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EFCC Makes Single Largest Asset Recovery till Date

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EFCC Makes Single Largest Asset Recovery till Date

EFCC Makes Single Largest Asset Recovery till Date

Justice Jude Onwuegbuzie, on Monday, December 2, 2024 gave a ruling on a final forfeiture of an estate in Abuja measuring 150,500 square metres and containing 753 Units of duplexes and other apartments. This is the single largest asset recovery by the Economic and Financial Crimes Commission, EFCC, since its inception in 2003. The Estate rests on on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja

The forfeiture of the property to the federal government by a former top brass of the government was pursuant to EFCC’s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities. In this instance, the Commission relied on Section 17 of the Advance Fee Fraud And Other Fraud Related Offences Act No 14, 2006 and Section 44 (2) B of the Constitution of the 199 Constitution of the Federal Republic of Nigeria to push its case.

Ruling on the Commission’s application for the final forfeiture of the property, Justice Onwuegbuzie held that the respondent have not shown cause as to why he should not lose the property, “which has been reasonably suspected to have been acquired with proceeds of unlawful activities, the property is hereby finally forfeited to the federal government.”

The road to the final forfeiture of the property was paved by an interim forfeiture order, secured before the same Judge on November 1, 2024. The government official which fraudulently built the estate is being investigated by the EFCC. The forfeiture of the asset is an important modality of depriving the suspect of the proceeds of the crime.
The justification for the forfeiture is derived from Part 2, Section 7 of the EFCC Establishment Act, which stipulates that the EFCC “has power to cause investigations to be conducted as to whether any person, corporate body or organization has committed any offence under this Act or other law relating to economic and financial crimes and cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”
The Commission’s Executive Chairman, Mr. Ola Olukoyede, has repeatedly described asset recovery as pivotal in the fight against corruption, economic and financial crimes and a major disincentive against the corrupt and the fraudulent.
Addressing members of the House of Representatives Committee on Anti-corruption recently, he said, “If you understand the intricacies involved in financial crimes investigation and prosecution you will discover that to recover one billion naira is war. So, I told my people that the moment we start investigation we must also start asset tracing because asset recovery is pivotal in the anti-corruption fight; and one of the potent instruments that you can deploy as an anti-corruption agency for an effective fight is asset tracing and recovery. If you allow the corrupt or those that you are investigating to have access to the proceeds of their crime, they will fight you with it. So one of the ways to weaken them is to deprive them of the proceeds of their crime. So, our modus operandi has changed simultaneously. The moment we begin investigation, we begin asset tracing. That was what helped us to make our recoveries.”

The Establishment Act of the Commission places huge emphasis on asset recovery. Subject to the provisions of Section 24 of the Act, “whenever the assets and properties of any person arrested under the Act are attached, the Commission shall apply to the court for an interim forfeiture and where a person is arrested for an offence under the Act, the Commission shall immediately trace and attach all the assets and properties of the person acquired as a result of such economic and financial crime and shall thereafter cause to be obtained an interim attachment order from the Court. And where the assets or properties of any person arrested for an offence under the Act has been seized or any assets or property has been seized by the Commission under the Act, the Commission shall cause an application to be made to the Court for an interim order forfeiting the property concerned to the Federal Government and the court shall, if satisfied that there is prima facie evidence that the property concerned is liable to forfeiture, make an interim order forfeiting the property to the Federal Government, which the Commission would usually escalate to earn a final forfeiture”.

This procedure was duly followed in this respect. The recovery of the asset represents a milestone in the annals of operations of the EFCC and infallible proof of the commitment of President Bola Ahmed Tinubu to the anti-corruption war.

Dele Oyewale
Head, Media & Publicity
December 2, 2024

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Prince Alhaji Hameed Soyemi: The Change Agent Set to Transform High Society Club of Nigeria By Al Humphrey Onyanabo

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Prince Alhaji Hameed Soyemi: The Change Agent Set to Transform High Society Club of Nigeria By Al Humphrey Onyanabo

Prince Alhaji Hameed Soyemi: The Change Agent Set to Transform High Society Club of Nigeria

By Al Humphrey Onyanabo

 

As the High Society Club of Nigeria prepares to elect its next Governor General, one name has emerged as a strong contender: Prince Alhaji Hameed Soyemi. A distinguished chartered accountant and seasoned boardroom player, Prince Soyemi, boasts an impressive resume, including a stint as an alumnus of the prestigious Lagos Business School.

With his unique blend of financial expertise and high-society savvy, Prince Soyemi is poised to bring a fresh vision to the club – and his campaign promise to change its fortunes for good has generated significant excitement among members.

Prince Alhaji Hameed Soyemi: The Change Agent Set to Transform High Society Club of Nigeria
By Al Humphrey Onyanabo

On his vision for the HSCN, Prince Soyemi said

” As a visioner with a dedicated team, we will introduce a nouveau sustainable development strategy that will boost socialisation and daily activities in the club.
Because of our social exposure, a new dynamic policy will be introduced for consideration and approval by the whole house that will support the above. ”

He added,
” As part of the technocrats team that is taken over the management of the HSCN, we will put our exposure,training, and wider consulting in boosting our IGR.

What we have done and paid for by order notable clubs will be placed on the table for HSCN free of charge. ”

The High Society Club of Nigeria was formed in the 50’s in the Yaba area of Lagos by a group of young men with like minds who sought a better way to spend their leisure hours. Initially, they were tagged the committee of gentlemen. In 1961, they transformed into the High Society Group.

Between 1962 and 1969, a lot of reforms were introduced into the club, and a resolution was taken to duly registerged the club, which was done in 1967. A monthly subscription of one pound per member was introduced. Which was followed by the drafting of the club’s constitution. By 1970, when Chief Lawrence Shoyombo became the Governor General, other reforms came into effect, which made the club formidable and the cynosure and safe haven for young Lagos Socialites who then congregated at ALAGOMEJI CLUB HOUSE.

The introduction of Saturday Lunch in 1972 became a bond of unity and togetherness.
This bond of unity exists uptil today as members see themselves as brothers and share in love and oneness of heart and spirit.

Alhaji Prince Hameed Soyemi was born on April 21, 1961. He is the great grand son of Alli Odunsami Orasufi of Okun -Owa( 1936 – 1945), the last title holder of Agbonlenu Ruling House. He obtained Bsc Economics from the University of Lagos in 1986 and became a Chartered accountant in 1991. He has an MBA in marketing from Ambose Alli University, Ekpoma, and in 2004, he became a fellow of ICAN. He is an alumnus of the Prestigious Lagos Business School. He also attended the revered INSEAD (SPAIN) Leadership Certificate course in 2006.

An experienced corporate play, he started his working career with Ogun State Agricultural Development Corporation in 1998 to 1990.
In 1991, he joined Biodun Shobanjo’s Troyka Holdings. He left in 2005 to branch out on his owning setting up his Chattered Accountancy firm, Hameed Osoyemi & Co. He is also involved with H.O Consulting, Safe Ventures Management Limited, and Safe Environment Limited & Mr Tidy, a janitorial services company.

Prince Soyemi, a Socialite, also belongs to numerous social clubs which includes; Ambassador Club, Okun -Owa, Bobatunte Okunrin Akile Ijebu, High Society Club of Nigeria, Association of Friends (Up Asso) Lagos Country Club, Past President, Rotary Club of Yaba, Muslim Professionals Association and the Ansar – Ud- Deen Society, Ebutte Metta and Okun – Owa.

Prince Hameed Soyemi has also contributed extensively to the development of his hometown Okun- Owa. He was a member , Visitation to former President Olusegun Obasanjo reconciliation team to Abeokuta.

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An Open Letter to Kemi Badenoch

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An Open Letter to Kemi Badenoch

Dear Kemi Badenoch,

 

As the leader of the UK’s Conservative Party and a proud Nigerian by birth, your recent criticism of Nigeria has been disappointing and disheartening. At a time when our nation is striving for economic recovery and stability, such negativity undermines our efforts and casts a shadow over the progress being made.

Rather than focusing on criticism, I urge you to consider how your influence can contribute to Nigeria’s growth. Words matter, and yours have the power to either discourage foreign investors or inspire confidence in Nigeria’s potential. Let us not forget that Nigeria is not a poor country. While challenges persist, our government has made bold strides to address them, such as the removal of subsidies on petroleum and foreign exchange. These reforms signal a commitment to redirecting funds towards productive use and fostering sustainable economic growth.

Furthermore, progress has been made in addressing insecurity in the northern and eastern regions. Despite our struggles, Nigeria remains a nation deeply rooted in cultural and religious values, emphasizing community, respect, and tradition. These are qualities that set us apart and provide a foundation for resilience and hope.

While no country is without its flaws, including the UK, where issues such as rape, discrimination, and moral decline exist, Nigeria offers a unique identity and strength. It is unfair and unhelpful to compare the two in a manner that diminishes Nigeria’s dignity and achievements.

An Open Letter to Kemi Badenoch

Nigeria has never inflicted harm on another nation, unlike certain historical events in the UK’s past, such as the injustices of colonization. In our country, we honor and respect our Queen Mothers—symbols of nurturing and leadership. Let us uplift that spirit of leadership rather than tear it down.

Kemi Badenoch, as a leader, a role model, and a mother to the next generation, you carry a responsibility to inspire unity and hope. Criticizing Nigeria from afar does little to solve its challenges; instead, it risks stifling the growth and development we are working so hard to achieve.

Nigeria remains the African Giant—resilient, resourceful, and proud. Let us work together to champion its success and build a brighter future for its people.

Sincerely,
Yinka Sanusi
Concerned Citizen

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Two Nigerians Arrested in Kuwait for Armed Robbery at Exchange Office

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Two Nigerians Arrested in Kuwait for Armed Robbery at Exchange Office

Two Nigerians Arrested in Kuwait for Armed Robbery at Exchange Office

Two unidentified Nigerian nationals have been arrested by the Kuwait General Department of Criminal Investigation in Ahmadi Governorate on suspicion of involvement in an armed robbery that occurred at an exchange office in the Mahboula district, south of Kuwait City.

The robbery, which took place recently, was meticulously planned and executed by the suspects, according to a Wednesday statement from the Kuwaiti Ministry of Interior, as reported by Arab Times Online. A 35-second video, circulated by PUNCH Metro, shows one of the suspects wearing a hooded top, exiting a white car before entering the exchange office. Inside the office, the suspect is seen pointing what appears to be a gun at the staff, although the footage lacks audio.

The suspects made off with foreign currencies equivalent to 4,600 Kuwaiti Dinars, valued at approximately $14,918.69, based on currency conversion rates.

Authorities acted swiftly, apprehending the suspects within 24 hours of the robbery. Investigations revealed that the criminals had thoroughly planned the heist. They reportedly monitored the exchange offices from nearby rooftops to identify peak hours and used stolen license plates to conceal the identities of the vehicles involved.

One of the suspects, whose name has not been disclosed, confessed after his arrest in Mahboula. He admitted to surveying the office and notifying his accomplice when the location was clear of customers. The second suspect was apprehended in the Al-Qurain Market, and authorities found the stolen money, as well as a small bag containing crystal meth at his residence.

The Ministry of Interior confirmed that both suspects and the seized items, including the narcotics, have been referred to public prosecution for further legal action.

This robbery case adds to a worrying trend involving Nigerians and criminal activities abroad. In 2019, several Nigerians were captured on video conducting an armed robbery in Dubai, United Arab Emirates. During that period, a Nigerian woman and three other foreign nationals were executed in connection with drug trafficking offences.

Abike Dabiri-Erewa, the current Chief Executive Officer of the Nigerians in Diaspora Commission, previously spoke about the executions, noting that the executed Nigerian woman was the eighth individual to be put to death in the oil-rich kingdom for drug-related crimes in just three years.

The swift action by Kuwaiti authorities in apprehending the suspects highlights the ongoing international scrutiny of Nigerian nationals linked to criminal activities abroad. As investigations continue, both suspects will face legal proceedings, and the Kuwaiti public is waiting for further updates on the case.

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