Tag Archives: Searches

EFCC Searches Badeh’s House, Recovers $1m Cash

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The Economic and Financial Crimes Commission has recovered $1m cash from one of the houses belonging to the immediate past Chief of Defence Staff, Air Chief Marshal Alex Badeh(retd.).

It was learnt that the money was recovered after detectives searched a mansion located at 6, Ogun River Street, Maitama, Abuja.

A detective at the EFCC, who did not want his name in print, said, “We have seized several properties belonging to Badeh. A few days ago, we returned to the mansion located at 6, Ogun River Street, Maitama.

“In the presence of several witnesses, including neighbours, we searched the house and recovered $1m in cash. The money has been lodged as evidence.”

The property, which is said to be worth over N1.1bn, is one of the five properties seized from the ex-defence chief.

Some of the properties were said to have been purchased, renovated and furnished for a son of the former CDS, Alex Badeh (Jnr.).

Badeh also allegedly bought a commercial plot of land at Plot 1386, Oda Crescent, Cadastral Zone A07, Wuse II, Abuja for N650m.

They were said to have paid N878m for the construction of a shopping mall at Plot 1386, Oda Crescent, Cadastral Zone A07, Wuse II, Abuja, and another sum of N304m to complete the construction.

The anti-graft agency also accused them of paying N260m to purchase a duplex at No. 19 Kumasi Crescent, Wuse II, Abuja, for Badeh’s son.

The sum of N60m was said to have been paid for the renovation of the property and another N90m to furnish the property.

The retired Air Force officer also allegedly paid N330m to one Honourable Bature to purchase a duplex at No. 14 Adzope Crescent, Off Kumasi Crescent, Wuse II, Abuja.

They were also accused of paying N240m to Rabiu Isyaku Rabiu to buy a semi-detached duplex at No. 8A Embu Street, by Sigma Apartment, Wuse II, Abuja.

They also allegedly renovated a private property at No. 2, Nelson Mandela Street, Asokoro, Abuja, with N62m.

In the charges, signed by EFCC’s Deputy Director, Legal and Prosecution Department, Aliyu Yusuf, the anti-graft agency alleged that Badeh removed the sum of N3.9bn from the accounts of the Nigerian Air Force.

But Badeh had, last week, denied ownership of the properties seized by the anti-graft agency.

Badeh, who has remained in the EFCC custody since February 8, has been charged along with a firm, Iyalikam Nigeria Limited, before Justice Okon Abang of the Federal High Court in Abuja.

He is set to appear in court on Monday (today).

Credit: Punch

China Ignores Nigeria’s Crude, FG Searches For Buyers

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Nigeria has a lot to do to woo buyers following the decision of China to ignore crude from Nigeria. This is happening at a time when the country has become the biggest casualty of the rising United States shale oil production.

China is the second largest consumer of crude oil, and when it does not figure at all as one of your regular buyers, you know you have a problem. And Nigerian crude is suffering because of this. China likes crude oil that is heavy and sweet, as it fits the appetite of its refineries that produce a lot of fuel oil to keep its industrial and manufacturing economy running, according to a data from the US Energy Information Administration, EIA.

The EIA noted that China also has a lot of complex and sophisticated refineries that can still produce middle distillates by distilling heavy crude oil, making the refiners much better margins.

Consequently, China ignores Nigerian crude for now, as their demand for light sweet crude oil is very sparse. It is high time Nigeria found a way to attract its crude oil to China, it noted.
Crude exports

In 2014, about 45 percent of Nigerian crude exports went to Europe, according to the EIA data. But the issue for Nigeria is that it is so dependent on a region where crude demand is stagnant as a lot of economies are still stumbling and it needs to find demand in countries that are growing, particularly in Asia.

Nigeria’s condition is made worse by the fact that it has become the biggest casualty of rising United States shale oil production
Until about seven years ago, the US, which remains the largest oil consumer in the world, used to buy more than 1 million barrels per day of light sweet Nigerian crude oil, which was almost 50 percent of Nigerian oil exports at the time. In 2014, only three percent of Nigerian exports went to the US, according to the same data published by the US EIA.

Nigeria lost its biggest buyer, and the reason has been attributed to the dramatic rise in US shale oil production.
US shale oil is said to be extremely similar in quality to light sweet Nigerian crude oil, and as more and more shale basins were discovered in its own backyard, the US did not need any more oil from Nigeria.

Last year, there were six weeks in a row starting from early July during which the US did not import a single barrel of crude oil. This was the first time that the US had not imported any Nigerian crude oil for such a length of a time, since US EIA started compiling this data almost four decades ago.

Read More: vanguardngr