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April 24, 2024 Olukoyede Reveals Yahaya Bello Transferred $720,000 From State Funds to Cover Child’s Education Expenses

Olukoyede Reveals Yahaya Bello Transferred $720,000 From State Funds to Cover Child’s Education Expenses

Fresh details have surfaced in the investigation of former Kogi State Governor, Yahaya Bello, by the Economic and Financial Crimes Commission (EFCC). According to the anti-graft agency, Bello withdrew $720,000 from the state's accounts to prepay his child's school fees shortly before leaving office on January 27, 2024. EFCC Chairman Ola Olukoyede disclosed this during a conversation with journalists at the Commission's headquarters in Abuja's Jabi area on Tuesday.

Olukoyede alleged that Bello transferred the funds directly from the government to a Bureau de Change operator and used it for his child's school fees in advance. He expressed disbelief at such actions, particularly in a financially challenged state like Kogi. Olukoyede emphasized his commitment to pursuing the prosecution of the former governor, vowing to resign as EFCC chairman if Bello is not prosecuted. He also pledged to hold accountable anyone who obstructed Bello's arrest.

READ ALSO:EFCC Declares Yahaya Bello Wanted Over Alleged N80.2b Fraud

The EFCC aims to arraign Bello on 19 charges related to alleged money laundering, breach of trust, and misappropriation of funds amounting to N80.2 billion. Olukoyede stressed that regardless of opposition or criticism, the EFCC and its personnel remain steadfast in their mission to combat corruption and uphold accountability.

Bello served as Kogi State Governor from January 27, 2016, to January 27, 2024, before handing over to Usman Ododo of the All Progressives Congress (APC). On April 17, 2024, EFCC operatives attempted to arrest Bello at his Abuja residence, but he was allegedly whisked away by Ododo. Consequently, the EFCC declared Bello wanted and warned against obstructing its operations, a stance supported by the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, who advised Bello to surrender himself.

April 23, 2024 Nigerian Government Prepares to Restructure 11 Distribution Companies (DisCos)

Nigerian Government Prepares to Restructure 11 Distribution Companies (DisCos)

The Nigerian government has initiated the process of restructuring the eleven electricity distribution companies (DisCos) across the nation. This development was announced by Nigeria’s Minister of Power, Adebayo Adelabu, during a meeting with the Senate Committee on Power held at the Ministry of Power and the Transmission Company of Nigeria (TCN) in Abuja on Monday.

As part of the restructuring, DisCos that have been taken over by banks and the Assets Management Corporation (AMCON) are slated for sale. Currently, five distribution companies are under bank and AMCON management due to their failure to repay loans. Specifically, the Abuja DisCo is managed by the United Bank of Africa (UBA), while Fidelity Bank oversees the Benin, Kaduna, and Kano DisCos. The Ibadan DisCo falls under AMCON's management.

The federal government privatized 11 electricity distribution companies (DISCOs) and six generating companies (GENCOs) in November 2013, while retaining full ownership of the Transmission Company of Nigeria (TCN).

Minister Adelabu explained to the Senate Committee on Power that the restructuring aims to improve efficiency and effectiveness by dividing DisCos along state lines. He emphasized that some DisCos are too large to operate efficiently, citing the example of the Ibadan DisCo covering seven states. Adelabu also stressed the need for both federal and state governments to play active roles in the operation and management of DisCos, considering that the government still owns 40% of these firms.

Additionally, plans are in place to franchise unserved communities under the DisCos. Adelabu expressed determination to enforce regulations and revoke licenses for underperformance, urging the Nigerian Electricity Regulatory Commission (NERC) to take necessary actions against non-performing DisCos.

Furthermore, Adelabu emphasized the urgency of selling DisCos currently under AMCON and bank management to technically proficient operators within the next three months. He asserted that the technical nature of the industry requires expertise in utility management, highlighting the need to disengage AMCON and banks from running DisCos.

April 22, 2024 Kenyan Police Reportedly Arrest Binance Executive Who Fled From Nigeria

Kenyan Police Reportedly Arrest Binance Executive Who Fled From Nigeria

Kenyan police have reportedly apprehended Nadeem Anjarwalla, an executive from cryptocurrency platform Binance, who had fled Nigeria several weeks ago. Anjarwalla had evaded custody in Nigeria amidst the government's crackdown on the cryptocurrency platform, aimed at bolstering the naira.

Following his escape, Nigerian authorities tracked Anjarwalla to Kenya, where he is now reportedly in the custody of local law enforcement. Multiple sources from the Kenyan government have confirmed his detention.

Efforts to extradite Anjarwalla have been underway, with the Economic and Financial Crimes Commission (EFCC), the International Criminal Police Organization, the Nigeria Police Force (NPF), and the Kenyan Police Service engaged in discussions since his escape.

In March, the EFCC announced plans to extradite Anjarwalla, citing allegations of tax evasion, currency speculation, and money laundering amounting to $35,400,000. Anjarwalla, along with Binance Holdings Limited and Tigran Gambaryan, faced charges from the EFCC.

READ ALSO: Federal Government Contacts Interpol To Rearrest Binance Executive Who Escaped From Custody

Anjarwalla, a British and Kenyan citizen who serves as Binance's Africa Regional Manager, was undergoing trial in Nigerian courts before his escape. He absconded while under a 14-day remand order and was due to appear in court on April 4, 2024.

The Nigerian government has intensified its crackdown on Binance in recent months, with Anjarwalla being among the cryptocurrency executives arrested. The Central Bank of Nigeria (CBN) claimed that over $26 billion had been funneled through Binance without proper documentation.

CBN Governor Yemi Cardoso expressed concern over the significant financial transactions passing through Binance without proper oversight.

April 19, 2024 EFCC Declares Yahaya Bello Wanted Over Alleged N80.2b Fraud

EFCC Declares Yahaya Bello Wanted Over Alleged N80.2b Fraud

The Economic and Financial Crimes Commission (EFCC) has issued a warrant for the arrest of Yahaya Bello, the former governor of Kogi, over alleged financial misdeeds amounting to N80.2 billion.

The Nigerian anti-corruption body has appealed to the public to provide any information on Bello’s current location either to them or to the nearest police station. The announcement was made through a post on the EFCC's Facebook page titled ‘Ex-Gov Yahaya Bello Wanted By the EFCC’.

This development comes as the latest episode in the ongoing conflict between Bello and the agency. Earlier in the day, Bello was notably absent from a Federal High Court session in Abuja, prompting Judge Emeka Nwite to postpone the case and call for an alternative method of serving Bello to facilitate his forthcoming trial on charges of money laundering.

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