page contents
Connect with us

Motherland News

Nigeria: Former oil minister forfeits $110m linked to the missing $20bn

Published

on

A Nigerian court handed the government more than $110m seized from bank accounts linked to the former oil minister, declaring on Thursday that it was looted from state coffers.

It’s the first major victory for the anti-corruption Economic and Financial Crimes Commission, though the amount is negligible compared to the $20bn in oil sales that allegedly went missing while Diezani Alison-Madueke was oil minister.

The commission alleges she stole the forfeited money from the state oil company.

Alison-Madueke has denied all allegations of corruption, from London where she fled soon after her party lost 2015 elections, in part because of massive corruption. Alison-Madueke has said she is in London to receive treatment for cancer.

She is the subject of a Scotland Yard investigation and has been briefly detained for questioning in London.

The commission also has seized a $37.5m  apartment block in Lagos, an $18m mansion in Abuja, the capital, and is investigating properties in Britain and the United States allegedly bought by Alison-Madueke with stolen government funds.

Judge Muslim Hassan ordered Thursday’s forfeiture after nobody showed up in court to prove the money was legitimate. It was held in local naira currency and US dollars in three Nigerian banks.

The anti-corruption commission announced his ruling on social media and declared “the former minister is being prosecuted.”

Hundreds of people have been detained and thousands investigated but the commission has yet to successfully prosecute one high-profile case.

In the biggest, security agents have illegally detained former national security adviser Sambo Dasuki since December 2015 on charges of misappropriating $2.1 billion meant to buy weapons to fight the Boko Haram Islamic uprising. Dasuki has said he acted on orders of former President Goodluck Jonathan, using the money to bribe party officials to ensure Jonathan won a presidential primary. Jonathan lost March 2015 elections to President Muhammadu Buhari, who promised to halt endemic corruption.

Business

Absa became the new competitor on the Ethiopia market.

Published

on

Absa Bank Of South Africa’s  has become the Latest Multinational Corporation to show Interest in Organizing the Ethiopia market.

Ethiopia has since Prevented Foreign Ownership in Economic Sectors that Includes Banking but Abiy Ahmed has began to take fast Action on the issue since he came to power in April.



Jason Quinn, the bank’s chief financial officer, told reporters that Absa was investigating on how and where to enter in a number of populating market, including Nigeria and Angola.

IMG-20180912-WA0030

Am Entrance made into the Ethiopia market of 100 million People, would be part of a Scheme made by Absa after it break from Britain’s Barclays in 2017.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

Ethiopia has plans to liberalise state-owned companies including Ethiopian Airlines, Ethio Telecom, Ethiopian Shipping & Logistics Services Enterprise, and Ethiopian Electric Power, in order to attract foreign direct investment and stimulate growth.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE

PROMOTE YOUR BUSINESS FOR JUST $1 CLICK HERE

Continue Reading

Motherland News

Black box of the Ethiopian Airline Crash recovered.

Published

on

The United Nations described the Sunday crash of the Ethiopia airline as disastrous saying it has cost them a great loss.



IMG-20180912-WA0030

Michael Moller, director-general of the U.N. European head garters said this was the worst loss suffered in years in Geneva in a statement where 150 people where gathered.

FOLLOW US ON:
 INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

Investigators in Ethiopia have recovered the black box from the ill-fated Ethiopian airline this Sunday.

TO DOWNLOAD OUR MOBILE NEWS APP CLICK HERE

PROMOTE YOUR BUSINESS FOR JUST $1 CLICK HERE

Continue Reading

Facebook

Advertisement
Flag Counter
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved