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“Greatest Fraud in Africa”: Reps Probe NNPC, Swiss Firm over $6.8Bn Oil Deal

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The House of Representatives’ Committees on Petroleum Upstream and Downstream), and Justice are to investigate the Nigerian National Petroleum Corporation (NNPC) for allegedly conniving with a Swiss trading firm to swindle the country of $6.8billion.

The committees which are expected to put in their report in four weeks,  would question the corporation for selling the country’s crude oil below the market value through what is termed “Letter Box Companies.”

The decision of the lawmakers followed the prayers and the adoption of a motion by Abiodun Abudu-Balogun (APC, Ogun), that the fraud was reported by a Swiss Non-Governmental advocacy organisation, the Berne Declaration.

He said the report by the organisation declared the deal as the “greatest fraud Africa has ever known” that is draining Nigeria of billions of dollars in revenue.

He said: “The report by Berne Declaration, tiled: ‘Swiss Traders Opaque Deals in Nigeria,’ is so disturbing with details of the schemes employed by the NNPC and foreign oil companies to dupe the country of over $6.8billion

“A major partner of NNPC, Vitol and Transfigura Commodity Trading Firms was mentioned in the deals where large volume of our crude oil was sold below the market price, “ he said, stressing that it should be a source of concern that exclusive and untransparent partnerships of Vitol and Transfigura Commodity Trading Firms with the NNPC, gave them over 36 per cent of the market share, “with NNPC selling its crude at a discount.”

Balogun sought justification behind Nigeria being the only major oil producing nation that sells 100 per cent of its crude to private traders, rather than market it herself and benefit from the resulting added value with the greatest number of beneficiaries of export allocations.

He said another cause for worry is the sharp practices and deals in the NNPC crude oil allocations to local refineries that are not utilised, but sold fraudulently at knock- down prices to Geneva-based companies through Letter box companies by swap arrangement.

“What should also bother Nigerians is the numerous damaging allegations contained in the report against the NNPC and its subsidiaries accused of not publishing detailed financial reports since 2005,” he added..

The presiding officer, Emeka Ihedioha, deputy speaker referred the motion to the three House committees after it was unanimously supported when put to voice vote.


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Egueke, Former Bank Manager Jailed for $46,900 Fraud

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Fidelis Egueke, former bank manager, , has been convicted and sentenced to six months in prison by an Asaba, Delta State Chief Magistrate’s Court for defrauding a victim of $46,900.

Egueke, Former Bank Manager Jailed for $46,900 Fraud

Chief Magistrate Callistus Isioma Moeteke found Egueke guilty of a single charge brought against him by the police under case number CMA/295c/2024.

Raphael Eze, prosecutor, of the State Criminal Investigation Department (SCID), Asaba, said Egueke, a former Asaba branch manager of a tier-one bank, fraudulently obtained $46,900 by using two Certificates of Occupancy (CofOs) as collateral.

One of the land titles, however, was not his, and the other was fake.

After receiving the money, Egueke used it for personal expenses and failed to repay the victim as promised.

The prosecution argued that Egueke’s actions violated Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.

Despite denying the offence, Egueke failed to present evidence of repayment during the trial.

Chief Magistrate Moeteke determined that the prosecution had proven its case beyond a reasonable doubt.

Egueke was convicted and sentenced to six months imprisonment.

However, the court also gave him the option to pay a fine of N350,000 in lieu of serving the prison term.

The court ordered Egueke to pay N30 million in restitution to the victim within six months of his conviction.

The charge against Egueke stated that, in 2016, he fraudulently obtained a credit facility worth $46,900 (approximately N60 million) from Chief Jude Ndudi by presenting false documents, including land titles that did not belong to him, in violation of Section 419 of the Criminal Code Law.

Egueke is also facing trial before a Lagos Federal High Court on charges related to a separate fraud case involving N179.498 million.

He is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.

 

 


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PalmPay, Jumia Reward Users in Festive Campaign

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This holiday season just got a whole lot more exciting! PalmPay, one of Africa’s leading fintech platforms, operates Nigeria’s most used mobile wallet and has teamed up with Jumia, the continent’s e-commerce giant, to launch a festive campaign that’s all about convenience, rewards, and enhancing your shopping experience.

Running from December 11th to 28th, 2024, this holiday campaign is set to reward shoppers who use the new “Pay with PalmPay” feature on Jumia with cash prizes. Every purchase made using the direct payment method automatically enters participants into a draw, giving them a chance to win exciting cash rewards while enjoying the seamless shopping and payment process.

A Strategic Partnership To Enhance Digital Payments

The integration of the “Pay with PalmPay Wallet” feature on Jumia marks a major milestone in the partnership between the two industry leaders.

Speaking at the media announcement, Mr. Chika Nwosu, Managing Director of PalmPay, highlighted the broader mission driving this collaboration: “We are thrilled to join forces with Jumia to redefine convenience for shoppers. At PalmPay, our mission has always been to drive economic empowerment through accessible and user-friendly financial services. This partnership is a natural step forward in achieving that goal.”

Beyond the holidays, this partnership with Jumia m,k is a signal of bigger things to come. Mr. Chika added: “This is more than just about payments—it’s about creating value for our customers. We are excited about the opportunities this partnership will unlock in 2025, including campaigns and innovative initiatives that will further transform the online shopping landscape.”

Sunil Natraj, CEO of Jumia Nigeria, highlighted the shared vision between both companies, stating: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience. This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”

How to Join the Holiday Fun

Participating in the campaign is simple. When shopping on Jumia, select the “Pay with PalmPay” option at checkout, and your entry into the draw is automatic. It’s that easy!

Bonus Entry: Share a screenshot of your purchase on X (formerly Twitter) using the hashtag #PalmPayXJumia to increase your chances of winning. Additional winners will be selected from participants engaging with the campaign on Twitter.

Whether you are shopping for gifts, or gadgets this festive season, PalmPay and Jumia are making sure your experience is not only seamless but also rewarding.

To learn more about the campaign, stay tuned to the official  X accounts (formerly Twitter) of @palmpay_ng and @JumiaNigeria. for updates, announcements, and more chances to win.


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Corruption: ICPC Threatens Sanctions as 330 MDAs Fail Financial, Governance Tests

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Independent Corrupt Practices and Other Related Offenses Commission (ICPC), has revealed that none of the Ministries, Departments, and Agencies (MDAs), in the country complied fully with ethical standards, policies, and anti-corruption measures in the passing year.

Corruption: ICPC Threatens Sanctions as 330 MDAs Fail Financial, Governance Tests

This was following the findings from the Commission’s Ethics and Integrity Compliance Scorecard (EICS) for the MDAs.

The Commission warned that henceforth, non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives.

According to the EICS scorecard released on Thursday in Abuja by Demola Bakare, ICPC spokesperson, no MDA out of 330 MDAs that were assessed through physical deployment by ICPC teams achieved full compliance.

The EICS serves as a preventive tool used to assess and enhance the compliance of MDAs with ethical standards, policies, and anti-corruption measures.

Findings from the report indicated that no MDA achieved full compliance, while 29.55 per cent of MDAs captured attained substantial compliance, and 51.62 per cent had partial compliance.

The report also observed that 15.91 per cent showed poor compliance, while 292 per cent were non-compliant.

According to the report, common gaps included a lack of whistle-blower policies, strategic plans, and effective stock verification units, adding that many MDAs failed to conduct any forms of system studies or render financial and audit reports.

Commenting on the report, Bakare noted: “This year, 2024, the tool covered 323 responsive MDAs, with 15 MDAs non-responsive and categorised as high corruption risk.

“It is imperative to inform you that this initiative has yielded some positive and value-driven impacts, and these are, but not limited to, increased awareness and compliance with anti-corruption measures, enhanced competition among MDAs to meet criteria, and improved procurement processes and data reliability.

“The Commission recognises the MDAs with substantial compliance and will continue deploying these tools to promote integrity and accountability.

“Non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives. We are certain that these efforts will continue to underline ICPC’s dedication to enhancing good governance and preventing corruption.”


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