Analyst at UBS Securities Limited New York and Managing Director and Head of European Technology/Semiconductor Equity Research at JP Morgan Securities, London. He also served as Executive Director/Portfolio Manager at Goldman Sachs Asset Management, London. Earlier in his career, he was Acting Financial Controller at Diamond Bank Limited and an Audit Trainee at Arthur Andersen & Co.
He holds a Bachelor of Engineering Degree in Chemical Engineering from the University of Port-Harcourt and a Master of Business Administration from Harvard Business School.
Commenting on the appointment, Mr. Paul Usoro, SAN, the Chairman of the Bank said:
“Mr. Orji has been appointed based on his exceptionally rich professional, academic, and corporate board experience which will be invaluable to the Bank as we continue to pursue our strategic objectives.
We are confident that his addition to the Board would further enrich the quality of our decision-making process, enabling us to deliver even greater value to our customers and stakeholders.
His appointment has been made in accordance with the Bank’s internal policies and has been notified to all relevant regulatory authorities underscoring our commitment to upholding the highest standards of corporate governance.
On behalf of the Board, Management and staff, I warmly welcome Mr. Orji to the Board and look forward to his contributions towards our goal of becoming one of the top 5 African Banks in the shortest possible time.”
Go and List Your Challenges, Lagos Speaker tells NANS Member During Courtesy Visit
AJAGBE ADEYEMI TESLIM
SPONSORED BY: H&H
The National Association of Nigerian Students (NANS), Lagos State University (LASU) branch, on Friday paid a courtesy visit on the Speaker of the Lagos State House of Assembly, Princess Mojisola Lasbat Meranda.
The student representatives said the visit was to congratulate Meranda over her emergence as Speaker of the State Assembly.
Meranda, an alumnus of LASU, was elected Speaker on January 13 after the removal of Mudashiru Obasa by the lawmakers over issues relating to alleged high-handedness and financial impropriety.
Describing her as a thoroughbred Lagosian, the chairman of NANS, Abdulraheem Azeez, used the opportunity to list some of the challenges faced by students in the university.
According to him, students have had to read in darkness as the Ikeja campus gets less than two hours of power supply daily.
Azeez also raised the need for the State to make available loans for indigent students as well as for the Assembly to provide opportunities for students to witness the plenary of the House.
Meranda, while thanking the students for the visit, urged them to always attend town-hall meetings in their constituencies where they can contribute and make their opinions known.
She further encouraged them to apply for the loans initiated by the government as done by students in other countries.
The Speaker requested the students to formally send their complaints in written forms to the House for action.
The Executive Chairman of the Economic and Financial Crimes Commission, EFCC, Mr. Ola Olukoyede charge members of the National Youth Service Corps, NYSC, to be change agents and strong resisting force against corruption.
He also enjoined them to be active foot soldiers and whistle-blowers or intelligence-gatherers against corruption.
Speaking on Thursday, January 30, 2025 at the NYSC Orientation Camp, Yikpata, Edu Local Government Area of Kwara State, Olukoyede said It is important for youths to realise that, these roles, if performed creditably, will bring up appreciable growth in the economy of our nation. He said that, “creative energies of youths will be maximised when corruption is brought to its knees.”
The EFCC boss whose address was delivered by the Head, Public Affairs Department, Ilorin Zonal Directorate of the EFCC, Ayodele Babatunde said that most of the problem confronting the country such as kidnapping, banditry, poor infrastructure, among others were connected to corruption. He added that all hands must be on the deck to tame the cankerworm.
Olukoyede encouraged the youths to embrace the virtues of hard work and shun fraudulent practices such as cybercrime noting that, “it’s profitable to earn dignity and fame through hard work and legit business.”
While calling on the youths to channel their potentials productively and shun crime, the EFCC Chair said that, “Yahoo-Yahoo is not a sustainable way of life.”
“There is no shortcut to wealth and fame. The fact that the rate of unemployment is high should not be an excuse to resort to crime. Act of criminality might deliver wealth in the short term but there will be misery and gnashing of teeth”, he said.