Economy
MAN begs CBN for access to forex
Dr Wale Adegbite, a former Chairman of Ogun State chapter of the Manufacturers Association of Nigeria (MAN), has advised the Central Bank of Nigeria (CBN) to provide foreign exchange for manufacturers to boost their productivity.
Adegbite said that the provision of foreign exchange would help manufacturers import their raw materials into the country and enable them to produce for both the domestic market and export.
He identified poor access to foreign exchange, which is also known as forex, as a major challenge facing the manufacturing sector.
According to him, the lack of forex is a major challenge confronting the manufacturers as this makes it difficult for members to open letters of credit to bring in raw materials into the country.
“The manufacturers would prefer a solution to the problem of lack of foreign exchange as this is the major area pinching our members.
“This is the area we want the federal government and the apex bank to urgently work on by providing adequate foreign exchange for manufacturers to make raw materials easy for us. “he said.
Adegbite said that poor access to foreign exchange had deprived manufacturers from producing to maximum capacity.
He said that it was only when the manufacturers produced at maximum level and made profits that they would be able to provide employment opportunities for the teeming youth in the country.
Adegbite also said that this would also further reduce the nation’s inflation rate since more goods and services would be provided.
Economy
EFCC under fire over failure to disclose identity of ex- government official owner of forfeited Abuja estate
Funso OLOJO
Enraged Nigerians have taken a swipe at the Economic and Financial Crimes Commission (EFCC) for keeping silent on the identity of a “former government official” who owns 753 units of duplexes on a 150, 500 square metres in Abuja which the commission said was from proceeds of corruption and forfeited to the Federal Government.
However, in a statement on Monday December 2nd, 2024, the anti- graft agency announced with glee the final forfeiture of the estate to the federal government.
According to the EFCC, the forfeiture order was made by Justice Jude Onwuegbuzie, on Monday, December 2, 2024 when he gave a ruling on the EFCC application that the gigantic estate be forfeited to government.
The estate is in Abuja measuring 150,500 square metres and containing 753 Units of duplexes and other apartments.
“This is the single largest asset recovery by the EFCC, since its inception in 2003.
” The Estate rests on Plot 109 Cadastral Zone C09, Lokogoma District, Abuja” the statement declared.
The commission said the forfeiture of the property to the federal government by the owner who was simply described as “a former top brass of the government” was pursuant to EFCC’s mandate and policy directive of ensuring that the corrupt and fraudulent do not enjoy the proceeds of their unlawful activities.
In this instance, the Commission relied on Section 17 of the Advance Fee Fraud And Other Fraud Related Offences Act No 14, 2006 and Section 44 (2) B of the Constitution of the 199 Constitution of the Federal Republic of Nigeria to push its case.
Ruling on the Commission’s application for the final forfeiture of the property, Justice Onwuegbuzie held that the respondent have not shown cause as to why he should not lose the property, “which has been reasonably suspected to have been acquired with proceeds of unlawful activities, the property is hereby finally forfeited to the federal government.”
The road to the final forfeiture of the property was paved by an interim forfeiture order, secured before the same Judge on November 1, 2024.
The government official which fraudulently built the estate is being investigated by the EFCC.
The forfeiture of the asset is an important modality of depriving the suspect of the proceeds of the crime.
The justification for the forfeiture is derived from Part 2, Section 7 of the EFCC Establishment Act, which stipulates that the EFCC “has power to cause investigations to be conducted as to whether any person, corporate body or organization has committed any offence under this Act or other law relating to economic and financial crimes and cause investigations to be conducted into the properties of any person if it appears to the Commission that the person’s lifestyle and extent of the properties are not justified by his source of income.”
However, the action of the anti graft agency has attracted scathing remarks from members of the public who were enraged by the failure of the commission to name and shame the owner of the forfeited property.
Nigerians, who took to their X handle, lambasted the EFCC, describing the non disclosure of the owner of the estate as inimical to the fight against corruption.
They disclosed that naming and shaming the owner would have sent a strong signal to all corrupt individuals, both in government and out of government of the genuine intentions of the EFCC to fight corruption.
The enraged respondents inquired that if the EFCC could quickly name and display the pictures of Internet fraudsters otherwise known as “Yahoo boys” publicly, they saw no justification for covering the identity of this ” ex government official”
Nevertheless,the Commission’s Executive Chairman, Mr. Ola Olukoyede, has repeatedly described asset recovery as pivotal in the fight against corruption, economic and financial crimes and a major disincentive against the corrupt and the fraudulent.
Addressing members of the House of Representatives Committee on Anti-corruption recently, he said, “If you understand the intricacies involved in financial crimes investigation and prosecution you will discover that to recover one billion naira is war.
“So, I told my people that the moment we start investigation we must also start asset tracing because asset recovery is pivotal in the anti-corruption fight; and one of the potent instruments that you can deploy as an anti-corruption agency for an effective fight is asset tracing and recovery.
“If you allow the corrupt or those that you are investigating to have access to the proceeds of their crime, they will fight you with it.
” So one of the ways to weaken them is to deprive them of the proceeds of their crime. So, our modus operandi has changed simultaneously.
“The moment we begin investigation, we begin asset tracing. That was what helped us to make our recoveries.”
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