The President, Lagos Chamber of Commerce and Industry, Mr. Ismail Bello, says a recent report indicated that Nigeria had lost $155bn to money laundering and other illegal outflows. This, he said, represented 19 per cent of the total of $854bn outflow from Africa to the developed economies. He spoke at […]
Frauds & Scandals
As NEITI Clarifies Report On Crude Swap Arrangement, Nigeria’s TALEVERAS Cautions Media Against Sensationalism And Inaccurate Reporting
The management of TALEVERAS has reacted to an erroneous news report in a Nigerian news daily of March 25, 2014, which wrongly published that the Nigerian Extractive Industries Transparency Initiative (NEITI) credited the group with 152,308,878 litres of undelivered gasoline under the federal government’s Crude Oil Swap Arrangement whereas what […]
UBS suspends U.S.-based forex trader in manipulation probe
Swiss bank UBS AG has suspended U.S.-based veteran currency trader Michael Velardi, one of up to six traders placed on leave this week, pending ongoing international investigations into allegations of collusion and market rigging, a source familiar with the matter said on Friday. Velardi, 52, who joined Swiss Bank Corp […]
