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Who owns this huge money? Ten million American dollars and one million Euros, equivalents of Nigeria’s N1.7 billion? In cash? And being moved out of Nigeria by four nondescript persons with no social or business pedigree? Could this huge sum be a proceed of money laundering by some politicians or funds being funnelled to some sources for terrorist activities? These are questions that officials of the State Security Services (SSS) are currently seeking answers to. Some SSS officials arrested the four men, believed to be of Northern origin, while they were attempting to board a flight to Dubai in the United Arab Emirates (UAE). The money was kept in sacks, commonly called Ghana Must Go bags. When the foursome could not explain how they came about the money and the purpose for which it was meant, the SSS officers promptly placed them on arrest and handed them over to officers of the Police Command at the Airport. The Inspector General, Mr. Hafiz Ringim yesterday ordered a Commissioner of Police to lead investigation into the money-cache. The chairperson of the Economic and Financial Crimes Commission (EFCC), Mrs Farida Waziri has also sent a team of her officials to get to the root of thge matter, which is within the purview of her organisation, since it borders on suspicion of money laundering and terrorism fund. A source said that the four men, who looked “ordinary”, could not explain what they were doing with such huge sums of money, even as they claimed to be on their way to the United Arab Emirates. It was further gathered that when the money was brought out from the bags and counted, the total sum was about $10m (N1.5b) and one million Euros about N205m. Said a source: “You know that there has been serious suspicion that some politicians and even governors, move money out of the country when the allocations from the Federal Allocation comes. This large amount could be one of such. It is also possible that the money is for some other activities that are terrorism related. You know this period, where there is crisis all over the country, anything could happen, really.” While Nigerian Compass on Saturday could not confirm from Police authorities, the spokesman of the EFCC, Mr. Femi Babafemi confirmed that his commission was aware of the development. According to him, “The EFCC is aware of the matter and we believe it is witin the purview of the EFCC to unravel the source of the money. We are already investigating the matter and would make it public soon” It was further learnt that the suspicion of security agencies on the source of the money was not unrelated with the crises that have become the lot of some parts of Northern Nigeria in the past one year and the incessant bomb blasts in the country recently.... While Borno State has been witnessing mayhem from a religious sect, Boko Haram, Jos in Plateau State has become a shadow of itself, over internecine wars, that border on both ethnic and religious reasons. Between October 1 and December last year, Abuja, the once peaceful Federal Capital Territory, has witnessed two separate multiple bomb blasts that has tens of persons killed. That is in addition to similar blasts in some other parts of the country.
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There are lingering doubts that various sources are trying to sweep under the carpet the huge sums of money found on the Freed Journalists by their captured Kidnappers who have shown great honour amongst thieves by denying the amounts credited to have been stolen from the journalists.Na 1.5m we collect not 3million
Photo:Fat Cat well fed recently kidnapped Journalists Deji Elumoye, Vice chairman, Lagos NUJ (left), Chairman Lagos Council, Wahab Oba and National President. NUJ, Mohammed Garuba on Oba and others’ arrival at the Murtala Muhammed Airport, yesterday. Photo: FEMI ADEBESIN-KUTI
Article
The four journalists released by kidnappers in Aba yesterday are now the subject of deep controversy following their disclosure that their abductors robbed them of N3 million ($25,000). In their testimonies to their colleagues shortly after they arrived in Lagos yesterday, the group, led by Wahab Oba, the head of the Nigeria Union of Journalists in Lagos state and a staff of the federal ministry of information and communication, Adolphus Okonkwo of the Voice of Nigeria, Sylvester Okere of the Champion Newspapers, and Sola Oyeyipo, another Lagos-based freelance journalist, said the kidnappers took away the money from them as soon as they were carjacked and driven into the bush. In an account captured by the Lagos based Punch newspaper, Oba said, “When we went for the NEC meeting, the Governor of Akwa Ibom State, Obong Godswill Akpabio, gave us N1m as fulfilment of his promise to bankroll a national seminar which we had in the state three months ago.

“He also gave each NEC official N100, 000 as transport fare. I also had some money on me because I had been travelling recently. Other people had some money on them too.

“The kidnappers collected all the money. If you value what they collected from us in terms of cash and other things, it is almost N5m. We had about N2.6m cash and the car which we bought not long ago valued at N2.4m was also stolen.”


These explanations constitute the first time that professional journalists are admitting in public to have collected bribes, in this case called “seminar bankroll” or “transport fare.” It is leading to a public gasp about the way journalists do their official business, and the legality of carrying such huge funds around in contravention of the Nigerian money laundering law. The men spent eight days in the den of the armed men in deep forests in the Southeast.



it had been reported that the journalists, in addition to participating in a National Executive Council meeting in Uyo, the capital of Akwa Ibom State two weeks ago, also visited Governor Godswill Akpabio and gave him a special award tagged 'Responsive Governance Award'. It is unclear what Governor Akpabio, a notably corrupt governor, may have accomplished to win the “award,” or even whether the award was officially recognized by the NUJ bylaws. 


Akwa Ibom state government house sources told our reporters that each of the journalists that met with Akpabio received bribes aimed at silencing the media. One source told our reporters that in this particular circumstance, each of the visitors individually received N1 million while the national executives of the National Union of Journalists, including the president, Mr. Mohammed Garba, collected a N20 million gratification from Mr. Akpabio.

Our sources further said that the information leading to the kidnap of the journalists emanated from the state, specifically from persons who were aware that the governor had doled out the bribes to the journalists. That may explain why they were trailed as soon as they left Government House, one source said. 



Recently, spotlight on the penchant of Governor Akpabio to use bribery as an instrument of official policy. In a high profile case meticulously covered by SaharaReporters, we demonstrated the "gift" of a bulletproof Mercedes Benz GL 450 SUV worth $500,000 to the chair of the Economic and Financial Crimes Commission (EFCC), Mrs. Farida Waziri. After we concluded the exposé, Mr. Akpabio hired some journalists to visit the state to inspect the vehicle, which he claimed to be a “security vehicle” owned by the state.

Further investigation revealed that the license plate on the vehicle displayed by Akpabio was fake, as it belonged to a different car make which was licensed to one Chief C. Orizu, with an address of Adotolo Nnewi in Anambra State. A few days later the supplier of the vehicle, Charles Ahize, also issued a statement in The Sun newspaper in which he contradicted the governor’s claims, saying he had privately supplied the $500,000 bullet proof car to Mr. Akpabio. This confirmed the car was purchased privately, contrary to Akpabio's alibi that it was owned by Akwa Ibom state.



The latest jamboree by the NUJ leadership to Akpabio and the granting of a dubious award to the governor was done quid pro quo to help him further evade scrutiny for his corrupt ways. It is instructive that the leaders of the NUJ in Lagos have studiously avoided investigating the source of the car Akpabio gave to the EFCC’s Waziri, even after the licence plate number found on the vehicle displayed by the governor bore a Lagos number. It is even more disturbing that the Lagos press has generally ignored the story even after the Lagos State government declared Governor Akpabio’s licence plate to have been forged.

It would be recalled that in one of our stories last April, following the invitation of selected journalists to Government House in an effort to discredit the story about Governor Akpabio’s bribe car, we wondered why none of the journalists asked any professional questions.



The possession of huge sums of cash by the journalists was already a source of rebuke by a police officer last week, who wondered aloud why the journalists had not traveled by air, given the long distance to their destination. But a Lagos-based journalist said that his colleagues probably didn't want others to notice when they returned to Lagos, as a quiet return from such trips enable them to hide the booty from politicians from such colleagues who may want a cut.

Also, a Lagos based attorney said that by their admission the journalists have contravened Section 1 of the Money Laundering legislation of 2004, which prohibits individuals from carrying more than N500,000 on them while companies may carry up to two million Naira.

The kidnapped journalists arrived Lagos yesterday in private jet chartered and paid for by the the Governor of Rivers State, Rotimi Amaechi.

As expected the revelations by the freed journalists have gingered Nigerians on the Internet. Social networking sites, chatrooms and internet forums are buzzing with the story and people are pressing for answers.

As one commentator asked, "Is the Lagos press going to investigate the obvious issues in this case, or are they going to protect their colleagues? Where did the journalists and their driver get a whopping N3 million that they admitted the kidnappers took from them? Under what conditions does the NUJ go around the country to give “awards” to politicians, and what was Governor Akpabio’s award for?

Are members of the NUJ executive immune to the provisions of the Money Laundering Act of 2004?”
Another commentator asked, “Can journalists who collect transport fare and mobilization fees report a governor professionally? This is a big scandal,” he added.

Kidnappers Deny 3m Cash Stolen No Honour Amongst Thieves & kidnappers

Contrary to the widely publicised statement credited to the just released Chairman Lagos Council of the Nigeria Union of Journalists (NUJ), Mr. Wahab Oba, from kidnappers den that the sum of N3 million was seized from them, the kidnappers were said to have denied the amount saying they only collected about N1.6 million from them.

It will be recalled that Oba on arrival in Lagos from Abia State Sunday evening, told Journalists that a total sum of N3 million was seized from them by the kidnappers.


Oba, who was also taken to the headquarters of the State Security Service SSS at Shangisha, Ikosi- Isheri Local Council Development Area Monday evening, told Vanguard that the kidnappers had put a call across to some people denying ever collecting such amount.

His words: "I was surprised when I saw the report today that a sum of N3 million was seized from us by the kidnappers. I must have been misunderstood, what I meant was that the total value of what the kidnappers seized from us would amount to about N2.5 million or N3 million in total value.


"At least about N1.6 million in cash was seized from us instantly while other properties such as Vehicle, a Serena Space bus, Laptop, camera, tape recorder, personnel effects, wristwatches, among other valuables should worth about N2 million.

"We got N1 million from Governor of Akwa Ibom, Mr Godswill Akpabio as a fulfillment of his promise to assist us for a project we are embarking on in Lagos while other money collected from all of us should be about N600,000



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IS THIS FAIR ? One Man and his cohorts in Bank PHB have disrupted the careers and livelihood of over 1000 staff and their families fired recently !

EFCC seizes Atuche's multibillion naira assets *N50bn cash, 18 firms, 15 houses, 17 bank accounts
Written by Lanre Adewole
Friday, March 5, 2010

EMPOWERED accordingly by a federal high court sitting in Ikoyi, Lagos, the Economic and Financial Crimes Commission (EFCC) has seized over N50 billion, 18 companies and 15 houses from the sacked Group Managing Director of Bank PHB, Mr. Francis Atuche.


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Atuche was sacked along with heads of other nine banks by the Central Bank of Nigeria (CBN) in the wake of the discovery of alleged fraud in the banking sector running into one trillion naira.

Seventeen bank accounts belonging to him were also frozen.

In one of the accounts domiciled with the bank, N25.95 billion cash was said to have been found.

The commission will also this morning commence the sealing off of all the houses traced to him.

Commission's spokesperson, Mr. Femi Babafemi, confirmed the commencement of the exercise.

The commission had attached all the property traced to Atuche, who is standing trial for his alleged role in crippling the bank, to the Notice of Attachment placed before the trial judge, Justice A.O Ajakaye, who issued the order of temporary forfeiture on March 1, 2010.

Apart from the cash found in his bank account, Atuche also reportedly invested N1.5 billion in Honeywell Flour Mills Plc, N305,889,418 million in Arik Ltd and 500 million units of shares in Afribank Plc.

The houses traced to him are in Ikoyi, Victoria Island, Surulere, VGC Lekki, Ibusa, Delta State, Asokoro, Abuja, with a sole property at 59, Avenue Close, Avenue Road, St. John's Wood, London.

Some of the companies listed as alleged fronts in siphoning depositors' funds included, Guesstrade Services; Sentron Trading; Montra and Investico; Claremount Asset Management Limited; Arabian Probity Management; Clareville Trading and Service Limited; Commerical Trading and Services Limited; Afco Associates Limited; Trenton Trade Limited and Consolidated Business Support Limited.

He was also said to have used 15 fronts, including his wife, children and relatives.

The names listed in the court order included Elizabeth Atuche; Grace Atuche; Victor Udeh; Michael Atuche; Anthony Grace; Joseph Atuche; Nkeolisakwu Atuche; Mrs. Mariam Okonmah; Patrick Atuche and Kemi Ojelabi.

Some of the frozen accounts are SA-400221000004, 2190001272, 1160000011, PNA 0010184100002 and CA 001040100000, all domiciled in Bank PHB as well as A/C Nos; 10100061705 and CA 001020102315 belonging to Elizabeth Atuche.

Some of the houses are 2b Falomo Close, Ikoyi; 21 Kingsway Road, Ikoyi (hotel known as Clonades), 41B Anifowoshe Street, V.I, 11 Raymond Njoku Street, Ikoyi, 2000M 2 Plots of land at Ibusa, Delta State, 46 Mamman Nasir Street, off T.Y Danjuma, Asokoro, Abuja, among others.
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Nigeria's Acting President Goodluck Jonathan has approved the disbursal of $2 billion from windfall oil savings to the country's 36 states and government agencies, Minister of State for Finance Remi Babalola said on Friday.

"I have just gotten an approval this morning from the acting president for the sharing of $2 billion from the excess crude account," Reuters quoted Mr. Babalola saying after a meeting of the Federal Allocation Committee in the capital Abuja.




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It has been revealed how Super Eagles striker, Obafemi Martins, extranvagantly squandered about N3.1 trillions while a player of Newcastle.MartinsadvertisementHis former management company, NVA Management Limited who has dragged the player to court over breach of contarct, told the jury how the player’s account almost went red because of his lifestyle.Obafemi Martins was paid £75,000, but allegedly squandered the earnings on an extravagant lifestyleA former Premiership footballer routinely blew his £75,000 a week wages in a matter of days and was constantly overdrawn, a court was told yesterday.Obafemi, ex-Newcastle striker 25, was paid the handsome salary after he joined the club for a £10million fee in August 2006.But despite his extraordinary earnings, his former management team yesterday claimed they repeatedly bailed him out after his bank account continually slipped into the red.The High Court heard that the Nigerian international player would withdraw £40,000 in cash from his bank account at the end of the week.But that would only last him two days, the court heard, as he topped up with a further £25,000 on the Monday morning.He was always overdrawn and repeatedly relied upon NVA Management Limited to ‘manage his life’, the High Court was told.Martins, who owned several fast cars including a top of the range Porsche 4X4, spent the money funding an extravagant lifestyle of luxurious penthouse homes and fine dining.He is now being sued by his former management company which claims that he still owes them 300,000 for sorting out his finances.He told the court that Martins would withdraw £40,000 for the weekend, followed by another £25,000 on the Monday.‘Despite earning these vast sums of money he was constantly overdrawn,’ added Mr Tennink.He said the firm, which looks after the affairs of several footballers, film and music stars, said that Martins had agreed to pay them for simply managing his life.It was under their stewardship that Martins agreed a £2million image rights deal ‘simply for being Mr Martins’.It’s claimed Martins was constantly overdrawn despite earning £75,000-a-weekHe also had lucrative sponsorship deals with various companies including Pepsi and Nike but had not been paid.When the company stepped in to run his affairs they sorted the unpaid contracts, bringing in thousands of pounds.They also organised visas when he travelled to Italy, where he once played for Inter Milan, and sorted out his passport, his mortgage and property valuations.They even arranged critical illness cover and were constantly running up and down the motorway from their London offices to Newcastle in a bid to do all that he required.‘But surely these were things a secretary could do?’ asked Judge Richard Seymour QC, referring to the size of fees charged.‘It was a Jeeves-type of role that they performed.’Mr Tennink protested that managing every aspect of his life was just part of what they did, and asked the judge to bear in mind the sort of figures these players earned.He said Martins had come to them in July 2007 and had agreed a fee of around £300,000 plus 20 per cent of any sponsorship monies they managed to acquire on his behalf.“He asked for these services to be carried out,” Mr Tennink told the court.Before they managed his affairs, Martins had not been paid a penny for his image rights for the use of his name on Newcastle shirts and mugs and had received nothing from his sponsorship deals.He could not even find the contracts he had originally signed, Mr Tennink added.Martins paid the company £67,500 in January last year and another £25,000 in April last year.But the question for the court to decide, said Mr Tennink, was whether there was a ‘binding obligation’ for him to pay the outstanding bill of over £300,000.After Newcastle were relegated from the Premiership last summer Martins was sold for £9million to German Bundesliga Champions Wolfsburg.Martins, who once owned a penthouse apartment overlooking Newcastle’s exclusive Quayside, is fighting the claim.The hearing is scheduled to last for three days.
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woman gives lottery cash to beggar

Rosemary Obiakor, 46, of Lagos, won more than three million naira (£13,500) in the National Sports Lottery, reports the Daily Metro.When asked what she planned to do with the money after she was presented with her cheque in a ceremony on local TV, Mrs Obiakor said she'd give it to a "lucky beggar"."I have heard a lot of stories about how people win the lottery, and they get broke in the short run and come across a lot of misfortune. I am scared, and so I'll give it to a lucky beggar on the street," she told TV reporters.She collected her cheque, cashed the money and gave the money to a female beggar who was sitting by the street side with her two-year old baby.When Mrs Obiakor and a team of lottery executives handed the beggar a bag full of banknotes, she screamed with delight, and hugged them all.She thanked her benefactor profusely and promised to start a food retail business immediately.Before she went away with her money, the new 'millionaire' gave handfuls of money to other beggars on the street.
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