page contents
Connect with us

Business

UK to open money laundering trial of ex-Nigerian oil minister in June

Published

on

The trial of a former Petroleum Minister of Nigeria, Diezani Alison-Madueke, has been scheduled for June this year, local media portals are reporting. The Minister is expected to be tried along with four other accomplices for alleged corrupt practices.

Mrs Alison-Madueke was arrested in October 2015, in London, as part of a UK investigation into suspicions of corruption and large-scale laundering. At the time, she was undergoing treatment for breast cancer.

Two weeks ago, a Federal High Court in Nigeria’s commercial capital, Lagos, issued an order allowing the country’s anti-graft body to confiscate over $150m belonging to her. According to Judge Muslim Hassan, the Economic and Financial Crimes Commission (EFCC) had proven beyond reasonable doubt that the monies were proceeds from illegal activity.

Ms Alison-Madueke, 56, has already been implicated on several occasions in corruption cases. Under her watch, the former Central Bank governor, Lamido Sanusi – now the emir of Kano, had revealed that there was a shortage of $20 billion in oil revenues in the state coffers.

A reporter with the Nation quoted an anonymous source at the EFCC as saying, they were ready with overwhelming evidence to support the trial, he also dismissed reports that they were negotiating a settlement with the ex-Minister.

“The ex-minister has forfeited $153m; we have had a far-reaching investigation on her involvement in the $115m poll bribery scandal; we have seized some of her choice properties and she has consistently maintained that she is ready for trial,” the source said.

She is said to have diverted funds from the state oil firm, the Nigerian National Petroleum Corporation (NNPC) and placed in three banks.

The former minister, appointed by former President Goodluck Jonathan, has consistently denied that she diverted these public funds, claiming that she did not have access to the NNPC’s treasury.

The Central Bank of Nigeria announced in May 2016 that it was participating in the investigation into corruption targeting the former oil minister.

Goodluck Jonathan lost the election to his opponent Muhammadu Buhari, who has promised since his coming to power to wage a fierce fight against corruption that is plaguing the most populous country on the continent.

The UK only recently released a former governor of Nigeria’s oil-rich Delta State, James Ibori was jailed on charges of corruption and money laundering on April 17, 2012, after five years of trial.

The Southwark Crown Court, UK, sentenced him to 13 years in prison while his houses, luxury cars and other property items were confiscated.

The judge, however, ruled that Ibori would spend half of the jail term, which is six and half years. He was released in December last year but returned home in February 2017.

24 Hours Across Africa

Elizabeth Warren, targets prospective plan to stop ‘looting’ of U.S. companies

Published

on

U.S. Democratic presidential hopeful Elizabeth Warren on Thursday called for an overhaul of the private-equity industry as part of a new proposal targeting Wall Street.

“We need to shut down the Wall Street giveaways and rein in the financial industry so it stops sucking money out of the rest of the economy,” Warren said in a post on Medium.com announcing her proposal.

Warren and a group of Democrats also filed legislation on Thursday to implement the policy that the Massachusetts senator proposed through her campaign.

Warren, a relentless critic of the financial industry for much of her career, is one of more than two dozen candidates vying for the Democratic nomination to challenge Republican President Donald Trump in the November 2020 election.

She has distinguished herself in the crowded field by releasing reams of policy proposals.

The legislation, titled the Stop Wall Street Looting Act was filed in both the U.S. House of Representatives and Senate.

Senator Kirsten Gillibrand, who also is running for president, is a co-sponsor with Warren but no Republicans joined in sponsoring the bill.

The proposal was greeted with opposition from industry and business groups, who would undoubtedly fight efforts to enact the legislation.

KINDLY FOLLOW US ON SOCIAL MEDIA & SHARE THIS STORY
INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

@ Anttention Fresh,We work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as your source. 

DOWNLOAD ANTTENTION FRESH NEWS ON THE GO APP
Submit Your Story: Click Here to Submit    Contact: allmails@antvt.com
Breaking News: SMS: +2347066663071, Whatsapp: +2347066663071, Email: allmails@antvt.com
TO UPLOAD & PROMOTE YOUR PRODUCTS CLICK IMAGE
JOIN AN ONLINE LEARNING COMMUNITY CLICK IMAGE

Continue Reading

24 Hours Across Africa

EU to probe Amazon over use of merchant data

Published

on

Amazon became the target of an antitrust investigation by the European Union on Wednesday over its use of merchants’ data, underlining the increasing regulatory scrutiny about how tech companies exploit customers’ information.

The European Commission has been seeking feedback from retailers and manufacturers since September into Amazon’s dual role as a marketplace for merchants and acting as a competitor following complaints from traders about Amazon’s practices.

The Commission said its investigation would focus on Amazon’s standard agreements with marketplace sellers and its use of data in choosing winners of the “buy box”, which allows consumers to add items from a specific retailer directly to their shopping carts.

European Competition Commissioner Margrethe Vestager, who can fine companies up to 10% of their global turnover, said the issue was crucial as more and more Europeans shop online.

“E-commerce has boosted retail competition and brought more choice and better prices. We need to ensure that large online platforms don’t eliminate these benefits through anti-competitive behavior,” she said.

Amazon said it would cooperate fully with the EU investigation. The company reached a deal with Germany’s antitrust authority on Wednesday to overhaul its terms of service for third-party merchants.

Under its terms of service for Europe here set out on its website, merchants grant Amazon “royalty-free” rights to use in a range of ways their materials, such as technology, trademarks, content and product information.

“There have been concerns around the world that competition authorities have failed to appreciate the market power that comes from ownership of data,” he said.

In Amazon’s case, he said the Commission needed to show “the standard agreements with retailers were anti-competitive in somehow allowing Amazon to use the data to manipulate market outcomes, or that Amazon had in some way abused its dominance.”

The Commission had been struggling to define the market in which Amazon operates in order to identify where the competitive harm could have been, sources said.

This would not be Amazon’s first run-in with the Commission. Two years ago, it was told to pay back taxes of about 250 million euros ($280 million) to Luxembourg because of illegal tax benefits. That same year it settled with the regulator over its distribution deals with e-book publishers in Europe.

KINDLY FOLLOW US ON SOCIAL MEDIA & SHARE THIS STORY
INSTAGRAMLINKEDINYOUTUBETWITTER & FACEBOOK

@ Anttention FreshWe work hard to ensure that any news brought to you is legitimate and valuable so we leave out the noise. This material, and other digital content on this website, may be reproduced, published, broadcast, rewritten or redistributed in whole or in part BUT give us credit as your source. 

DOWNLOAD ANTTENTION FRESH NEWS ON THE GO APP
Submit Your Story: Click Here to Submit    Contact: allmails@antvt.com
Breaking News: SMS: +2347066663071, Whatsapp: +2347066663071, Email: allmails@antvt.com
TO UPLOAD & PROMOTE YOUR PRODUCTS CLICK IMAGE
JOIN AN ONLINE LEARNING COMMUNITY CLICK IMAGE

Continue Reading

Facebook

Advertisement
Flag Counter
Advertisement

Trending

Copyright © 2018 Anttention Media. All rights reserved