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Alleged fraud: FG sells N15 billion superyacht owned by oil moguls

A 65-metre Galactica Star superyacht belonging to Nigerian oil tycoons, Kolawole Aluko and Jide Omokore, has been sold over fraud.

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Kolawole Aluko, Jide Omokore, NNPC, Diezani Alison-Madueke

A 65-metre Galactica Star superyacht belonging to Nigerian oil tycoons, Kolawole Aluko and Jide Omokore, has been sold over alleged fraud.

The Federal Government and its United States counterpart collaboratively sold the yacht valued at N15.2 billion after accusing the business magnates of siphoning huge sum of money in the nation’s oil and gas industry during ex-President Goodluck Jonathan’s administration.

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The U.S. Justice Department had in 2017 filed a lawsuit seeking to recover assets that include N18.1 billion Manhattan apartment and the yacht that were allegedly bought with money generated from money laundering.

The Economic and Financial Crimes Commission (EFCC) had also filed a suit seeking permanent forfeiture of some assets purportedly owned by Omokore at the Federal High Court in Lagos.

The EFCC had in the suit described the assets as proceeds of money laundering and fraud.

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Omokore is a close friend of a former Minister of Petroleum Resources, Mrs Diezani Alison-Madueke, who is also wanted by the EFCC to stand trial for corruption and other unethical conducts during her stint as minister from 2011-2015.

[READ MORE: US-China Trade War: Implications for Nigeria as its Asian romance lingers]

In the U.S. lawsuit filed at the  Federal Court in Houston, the U.S government alleged that Aluko and Omokore conspired with others to pay bribes Mrs Alison-Madueke.

“The ex-minister, in turn, steered lucrative contracts with a subsidiary of the Nigerian National Petroleum Corporation (NNPC) to firms owned by the duo.

Despite being unqualified and in some instances failing entirely to perform services under the contracts, these companies received more than N542.8 million through the sale of crude oil, ” the charge sheet read.

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The Justice Department claimed Aluko and Omokore later laundered their illicit revenues through the U.S. and used the money to buy N52.1 billion in assets including the Manhattan condominium and the yacht.

Patricia

The yacht, according to Yacht Harbour,  was custom-built by Dutch yard Heesen in 2013. It is the second-largest ever built by Heesen, a Dutch shipbuilding company that specializes in custom-built superyachts.

[READ ALSO: This is why you should be consistent with your investment and retirement account]

The vessel features exterior styling by Omega Architects, engineering by Van Oossanen & Associates, finished by interiors from the boards of Bannenberg & Rowell.

The yacht, also known as Galactica Star accommodates up to 12 guests overnight in six cabins, comprising a master suite, one VIP stateroom, and four double cabins. It is also capable of carrying up to 13 crew members onboard to ensure a relaxed luxury yacht experience.

 

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Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ). Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Business News

Christiano Ronaldo emerges first billionaire footballer ahead of Lionel Messi

Cristiano Ronaldo ranks Number 4 on the 2020 Forbes Celebrity 100 and making him the first soccer player in history to earn $1 billion. 

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Christiano Ronaldo emerges first billionaire footballer ahead of Lionel Messi

Cristiano Ronaldo has been crowned the first soccer billionaire ahead of his top rival in sport, Lionel Messi after earning a massive $105 million before tax and fees in 2019. This was announced by Forbes through its official website.

CR7 as he is popularly called, ranks Number 4 on the 2020 Forbes Celebrity 100, a spot above Lionel Messi, and making him the first soccer player in history to earn $1 billion.

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The 35-year old Juventus attacker is the third athlete to hit the $1 billion mark while still playing following Tiger Woods, who did it in 2009 on the back of his long term endorsement deal with Nike and Floyd Mayweather in 2017, who’s made most of his income from a cut of pay-per-view sales for his boxing matches.

The Portuguese star joined Juventus in 2018 in a deal worth $117.34 million after spending nine years with Real Madrid and within 24 hours of release, Juventus sold 520,000 Ronaldo jerseys worth over $60 million.

READ MORE: Meet Alan Sinfield, New CEO of 9Mobile

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He has amassed an ever-growing following of fans over the years. In January he became the first person with 200 million followers on Instagram alongside massive presence on Twitter and Facebook making him the most popular athlete on the planet.

Recall that in 2016, Nike signed Ronaldo to a lifetime deal and pays him upwards of $20 million annually couple with other sources of income including Real Estate, Social media influencing, etc. His 2020 earnings include a salary of $60 million, a slight decline compared to his earnings in 2018 due to a 30% pay cut he agreed to take in April as a result of the COVID-19 pandemic.

 

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Business News

Insurance: NAICOM revises recapitalisation guidelines

In our view, we think the decision to extend the deadline is reasonable under current circumstances. The coronavirus pandemic has ravaged global economic and financial systems thus making it more difficult for an already unattractive insurance sector to raise much-needed capital.

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In a circular communicated to insurance providers in Nigeria, National Insurance Commission (NAICOM) has announced an extension to the deadline for insurance providers to meet up with the regulator’s new minimum capital requirement. In addition, NAICOM has broken the recapitalisation exercise into two phases. The first phase must be complied with by 31 December 2020.

To comply, insurance providers must meet 50% of the new minimum capital requirements while reinsurance providers are required to meet up to 60% of the new minimum capital requirement. The second phase which will end on the final deadline of 30 September 2021 would require 100% compliance with the minimum capital requirement from all insurance and reinsurance providers.

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The revised guidelines requires Life insurance providers to have minimum capital of N4bn (existing minimum – N2bn) by 31 December 2020 and paid up capital of N8bn by 30 September 2021. General insurers are required to meet a minimum paid-up capital of N5bn (existing minimum – N3bn) and N10bn by 31 December 2020 and 30 September 2021 respectively. Composite insurers are expected to have a minimum of N9bn in paid up capital (existing minimum – N5bn) by 31 December 2020 and N18bn by 30 September 2021 while reinsurers should have N12bn (existing minimum – N10bn) in minimum paid up capital by 31 December 2020 and N20bn by 30 September 2021.

In our view, we think the decision to extend the deadline is reasonable under current circumstances. The coronavirus pandemic has ravaged global economic and financial systems thus making it more difficult for an already unattractive insurance sector to raise much-needed capital. We note that several players have initiated the process of raising the needed funds from their existing shareholder base via the right issues. However, we highlight that some of the players currently have a negative book value of equity and are trading below their par values. Hence, raising equity capital does not appear feasible. That said, we expect to see a flurry of mergers and acquisitions in the industry once conditions become more favorable.

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CSL Stockbrokers Limited, Lagos (CSLS) is a wholly-owned subsidiary of FCMB Group Plc and is regulated by the Securities and Exchange Commission, Nigeria. CSLS is a member of the Nigerian Stock Exchange.

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Business News

Oando loses Chief Legal Officer

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Oando loses Chief Legal Officer

Chief Legal Officer of Oando Plc, Ngozi J Okonkwo is dead.

Adewale Tinubu, Group Chief Executive Officer of Oando Plc announced this via a tweet.

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Until her death, she was the Chief Legal Officer of Oando Plc, having joined the company as Head, Legal Services of the company in 2009.

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According to a tweet from one of her nephews, she battled cancer for a while, recovered before having a relapse during the recent COVID-19 crisis.

READ ALSO: NSE, SEC train capital market operators on legal and regulatory requirements for the derivatives market

Before joining Oando, she worked as Junior Counsel  with F.O Akinrele & Co., and also with KPMG Professional Services (previously known as Arthur Andersen) as Manager in the Tax, Regulatory and People Services unit and Head of indirect tax services.

READ ALSO: Common legal and general mistakes made by new businesses (Part 1)

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She obtained LLB (Hons) from University of Nigeria, Nsukka in 1997 and BL from the Nigerian Law School, Lagos in 1999. She was a member of the Nigerian Bar Association, honorary fellow of the Association of Fellows and Legal scholars of the centre for International Legal Studies, Austria, Associate Member of the Chartered Institute of Arbitrators, United Kingdom and Associate Member of the Chartered Institute of Taxation, Nigeria.

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