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FRAUD: FBI releases names of 80 Nigerians

Not less than 80 Nigerians have been put in the public domain by the United States Government over fraudulent activities, the FBI termed to be one of the massive frauds that have gone down in history.

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Frus, FBI, 80 Nigerians

Not less than 80 Nigerians have been put in the public domain by the United States Government over fraudulent activities, the FBI described this to be one of the biggest frauds that have gone down in history.

The United States Department of Justice released a statement on Thursday which included the list of the group of fraudsters who have been charged with conspiracy to commit fraud, conspiracy to launder money, and aggravated identity theft among other substantive charges.

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Nairametrics understands that the Nigerians had been implicated in several internet fraud cases before this latest fraud one which involved collaboration with federal and state agents to scam people most especially senior citizens.

According to FBI, one Valentine Iro, aged 31, and Chukwudi Christogunus Igbokwe, aged 38, were the lead suspects in the crime. The FBI made it known that once a victim deposited funds into a bank account or a money services account, the aforementioned suspects coordinate with others to further launder the funds.

READ ALSO: Cybercrime: CBN set to revamp banking regulations

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What you should know: The US attorney, Nick Hanna revealed that the FBI, are targeting the 80 suspects involved in the Business email compromise (BEC) scam including the operatives responsible for enabling the fraud cases. He noted that so far a total of 14 suspects in Los Angeles have been arrested but unfortunately many of these suspects are also located in Nigeria.

About BEC scams: Business email compromise attacks (BEC) is a form of cyber-crime in which email accounts are hacked to convince businesses or individuals to make payments that are either completely bogus or that should have been otherwise paid to legitimate companies.

READ MORE: Ministerial list: Senate President denies claim as Buhari fights pressure

What this means for Nigeria: The 80-man fraud list has indeed once again, put Nigeria and Nigerians in bad light on the global map of integrity, denting an already fragile image among nations. This news comes barely a week after Obinwanne Okeke was also arrested by the FBI for committing computer fraud. Nigerians are yet to get over that and here comes a new shocker.

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Patricia

Chidinma holds a degree in Mass communication from Caleb University Lagos and a Masters in view in Public Relations. She strongly believes in self development which has made her volunteer with an NGO on girl child development. She loves writing, reading and travelling. You may contact her via - chidinma.nwagbara@nairametrics.ng

1 Comment

1 Comment

  1. Anodebenze

    August 24, 2019 at 12:50 pm

    I think it’s good for the American FBI arresting innocent young Nigeria.WHAT IS GOOD FOR THE GOOSE,IS GOOD FOR THE GENGER.the sss and the dss should detain those American spies in Nigeria operating as nn partner The are,paying some and using some Nigerians through some Nigeria website,undermining our national security,allowing nnamdi kanu operating in new York spreading mis-information amongst young Igbo boy,conspirating with agents of CIA,to break -up the unity of Nigeria.
    Now the nm partners thinks,we Nigerians are stupid,seeking attention on Nigerian media out-fit,if I want their opinion,i read it on their website or Bloomberg.WHEN YOU ARE IN ROME,YOU DO AS THE ROMANS DO.nm parters have no special right to be in Nigeria,they are on licence,residence and business like-wise.WHAT AN INSULT TO US NIGERIANS,YOU COME TO NIGERIA AND YOU TELLS US ON WHAT WE THINK AND ON WHAT WHAT DO WE DO.
    for 500 yrs we Africans,have suffered un-told sorrows and pain under the hands of white people and EUROPEANS,we Africans have not recovered from the trading of African slaves by white folk,now we are weaken by depopulation,now we are visited by this tragedy of colonization.now as we start to recover.NOW WHAT WE SEES NOW IN AFRICA BY EUROPEAN NEO-COLONIZATION OF THE MINDS OF AFRICAN.AFERALL THEIR PRESIDENT DID SAID WE AFRICAN,BLACKS AFRICAN ARE ONLY GOOD AT LOVE MAKING.
    Mr Trump did said,and he have not denied itThe SEC knows on how to regulate commodities,stocks,financial derivation

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Business News

FG seizes Dan Etete’s luxury private jet linked to Malabu oil deal

Dan Etete is alleged to have paid a total of $57 million for the jet in 2011, which was part of the spending spree that the former petroleum minister was alleged to have embarked on after allegedly receiving $336 million from the OPL 245 deal. 

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The Federal Government has tracked down and grounded a luxury private jet which is owned by the country’s former Petroleum Minister, Dan Etete, over his alleged involvement in the $1.1 billion Malabu oil scam. The luxury private jet was alleged to have been purchased with proceeds from that oil deal. 

This seizure was confirmed to Finance Uncovered by the legal counsel to Nigeria, Babatunde Olabode Johnson, who was appointed by the Nigerian government in 2016 to recover assets from the OPL 245 deal. 

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Johnson said that the order was served on the jet’s owner, a company called Tibit Ltd, which has until Tuesday next week (June 9) to file court papers opposing the seizure. Tibit is an anonymously owned company incorporated in the British Virgin Island. 

The asset recovery lawyers acting on behalf of the Nigerian government swooped last week, after the Bombardier 6000 jet, tail number M-MYNA, touched down at Montreal Trudeau International Airport in Canada on Friday May 29. 

A Quebec judge is understood to have granted a seizure order for the aircraft in the early hours of Saturday morning. 

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Giuseppina Russa, who was named on the Montreal court order, is Tibit’s sole director according to records of the British Virgin Island firm. 

Dan Etete is alleged to have paid a total of $57 million for the jet in 2011, which was part of the spending spree that the former petroleum minister was alleged to have embarked on after allegedly receiving $336 million from the OPL 245 deal. 

Etete, during his days as the petroleum minister, awarded the prospecting rights to the huge OPL 245 block to Malabu Oil and Gas, a company he secretly controlled. After the death of the then head of state, Sani Abacha, he retained the rights to the oil block as a private citizen until he offloaded them to oil giants, Shell and Eni in 2011, who both paid $1.3 billion to the Nigerian government. 

The entire OPL 245 deal is now subject to a corruption trial in an Italian court, where Etete is an accused, together with alleged middlemen and some top executives from Shell and Eni. All parties in the Milan trial have denied the charges against them. 

The Nigerian government has also charged Etete and several others linked to Malabu with money laundering in connection with the onward flow of funds from the OPL 245 deal. However, they have denied any wrongdoing, dismissing the allegations as political propaganda. 

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It was uncovered that Johnson had made a deal with an American litigation funder, Drumcliffe Partners, to help fund the recovery of OPL 245 assets. They are to receive 5% of any funds successfully recovered and returned to Nigeria.   

Patricia

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Business News

Ecobank Transnational to hold AGM by proxies on June 30th

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies.

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Ecobank

Ecobank Transnational Incorporated (ETI) has announced the date and venue of its 32nd Annual General Meeting (AGM). According to a disclosure that was sent to the Nigerian Stock Exchange, the company’s AGM and an Extraordinary Meeting are scheduled to hold on June 30th, 2020, at Eko Hotels and Suites in Victoria Island, Lagos.

Due to the ravaging Coronavirus pandemic, ETI said the AGM will be held by proxies. The proxy AGM is expected to enable the Pan-African financial institution to abide by the directives issued by governments and agencies regarding COVID-19 and how to contain its spread.

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“As a responsible corporate citizen, ETI intends to strictly comply with this restriction in addition to other applicable health and safety measures. Accordingly, attendance at this year’s General Meetings shall be mainly by proxies in accordance with the Articles of Association of the Company and applicable law,” a statement by the company said.

To this end, shareholders have been advised to select any of the company’s top executives (including the Chairman, Emmanuel Ikazoboh, and the MD of Ecobank Nigeria, Patrick Akinwuntan) to represent and vote on their behalf during the AGM. Proxy forms may be downloaded from the company’s website, filled, and submitted in advance.

READ ALSO: NSE commemorates FBNQuest Merchant Bank’s N5 billion Bond Listing with Digital Closing Gong Ceremony

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Meanwhile, the issues that are up for discussion during the AGM and the Extra Ordinary meeting are enumerated below.

Annual General Meeting

1. Approval of the accounts
2. Appropriation of the Profits
3. Election of Directors
4. Ratification of the co-option of directors
5. Renewal of the appointment of the joint auditors
6. Approval of the Final Board Fees for Retiring Directors

Extraordinary General Meeting

1. Withdrawal of resolution on consolidation of shares
2. Amendment of the Articles

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Note that in Q1 2020, ETI reported profited after-tax from continuing operation of N66.4 billion, marking a 19% decline when compared to N81.9 billion during the comparable period in 2019.

ETI’s share price on the Nigerian Stock Exchange closed Friday’s trading session at N5.55. The company has a market capitalisation of about N137.3 billion according to information obtained from Bloomberg.

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NNPC explains measures to cut cost of crude oil production

Ewubare stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing the cost of production to $10 per barrel or below. 

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The Nigerian National Petroleum Corporation (NNPC) has said that it is taking some measures to bring down the cost of crude oil production to $10 per barrel or below. 

According to a press statement that was signed by NNPC’s Group General Manager, Group Public Affairs Division, Dr. Kennie Obateru, this was disclosed by the Corporation’s Chief Operating Officer (COO), Ventures and Business Development, Mr. Roland Ewubare, on a Channels TV breakfast programme on Friday, June 5, 2020. 

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Ewubare pointed out that the peculiarity of the terrain was an important factor in determining cost, with such issues as pipeline vandalism, crude oil theft, and some others being critical factors that are peculiar to the Nigerian terrain and would definitely drive up crude oil production cost in the country. 

READ ALSO: NNPC unveils COVID-19 contacts tracing app, marketers to buy petroleum products online

He, however, stated that NNPC was looking very closely at such variables as logistics, security, and transportation with a view to reducing cost of production to $10 per barrel or below. 

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He disclosed that much had been done over the years in the area of reducing contracting cycle which used to be a major factor responsible for high cost of production, stressing that the National Petroleum Investment Management Services (NAPIMS) achieved a six-month contracting cycle under him as Group General Manager. 

Mr. Ewubare denied reports that Nigeria is part of OPEC+ member countries that did not comply with the output cut that was agreed by the alliance 

Mr. Ewubare explained that though Nigeria’s total production capacity was 2.3million barrels per day, it was currently producing only about 1.4million barrels per day in compliance with the OPEC+ production quota, stressing that what makes up the little extra over the 1.4mbpd figure being bandied around for Nigeria was condensate which is usually not computed as part of production in OPEC quota.  

READ MORE: NNPC seeks Russian firms’ partnership to revamp oil refineries  

While making some clarification, Ewubare said, There’s some confusion in the market around the parameters for the production cuts. Nigeria has a full production capacity of about 2.3mbpd. We are currently producing between 1.6 and 1.7mbpd. Our OPEC quota as a result of the cuts is about 1.4mbpd. You and I know that condensate is not included in the computation of the cut numbers. So what we have is 1.4mbpd of crude oil. The little you see above 1.4mbpd is made up of condensate which does not count as part of the basis for assessing our OPEC quota”. 

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NNPC Group Managing Director, Mallam Mele Kyari, in a recent interview, advanced a similar position where he stressed that NNPC was working assiduously to bring down the cost of crude oil production to not more than $10 per barrel by 2021.  

Patricia

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