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Nigeria’s antigraft body EFCC to team up with UK prosecutors in ex-minister Diezani’s $2.5bn fraud case

Published

8 months ago

May 13, 2024

There were indications over the weekend that the Economic and Financial Crimes Commission (EFCC) intends to collaborate with UK prosecutors as an interested party in the trial of former Petroleum Minister Diezani Alison-Madueke in a UK court.

According to the Nation, a delegation from the anti-graft commission is due in London to start the process by filing essential documents.

According to a source familiar with the situation, the EFCC aims to share its findings, as well as the Abuja High Court’s forfeiture decision involving Diezani’s $2.5 million homes and vehicles, with the UK court.

“This country may not be able to retrieve questionable assets from Diezani if the EFCC does not apply to an interested party. We have received an advisory on this important bend to Diezani’s trial and we will be part of the case in the UK. A team will leave for London any moment from now to explore legal opportunities and file necessary papers as an interested party.

“The overall aim is for Nigeria to benefit from Diezani’s trial, especially the recovery of all assets linked to funds looted in this country. The EFCC has sufficient evidence against Diezani, including a court order on the former minister’s $2.5 million homes and cars.

“In another case, a former chairman of EFCC confirmed that the commission recovered $153 million and secured the final forfeiture of over 80 properties in Nigeria valued at about $ 80 million. The allegations against Diezani by the EFCC border on the alleged stealing of about $2.5 billion from Nigeria’s coffers as a minister.” the source said.

The source continued, “This nation must rise to the occasion because, in March 2023, the NCA also provided evidence to the US Department of Justice that enabled them to recover assets totalling $53.1 million linked to Mrs Alison-Madueke’s alleged corruption.

“Like the P&ID case, the EFCC has sufficient evidence to pull through a case against Diezani. We want all stolen, diverted and questionable assets back in the custody of Nigeria for the good use of our citizens. I think the EFCC is collaborating with the NCA in the UK on this.

“It is also unclear if the UK court will ask Diezani to return to Nigeria to serve prison terms if convicted. This is why we also need to be an interested party in the case in the UK.”

Diezani is currently on trial in the UK’s Southwark Crown Court for an alleged £100,000 bribe. The National Crime Agency claimed Diezani could have received at least £100,000 in benefits, including cash, chauffeured cars, private jet flights, luxurious family trips, and several London apartments.

On October 2, 2023, a Magistrate Court granted the former Minister £70,000 bail, citing her potential flight risk. The trial in Diezani’s case is set to begin in November 2025. In October 2023, Lateef Fagbemi, Attorney-General of the Federation and Minister of Justice requested the immediate extradition of Diezani Allison-Madueke, former Minister of Petroleum, from the United Kingdom.

Related Topics:Diezani Alison-Madueke EFCC Featured

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IMF, Egypt reach agreement for fourth review of Egypt’s $1.2 billion loan request

Published

2 hours ago

December 26, 2024

Ifeoluwa Dada

Egypt and the International Monetary Fund (IMF) have reached a staff-level agreement over the fourth review of the Extended Fund Facility arrangement, which might lead to a $1.2 billion payout under the program.

In March, Egypt, struggling with rising inflation and cash shortages, consented to the $8 billion, 46-month facility. Its economic problems were made worse by a precipitous drop in Suez Canal revenue over the last year due to regional tensions.

Over the next two years, Egypt’s government has committed to raising its tax-to-revenue ratio by 2% of GDP, according to the IMF, emphasising removing exemptions rather than raising taxes.

According to a statement from the IMF, this would allow it to expand social expenditure to support vulnerable populations.

“While the authorities’ plans to streamline and simplify the tax system are commendable, further reforms will be needed to enhance domestic revenue mobilization efforts,” the statement said.

According to the IMF statement, Egypt had also committed to maintaining its commitment to a flexible currency rate and to taking more urgent action to guarantee that the private sector became the primary driver of development.

The IMF’s executive board still has to accept the fourth review’s staff-level agreement.

VenturesNow

Libya’s eastern govt accepts petrol subsidy elimination

Published

2 hours ago

December 26, 2024

Ifeoluwa Dada

In a recent statement, the eastern government of Libya claimed it had reached a consensus on a plan to eliminate gasoline subsidies and would draft a mechanism to carry out the accord.

Additional information on the idea was not released by the administration led by Osama Hamad, a challenger to the internationally acknowledged Tripoli-based government.

However, it is uncertain if Hamad’s government would be able to carry out the plan in the divided nation.

According to the Global Petrol Prices online tracker, a litre of gasoline costs just 0.150 Libyan dinars ($0.03) in OPEC member Libya, making it the second-cheapest in the world.

Following an uprising against former ruler Muammar Gaddafi in 2011, smuggling networks have thrived in the ensuing political unrest and armed fighting. In 2014, conflicting eastern and western governments separated the nation.

A World Bank analysis estimates that the annual value of fuel smuggling from Libya is at least $5 billion.

In a meeting with Mari Barrasi, the deputy governor of the Central Bank of Libya (CBL), located in Tripoli, and four members of the bank’s board of directors, Hamad in Benghazi supported the idea of removing subsidies.

The CBL’s Benghazi branch offices served as the venue for the conference.

The eastern parliament appointed Hamad in 2023 to succeed Abdulhamid Dbeibah, who had been put in position in 2021 under a U.N.-backed procedure that the parliament said had lost its legitimacy.

Dbeibah, who is located in Tripoli, stated in January that he will conduct a public poll on the topic of eliminating gasoline subsidies, but he hasn’t done anything about it since.

According to CBL figures, gasoline subsidies cost 12.8 billion Libyan dinars between January and November of this year. 4.8 Libyan dinars to $1 is the official exchange rate.