28/4/2016/Fidelity Bank Plc

Our attention has been drawn to reports in the media on investigations into transactions undertaken by the Bank in the normal course of business in 2015.

The transactions are now the subject matter of investigations by the Economic & Financial Crimes Commission (EFCC).

We can confirm that the transactions were duly reported as required by the regulators and the Bank is cooperating fully with the authorities on the investigation.

We assure our numerous stakeholders, including our customers that we are working assiduously towards a quick resolution of the issues.

Update

Shares of Fidelity Bank at the close of the Thurday’s trading on the Nigerian bourse appreciated 2.56 percent to N1.20 from N1.17 traded the previous session; gaining 0.03 percent.

The post Fidelity Bank MD, EFCC: Bank Says Transactions Duly Reported appeared first on Investadvocate.

March 7, 2016/Punch

Eniola Akinkuotu, Abuja

The Economic and Financial Crimes Commission has recovered $1m cash from one of the houses belonging to the immediate past Chief of Defence Staff, Air Chief Marshal Alex Badeh (retd.), The PUNCH has learnt.

Our correspondent learnt the money was recovered after detectives searched a mansion located at 6, Ogun River Street, Maitama, Abuja.

A detective at the EFCC, who did not want his name in print, said, “We have seized several properties belonging to Badeh. A few days ago, we returned to the mansion located at 6, Ogun River Street, Maitama.

“In the presence of several witnesses, including neighbours, we searched the house and recovered $1m in cash. The money has been lodged as evidence.”

When our correspondent visited the mansion on Sunday, the EFCC seal was seen on the gate, with the warning, ‘EFCC, Keep off!” written all over the fence.

The property, which is said to be worth over N1.1bn, is one of the five properties seized from the ex-defence chief.

Some of the properties were said to have been purchased, renovated and furnished for a son of the former CDS, Alex Badeh (Jnr.).

Badeh also allegedly bought a commercial plot of land at Plot 1386, Oda Crescent, Cadastral Zone A07, Wuse II, Abuja for N650m.

They were said to have paid N878m for the construction of a shopping mall at Plot 1386, Oda Crescent, Cadastral Zone A07, Wuse II, Abuja, and another sum of N304m to complete the construction.

The anti-graft agency also accused them of paying N260m to purchase a duplex at No. 19 Kumasi Crescent, Wuse II, Abuja, for Badeh’s son.

The sum of N60m was said to have been paid for the renovation of the property and another N90m to furnish the property.

The retired Air Force officer also allegedly paid N330m to one Honourable Bature to purchase a duplex at No. 14 Adzope Crescent, Off Kumasi Crescent, Wuse II, Abuja.

They were also accused of paying N240m to Rabiu Isyaku Rabiu to buy a semi-detached duplex at No. 8A Embu Street, by Sigma Apartment, Wuse II, Abuja.

They also allegedly renovated a private property at No. 2, Nelson Mandela Street, Asokoro, Abuja, with N62m.

In the charges, signed by EFCC’s Deputy Director, Legal and Prosecution Department, Aliyu Yusuf, the anti-graft agency alleged that Badeh removed the sum of N3.9bn from the accounts of the Nigerian Air Force.

But Badeh had, last week, denied ownership of the properties seized by the anti-graft agency.

Badeh, who has remained in the EFCC custody since February 8, has been charged along with a firm, Iyalikam Nigeria Limited, before Justice Okon Abang of the Federal High Court in Abuja.

He is set to appear in court on Monday (today).

The post EFCC searches Badeh’s house, recovers $1m cash appeared first on Investadvocate.

The Chairman of the Economic and Financial Crimes Commission, EFCC, Ibrahim Lamorde has called for collaboration between the anti-graft agency and the Association of Stockbroking Houses of Nigeria, ASHON, to rid the capital market of incidence of money laundering, fraud and imposters. Lamorde made this call on Tuesday, January 21, 2014 when executive members of ASHON paid him a courtesy visit at the Commission’s head office, Abuja.

Lamorde said he was concerned about how proceeds of crime were invested in the capital market and called on the association to be vigilant and notify the Commission of suspicious transactions, especially when so called politically exposed person invest heavily in securities for under aged dependants.

He also charged the association to engage in sensitization and enlightenment campaign so that Nigerians could decipher a genuine stockbroker from a quack. ‘People find it difficult to identify the real brokers and if there are imposters you know of, that you are finding difficult to get, let us know” he said.

The EFCC chairman called on the ASHON members to tackle the problem of unclaimed dividends and the negative perception about the capital market. “The economy strives well if the capital market is doing very well and the integrity of that you are finding difficult to get, let us know” he said.

The EFCC chairman called on the ASHON members to tackle the problem of unclaimed dividends and the negative perception about the capital market. “The economy strives well if the capital market is doing very well and the integrity of the capital market depends on the brokers”.

Emeka Madubuike who led the 4-man delegation thanked the chairman for making out time to receive them. He explained that the association was formed in 2006 to protect the interest of the members, ensure that businesses were done the proper way, reach out to other stakeholders within the economy involved in stock business and advocacy.

He solicited for the support of the Commission to tackle fraud and other related crimes in the industry. “Since the EFCC is interested in money laundering issues, it is pertinent that both organization work out modalities to combat it,” he said.

He called for the organization of a workshop and training programme for both organizations which, according to him, will create better understanding of how the market works.

Aside the executive chairman, other management staff who received the visitors include Olaolu Adegbite, Director of Operations; Bolaji Salami, Director, Organisational Support; Chile Okoroma, Director, legal and prosecution; Bukar Abba, Director, Finance and Account; Mohammed Wakili, Director, Department of Internal Affairs and Francis Usani, Ag. Director, NFIU.

Media & Publicity
21st January, 2014

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