Connect with us

News

Senate passes bill to amend Money Laundering Act   

Published

on

Nigerian Senate
Senate in Session
Share

 

The Senate on Wednesday passed a bill to amend the Money Laundering Act 2011.

The passage of the bill tagged, “Money Laundering (Prevention and Prohibition) Act 2022”,  followed the consideration of a report by the Committee on Anti-Corruption and Financial Crimes.

The provisions of the Money Laundering Bill 2022, makes it mandatory for Banks and other Financial Institutions to report in writing to the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission, any single transaction or lodgment in excess of N5 million naira for an individual, and N10 million in the case of a corporate body.

It provides in Section 11(3) that, “any Financial Institution or Designated Non-Financial Business and Profession that contravenes the provisions of this section commits an offence and is liable on conviction to a fine of not less than N250,000 and not more than N1 million for each day the contravention continues.”

In addition, the provisions of the bill in Section 12 prohibits the opening of numbered or anonymous accounts in fictitious names and shell banks.

It provides that any person or financial institution that contravenes the provisions of Section 12 subsections (1), (2) and (3) commits and offence and is liable to imprisonment of not less than 2 years and not more than 5 years in the case of an individual; and a fine of not less than N10 million but not more than N50 million for a Financial Institution, in addition to the prosecution of the principal officers of the body, and winding up and prohibition of its constitution or incorporation.

The provisions of Section 13 further mandates financial institutions and designated non-financial businesses and professions to identify and asses the money laundering and terrorism financing risks that may arise in relation to the development of new products and new business practices.

Chairman of the Committee, Senator Suleiman Abdu Kwari (Kaduna North), in his presentation, said the bill seeks to repeal the institutional and legal framework on money laundering prohibition in Nigeria.

According to him, the amendment to the Money Laundering Act, would “provide for effective and comprehensive legal framework to re-invigorate the fight against money laundering in the country by leaning more on prevention as a useful tool to strengthen the existing legal regime in combating money laundering and other related crimes in the country.”

He added that the re-enactment bill provides appropriate penalties and expands the scope of supervisory bodies to effectively address the challenges faced in the implementation of anti-money laundering laws in Nigeria.

Kwari explained further that, the bill upon becoming law, would provide protection for employees of various anti-graft institutions, and see to the establishment of the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission.

He said that the unit when established, would be charged with the effective implementation of the money laundering laws in relation to designated Non-Financial Businesses and or Professions in Nigeria.

“The enactment of this bill will resolve the institutional issues regarding the establishment of the Special Control Unit against Money Laundering under the Federal Ministry of Trade and Investment, being implemented by the Economic and Financial Crimes Commission.

“The bill seeks to introduce certain supervisory and enforcement mechanism, through the imposition of administrative penalties for breach of any requirement imposed by law”, the lawmaker said.

The bill was passed by the upper chamber after consideration by the Committee of the Whole.
 

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

#EndSARS Movement Was Funded From US To Ambush Tinubu From Becoming President – Bisi Akande 

Published

on

Asiwaju Bola Tinubu
President Bola Ahmed Tinubu
Share

The former interim National Chairman of the ruling All Progressives Congress (APC), has claimed that the #EndSARS movement was designed and funded from the United States of America against President Bola Tinubu.

According to him, the #EndSARS movement was heavily funded from the US with support from America and only brought to Nigeria to ambush Tinubu from becoming President.

Speaking in an interview with Edmund Obilo, as seen in a video which has now gone viral on social media, he mentioned that the .obedient movement were the ones behind the #EndSARS movement and protest.

He added that it was after the protest they attempted to transform into a political party and when it became impossible, they all migrated into another political party.

“EndSARS was designed to be the end of Tinubu. Those behind the EndSARS knew that’s what they were doing,” Akande declared during the interview.

Asked by the interviewer to identify those behind the EndSARS movement, Akande replied, “The obidients.”

“The Obidients were behind EndSARS; it was manufactured in America and brought in just to stop him (Tinubu).

“Obideints came from America to do the EndSARS and later became a movement to form a party, and they couldn’t form a party and joined whichever party,” the APC chieftain said.

Pushing further, the interviewer noted that Obidients are tied to Peter Obi and Akande, in response said: “Well, maybe Obi’s party, I don’t know, maybe Obi’s movement, I don’t know, but the obidients were behind the EndSARS.

“It was well planned with a lot of money from America.”

He added that it was an ambush that President Tinubu wasn’t aware of.

Continue Reading

News

Court Grants Sowore ₦10m Bail

Published

on

Omoyele Sowore
Share

The judge gave him 24 hours to perfect the bail conditions or be remanded by the police until the bail is perfected.

The convener of #Revolutionnow movement, Omoyele Sowore, has been granted bail to the tune of ₦10 million and one surety in like sum.

The surety must be a responsible individual with landed property valued in like sum.

The surety is expected to deposit the original documents of landed property and a passport photograph to the registrar of the court.

While ruling on the bail application, the trial judge, Justice Musa Liman, ordered Sowore to deposit his international passport with the registrar of the court.

The judge, however, gave him 24 hours to perfect the bail conditions or be remanded by the police until the bail is perfected.

Sowore had honoured the invitation of the police on Monday, January 27, 2025, when he was questioned at the Force Criminal Investigation Department.

He was subsequently granted administrative bail but rejected the conditions of bail and remained in custody.

The police later filed a 16-count charge of cybercrime against him.

In count three, the police said Sowore on December 20, 2024, through his X handle, called the Inspector General of Police, Kayode Egbetokun, “the illegal IG of Nigeria Police Force”.

Sowore is being accused by the police of posting the picture Egbetokun on his X handle with the caption: “Mediocrity, incompetence, corruption, a country run by characterless people can not make progress”.

The police also alleged that Sowore, through his X handle, said, “IGP Kayode Egbetokun will destroy the Nigeria police if we don’t act now”.

He pleaded not guilty to 16 count charge of alleged cybercrime.

 

Continue Reading

News

Nigeria Was On Life Support When Tinubu Assumed Office – Akpabio

Published

on

President Bola Tinubu and Senate President Godswill Akpabio
President Bola Tinubu and Senate President Godswill Akpabio
Share

The Senate President and Chairman of the 10th National Assembly, Senator Godswill Akpabio, has said the country was on a “life support” as at the time President Bola Tinubu assumed office in May 2023.

Speaking at his 2024 Constituency Briefing and Empowerment Programme held at the Ikot Ekpene Township Stadium, Akpabio, who represents Akwa Ibom Northwest Senatorial District, he called on Nigerians, particularly the people of Akwa Ibom State, to continue supporting President Tinubu as he works to address Nigeria’s economic challenges.

“Nigeria Was on Life Support,” he said.

His stance comes following ongoing major reforms such as the introduction of the tax bills, removal of fuel subsidies, floating of the naira, and others introduced by Tinubu.

Akpabio recounted a conversation with President Tinubu about the state of the economy inherited from the previous administration.

“Nigeria was on life support when Asiwaju Bola Tinubu took over. I once asked him, ‘Are you excited about being president after seeing the economy left behind by Emefiele?’ He replied, ‘I must tell you, I didn’t know it was this bad.’”

The Senate President expressed optimism about ongoing economic reforms, noting that while they may be painful, they are necessary for sustainable growth.

“You did it in Lagos, and you will do it again for Nigeria. It’s just a matter of time. We are praying for you, and God will grant you the wisdom to lead us to El Dorado.”

He advised beneficiaries not to sell their empowerment tools but to use them to uplift their families economically.

“We have enough foodstuff to distribute; there should be no stampede. These items are being extended beyond Ikot Ekpene to other senatorial districts in the state.”

“Your support has not only enhanced our educational experience but also inspired us to strive for excellence. Thank you for your unwavering support.”

Akpabio commended Governor Umo Eno for promoting peace and inclusivity in Akwa Ibom.

“Without peace, there cannot be development. The governor has embraced all Akwa Ibom people, regardless of political affiliations.”

He also acknowledged the governor’s Christmas gesture of distributing 1,000 bags of rice to the APC family in the state and announced an additional 1,500 bags of rice for the PDP State Chairman.

Akpabio praised Senate Minority Leader, Senator Abba Moro, for fostering unity in the Senate.

“Everyone in the Senate has an equal voice, regardless of party affiliation. Opposition is good, but it should be constructive.”

Senator Abba Moro described Akpabio as a leader committed to empowering his people.

“It takes wisdom to know what to give people for lasting benefits rather than instant gratification.”

Senator Asuquo Ekpenyong, Chairman of the Senate Committee on NDDC, called the empowerment programme “mega, marvellous, and magnificent.”

The event was attended by key political and community leaders, including,

Obongemem Ekperikpo Ekpo (Minister of Petroleum Resources, Gas) Senator Ita Enang (APC Chieftain), Senator Ekong Sampson (Akwa Ibom South), Paramount Rulers of Ikot Ekpene and Essien Udim

In closing, Akpabio emphasised the importance of collective effort in building a better Nigeria and assured constituents of continued representation and development-focused initiatives.

 

 

Continue Reading