dominusgai:


Actually, they don't, the owner of a limited company is not liable to answer any questions on behalf of the company. What EFCC should have done is query their books for contracts for that payment and discovering a direct link from the his company to him before arresting him. They did not do that.

You must be kidding.

When government suspects you committed a crime, they dont need hard facts to invite you to write a statement on the suspicion. You have a chance to come clean or fabricate stories, however, the statement can be used against you in court.

mycar:
Useless EFCC

Useless Dunces in EFCC

Nope.. It merely raises a suspicion and a presumption which needs to be proven. Banks are obliged to report such financial activities to EFCC but it does not constitute a crime simply because it raises suspicion. You should quote the section of the law in full and not in part so the import can be fully understood by readers.

adanny01:


The mere fact that money is moved from one acc to another to another to another with no purpose is money laundering. They are sometimes refered to as slush funds.

If i send $1.1m to you, you send $1m to mr A he sends $.9m to Company B etc. In other words, I am paying you 100k Mr A 100k company B 100k and so on but indirectly moving huge sums of money without economic justification.

dominusgai:

Persons, not corporations. Did you see one personal account there? Even if Intel is the source of the money, is there a law that says you are not to do business with your family?
EFCC has not investigated the any of the companies to see if any legal service was given. They just arrested the owner of the company without any proof and expect a confession from him. He go hard them o
It is EFCC's job to investigate that the payment was not for a service rendered, and believe me, it is after they have had concrete evidence that no service was rendered that they would have come to arrest him. Not arrest him and ask him to be the one to tell you where the money came from.

All the energy you have used here should have first been channeled to reading the money laundering act first before you post here and there.

Do you mean money laundering act does not apply to corporations?

Read section 19

dante0147:
Somebody that has different business and you say atiku shouldn’t have that kind of money ?

Different businesses indeed...

Esseite:
This is just media propaganda, he was obviously released because the accusation holds no water..

From the article above, it was not cash hauled but transactions made via the banks and a system is in place in all banks to report transactions above $10,000.

The monies were moved from institutions to institutions whom were aware and no trace of government funds from both ends, neither was it tagged fraudulent.

This one dey learn...

So if someone gets bail it means the trial has ended right?

Even if it is private fund...you can be requested to show the transactions that earned you the money.

EFCC is Buhari,Buhari is EFCC if you know you know .With the Bullion Van at Tinubus house he clearly stated it's his money ,EFCC/ Buhari does nothing for him .Sebi some said he would begins to quizz Tinubus ,Amaechi etc after elections ,That he just want to win his second term ,Lies,Some would say it's still early now ,Yeye dey smell,Buhari/ EFCC is not going after them or any of those thieves ,EFCC/ Buhari is just a tool to silence the Opposition and nothing more ....No wonder Oshio omole said u are ur sins are forgiven once u Join APC

sonofElElyon:
Nope.. It merely raises a suspicion and a presumption which needs to be proven. Banks are obliged to report such financial activities to EFCC but it does not constitute a crime simply because it raises suspicion. You should quote the section of the law in full and not in part so the import can be fully understood by readers.

It raises suspicion which the EFCC is still investigating, at the conclusion which they will take the matter to court citing exactly the section of the act which has been contravened.

Why the outcry when the matter is still under investigation.

Of the €67.9m, Uyi’s account received 26,050,00million Euro between January 9th and 28th, 2019. Babalele is expected to account for 41,900,000 Euro.

Besides, what is suspicion? Is it not based on suspicion that a person becomes a suspect who can be arrested? Being a suspect should not be reduced to merely.

reality47:
What has happened to three bulloons van that convey money to bola hammed tinubu house at his burdillon resident. Is that not money laudering?. Where is the efcc?. Na wa oo

that one is not money laundering, it is money movement

Articulated in all ways but cot!

Call for your domestic worker/nanny: 07066937270

Atiku This Atiku that na there money. EFCC kolo

Esseite:


Govt does not need to know your purpose of transaction except you are requesting foreign exchange from it directly.. when you buy a house worth N400m, do you tell govt?

Your case may suffice if there is an allegation (govt funds/terrorism) on any of its ends, but there is none.. then why tag it money laundry and try to defame the characters involved?

It went via the banks, through all govt checks, why tag it laundry when it could have been a silent investigation if need be?

You dont sound like you know what money laundering is. It doesn't have to be govt funds. Infact for the mere fact that they dont know the owner of the funds is saying the source is criminal.

When you buy a N400m house and your business is worth 1billion, the govt wont even investigate you.

But when Atiku's son in-law is at the centre of 150m Euros, and his business is not worth 1million Euro, he should expect EFCC to be on his heels.

If Atiku comes out to say the money is his and the movement is for this or that legit business, do you think EFCC will keep Atiku's son in-law?

Lastly, you want silent investigation, dont have any reason to go to EFCC at all. There are reporters at EFCC gates, EFCC officials leak some insensitive info that can tarnish any ones image. The best thing is to have clean hands.

My former boss was invited by EFCC. He had a construction company and a chain of filling stations. Being a PDP guy and a close ally to a former governor, when the former governor had an EFCC case, his properties where suspected to belong to the governor because of the sudden way my boss became rich. All he had to do was come with all documents of all his properties showing they bear only his name and none of the former governor or his relatives. Off he went. But news had it back home that EFCC arrested him, see!

mekaboy:
EFCC should be scrapped. That agency is useless.

i see PDP people. mak dem scrape or wetin u talk

This is the reason politics is a do and die affair. EFCC, police , judiciary, govt agencies, laws ,army will start working for the winner and witch hunting the loser and his supporters. Are we saying APC , Buhari and family have no illegal questionable financial transactions ? Shame on efcc

Hmmmmm, these companies, who is working there and what kind of work?

Esseite:
This is just media propaganda, he was obviously released because the accusation holds no water..

From the article above, it was not cash hauled but transactions made via the banks and a system is in place in all banks to report transactions above $10,000.

The monies were moved from institutions to institutions whom were aware and no trace of government funds from both ends, neither was it tagged fraudulent.

Leave them attimes this people can be so annoying, his was even through an institution yet a mad man carried bullion van to his house yet there silence is so loud.

Dannyset:
No wonder this guy want to sell NNPC. Thank God for rejecting him.

this one is a crime,but the 2 bullion vans filled with dollars entering tinubu house is not abi?

mumu

Esseite:
The Economic and Financial Crimes Commission (EFCC) has insisted that Vice President Atiku Abubakar’s son-in-law, Abdullahi Babalele’s, was arrested for money laundering.


Many had queried the timing of the arrest, which coincided with the start of the Peoples Democratic Party (PDP) candidate’s legal battle against President Muhammadu Buhari’s election.

The Nation reported on Wednesday that Babalele is under investigation for alleged laundering of €150million.


Babalele was released on bail on Tuesday after days of interrogation. His passport was, however seized by the EFCC.

But Mr. Uyi Giwa-Osagie (Atiku’s lawyer) is still in custody. The agency said about €67,950,000 of the €150m has been traced to the accounts of him, Babalele, two slush firms and two Bureau De Change operators.

Of the €67.9m, Uyi’s account received 26,050,00million Euro between January 9th and 28th, 2019. Babalele is expected to account for 41,900,000 Euro.


Meanwhile, the EFCC has released more details of transactions involving Osagie.

A document said: “On receipt of this intelligence the team booked to Lagos Island market and arrested two BDC operators namely: Abdullahi Shehu who works with Abdullahi Munaciki of Hasbunallahu BDC, Abuja and Lawal A. Abdullahi of Three Brother BDC.

“Also the team recovered the said $1.6million USD but already $141,000.00 USD had been exchanged to Naira at N358/ per dollar which amounted to N50,500,000.00 while the balance of $1,459.000.00 USD could not easily be exchanged due to the Naira scarcity in the market.


“Investigation conducted regarding the ownership as well as the source of the money so far revealed that Hasbunallahu BDC who is also the owner of Clean and Integrity Services Ltd received three transfers amounting to $5,000,000.00 USD on the 4th and 14th February, 2019 from Guernsey Trust Company Nigeria Limited which is an investment company that is being managed by Uyiekpan Giwa-Osagie in trust on behalf of Bleep.

”Investigation carried out on the accounts of Guernsey Trust Company Nig Ltd reveals that various transfers in millions of dollars and cash payments were made to various individuals and companies.”

The details of these transfers are as follows:

“On the 1st February, 2019, Abdullahi Munaciki of Hasbunallahu BDC received a transfer of $500,000 USD in his Guaranty Trust Bank Dollar Account Named: Clean & Integrity Services Ltd with Account number: 325/391103/2/1/0. The transfer came from Uyiekpan Giwa-Osagie of Guernsey Trust Company Nigeria Limited.

“On the 18th January, 2019, Root Capital Ltd received the sum of $1,000,000.00 into its account in Keystone Bank PPC from Guernsey Trust Company Nig Ltd account in Keystone Bank Plc. There after the naira equivalent was paid into Andrew Pitchford account by Spring Creek on behalf of Root Capital Ltd.

“On 4th February, 2019 another transfer in the sum of $1,500.000.00 USD was received into the said Clean & Integrity Services Ltd account in GTB from the same company Account Guernsey Trust company Nigeria Limited in keystone bank on Instruction of the said Uyiekpan Giwa-Osagie.

“The third transfer was made in bulk on 14th February, 2019 in the sum of $3,000,000.00 USD, similarly from Guernsey trust company Nigeria Limited in keystone bank to Clean & Integrity Services Ltd account in GTB.

“Painstaking investigation conducted on how the said Guernsey Trust Company Nigeria Ltd sourced the above mentioned $5,000,000.00 USD showed that the company received into its Keystone bank Euro Account number 1002523061 two Inflows of N13,050.000.00 Euro on 9th January, 2019 and N13.000,000.00 Euro on 28th January, 2019 totaling N26,050,000.00 Euro from one off-show company called Intels West Africa Limited.

“Further Investigation has shown that the said Euro inflows were converted to about $30,346,150.12 USD and transferred in tranches of $14,362.500.00 USD, $14,977,194.13 USD, and $1,000,000.00 USD to Guernsey Trust company Nigeria Limited’s Dollar Account number: 1003057653 to Keystone bank between 11th January and 12th February 2019.

“On the 18thJanuary, 2019 Guernsey Trust Company Nig Ltd paid the sum of $750,000.00 to Bluebeam Capital Ltd, the money was subsequently transferred to BLK Prestige Investment

“Also on the 29th January, 2019 Guernsey Trust Company Nig Ltd paid total sum of $2,065,934.00 to Capital filed Investment Group Ltd account in Keystone Bank Plc and the naira equivalent of the said amount in the sum of N856, 569,200.00 was paid in tranches to Andrew Pitchford Ltd account. The company is owned by one Mr. Erhunse Giwa Osagie, a brother to Mr. Uyiekpen Giwa Osagie.

“Furthermore on the 6th February, 2019, Guernsey Trust Company Nig Ltd paid Bluebeam Capital Ltd the sum of $1,000,000.00 the money was subsequently transferred to BLK Prestige Investment Ltd with UBA Zambia while the naira equivalent was paid into the account of Andrew Pitchford Ltd by Spring Creek Ltd on behalf of Bluebeam capital Ltd.

“Again on the 11th February 2019, Bluebeam Capital Ltd received the sum of $2,000,000.00 from Guernsey Trust Company Nig Ltd. On the instruction of Mr. Erhunse Giwa Osagie out of which the sum of $1,000,000.00 was transferred to account of BLK Prestige Investment Ltd United Bank for Africa in Zambia while the remaining $1,000,000.00 was converted into naira and paid into Sterling Bank Plc account of Andrew Pitchford Nig Ltd with account number 0689724732.”


http://dailypost.ng/2019/03/06/efcc-releases-bank-transactions-details-atikus-son-law-lawyers-arrest-emerge/amp/

Rubbish

You initially said its a crime now you say it is suspicion that EFCC is investigating. Your new position means we no more have a disagreement. EFCC has to prove that the funds are proceeds of crime. They have to prove this beyond reasonable doubt. That is the burden of proof for criminal prosecution.

But why arrest before thorough investigation? You can visit persons of interest and question them but arresting people without having hard evidence of commission of crime is wrong. As we speak, EFCC has not told us that they have evidence that the monies are proceeds of crime.. The rule of law particularly fundamental human rights should not be trampled upon. Visit for questioning and arrest when you have a case against them. That's what is done in sane climes

adanny01:


It raises suspicion which the EFCC is still investigating, at the conclusion which they will take the matter to court citing exactly the section of the act which has been contravened.

Why the outcry when the matter is still under investigation.



Besides, what is suspicion? Is it not based on suspicion that a person becomes a suspect who can be arrested? Being a suspect should not be reduced to merely.

Nigeria the 6th richest oil producing country in the world , Nigeria with the largest multi millionaires in the world and yet Nigeria is the poorest country in the world, all in the name of corruption, corruption, looting looting spree all the way.

Ok, please EFCC should help us release Babachir Lawal’s bank account details.

Dannyset:
No wonder this guy want to sell NNPC. Thank God for rejecting him.

Is it a crime for one to do business? Or are you guys allergic to good money? Funds passed through the account could be for legitimate business purposes.. Was that account flagged for suspicious transaction(s)?

Poverty is really a disease

RealityShot:
When we call him TIF
some gum heads will be defending him!


mtchewww!

what is that boy's job that he is controlling £150 million i.e. N61 billion

You are very funny. But you need not display your ignorance here

olagbola45:


Bunch of criminals

It's obvious riches are well far from your abode...

sonofElElyon:
You initially said its a crime now you say it is suspicion that EFCC is investigating. Your new position means we no more have a disagreement. EFCC has to prove that the funds are proceeds of crime. They have to prove this beyond reasonable doubt. That is the burden of proof for criminal prosecution.

But why arrest before thorough investigation? You can visit persons of interest and question them but arresting people without having hard evidence of commission of crime is wrong. As we speak, EFCC has not told us that they have evidence that the monies are proceeds of crime.. The rule of law particularly fundamental human rights should not be trampled upon. Visit for questioning and arrest when you have a case against them. That's what is done in sane climes

You are turning in circles.

Suspicion of what? Money laundering. What is money laundering? Crime or not?

From what i know, a lot of the arrest we claim in Nigeria may not be but we use the language to describe presence in the police station, barracks, or in this case EFCC.

What EFCC does is to invite you for questioning and it can take days and they could also detain.

Check out how Daily trust puts it

A top EFCC source told Daily Trust that Abdullahi is being detained by the anti-graft agency to shed more light on the movement of the fund, said to be in foreign currency, 150 million Euros.

Chukwunadindu:
I wish APC supporters will know what this government has done to them.

First thing they have done is to make prosperous men sinners and poor men saints. According to Buhari and co, the only way heaven can be made and society can be made better is when there is gross poverty. That is why we have 90 million poor Nigerians.

If you have much money in your account, you are a thief! That is why he always keeps his 150 cows narrative. To make the poor feel his part of them yet he is the source of their ever increasing poverty.

Even this foolish supporters know that their vice president stole money through a government institution (NNPC) in an anti corruption 'regime'. And is still a saint.

Let's not go back to 1999 to 2007 when under a supposed corrupt PDP government, Tinubu was an amazing thief. The most corrupt governor amongst his peers. And since then, he has been stealing amazingly having a percentage of Lagos state IGR going into his account.

No APC supporter has asked Buhari to arrest and investigate Tinubu. A man who is a synonym of corruption. Two bullion vans were seen in his house during the elections. Clear cut vote buying! But is not corruption. Instead we have seen psychopaths come on Nairaland to ask 'Igbos' to leave Tinubu alone.

When an APC supporter is called out for corruption, he is an ethnic bigot or a lier. Look at Orji Uzor, Akpabio, and even their party chairman have all stolen money from government purse but are saints. Oshomole now talks against PDP members like his not worse. But because he is in APC, he is covered.

Now Atikus lawyer has been accused for money laudering.

First question is did the transaction comply to the money laundering act? Was CBN notified about the transaction? They did not say. They are only holding on to the narrative that $150,000,000 were traced to his account. The same way they defamed the CJN. A man at the achelon of Nigeria's legal system. Where they expecting to see 10 naira in his account?

Some idiots were claiming: he has foreign accounts. But they are big idiots. Common Aba based importers have so many foreign accounts. Why should a man with so many years in the legal sector not have foreign accounts and money in them. Is it because he is not a private lawyer? So working for the government means the highest life you can have is an average life abi? This is the zenith of weaponised poverty. In fact this is now mental.

Tell them that rich people are your enemies. Tell them you are socialist. But why is Buhari appointing family into key positions of government?

Atiku said he will sell a non accountable and mal functioning NNPC that is a weapon of the North to steal oil money. Clear cut oil and resource laundary. And that is why it is not functional. And Atiku said I will sell this liable asset.

APC supporters called him a thief. But forgot that this years budget will be funded by selling national assets. Not only the NNPC, but government bonds and properties.

Did the PDP sell how many government asset to fund the budget?

The stole money. Yes! No argument. But show me one current APC member that has not looted public fund including Buhari and I will commit suicide. ( I mean it).

A Buhari that stresses on accountability has not accounted for the TSA for four years. Did the excess crude account disappear over night? Why are we not hearing about it?

APC supporters forget that in PDPs government, every Nigerian following politics had the figures in our different government agencies despite corruption. This was even what helped Buhari and co to come into government in 2015. They had clear facts to nail Jonathan's government.

But since 2015, everywhere is now closed!

One thing I know is that anybody following and supporting this government should prepare himself and his children for perpetual poverty. No matter how much they have, this government has watered their brain with the rain of poverty. And it will soon manifest.

This weaponisation of poverty will be their tool to carry out their fundamentalist and Jihadist ideology in a second tenure/ 'regime' where they have nothing to loose.

They should also ask their selves: was is the source of this monies being moved? Business, Drugs, Politics etc. We don't even know because EFCC has not told us. Instead, they are making gullible idiots believe that it is corruption. Is it public funds?

Apart from being a lawyer what else is this guy doing? Is he into any business? No answer to that! Just tell them money laundering.

Even if it was wired by Atiku, why will he receive such amount of money? Give us a reason why this money is in this guys various accounts.

Yet, after holding him down for days, they failed to ask this questions in their investigations. And give us answers.

They think every Nigerian is an illiterate like their supporters, all every Nigerian is missing two processes in his cognitive process like thier disciples.

EFCC should go and sit down! They are an arm of the APC used to harrase those that don't fit into their narrative. When you shout, you are either an ethnic bigot or a supporter of thieves.

I will leave all APC supporters and Buhari and Co. workers to keep up with this stupid life.

FOOLS!!!!!!!!

Thanks so much for this piece.. Buhari has enshrined POVERTY in their mentality..

eldoradoxx:
I read through to find where it would be reported that the fund was linked to public fund and found non. Perhaps it is now EFCC business to determine how private persons spend their monies. If it is so, then let's start with Bourdillion where two bullion vans offloaded their consignments on the eve of the election

My dear see us see wahala.. POVERTY HAS REALLY COME TO REIGN SUPREME

Your first post quoted a law and your conclusion was that it needs not be the proceeds of crime for it to be money laundering. You are the one who clearly are not sure of what you are saying. I have always been consistent

adanny01:


You are turning in circles.

Suspicion of what? Money laundering. What is money laundering? Crime or not?

From what i know, a lot of the arrest we claim in Nigeria may not be but we use the language to describe presence in the police station, barracks, or in this case EFCC.

What EFCC does is to invite you for questioning and it can take days and they could also detain.

Check out how Daily trust puts it

Evercurious:


It's obvious riches are well far from your abode...

what I have with my clean hard work money ur papa can never achieved dat with ur looted fund

chrisblack:

you are simply a thief. thief supporter

Then hypocrisy resides in you

Evercurious:



Is it a crime for one to do business? Or are you guys allergic to good money? Funds passed through the account could be for legitimate business purposes.. Was that account flagged for suspicious transaction(s)?

Poverty is really a disease

Honey, its not a crime to do business. However, you are automatically a suspect once you do a transaction far beyond your means.

In other words, business get level. Its no easy to jump from one level to another without attracting attention.

Yes the funds could be for legit business, he has to explain and EFCC has the right to ask or interrogate.

Of course it was flagged for suspicious transactions. Check the main story again, they changed FX to Naira and it mopped Naira out off the market. These kind of large exchange can upset monetary control mechanism of CBN especially if done outside the main financial providers system. Black market is not meant for such transactions because they have limits and their limits upsets the market. No government will fold its arms while such kind of money is moving around from hand to hand. Some economies will crash with movements of such magnitude.

If Atiku's son in-law was buying a bank worth 150m Euro, he would just pay directly to the owner but not pieces it to several companies.

Say, your boyfriend is jobless and doesnt have rich relatives, you would be irresponsible to see no problem if he buys an expensive house today, an expensive car tomorrow, expensive gifts and trips. You will ask him how he got it and you must be convinced else you become an accomplice.

Government is responsible for money moving around to maintain control over the economy and even crime.

adanny01:


The mere fact that money is moved from one acc to another to another to another with no purpose is money laundering. They are sometimes refered to as slush funds.

If i send $1.1m to you, you send $1m to mr A he sends $.9m to Company B etc. In other words, I am paying you 100k Mr A 100k company B 100k and so on but indirectly moving huge sums of money without economic justification.

How then do you know it is without economic justification?