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EFCC Recovers N1.5B, $678.4M In Port Harcourt Zone

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EFCC Recovers N1.5B, $678.4M In Port Harcourt Zone

The EFCC has said it recovered N1.5 billion, $678,354.80 and 5,254 Euro from fraud and corruption cases in the last nine months. The South South Zonal Director, Mr. Nnaghe Obono, announced this while briefing journalists yesterday.He said the monies recovered in different denominations were seized from those involved in all kinds of fraudulent activities.

Obono also disclosed that about 283 trucks used to convey illegal petroleum products between January and September this year were handed over to the commission by the headquarters of 6 Division, Nigerian Army, Port Harcourt. The trucks were impounded by the Army from different locations within the Rivers State capital.

According to him, “the laboratory result of the analysis carried out by the Department of Petroleum Resources, (DPR) indicated that 121 of the trucks were carrying adulterated AGO while 39 trucks were loaded with High Pour Fuel Oil, HPFO and Low Pour Fuel Oil , LPFO respectively.”

Meanwhile, the Deputy Chief of Staff to the Senate President, Gbenga Makanjuola, and two others, were yesterday remanded in prison custody by Justice Babs Kuewumi of the Federal High Court, Lagos over alleged N3.5 billion fraud.This followed their arraignment by the Economic and Financial Crimes Commission (EFCC) on an 11-count charge bordering on the alleged offence.

Makanjuola was arraigned alongside Melrose General Services Limited and Obiorah Amobi. They, however, pleaded not guilty.Counsel for the EFCC, E. E. Iheanacho, asked that the defendants be remanded in prison custody and sought for a trial date. Makanjuola’s counsel, Paul Erokoro (SAN), drew the court’s attention to his client’s bail application which, he said, had been served on the prosecution, He sought the court’s permission to move it.

Amobi’s counsel, Omeoga Chukwu, also made similar request.When the duo later got the court’s nod to move the bail applications, Erokoro said his client was a former member of the House of Representatives and as such he was prepared to face his trial.

“My client is a full-time staff at the Senate and is not a flight risk. He was a member of the House of Representatives. I urge the court to grant him bail to prepare for his trial,” the silk said. Chukwu, also pleaded with the court to admit his client to bail on liberal terms.

But Iheanacho opposed the bail application, urging the court to dismiss it, saying the defendants constituted flight risk.His words: “One of the defendants has absconded. The chances that the other defendants will abscond are now higher with their arraignment. We urge the court to refuse the defence requests.”After listening to the submissions of parties in the matter, Justice Kuewumi adjourned till October 9 for ruling on the application.

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Nigerian News

IATA Inaugurates Turbulence Aware Data Resource To Forecast Turbulence

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IATA Inaugurates Turbulence Aware Data Resource To Forecast Turbulence

The ability of airlines to forecast and avoid turbulence would now be greatly enhanced as the International Air Transport Association, IATA, has inaugurated a turbulence aware data resource.

IATA said the system would pool and share turbulence date generated by participating airlines. The global body for airlines said before now, airlines had to depend on reports and weather advisories from pilots to offset the impact of turbulence.

IATA says the result would be the first global, real-time, detailed and objective information for pilots and operation’ professionals to manage turbulence.

It is expected that airlines operating in Nigeria would participate and benefit from this new system.

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Nigerian News

Oil Price Stability Buoys Nigeria’s Budget Benchmark

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Oil Price Stability Buoys Nigeria's Budget Benchmark

Nigerian budget benchmark appears buoyed by oil price stability as a result of cuts in production levels to which OPEC members have agreed.

The benchmark of sixty dollars was eroded by sustained drops in price. The high for the year was eighty-six dollars which dropped to about fifty-eight dollars last week.

It rebounded to sixty-two dollars per barrel last week, just as the federal executive council was to hold an emergency meeting on how the price drops would affect the Nigerian budget.

Opec countries had agreed to reduce daily production by eight hundred thousand barrels, while non-OPEC members decided to reduce production by four hundred thousand barrels per day.

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Business News

CBN And MTN Plan To Settle $8b Rift Out Of Court

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CBN And MTN Plan To Settle $8b Rift Out Of Court

It seems as though the Central Bank of Nigeria and telco giant, MTN, are trying to find ways of resolving the $8 billion rift between them. One of MTN’s lawyers is quoted as saying they are making moves toward an out-of-court settlement.

Meanwhile, counsels for both parties have secured another adjournment until late January.

Another $2 billion case involving MTN and the Nigerian attorney general’s office was adjourned as well last week until early January.  This case is related to alleged back taxes owed by MTN.  The telco giant has denied it owed the taxes.

The $8 billion case was a result of a charge against MTN for allegedly violating Nigeria’s extant laws.  In August, Central Bank of Nigeria sanctioned MTN Nigeria for allegedly using irregular certificates of capital importation to transfer $8.1 billion to South Africa on behalf of its offshore investors.

MTN is being asked to return the $8.1 billion to Nigeria.

Mtn group’s Nigerian operations account for one-third of its entire African market share.

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