SPECIAL EDITION OF TRACE LIVE KICKS OFF RUNTOWN’S SOUNDGOD AFRICA TOUR

A special edition of TRACE Live will kick off afro-international singer Runtown’s “Sound God Africa Tour”, on September 25th at Terra Kulture, Victoria Island, Lagos.

Created by TRACE NAIJA, TRACE Live is a series of showcases which brings the music of Africa’s best talents to life on stage, with the backing of a live band. After the September 25th opening, Runtown’s, “Sound God Africa Tour” will head to Ivory Coast, Gabon, Gambia, Namibia, Senegal and other countries soon to be announced.

Runtown’s music career began in 2007, and has grown to include collaborations with an array of notable acts including Davido, DJ Khaled, Major Lazer, Nasty C and Wizkid. His 2016 single, “Mad Over You” moved the world of music, and propelled him to stardom.

TRACE Live is produced by TRACE Naija, alongside partners Bolanle Austin Peters and Cabal Entertainment. The event has raised the bar, introducing a new standard for live music, which through, consistency in sound, and extraordinary performing artists and bands – has created a series of unforgettable experiences for the Nigerian audience. Past editions include, Omawumi, Flavour, Falzthebahdguy, Adekunle Gold, Tubaba, Wande Coal and Reekado Banks.

Fans are encouraged to get their passes early as TRACE Live x Runtown Sound God Africa on September 25th is sure to sell out as past shows have. Tickets are available now on NAIRABOX and if you are out of town, click HERE to join the Facebook Live stream.

To keep up with all things TRACE NAIJA and for your chance to win tickets connect with us on @TRACENAIJA on all platforms.

Missing Millions of Naira: Allegation of Witch-Hunt Trails Court-Martial Chairman

Hakeem Otiki, a major-general standing trial over the alleged theft of millions of naira, has asked Lamidi Adeosun, a lieutenant-general, not to preside over the case.

Five soldiers were declared wanted by the Nigerian army after they absconded with a large amount of cash allegedly on the orders of Otiki who was the general officer commanding of the army’s 8 division in Sokoto.

At the opening of a court-martial at the army officers’ mess, Asokoro in Abuja on Tuesday, Adeosun, appointed to preside, was met with objection from the defence of Otiki who claimed the soldiers, who are still at large, were Adeosun’s aides.

Journalists were reportedly barred from covering the proceedings, but Daily Trust reported that Femi Oyebanjo, a retired major and counsel to Otiki, argued that there has been an unending grudge between the two generals and in the interest of justice, Adeosun should recuse himself as the presiding officer.

“We have it on good authority that you bear grudge against our client. We have this deep feeling that he may not get a fair trial under your leadership,” he said.

“The reasons are as follows: it is a known fact that general Otiki got into Nigerian Defence Academy on 10th January 1983 while you got in on  4th July 1983. He got in there before you. It is a fact that General Otiki actually pitied you, established and trained you.

“We have this feeling that that grudge is still there. More so that general Otiki took over from you as the corp commander, infantry. We still believe that because this grudge has been there since then and because of this grudge, when you were promoted, lt. general, he sent you a text message to congratulate you but you did not respond.

“In addition to that sir, it is a fact that by the time we go into this trial proper, certain issues will certainly come up and these are issues that affect your office as chief of operations, Nigerian army which you left before you got to where you are presently. What am I staying sir, it is a fact, sir, that general Otiki as the GOC commanding 8 Division of the Nigerian army conducted operation Sharan Daji. He also conducted operation Harbin Kunama III.”

Oyebanjo said these were offices directly under Adeosun’s command as chief of operation, adding that the operations listed were going to come up in the course of the trial.

Arguing that Adeosun is an interested party, he said, “Finally sir, it is also a known fact,  that as at the time general Otiki took over from you as the corp commander infantry brigade, he inherited your security personnel, your soldiers that formed the inner security of general Otiki.

“These are the same personnel that formed the reasons why we are here. They are actually your soldiers, your personal aides; the soldiers he took over from you, these soldiers are the basis why we are here today. My lord, we say on the basis of all these, you are going to be part and parcel of this trial, we are going to to be talking and referring to you.

“If you are going to do this job, there is no way you are not going to feature prominently. There is no way we will not talk about those soldiers, they were your aides, there is no way we will not talk about operations.”

There were also speculations that the rift between the two generals was over who would succeed Tukur Buratai as chief of army staff.

Buhari had in July promoted Adeosun to the rank of lieutenant-general — same rank as Buratai, placing him in good stead to become the next army’s chief.

It was not immediately clear how the proceeding went. Sagir Musa, army’s spokesman, did not respond to TheCable’s inquiry over the court-martial.

Cabal targets Osinbajo over actions taken as Ag President

Fresh facts on Wednesday emerged on some decisions taken by  President Muhammadu Buhari on the functions of his deputy, Prof Yemi Osinbajo.

A source in the Presidential Villa  confided in The PUNCH  that members of the cabal in the Presidency  were bitter about the roles played by the Vice-President, when he stood in for Buhari, when the latter went on medical leave.

The source cited the emergence of Walter Onnoghen as the substantive Chief Justice of the Federation and the removal of Lawal Daura as the Director-General of the Department of State Services  on August 7, 2018 as two of their grievances against Osinbajo.

Buhari had on November 10, 2016 sworn in Onnoghen in acting capacity despite the recommendation of the National Judicial Council, which stated that he should be appointed   as Chief Justice of Nigeria  being the most senior justice of the Supreme Court.

The President did not forward Onnoghen’s name to the Senate for consideration despite public outcry.

Recall that it was Osinbajo, who acted as President, during Buhari’s absence from the country,  that forwarded Onnoghen’s name to the Senate on February 7, 2017 and swore him in on March 7, 2017

Also, the Federal Government had on January 15, 2019 arraigned the ex-CJN   before the Code of Conduct Tribunal .

But Osinbajo had during a conference of the Online Publishers Association of Nigeria, claimed Buhari was not aware of Oongohen’s trial until Saturday, January 12.

The Vice-President, who at the event, expressed misgiving about the trial of Onnoghen and other judges, had said, “It has consequences such as we have today, such that people say how can such an important person be subjected to trial without the Federal Government.”

He had also said Buhari believed that there should not be interference by the executive in other organs of government.

But the President  did not wait for Onnoghen’s trial at the CCT to be concluded before suspending him on January 25.

Justifying his action, Buhari had said, “Although the allegations in the petition are grievous enough in themselves, the security agencies have since then traced other suspicious transactions running into millions of dollars to the CJN’s personal accounts, all undeclared or improperly declared as required by law.”

Also, Osinbajo, when he was acting President,  removed Daura, as the director-general of the DSS on August 7, 2018 and appointed Matthew Seiyefa, who was kicked out by Buhari in September of the same year.

The source, who confided in one of our correspondents, attributed Osinbajo’s travails to the roles he played in Onnoghen’s issue and Daura’s removal.

The source said, “The VP underestimated the level of vindictiveness some of these people have towards him.

“They accused Osinbajo of sidelining them when he took critical decisions during Buhari’s medical leave. If you remember, there was a lot of drama surrounding the confirmation hearing of (Walter) Onoghen and the removal of Daura.

“They were also not happy about the issue of the presidential panel on recovery of public assets. Obono-Obla developed a life of his own in handling the assignment given to him. They thought the VP was supposed to have checked him.

But a top member of the All Progressives Congress, who  spoke on condition of anonymity, described the situation as “sad” and “beyond mere words.”

The source said, “Those of us within the party are onlookers in this matter.  They are turning this 2023 game dirty because how can you explain what is happening to the Vice- President who brought in class and finesse into government?

“It’s possible some persons around the President made some discoveries about the VP’s handling of certain issues and were able to convince him (Buhari) to whittle down his powers.

“Whatever is happening cannot be hidden for too long. Without doubt certain individuals within and outside the villa are taking advantage of the situation.”

Another party stalwart, however,  said nothing out of the ordinary was happening.

The party stalwart, who also wished to remain anonymous because “the issue is purely within the purview of the President,” said, “It’s just a storm in a tea cup; there is nothing unusual happening.”

In response to a question on the replacement of the Osibajo-led Economic Management Team with the Prof Doyin Salami-led Economic Advisory Council, he said, “There is a new energy to refocus government to revamp the economy.

“Whether it is the Vice-President that is the driver of the economic management team or not, all of them are still reporting to the President.

“The Vice President has a constitutional role to play and he is playing it. I don’t know why some people want to create a rift between the Vice-President and his principal.

“If the President is saying this (economic) route that we’ve taken in the last four years has not yielded the desired results, let us go another route is there anything wrong with that?

“I don’t think what is happening is meant to slight the Vice-President. It is not a sign that the President has lost or is losing confidence in the VP.”

When contacted,  the Office of the Vice-President, Prof Yemi Osinbajo, insisted on Wednesday that governance was not affected in any way by Monday’s scrapping of the Economic Management Team by President Muhammadu Buhari.

Osinbajo hitherto chaired the EMT, which superintended over the economic programmes of the present administration.

In place of the EMT, Buhari named an Economic Advisory Council with Prof Doyin Salami as the chairman.

Other members are Dr Mohammed Sagagi (vice-chairman); Prof Ode Ojowu; Dr Shehu Yahaya; Dr Iyabo Masha; Prof Chukwuma Soludo; Mr Bismark Rewane; and  Dr Mohammed Adaya Salisu (secretary).

Buhari further directed that the new EAC would report directly to him.

“The Economic Advisory Council will advise the President on economic policy matters, including fiscal analysis, economic growth and a range of internal and global economic issues working with the relevant cabinet members and heads of monetary and fiscal agencies.

“The EAC will have monthly technical sessions as well as scheduled quarterly meetings with the President.  The Chairman may, however, request for unscheduled meetings if the need arises”, the Presidency had stated.

The scrapping of the EMT had fuelled speculation that it appeared the VP’s powers were being reduced.

But, his office told The PUNCH on Wednesday that the business of governance would continue, in spite of the dissolution of the EMT.

His Senior Special Assistant on Media and Publicity, Mr Laolu Akande, while responding to enquiries by The PUNCH, following the speculation, stated, “Governance continues. The business of governance is not affected by the EMT dissolution in any way.”

Akande also maintained that there was only one Presidency, adding that the speculations were entirely unnecessary. “There is only one Presidency,” he told The PUNCH.

Aside from the scrapped EMT, Osinbajo oversees some agencies: the National Emergency Management Agency; the National Boundary Commission; and the Border Communities Development Agency.

The VP chairs the boards of NEMA and the Niger Delta Power Holding Company.

Amid speculation on Tuesday that a Monday memo from Buhari allegedly directed Osinbajo to seek his approval before taking decisions on any agencies under his watch, the VP’s office vehemently denied it.

One source informed The PUNCH on Wednesday that in government, it was the normal practice for memos to pass between top officials of government.

“A lot of memos are exchanged every day.

“But, at this level of government, you would not say a memo was written specifically raising due process issues over the VP,” the source added.

In its response on Tuesday, the VP’s office had described the alleged memo as “false.”

“This is obviously misleading and aims only to plant seeds of discord in the Presidency, while attempting to create unnecessary national hysteria”, it stated.

Osinbajo’s office further noted, “The agencies in question are established by law and the Vice-President has always insisted on due compliance with the enabling statutes and other established regulations.

“Depending on the particular scope of activity in question, agencies may require management approval only, at the level of the Director-General or Chief Executive Officer. In this category falls the great majority of their day-to-day activities.

“However, other activities, or procurements, with value exceeding a certain threshold, require board approval. These may get to the agency board chaired by the Vice-President. In a few cases where Presidential approval is required, the Director-General must seek such approval from the President, through the Vice-President.

“These rules have always guided the activities of statutory agencies and the ones under the Vice-President’s supervision have always been so guided.”

Osinbajo’s economic team dissolved for good reasons – Adesina

The Special Adviser to the President on Media and Publicity, Femi Adesina, said the economic management team led by the Vice-President was dissolved for good reason and better management.

Adesina said this during an interview on Channels Television’s ‘Politics Today’ programme on Wednesday.

When asked if the dissolution of Osinbajo’s economic team signalled friction between the President and his deputy, Addesina said, “Nothing out of the ordinary is going on. Governance continues and the Presidency remains one. And this Presidency just wants to do what’s best for Nigeria.

“But unfortunately our country is one in which even if a 100-year-old man dies, people will still want to find out what killed him.

“In Nigeria there are too many inferences from things that are just normal and natural; things that are designed to accelerate governance and make sure there is probity and accountability. They will find all sorts of inferences. All that President Buhari has done particularly this week is just to tweak governance and get the best for Nigerians.”

The President’s spokesman said he was not aware of alleged plans by the Presidency to remove the Social Investment Programme from Osinbajo’s control.

He said the new economic advisory council which would report directly to the President, could sometimes defer to the Vice-President when the need arose.

Adesina added, “You seem to forget that the Vice-President is the number two man in the country. If the President is away, the Vice-President acts because it is a joint ticket. Therefore, the new economic advisory body can also relate with the Vice-President when necessary.

“It is just some Nigerians who want to drive a wedge between the President and the Vice-President that read meaning to everything. They insinuate about everything. It is still one Presidency and decisions taken are best for the country.”

When asked when the new economic council led by Prof. Doyin Salami would be inaugurated, Adesina said he had no idea but promised that it would be communicated to Nigerians in due course.

APC debunks crack in Presidency

When contacted for his reaction, the APC National Publicity Secretary, Lanre Issa-Onilu, debunked insinuations of a crack in the presidency.

He said, “It is irrelevant and a non-issue. It is just an attempt to create an issue where there is none.”

We are watching – Afenifere

The Yoruba socio-cultural group, Afenifere, says from the look of things, Vice-President Yemi Osinbajo’s office has been rendered useless, impotent and irrelevant.

It, however, said it would be too early to speculate if Osinbajo’s ordeal was caused by any misdemeanour on his part or if it was based on permutations ahead of the general election in 2023.

The Spokesman for Afenifere, Mr. Yinka Odumakin, said this during an interview with The PUNCH on Wednesday.

He said, “We are watching as events unfold. We are studying the situation but we must also not muddle up issues. For now we will not jump into any premature conclusion that this is about 2023 alone. We will need to know if we will need more information to know whether it is political or whether there was abuse of office or process.

“But the barrage of the last 48 hours shows that there is something wrong. We will wait to have all the facts because we don’t want to say a Yoruba man is being attacked.

“They may have had a justifiable reason to do so. But we are taking note of every development and at the appropriate time, we will make our position known. But clearly, what has happened is that the VP’s office has been rendered impotent, useless and irrelevant.

The Economic Management Team led by Osinbajo was suddenly dissolved on Monday and replaced with an advisory council that would report directly to President Muhammadu Buhari.

It was learnt that some of the agencies like NEMA, would rather deal directly with the President than Osinbajo.

There are also reports that some of Osinbajo’s aides had been transferred out of the Presidential Villa and seconded to some Ministries Departments and Agencies.

The Presidency, it was reported, was planning stripping the Vice-President of his brainchild known as the Social Investment Programme which comprises the Trader Moni initiative, N-Power, school feeding programme and others.

The welfare programme is expected to be placed under the newly created Federal Ministry of Humanitarian Affairs, Disaster Management and Social Development headed by Sadiya Umar.

The Next Titan Season-6: Heritage Bank continues to Boosts Entrepreneurship among Youths

Heritage Bank Plc, Nigeria’s most innovative banking service provider has again thrown its usual support behind the organizer of The Next Titan, so as to have a better and improved season six of the programme.

This year’s edition of the reality TV show is again headlined by Heritage Bank and is targeted at giving young entrepreneurs an opportunity to display their ingenuity and talents.

The programme, which also, focuses on ensuring that the entrepreneurial goals of the Nigerian youths are achieved, had its auditions in four of the six geopolitical zones of the country.

Speaking during the audition at the Sheba Event Centre in Lagos, the MD/CEO of the bank, Ifie Sekibo stated that the Heritage Bank has continued to make seamless efforts to demonstrate its commitment towards developing and positioning youths to become world-class citizens equipped and ready to be absorbed into an increasingly competitive workforce.

“One of the reasons why we chose, as an organization, to support the entrepreneurial growth and welfare of the youths is to see young men and women play vital roles in the socio-economic development of the country and help curb the high level of unemployment,” Sekibo said.

The MD, who was represented by the Head, Brand Management & Sustainability, Corporate Communications, Heritage Bank, Ozena Utulu, said Heritage Bank is positioned to lead the recovery of the economy through enhancing youth entrepreneurship development and engendering self-employment via its various initiatives and products.

According to Sekibo, the drive to support youths seeks to create, preserve and transfer wealth across generations. He explained that the entrepreneur schemes of the bank has always focused on dependable job-creating sectors, such as the agricultural value chain (fish farming, poultry, snail farming), cottage industry, mining, and solid minerals, creative industry (tourism, arts and crafts), and ICT.
Sekibo stated that the bank supported this initiative because of its belief in Nigerian youth, who make up about 80 percent of the country’s population. He further explained that Heritage Bank was impressed with the nature in which talents were sought out, the rigorous selection process and the integrity with which the overall scheme was delivered.

Sekibo expressed satisfaction in the long term sustainability of the initiative, stating, we will not support something that will not stand the test of time.

The Executive Producer, The Next Titan, and Managing Director, Bravopoints International Limited, Mide Kunle-Akinlaja explained, “the idea behind the next titans is to create a Nigeria of our dreams, the roll calls of entrepreneurs with businessmen and women who will boost the nation’s economy and become employers of labour. It is not just an ordinary show but a show that transforms lives.”

According to him, The Next Titan over the past five years has been the only major entrepreneurial reality show in Nigeria, which provides an opportunity for young aspiring entrepreneurs with good business ideas that can transform the economy to compete among themselves on television in order to win a grand cash prize and a brand new car to start their dreams.

He noted that it was a platform designed to ignite the entrepreneurial spirit of the generality of young Nigerians who may not have the opportunity to participate directly through its regional auditions, but who can watch the TV show, and who can, as a result, take a decision to ply the route of entrepreneurship as a viable career option.

L-R: Members of Heritage Bank’s Corporate Communications- John Adah, Processing Officer; Ozena Utulu, Head, Brand Management & Sustainability and Daberechi Ike-Obioha, Team Member, Designs & Creatives, during The Next Titan Season-six audition at the Sheba Event Centre in Lagos.

Revenue Generation: CBN imposes additional charges on transactions on individual bank accounts

Effective Wednesday, September 18, cash deposits and withdrawals from individual bank accounts are to attract addition charges, the Central Bank of Nigeria said on Tuesday.

In a circular to all deposit money bank (DMBs), the Director, Payments System Management Department at the CBN, Sam Okojere, said henceforth 3 percent processing fees would be paid for withdrawals and 2 percent for deposits of amounts above N500,000 for individual accounts.

Similarly, corporate accounts will attract 5 percent processing fees for withdrawals and 3 percent processing fee for lodgments of amounts above N3 million.

The CBN said the charges would be in addition to already existing charges on withdrawals, and will be aimed at encouraging it’s cashless policy.

The statement, however, said the charge on deposits shall apply in Lagos, Ogun, Kano, Abia, Anambra, and Rivers States as well as the Federal Capital Territory.

To further promote a cashless economy and enhance the collection of applicable government revenues, the CBN also announced a review of the process for merchant settlement by bank customers.

With the review, which takes effect from Tuesday September 17, the CBN said it gave approval for banks to unbundle merchant settlement amounts and charge applicable taxes and duties on individual transactions as stipulated by regulations.

The financial sector regulator announced a downward review of the Merchant Service Charge (MSC) from 0.75 percent capped at N1,200 to 0.50 percent capped at N1,000.

The nationwide implementation of cashless policy will take effect from March 31, 2020, it said.

In June, the CBN announced the takeoff of the third and final phase of the cashless policy in 30 states.

The apex bank said the decision followed the successful completion of Phases 1 and 2 in six pilot states and Abuja.

Phase 1 of the scheme took off in Lagos on January 1, 2012, while additional states, namely Abia, Anambra, Kano, Ogun and Rivers States, as well as Abuja, were involved in Phase 2, which commenced on October 1, 2013.

Alleged Youngest Billionaire, Tunde Biletiri challenges Huspuppi, Mompha

Young and wealthy publisher Of Black celebrity Magazine, Tunde Biletiri has set the social media on Fire with his claim that he is richer than Huspuppi and Mompha.
The young publisher who called himself the youngest billionaire said both of them are broke and can’t be compare with the real wealth he controlled.
In an Instagram post on his official page,@biletiri he claimed that while they are eager to meet Governors, he is busy sponsoring elections behind the scene.

“Billionaires don’t make noise, don’t be deceived by what @huspuppi and @mompha display on the internet they are broke niggas… Dangote won’t pose with his bag of cement … #1 billion well spent….

I get money to the extent that I Dey  busy some Governors calls,they wanna meet the Governors but we sponsor Governors election…”

All Set as Lagos awaits Zenith Bank’s Aspire Music Festival

All is now set for the “Zenith Bank Aspire Music Festival” holding on Saturday, September 21, 2019 at the Harbour Point Event Centre, Victoria Island, Lagos by 5pm.

Dubbed as the most anticipated entertainment event of the year, the breathtaking festival promises to be a night to remember, as it will feature captivating and thrilling musical performances by some of Nigeria’s biggest artistes including Olamide, Flavour, Phyno, Niniola, Mayorkun and Rema.

Also on hand to anchor the event and trill the audience with rib-cracking jokes is Kenny Black, while celebrity hypeman, Do2dtun, will be revving up the crowd throughout the night.

The Festival, which is a must attend event for music lovers, tourists and fun seekers, is one of a series of events lined up by Zenith Bank to usher in “Style by Zenith 2.0”, the bank’s annual lifestyle fair which will take place towards the end of the year.

Attendance at the music festival is exclusively reserved for Zenith Bank customers. However, non-Zenith customers can still participate by simply opening a Zenith Bank account and registering to attend at www.zenithbank.com/style.

Zenith Bank Plc is recognized as one of the most innovative financial institutions in Nigeria and was voted the most customer-focused bank in Nigeria for the Retail and SME segments in the 2018 KPMG Annual Banking Industry Customer Satisfaction Survey (BICSS).

74th UNGA: Nigeria’s Muhammad-Bande takes over as president

Maria Espinosa, the President of the 73rd UN General Assembly, on Monday handed over to Nigeria’s Muhammad-Bande, who will lead the 74th session of the assembly in the next one year.

The ceremony, held inside the General Assembly Hall of the UN headquarters in New York, marked the end of the 73rd session.

The 74th session will formally begin on Tuesday with the inauguration of Mr Muhammad-Bande, who is the Permanent Representative of Nigeria to the UN.

The handover ceremony was witnessed by top officials of the UN-led by the Secretary-General, Antonio Guterres.

Nigerian officials, including a presidential team, comprising the Director-General, National Intelligence Agency (NIA), Ahmed Abubakar, and presidential spokesman, Garba Shehu, also witnessed the ceremony.

In a short address, Mr Guterres lauded Ms Espinosa for her strong leadership, describing her as a “champion for multilateralism”, who made the UN “relevant to all”.

“I commend her ambitious priorities for this session, which addressed crucial matters of international impact and concern.

“These include gender equality, migration and refugees, decent work for all, environmental protection, the rights of people with disabilities, promoting the voices of young people to advance peace and security, and revitalising the work of the United Nations.

 

“The commitment of Espinosa to the environment especially ending plastic pollution also stands out,” he said.

The UN chief said he looked forward to working with Mr Muhammad-Bande to advance the organisation’s mission of building a more peaceful and prosperous world.

Earlier in a valedictory press conference, Espinosa said she was satisfied with her achievements within her one-year tenure.

She said her practice of formally reporting back to member states every three months, was very useful, especially for the smaller missions that could cover all the agenda items.

Ms Espinosa said during the 73rd Session, no fewer than 341 resolutions were adopted, making it the highest number in several years.

She reiterated her call on member states to “read the resolutions we have adopted again and let´s deliver and implement them using this norm-setting power of the General Assembly”, she said.

$11m Fraud Allegation: Obinwanne (Invictus) Okeke Pleads not Guilty, Remanded in Prison till February 2020

Obinwanne Okeke, the 31-year-old Nigerian held by American authorities for alleged fraud, entered a plea of not guilty to two counts of wire and computer fraud at his first hearing on Monday.

The presiding judge at the Newport News, Virginia, federal courthouse, declared the case as “complex,” but said Mr Okeke should be remanded in prison until February 18, 2020 when the trial would continue. He appeared in court at about 2 p.m. and waived his right to a speedy trial.

The appearance came a week after a federal grand jury examined the evidence gathered by the F.B.I. and presented by the United States Department of Justice and found Mr Okeke guilty as charged and recommended him for trial.

Upon conviction, the jury also said Mr Okeke should be made to forfeit at least $11 million in asset and an emerald shaped diamond engagement ring found on him when he was first arrested by federal agents as he was about leaving the U.S. on August 6.

The Monday’s appearance marked the commencement of Mr Okeke’s criminal trial since he was arrested and remanded in custody of the U.S. Marshals Service more than a month ago.

He had made previous appearances before separate judges for preliminary hearings in his bail applications — all of which were declined.

Mr Okeke, known in Nigeria as ‘millionaire entrepreneur’ Invictus Obi, was accused by the F.B.I. of orchestrating the theft of $11 million from a foreign subsidiary of American heavy equipment manufacturer, Caterpillar.

Using the infamous business email compromise scheme, Mr Okeke and his alleged accomplices spoofed Unatrac officials into making illicit transfers of about $11 million over several weeks in the first half of 2018.

Investigators said those who worked with Mr Okeke remained at large, and continued to seal crucial references to them in the case.

Dozens of other Nigerians have been arrested in largely unconnected fraud busts by American authorities since Mr Okeke was taken into custody.

Many of those cases were also traced to business email compromise, a process of targeting unwary business executives now commonly deployed across intricate networks of cybercriminals.

He faces up to 30 years in prison if convicted, as well as the possibility of forfeiting any ill-gotten acquisitions traced to him. Officials familiar with the trial told PREMIUM TIMES the evidence against Mr Okeke was compelling enough to elicit a guilty plea from him.

But since he had decided to go through the lengthy trial road, he could face maximum sentences with additional punitive liabilities if ultimately found guilty.

Nigeria’s domestic revenue among world’s lowest —Bill Gates

American billionaire and philanthropist, Bill Gates, has said that Nigeria has one of the lowest domestic revenues at just six per cent of GDP compared to 15 per cent in some other countries.

This, he said, is perhaps one of the reasons why the largest black nation has a problem with providing basic health infrastructure.

Gates said this via a teleconference with select journalists ahead of the release of the Bill and Melinda Gates Foundation’s Goalkeepers report 2019.

Responding to a question on how Nigeria could address some of its challenges, he said, “One challenge that Nigeria has is that the amount of money that the government raises domestically is quite small compared to other countries.

“A lot of countries at that level will be raising closer to 15 per cent of GDP and Nigeria is one of the lowest in the world down at about six per cent.  And so, it is a huge challenge that when you want to fund infrastructure, health, education, all those things, that over time the tax collection, the domestic resources are going to have to go up quite a bit.”

The Microsoft co-founder said the government also needed to do more to gain the confidence of the people because the citizens could be discouraged from paying taxes if they see that taxes are not being properly utilised.

He added, “That’s a long-term effort and I think partly by making sure the current resources are spent well like on primary health care, you gain the credibility that the citizens will say, okay, we want more of these things.  If we don’t raise the quality, you can get into a trap where they don’t feel like paying the taxes actually has that much impact, and so they’re not supportive of that.”

Gates lamented that many countries that were not as wealthy as Nigeria had better health care systems.

“If I had one wish for Nigeria, it would be that the quality and funding of the primary health care system would achieve the level of some other countries that are lower income but have done a better job with the primary health care system.  So, it definitely is doable,” he said.

The philanthropist said now that the country had virtually defeated polio, his foundation would look at strengthening health care centres.

He said his foundation had been collaborating with Aliko Dangote in helping Nigeria to address some of its challenges.

Gates said he holds video conferences with at least six northern governors regularly, adding that there were some things northern Nigeria could learn from the South.

Nigeria and other African nations had in 2001 signed the Abuja Declaration which seeks to allocate at least 15 per cent of their annual budget to improve the health sector and urged donor countries to scale up support.

Over 18 years later, Nigeria has failed to do so.

The country still has one of the world’s worst health indicators

The Federal Government had last week announced plans to increase Value Added tax from 5 per cent to 7.5 per cent, a move that has sparked outrage especially among the organised labour.

Exit mobile version