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Chinese National Forfeits $300,000 to Federal Government of Nigeria

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Chinese National Forfeits $300,000 to Federal Government of Nigeria

Justice Babatunde Quadri of Federal High Court, Abuja, on Monday, May 11, 2020, ordered the final forfeiture of $300,000 belonging to a Chinese national, Li Yan Pin, to the Federal Government of Nigeria.

The judge had earlier ordered the interim forfeiture of the money following an exparte application filed by the Economic and Financial Crimes Commission, EFCC.

Yan Pin stood trial for a money laundering charge leveled against him by the EFCC over the said sum after intelligence led to his arrest at the Nnamdi Azikiwe International Airport, Abuja, for failing to declare the money in his possession, as he attempted to board a flight to China en-route Dubai.

Justice Quadri in his judgment noted that the prosecution has proved its case beyond every reasonable doubt and found the defendant guilty of the charges, according to Section 2, sub-section (5) of the Money Laundering Prohibition Act, 2011, as amended in 2012.

The defense counsel in its response pleaded with the court to temper justice with mercy, as the convict, he said had invested his resources to the development of Nigeria, and currently facing difficult health challenges.

He also noted that his client has no prior criminal conviction.

While ordering that the said sum be forfeited to the Federal Government, Justice Quadri, saved the convict a jail term on the ground that he had earlier filed for a medical leave over alleged COVID 19 symptoms that included persistent headache, insomnia, and fatigue.

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Economy

House of Reps Probes North East Development Commission Over the Misappropriation of ‘₦100 Billion in 1 year

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House of Reps Probes North East Development Commission Over the Misappropriation of ‘₦100 Billion in 1 year
House of Representatives Probes North East Development Commission Over the Misappropriation of  ‘₦100 Billion in 1 year

The house of representatives probes the North-East Development Commission (NEDC) over the alleged mismanagement of N100 billion.

The happened as a result of the motion moved by Ndudi Elumelu, the minority leader of the house, on Thursday.

The commission was established in 2017 to reconstruct states affected by insurgency in the North-east.

According to Elumelu, the N100 billion given to the commission by the federal government “vanished” with nothing to show for it.

The Delta lawmaker accused Mohammed Goni Alkali, commission’s managing director, of awarding non-existent contracts.

“The N100 billion so far disbursed to the commission by the federal government is said to have vanished under a year without any visible impact on the refugees nor any infrastructural development credited to the name of the commission in the whole of the north-east,” Alkali said.

 

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“The corrupt practices include high handedness by the managing director, Mohammed Goni Alkali, over inflation of contracts, awards of non-existent contracts, massive contract splitting and flagrant disregard for the procurement laws in the award of contracts.

“There are allegations of how the minister of humanitarian affairs and disaster management, Sadiya Farouk, was said to have entered into an unholy deal with the managing director of the commission to illegally withdraw money for the purchase military vehicles without any recourse to the board.

“The act, which completely disregards the country’s procurement laws, must be seriously frowned at.”

The house adopted the motion after it was put to a voice vote by Femi Gbajabiamila, speaker of the house.

The motion was referred to the house committees on finance, procurement and NEDC. The report on the probe is expected to be turned in after eight weeks.

The development is coming days after the house  has concluded its investigation on the alleged mismanagement of N81.5 billion by the Niger Delta Development Commission (NDDC).

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Economy

NYCC-19: CORRUPTION & ECONOMIC WOES AMIDST COVID-19; THE ROLE OF NIGERIA YOUTHS

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NYCC-19: CORRUPTION & ECONOMIC WOES AMIDST COVID-19; THE ROLE OF NIGERIA YOUTHS

NYCC-19: CORRUPTION & ECONOMIC WOES AMIDST COVID-19; THE ROLE OF NIGERIA YOUTHS

The Nigerian Youth Compact on COVID-19, NYCC-19 today held her 8th edition of the ‘One Stop Youth Talk’, a webinar program which is streamed live on Facebook.

Moderating the segment, Bonaventure Nwankama, Head of ICT, NYCC-19 stated that corruption is a form of dishonesty undertaken by a person or an organization entrusted with a position of authority. According to him, it is an act of acquiring illicit benefit or abuse of power for one’s private gain.

He stated that the best way youths can help curb corruption in Nigeria is by Blacklisting the corrupt leaders.

He also advised the youths to get involved in governance and National issues by equipping themselves with the right information.

Speaking on the topic: Corruption & Economic Woes Amidst Covid-19, the Role of Nigeria Youths, Vice Chairman and Head of States affairs, NYCC-19, Comrade Prince Chibuike emphasized on the need for youths to make their voices heard most especially as it concern recent happenings in the country, he noted that youths should be ready to come together to follow up with the the trend and most especially the Federal Government approved funds for youth’s investment program.

He noted that the reason most youths do not make their voices heard is as a result of personal gains from corrupt individuals,

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Comrade Chibuike further advised youths to wake up to this clarion call and stop allowing themselves to be used as agents to perpetuate crime.

Edo state command Information Officer, Peace Corp of Nigeria, Aigbedion Garnet said the fight for corruption should start with the sensitization of the young ones most especially students in secondary schools as it is better to catch the young. Putting into consideration the actions of the current leaders of the nation, Aigbedion urged the youths to equip themselves with trainings that would build their capacity as well as acquire skills that will make them relevant in the society rather than allowing themselves being used as thugs.

On his part, Waniko Rapheal a youth leader from Kogi State stated that Corruption starts with an individual, therefore it requires self determination to fight it.

In the same light, Shina Gudu, while speaking from Lagos State, said, most Leaders of the country are corrupt, he therefore emphasized the need for Nigerian leaders to lead by example so the youths can emulate them in the positive light.

“What the youths need is proper re-orientation. The Nigeria Youths are resilient but the circumstances surrounding them is neck-breaking” Gudu added.

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Coronavirus

Group partner chamber of commerce for increased access to finance

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Nigerian Youth Compact on COVID-19 (NYCC-19) partners Chamber of Commerce for increased access to finance

Group partner chamber of commerce for increased access to finance

The Nigerian Youth Compact on COVID-19 (NYCC-19) has partnered the Nigerian Youth Chamber of Commerce to boost access to finance from the Central Bank of Nigeria (CBN) for over 10 million youths in the country.

National Chairman of the youth compact, Malam Gambo Haruna, made the disclosure during the signing of a Memorandum of Understanding (MoU) for the training of 10 million youths, on Friday in Abuja.

The News Agency of Nigeria reports that the MoU was signed between the Youth Compact and the Nigerian Youth Chamber of Commerce with a view to facilitate access to the CBN Loan Entrepreneurship Training and Certification.

Haruna expressed optimism that the partnership would boost access to finance for over 10 million Nigerian youths to establish functional enterprises and create over 30 million jobs in the next two years.

According to him, a delegation of the Nigerian youth will be meeting with the Governor of Central Bank of Nigeria within the next seven days, to develop modalities to get the project going.

Haruna explained that the partnership was strategic and timely, considering the urgency for economic recovery created by the COVID-19 pandemic.

He said that the proposed partnership would complement efforts of the government to save the economy.

The youth leader expressed hope that the partnership would stimulate MSMEs growth beyond the CÓVID-19 pandemic, create millions of jobs and contribute to non-oil revenue in the country.

Haruna said that over 50 per cent of the 200 million Nigerian population was made up of young people.

According to him, every year, over 1.8 million young people graduate from tertiary institutions.

He, however, said only 30 per cent would find some kind of employment, thereby leaving over 1.2 million graduates without jobs.

“Compound that in a generation and you have over 10 million youth unemployed, which is bigger than the population of Demark and Finland combined.

“ These are people with creative energies and aspirations to impact humanity positively.

“ It is sad, however,  that these aspirations are often cut short due to a myriad of problems from the cradle to adulthood.

“The Nigeria youth unemployment rate is projected to trend around 44 per cent in 2021.

“ The youth situation is worsened by the looming global recession as a result of the Coronavirus pandemic that has infected over 10 million people globally.”

Haruna advised government to put deliberate measures to reverse the ugly trends and cushion the impact of COVID-19 on the Nigerian youth, whose fate already hangs in the balance.

He said the N50 billion Targeted Credit Facility (TCF) set up by CBN to mitigate the impact of COVID-19 was laudable.

“Feedback from the field, however, shows that a critical mass of youth-led enterprises have not been able to access the facility due to set conditions,” he said.

 

The youth leader advised the government to create a special fund that would serve the needs of her burgeoning youth population.

“These needs are unique in all ramifications. There is no questioning the fact that these intervention measures have to be coordinated and driven by the organised private sector to achieve the desired impact.

“ We are at the threshold of history and the situation beckons on us to act. Surely, posterity will judge the actions we take today to build a more economically viable Nigeria,” he said.(NAN)

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