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Nigerian Elites Beware As Illicit Overseas Assets Take Centre Stage in Russia/Ukraine War
By Joel Popoola
No Nigerian can fail to have been moved by the scenes of carnage coming out of Ukraine following the cruel and cowardly Russian invasion.
But there are lessons our nation must learn from this horrific situation too.
The international response to Russian aggression has by and large not been military, but economic.
Russia has been hit by severe sanctions designed not to attack her army, but hobble her economy – an indication future wars may be fought not on the battlefields but on the international finance markets.
And while Russia seemingly holds a military advantage over Ukraine – despite the heroism of the Ukrainian people – it is getting destroyed economically.
An international alliance has cut off some Russian banks from the SWIFT messaging system, used to facilitate trillions of dollars’ worth of international financial transactions every day, in what has been called “the nuclear option” of sanctioning.
They also promised to prevent Russia from accessing some of its foreign reserves. To put that in layman’s terms, Russian has gone to the bank and found its saving account empty.
When the stock market opened for the first time after the penalties were imposed, the value of Russia’s major banks halved almost instantly and the Rouble lost 30% of its value, making it much more expensive for Russian to trade – if indeed they can find anyone to trade with.
To combat inflation, the Russian Central Bank doubled its key interest rate to 20%. That’s higher than America’s equivalent rate has been in all of its history.
But what does this have to do with Nigeria?
A British parliamentary inquiry reported in 2018 that “despite the strong rhetoric, President Putin and his allies have been able to continue ‘business as usual’ by hiding and laundering their corrupt assets in London”
Hiding illicit assets overseas you say?
This may sound very familiar to Nigerians.
As part of the international response to Russia’s aggression, Russian elites have seen their overseas assets targeted too – which may be why Roman Abramovich suddenly seems so keen to sell Chelsea.
The message is clear. If you try to hide dishonestly or illegally gained money overseas, there is no place to hide. And if your country finds itself in embroiled in an international dispute, you may find yourself a target.
Russian is far from alone in seeing its very wealthy hide their wealth as far from home as possible.
In recent days, leaks from the Credit Suisse Bank have shown how comfortable the Swiss Bank was in having Eduard Seidel as a client.
The German was convicted of bribery in 2008 after overseeing a campaign of industrial-scale bribery to secure lucrative clients for his employer by shovelling cash to corrupt Nigerian politicians.
That leak follows last-year’s so called Pandora Papers leak, which pointed the finger at a number of high profile Nigerians – including current and former state governors, past and present lawmakers, and even a senior judge –for setting up shadowy shell companies in notorious tax havens to hide their wealth. That leak suggested that powerful Nigerians have bought UK property valued at £350m using 166 offshore companies.
The Ukraine situation has highlighted this issue. Soon there may be no hiding place for those who hide their wealth overseas. And if not in the national interest, our elites need to consider acting in their own self-interest when it comes to transparency and accountability.
But politicians need to take the same steps towards transparency and accountability too.
At the digital democracy campaign I lead, we have been trying to give them the tools to build back the trust and both their reputations and that of our entire political system, and to make all their financial interests publically accessible
We have created an free mobile app called Rate Your Leader, which was designed to reconnect electors and the elected, opening direct channels of communication between people and to their elected officials – giving local people the kind of access previously only enjoyed by funders.
Rate Your Leader encourages politicians to explain the decisions they have made and the reasons for making them directly to the people they affect. If the voters don’t like the answer they get, they can rate their politicians badly.
In the UK, a new Economic Crime Bill developed in response to Russian’s invasion of Ukraine will include a new register that will mean foreign owners of UK property must declare and verify their identities with the state.
That register will include Nigerians too.
This week the UK also signed another agreement relating to compensation for corruption in the Nigerian Energy sector.
The net is closing in on international corruption, and current international events are just making that net tighter. We now need to do our bit at home.
Joel Popoola is a Nigerian tech entrepreneur, digital democracy campaigner and creator of the Rate Your Leader app.
The Minister of Works, Engr. Dave Umahi, has ordered the removal of speed bumps on the country’s highways to improve traffic flow and reduce congestion on major roads.
Umahi gave the directive during a two-day Retreat for Federal Ministry of Works Highway Engineers and Managerial Staff on Friday in Abuja.
The retreat with the theme “Ensuring Delivery of Mr President‘s Agenda on Road Infrastructural Development,” was organised by the ministry.
The minister said the order to dismantle the speed bumps was necessary because some were haphazardly done causing accidents and elongating travel time.
“I came through one of the federal routes and for a journey that is supposed to last like one hour within that stretch, it lasted like three hours because every 20 metres you will see a bump.
“Although there is nothing wrong with speed bumps in certain designated locations. But there is an approved technical design for bumps.
“There are also allowable locations for bumps and that is what we want to do. So the National Assembly has directed that these speed bumps should be dismantled.”
Umahi said the ministry had noticed some speed bumps were a menace and causing multiple accidents and deaths.
“Some speed bumps are high, touching the bottom plates of vehicles; that is not desirable. It defeats the aim.
“So, this is what we are saying; and that is what the National Assembly is saying; the ministry as well as motorists want them to dismantle it.”
Umahi said subsequently for any speed bump to be constructed, applications would be made to controllers for the locations through the Permanent Secretary and to the minister for approval after meeting technical compliance.
He added that there must also be a safe side distance of not less than 100 metres and warning for motorists to beware.
Speaking on infrastructure development, Umahi said President Bola Tinubu’s massive infrastructure development is aimed at providing the much needed impetus to stimulate the economy and improve the lives of the citizenry.
He therefore, said the retreat is aimed at educating participants to properly understand the president’s renewed hope agenda with specific reference to road infrastructure development among others.
The Minister of State for Works, Mr Bello Goronyo, commended the president’s infrastructure development agenda, saying that it was putting smiles on the faces of Nigerians.
“Let me urge you to use the knowledge that you will acquire today in ensuring that you come up to speed with the modern technologies and innovation so that our country will be better in terms of roads, infrastructure.
“Without the road infrastructure, there cannot be economic growth, and there cannot be prosperity,” he said.
The permanent secretary in the ministry, Olufunso Adebiyi, said the Federal Road Safety Corps’ record revealed that accidents were traceable to reckless driving, drunk driving, disregard for road instructions and unauthorised crossing of the road among others.
“It may surprise you that the percentage of accidents caused by bad roads were less than 10 per cent.
“The bad roads are traceable to inefficiency on the part of the engineers, poor supervision of our road works among others.”
Adebiyi urged the engineers to step up and curb some of the irregularities, noting that the ministry was committed to building their capacity to deliver on the administration’s agenda.
The Chairmen, Senate and House Committees on Works reiterated their commitment to supporting the ministry to deliver on its mandate.
By Henry Ukazu
Greetings Destiny Friends,
We are all familiar with the Law of karma, which implies that every action has consequences, or that whatever a person does comes back to them. It’s also known as the law of cause and effect, which means for any action, there’s usually a corresponding consequence.
This has a close resemblance to a foremost scientist, Isaac Newton’s theory, the Newton’s Law of Universal Gravitation, which states that “whatever goes up must come down”.
The principle and ideology behind these laws and principles are centered on the principle of life that stays, the way you lay your bed that’s the way you will lay on it. The question we need to ask ourselves is what seeds are we sowing? It’s instructive to note that nobody plants an orange seed and reaps a mango fruit, nor can a watermelon seed produce a pineapple fruit.
The principle of sowing and reaping is sacrosanct. It is whatever one sows that they will reap. This principle is universal. When you sow a seed, you might not get the result immediately, but you will get it in due time by and by.
As a man, when you treat your spouse with love and affection, you will surely get a reciprocal from her, and as a woman there’s the tendency to reciprocate a support from a partner, especially when he is down. These are laws that work with conscience and heart of gratitude of the recipient. No doubt, common sense entails one does the needful.
As a business owner, when you invest in your company and staff, you are bound to reap the fruits in due time. As a parent, when you invest in your children’s good home training and quality education, you’ll be glad for the foundation you laid at your old age.
As a progressive mind, when you invest in reading books, building sustainable relationships, networking, learning skills and adding value to your life, updating and upgrading your life via personal development, you are bound to reap the fruits of your labour.
The challenge most people have is that they haven’t taken time to learn, nor have they taken time to sow the seeds that will create opportunity for them. Some people are just comfortable with begging or looking for parasitic opportunities where they haven’t invested time and resources. Some people are even entitled to someone’s work just because they are friends, family or have a form of relationship. This shouldn’t be the case. As human beings, it’s important for one to be intentional and strategic. Nobody likes to be “used”, rather people like to give value to their time and money.
It is important to note that any seed one sows today, will produce the fruit they will either eat or need tomorrow. In my personal development journey, I was a little bit confused on how I wanted to execute my vision. Because I lacked the right mentors to strategically guide and inspire me, I began to live my life based on experience with no set plan.
In some cases I failed, and in some cases I was able to make an impact. However, one thing is certain, I was moving in the direction I needed by being at the right events and meeting the right people. In the course of time, I began to see myself gaining clarity about my interest. Overtime, I had mentors who were instrumental in guiding and strategically positioning me in the right direction.
When I look back in retrospect, I can only give God the glory because the little works and skills I invested in my life have gradually begun to pay back. The moral here is that I sowed the seeds I am reaping today. It took a while, but it finally came through. This experience has shown me one can get to any height in life, in addition to getting recognition when one is consistent, intentional and passionate about a cause.
Whether you are a boxer, teacher, singer, athlete, journalist, lawyer, coach, writer or minister of the gospel, please do it diligently, and if what you are doing is your purpose in life, the universe has a way of conspiring with you to get to the top.
When people say someone is lucky, blessed, privileged, smart, highly connected to a mentor, or resource person, they are just crafting words of art to describe or qualify their point just to convey a message. This is because though all these words might play a role, if one has not taken a time to do the work, the required opportunity will not pop out and even if they pop out, and one is not destined for the opportunity, the corresponding blessings will not come.
The question we need to ask ourselves is what are we doing with our lives? What seeds are we sowing for the blessings and opportunities we are hoping to get. In my native belief in law, there’s a latin maxim that says “Nemo dat quod non habet” which translates to ‘you can’t give what you don’t have’. This is the reality of many people. They want money, but don’t want to work. They want opportunities but don’t want to intern or serve in probono capacity. They want favours just because they are related or have a kind of relationship with someone, and therefore, automatically believe it will rub off on them without them giving substantiated reasons why they need support. These sets of people believe wealth is sexually transmitted.
I can go on and on, but as a sage will say, a word is enough for the wise.
In conclusion, as you journey through life, always remember that whatever you sow has a way of coming back to you, if not today, in your old age, or transmuted to your children. Just like when you assist your boss in saving money, tomorrow when you have a company, your employees will pay you back without you knowing it’s the deed you invested many years ago. As a single man or lady, when you derive joy in sleeping with married women or men, just know that you will get a corresponding visit in due time.
Henry Ukazu writes from New York. He works with the New York City Department of Correction as the Legal Coordinator. He’s the founder of Gloemi. He’s a Transformative Human Capacity and Mindset coach. He is also a public speaker, youth advocate, creative writer and author of Design Your Destiny Design Your and Unleash Your Destiny . He can be reached via info@gloemi.com
A Lagos State High Court sitting at the Tafawa Balewa Square on the Island has acquitted and discharged the “Eze Ndigbo of Ajao Estate” in the State, Frederick Nwajagu on allegations of terrorism.
Justice Yetunde Adesanya held that the prosecution, the Lagos State Government could not prove the offence of terrorism against him beyond any reasonable doubt.
The court, however, found him guilty of parading himself as a titled chief in Lagos, contrary to the Oba and Chiefs Law of Lagos State, an offence for which he was consequently sentenced to one year imprisonment, without an option of fine.
But Justice Adesanya held that since Nwajagu has been in the Correctional Centre for over two years for the alleged offence while the trial lasted, he would be allowed to go home, as he has already served more than the jail term stipulated for the offence.
Eze Fredrick Nwajagu, aged 67, was arrested on April 1, 2023, following a viral video in which he allegedly threatened to invite members of the Indigenous People Of Biafra to Lagos to secure properties of Igbo people living in the state.
In the 49-second viral video, Nwajago was heard saying, “IPOB, we will invite them. They have no job. All of the IPOB will protect all of our shops. And we have to pay them. We have to mobilise for that. We have to do that. We must have our security so that they will stop attacking us at midnight, in the morning, and in the afternoon.”
On April 5, Nwajagu was docked before the Magistrate court by the police on a two-count charge of conspiracy and conduct likely to cause a breach of public peace.
The police prosecutor, SP Thomas Nurudeen, told the court that the Eze Ndigbo and some others at large committed the offences on March 26 at No. 2, Akeem Shitu St., Ajao Estate, Lagos State.
He alleged that Nwajagu put fear in Lagos residents when he threatened to bring IPOB to the State. Nwajagu was also said to have publicly stated that IPOB would shut Lagos State for one month.
The defendant, however, pleaded not guilty to the charge.
On May 6, Chief Magistrate Peter Nwaka, granted the defendant bail in the sum of N1million with 4 sureties, all of whom must be resident in Lagos.
The court also ordered that one of the sureties must own a property in Lagos which must be registered with the land bureau and which documents must be deposited with the court.
But he was unable to meet the bail conditions and remained in custody.
On May 9, 2023, Nwajagu was arraigned by the Lagos State Government on a nine-count charge bordering on attempts to commit Acts of Terrorism under Section 403(2) of the Criminal law of Lagos State, 2015; Participation in Terrorism Meeting to Support a Proscribed Entity, Attempt to finance an Act of Terrorism, Preparation to Comit an Act of Terrorism under Sections 12(c), 18, 21, 29 & 12(a) of the Terrorism (Prevention & Prohibition) Act, 2022, amongst others.
The Defendant pleaded not guilty to all the nine counts and trial was adjourned to July 4, 2024.
During trial, one of the prosecution’s witnesses, Raulat Ibrahim told the court that Eze-Ndigbo was not a recognised Chieftaincy title in Lagos State.
The witness who is a civil servant at the Ministry of Local Governments, Chieftaincy Affairs and Rural Developments, narrated to the court the processes involved in confirming a chieftaincy title in Lagos State.
The witness said that the procedure was governed by the Obas and Chiefs Law of Lagos State, 2015.
She noted that there was no Oba or any recognised chief in Ajao Estate.
The witness explained that for the Obas, the local government will forward the requirement letter to the ministry and then they will send it to Ministry of Justice, where it will be forward to the Lagos state standing tribunal enquiry for chieftaincy matters.
She stated that the standing tribunal publishes the name in the national newspaper, and interested parties will join the tribunal.
“After it has been resolved, the file will be sent back to our ministry for further processing. Then we start all over again to the ministry of justice to the governor’s office etc. Then the ministry will now issue a letter of approval. On the installation day, a certificate of issue will be sent by the Governor for approval, then the ministry will install the Oba.
“The letter of approval will be signed by the permanent secretary of the ministry. There is no installation for Chief. It’s the letter that shows his recognition as a chief in Lagos State,” Ibrahim said.
Ibrahim also told the court that the defendant did not parade himself as Elegushi of Ikate, Baale of Addo nor any of the recognised chiefs.
