Insurance company boss returns stolen N66m.

An Insurance Company Chairman (name withheld) has returned N66 million stolen fund from an insurance firm through the intervention of the apex Insurance regulator, the National Insurance Commission (NAICOM).

 

In an interview, Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Mohammed Kari, also stated that there were some Non-Executive Directors (NED) who have left an insurance company and dipped their hands in the firm’s treasury to help themselves.

 

“I can confirm to you that one Chairman returned sixty-six Million Naira (N66 million). These are information we don’t go out brandishing. And we have identified quite a few cases like that. We always stood our ground for refund because these are shareholders money been pilfered,” Kari said.

 

He noted that the regulatory agency carried out a lot of activities on several insurance companies under regulatory Orders or under intervention, as their actions in no small measure had crippled the operations of most insurance firms leading to near bankruptcy.

 

He further revealed that some insurance directors acquired equities without actually paying for them, stressing that it was a bad development.

 

“We have found out that some directors acquired shares without paying for them and we have taken them to the Economic and Financial Crimes Commission (EFCC). We also believe that what they have done is criminal. We are trying to get them to cough out what they have taken illegally. And those refunds we believe will go a long way in easing the financial constraints of these companies.

 

He observed that the development is a confidence booster because some of these people (insurance directors) believe there is no control at all, pointing out that the insurance industry is the only growth area left in the financial sector and this is a fact.

 

He opined that while the companies are rebranding themselves, we are watching how they behave, because if they clean the ‘frontage’ and the ‘back office’ is left dirty, that will not be good. “If you see a company complaining, know definitely that somebody is squeezing them. And we have never them complaining as they are doing now” due to increased momentum of the insurance regulator on the regulated.

 

Meanwhile, NAICOM has released the roadmap for Risk-based supervision and that could also have its own effects in the operations of the companies in the coming year, adding that there are components in the risk-based supervision that may require financial expenditure, or capital review, or structural reviews which will affect the fortune of the companies.

 

On the outlook for 2017, Kari said “as long as it is still futuristic, we can only say we have a lot in store for us in 2017. Again a lot of things could even happen this year, because of some of the pronouncements from the code of governance of the FRC which was released recently.”

Nigerian Navy seizes 253,000 litres of stolen diesel.

Nigerian Navy Ship Pathfinder in Port Harcourt on Tuesday impounded 253,000 litres of illegally refined diesel loaded in two vessels and one wooden badge.

Cdr. Raphael Ekuma, the NNS Pathfinder Base Operation Officer, paraded four suspects and the vessels before newsmen in Onne, Eleme Local Government Area of Rivers.

The two vessels–MV Omiete VI and MV Wood Pecker– and a wooden barge had suspected stolen diesel worth N36.68 million.

Ekuma said the arrest was part of ongoing clampdown on oil theft, piracy and pipeline vandalism in Rivers and its environs.

“In continuation of our clampdown on oil thieves and illegal oil bunkers, troops of NNS Pathfinder impounded two vessels MV Omiete VI, MV Wooden Pecker and a wooden barge with combined 253,000 litres of stolen diesel.

“On Oct. 14, we received information on activities of illegal bunkering activities at Wogono in Okirika LGA and immediately deployed our gunboats to the area.

“Upon arrival, our gunboats discovered that MV Omiete was already loaded with 100,000 litres of diesel and another wooden barge alongside it had 120,000 litres in it.

“Three suspects were arrested in connection with the vessel and barge in the course of the operation,” he said.

Ekuma added that on Monday, troops on patrol seized a vessel, MV Wood Pecker, at Abonema wharf laden with 33,000 litres of illegally refined product believed to be diesel.

He said that crew members on board the vessel on sighting naval patrol team jumped inside the sea and escaped arrest.

“But luck ran out of one of them who is currently in our custody and undergoing interrogation’’ he said.

Ekuma said the four suspects would be handed over to relevant government agencies for further investigation and prosecution.

Also speaking, Commodore Obi Egbuchulam, the Commander of NNS Pathfinder, said the Naval headquarters gave directives to end illegal bunkering in the shortest possible time.

He said the clampdown was in line with the directive and assured that the fight would be won.

Egbuchulam called on members of the public to continue to provide information that would lead to the arrest of oil thieves while giving an assurance that their identities would be protected

8 In Court Over 1,000 Stolen Chickens

Eight persons on Tuesday appeared before an Osogbo Magistrates’ Court in Osun over the theft of 1,000 chickens from a poultry farm.

The accused include Odebiyi Yinka, 20, Ayoola Samson, 20, Cecilia Ochilla, 35, and Elizabeth Akira, 30.

Others are: Oyelami Tajudeen, 30, Regina Philip, 40, Grace Odelia, 35, and Akira Hanna, 24.

The accused and others at large are facing charges bordering on stealing.

The Prosecutor, Insp. Taiwo Adegoke told the court that the accused committed the offence between the months of May, June and July at Erin-Osun, Osogbo.

Adegoke said the accused conspired with others now at large to steal 1, 000 chickens owned by one Mrs Titilayo Akulo.

He said that Odebiyi and Ayoola, who are co-workers at Aluko Poultry Farm, conspired to steal 1, 000 chickens valued at about N1.5 million.

The prosecutor said the accused sold the chickens to the six other persons at the total sum of N1.2 million.

He said the offences contravened Sections 516, 390(9), 383(9) and 427 of the Criminal Code cap 34 Vol.11, Laws of Osun, 2003.

The accused, however, pleaded not guilty.

Counsel to the accused, Mrs Bose Dada, prayed the court to grant her clients bail in the most liberal terms.

The Magistrate, Mr Olusola Aluko, granted the accused bail in the sum of N 100,000, with two sureties each in like sum.

Aluko said the sureties must reside within the court’s jurisdiction.

He adjourned the case to Nov. 25, for hearing.

Credit: NAN

Edo 2016: INEC Smart Card Reader Stolen

The Independent National Electoral commission, Edo state yesterday said its smart card reader in Akoko- Edo local government area have been stolen one week to the Edo Governorship election.

According to a statement released by the Administrative Secretary of INEC on behalf of the Resident Electoral Commissioner, Mr. Sam Olumekun and made available to journalists in Benin the smart card reader was stolen during the training of presiding officers and assistant presiding Officers.

“The Independent National Electoral Commission, has observed the ploy to tarnish the good image of the good people of Akoko-Edo local government area especially the inhabitants of Igarra.

“ It is a challenge for the people of Akoko-Edo to fish out the Impostor who during the training of presiding Officers and Assistant presiding Officers made away with the training smart card reader which has not been configured for election.

“ However, the Security Operatives are on the trail of the Impostor, and his co-horts.

“ INEC is using this medium to send a warning signal to all those who may be planning to disrupt the commission’s processes on Election day to have a re- think, because the law enforcement agents will descend on them”.

Credit:

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Stolen Kia Car Sold For N10, 000 In Ogun

A member of a robbery gang, Jimoh Wasiu, on Thursday narrated how they stole a Kia car and sold it for a meagre N10, 000.

Mr. Wasiu, 37, made the disclosure while being paraded before journalists at the Special Anti-Robbery Squad, SARS, headquarters in Abeokuta, Ogun State.

He was paraded alongside two other members of the gang, named Damilola Daramola (38) and Tunji Makinde (38).

Mr. Wasiu said the gang was formed in 2015 and had only snatched two cars. One of the stolen cars was the Kia they sold for N10, 000.

He said the group specialised in snatching cars and tricycles on Lagos-Ibadan Expressway.

The Ogun State Police Command Public Relations Officer, Abimbola Oyeyemi, who paraded the suspects, said the gang operates on Lagos-Ibadan Highway.

Five suspected cultists were also paraded. They were accused of terrorising Ogijo and its environs before they were arrested.

Mr. Oyeyemi said the cultists killed a man at a filling station.

The police spokesman disclosed the identities of the suspected cultists as Oluwatosin Mosaku, Tunde Adeleye, Olajuwon Kashimawo, Sunday Ajayi and Sharafa Oladipupo.

He said Mosaku, popularly known as Mega Tea, was a notorious cultist who had killed many people in Ikorodu, Lagos state, while Kashimawo was allegedly responsible for the death of a-16-year-old boy that was killed on Tuesday at MRS Petrol station in Ogijo.

He said Ajayi, popularly known as Egbere, had been on police wanted list for snatching a rifle from a police corporal at Oko-Oba in Ogijo located in Sagamu local government area of Ogun State.

Credit: PremiumTimes

Recover Stolen Funds, Prosecute Looters, Sanusi Tells Buhari

The Emir of Kano, Muhammad Sanusi II, has advised the Federal Government not only to recover looted funds from individuals and groups, but should also prosecute culprits to serve as a deterrent to others.

He gave the advice in a lecture he delivered on the deregulation of the downstream oil sector and Nigeria’s economic development at the National Defence College, Abuja on Wednesday.

He called on the Federal Government to ensure that those who looted the nation’s treasury were punished for their actions.

Sanusi said that it was not enough for those who diverted huge amounts of money from the nation’s treasury to be made to return what they stole.

The emir said that the right thing to do was to recover the stolen funds and imprison the culprits to serve as a deterrent to others.

He said that the ongoing campaign against corruption and the intensified onslaught on insurgency demonstrated the government’s commitment to economic development.

The emir stated that the current economic recession facing the country was self-inflicted.

He said that the fact that the economy was in recession should not be a surprise since it was a product of bad policies.

Sanusi said that the country was made bankrupt by unrealistic policies and failure of those in charge of the government over the years to take corrective measures.

He said, “Nigeria is bankrupt; we are bankrupted by a policy that was foolish, that was unrealistic, and unsustainable, and by all means our refusal over the years to listen.

“We are surprised that we have an economic recession; we are actually surprised that we are in recession? We created the recession.”

The former Governor of the CBN, who commented on the issue of the removal of fuel subsidy, said that it was a scam designed to benefit a few in the country.

He faulted the claims that that subsidy was meant to benefit the poor.

The emir said that the country was losing $20m on every 30,000 metric tonnes of kerosene imported into the country.

Credit: Punch

How Badeh Converted Stolen N558 Million Monthly To US Dollars- Witness

A former director of finance and account for the Nigerian Air Force has narrated how former Chief of Air Staff, Alex Badeh, authorised his aide each month to convert over N558 million stolen government money to United States Dollars.

Salisu Abdullahi, a retired Air Commodore and former director of finance and account, told a court that the man who converted the money monthly was brought in solely for that purpose.

Mr. Badeh is facing trial at the Federal High Court, Abuja, on allegations of fraud.

Mr. Abdullahi, who is a witness, had told the court during his examination that Mr. Badeh personally received over N558 million monthly.

The money was balance after payment of monthly salaries to Air Force personnel.

“Out of the balance of N1.6 to N1.7 billion, the sum of N558 million was taken to Mr. Badeh’s personal residence at Niger Barracks after it is exchanged to dollar,” Mr. Abdullahi stated.

Mr. Abdullahi further stated during cross-examination that the officer in charge of the said conversion of Nigerian currency into US dollars for Mr. Badeh, identified simply as Group Captain Sini, was ordered to be brought to his (Mr. Abdullahi’s) office where Mr. Sini’s main responsibility was to convert the said sum, on a monthly basis.

The dollars were handed over Mr. Abdullahi who took it to his principal.

Credit: PremiumTimes

Cambridge University Finally Takes Down Nigerian Artefact, ‘Okukor’, Stolen By Colonialists

A Cambridge University college has bowed to pressure from its students and removed a bronze cockerel from its main hall after protests that the looted sculpture celebrated a racist and colonial past.

Jesus College said that it would consider repatriating the cockerel, known as the “Okukor”, to Nigeria, reported UK-based Times newspaper wednesday.

Students had demanded in a vote that the bronze work be taken down and returned to the Benin royal palace in Nigeria.
The college said wednesday that the rightful location of the “Benin bronze” was a complex matter requiring further discussion. The move could revive the campaign to remove a statue of Cecil Rhodes, the 19th-century colonialist, from Oriel College, Oxford University. It could also embolden campaigners trying to repatriate other cultural artefacts, including the Elgin Marbles, which Greece wants to be returned from the British Museum.

The cockerel was bequeathed to Jesus College in 1930 by an army captain, George William Neville, whose son had attended the college. It has symbolic importance because the college coat of arms features three black cockerels with red combs and wattles.

Last month the college students’ union approved a motion supporting the repatriation of the “okukor”. The debate became so heated that at one point, a student snapped: “The opinion of two white men is not valid.” The debate was opened by Amatey Doku, a Ghanaian student, who said that the “okukor” was stolen on a punitive expedition in reprisal for the killing of British traders, in which the Kingdom of Benin was destroyed and 3,000 pieces of art were stolen. He proposed that the college commissions a new work and hold a repatriation ceremony at which it would be returned.

A Benin bronze appreciation committee has already made contact with the Nigerian government which, the meeting was told, supports the proposal to repatriate the cockerel.

Another student, Ore Ogunbiyi, who seconded the motion, told the meeting: “We spoke to a bronze repatriation expert who said that grown men cried after the return of pieces in 2014.”

Yesterday, in a statement issued through Cambridge University, the college said: “Jesus College acknowledges the contribution made by students in raising the important but complex question of the rightful location of its Benin bronze, in response to which it has permanently removed the “Okukor” from its hall. The college commits to work actively with the wider university and to commit resources to new initiatives with Nigerian heritage and museum authorities to discuss and determine the best future for the Okukor, including the question of repatriation.”

The college’s original emblem was the five wounds of Jesus, but in the 16th century, that had become a symbol of rebellions protesting at the suppression of monasteries. It is believed to have been replaced in 1575 by a shield with the personal coat of arms of John Alcock, the Bishop of Ely and its founder, featuring black cockerels and ten crowns.

The decision comes after a campaign to remove a statue of Rhodes from the frontage of Oriel College, Oxford. Oriel initially offered a lengthy consultation over its future and applied for permission to remove a separate plaque in his honour but reversed its decision after widespread criticism that its actions amounted to rewriting history.

Students have also campaigned to have a monument to Queen Victoria removed from Royal Holloway, University of London.

Credit: Thisday

Here Is What You Should Never Do If Your Phone Gets Stolen

A 23-year-old man was shot and killed in Fairfield, Alabama, after he used an app to track down his stolen cell phone, Reuters reports. He was taken to a nearby hospital Sunday night after the shooting where he was pronounced dead.

Fairfield Police Chief Leon Davis said the (unnamed) tracking app led the victim to a nearby church parking lot. He then reportedly “hit a button on the app that made the phone ring inside a vehicle. When he went to retrieve the phone inside the vehicle, the suspect shot and killed him.”

According to AL.com, the police are still searching for the shooter, but they believe he fled the parking lot in a gold 2015 or 2016 Nissan Maxima. They also told Reuters they believe they have “very good leads” as to his identity.

What concerns police more is the growing trend of people trying to locate cell phone thieves on their own with these tracking apps. Davis advised anyone who loses their phone to “notify police and let them handle the recovering.”

Credit: Cosmopolitan

Amosu’s Wife Returns Stolen N381m To FG

The Economic and Financial Crimes Commission has recovered N381m from Mrs. Omolara Amosu, the wife of the immediate past Chief of Air Staff, Air Marshal Adesola Amosu.

Sources within the EFCC said on Saturday that the money was recovered in three tranches: N180m, N101m and N100m.

The detective said that the money was traced from the account of the Nigeria Air Force to the bank accounts of a company in which Amosu’s wife is a director.

He added that Amosu’s wife is a signatory to the accounts.

He said, “We recovered N381m from Amosu’s wife, Omolara. Initially, we recovered N180m from her account before another N101m and then N100m. These were monies transferred from Air Force accounts.”

Explaining how the money was diverted, the detective added, “They (Air Force officers) sent the money to an account where their wives have interests or are signatories without doing anything.”

A second source within the EFCC said that more properties belonging to the immediate past Chief of Accounts and Budgeting of NAF, Air Vice Marshal J.B. Adigun, had been seized.

The detective said a property, which is a quarry located in Ogun State, had equipment worth about $600,000.

He, however, did not state the value of the property.

Credit: Punch

FG Alleges 1.34trn Naira Stolen By 55 People In 7 Years

The Federal Government of Nigeria says 55 people have stolen from the nation to the tune of 1.34 trillion Naira between 2006 and 2013, more than a quarter of 2015 national budget.

The Minister of Information and Culture, Mr Lai Mohammed, said persons linked to the loot were past government officials, bankers and businessmen.

At a press conference in Abuja on Monday, Mr Mohammed appealed to the media to collaborate with the government in the newly launched national sensitisation campaign against corruption.

The revelation is coming just as the anti-corruption fight by President Muhammadu Buhari has drawn various reactions, controversies and outright revelations.

Credit: ChannelsTv

Return Nigeria’s Stolen Wealth Hidden In Your Countries, Buhari Challenges World Leaders

President Muhammadu Buhari Monday in New York called on the international community to urgently redouble its efforts to strengthen mechanisms for dismantling safe havens for proceeds of corruption.

Addressing world leaders at the 70th General Assembly of the United Nations, President Buhari also urged his counterparts to do more to return stolen funds and assets to their countries of origin.

Observing that corruption, cross-border financial crimes, cyber crimes and human trafficking are major challenges of the 21st century which the international community must work collectively to overcome, President Buhari reaffirmed his administration’s determination to frontally confront the twin evils of corruption and illicit financial outflows.

“Let me reaffirm the Nigerian government’s unwavering commitment to fight corruption and illicit financial flows. By any consideration, corruption and cross border financial crimes are impediments to development, economic growth, and the realization of the well-being of citizens across the globe,” Mr. Buhari said.

“Nigeria is ready and willing to partner with international agencies and individual countries on a bilateral basis to confront crimes and corruption.

“In particular, I call upon the global community to urgently redouble efforts towards strengthening the mechanisms for dismantling safe havens for proceeds of corruption and ensuring the return of stolen funds and assets to their countries of origin.”

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Buhari Orders EFCC To Trace Funds Stolen Under Jonathan

President Muhammadu Buhari has directed the Economic and Financial Crimes Commission and the Independent Corrupt Practices and other Related Offences Commission to compile documents on funds stolen under President Goodluck Jonathan.

Reports reliably provided on Sunday that the directive was part of efforts to know the exact amount stolen under the Jonathan administration with a view to tracing them to foreign countries.

It was learnt that such documents would be needed by the international community, which had expressed readiness to assist Nigeria to recover the funds.

Buhari, had in a live programme, Good Morning Nigeria, on the Nigerian Television Authority, on July 27, said the international community was willing to assist Nigeria to recover stolen money.

He had said that his administration had started compiling necessary documents that would enable the international community to assist Nigeria recover the funds.

The President had stated, “We are trying to get these documents; we are getting cooperation from the international community. We are going very soon to make sure that those who perpetrated this crime against Nigeria will be faced with facts and be taken to our courts.”

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U.S. Will Assist Us To Recover Stolen Money- Buhari

President Muhammadu Buhari on Tuesday said his administration had received firm assurances of cooperation from the United States and other countries in his quest to recover and repatriate funds stolen from Nigeria.

According to a statement by his Special Adviser on Media and Publicity, Mr. Femi Adesina, the President spoke while granting audience to members of the Northern Traditional Rulers Council led by the Sultan of Sokoto, Alhaji Sa’ad Abubakar III, at the Presidential Villa, Abuja.

Adesina quoted Buhari as saying that it was now up to Nigeria to provide the international community with the facts and figures needed to drive the recovery effort.

He said he would be busy, in the next three months, getting the facts that would help in recovering the stolen funds. “In the next three months, our administration will be busy getting those facts and the figures to help us recover our stolen funds in foreign countries,” Adesina quoted the President as saying.

Citing the report submitted by the Ahmed Joda-led transition committee, President Buhari said that several revenue-generating institutions in the country had been compromised.

On insecurity, the President was also quoted as telling the traditional rulers that they would play a key role in stemming terrorism and insurgency in the country.

This, he said, they would do by assisting the government with cost-effective intelligence gathering.

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Nigeria Is Broke Because Some People Have Stolen So Much- Oshiomole

Edo State Governor, Adams Oshiomhole has called on President Muhammadu Buhari to go after those who have stolen the country’s money.

Addressing newsmen after the meeting of the governors on Wednesday, Oshiomole noted that the country’s financial issues was not just because oil prices had fallen but because some people had deliberately milked the nation’s treasury dry.

His words, “I think the media is not being accurate, the country is bankrupt, not just the states. The Federal Government’s finances are even worse, considering that they borrowed over N4 trillion. The entire funds for pension scheme has been drawn down by the Federal Government. It is because they borrow at will that you can’t seem to see that they are also bankrupt. So, when we talk of bankruptcy, we should be talking about serious national economic crisis that is not limited to states…”

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Plateau Gov., Lalong, Sets Up Committee To Recover Stolen State Funds

In his efforts to recover state funds allegedly misappropriated by the Jonah Jang administration, Governor Simon Lalong of Plateau state has directed all government agencies yet to submit their financial statements to the debt management office and the transition committee to immediately do so to a newly constituted committee-led by the deputy Governor Sonni Tyoden.

Governor Lalong gave the order on Thursday in a press release through his Director of Press and Public Affairs, Emmanuel Nanle.

Mr. Lalong had accused the Jang administration of leaving a N104 billion debt for the state.

The governor also directed that all employments, appointments and contractual obligations made in the last days of Jang administration should be put on hold without further delay.

“The Executive Governor of Plateau State, Rt. Hon. Barr. Simon Bako Lalong has directed all Heads of Boards and Parastatals in Plateau State to stand down on all employment and absorption directives issued in the last days of the Jang Administration pending the completion of the Prof. Sonni Tyoden led Transition Committee report,” the statement said.

He, however, assured Plateau citizens that once the committee’s work is completed and its report submitted to the government, the issue of employment will be revisited.

The Jang administration had placed embargo on employment since assumption of office in 2007.
But the former governor allegedly offered employment to some persons without due process shortly before leaving office, and backdated the appointments.

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N5tn Stolen Under Jonathan- Investigation

Over N5tn in government funds have been stolen through fraud, embezzlement and theft since President Goodluck Jonathan assumed office on May 6, 2010, SUNDAY PUNCH investigation has found.

Our correspondents arrived at the stolen sum after poring over the reports of the various committees set up by the President to probe some sectors of the economy, particularly oil and gas.SUNDAY PUNCH also relied on disclosures by some senior government officials.

Five trillion naira is the summation of government funds said to have been stolen, according to the Mallam Nuhu Ribadu-led Petroleum Task Force report; the Minister of Trade and Investment’s report on stolen crude; the House of Representatives fuel subsidy report and investigations into the ecological fund, SIM card registration and frequency band spectrum sale.

The Ribadu report on the oil and gas sector put daily crude oil theft at a high 250,000 barrels daily at a cost of $6.3bn (N1.2trn) a year. This puts the total amount lost through oil theft in the two years of Jonathan’s government at over $12.6bn (N2trn).

Oil theft is common in the Nigerian oil and gas sector. In June, a special naval team impounded a French ship, MT Vannessa, at Brass Loading Terminal, Bayelsa State, for allegedly stealing 500,000 barrels of crude oil per day from the country.

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Police Recover Over 7,000 Stolen PVCs

The Police in Delta on Thursday said it had recovered 7,565 stolen Permanent Voter Cards in the state. This was disclosed in a statement by the spokesperson of the state’s Police Command, Celestina Kalu, in Warri.

Ms. Kalu said the PVCs were stolen from the office of the Independent National Electoral Commission in Oghara, Ethiope West Local Government Area of the state.

The police spokesperson said Shakira Adewale, an INEC employee in Oghara, reported a case of stolen PVCs at the Oghara Police Station on February 10 and named the night guards as suspects.

Read More: premiumtimesng.com