RevenGeMission:


Corporate accounts have unlimited transaction limit?,

Brain must be paining you or you read the constitution upside down


It's even posted in banking halls that ~100M transactions by corporate accounts must be reported to EFCC. These thieves did 50B naira transaction


Stop twisting facts to suit your purpose

sonofElElyon:
The practice is unconstitutional.

https://www.google.com/amp/s/guardian.ng/features/remand-order-is-a-breach-of-constitution-rights-of-suspects/amp

adanny01:


EFCC is allowed to detain for 2 days but no need to detain. How does this sound to you.

Search warrant, freeze account which one is applicable to this context.

Next, you mean EFCC should take their office to the suspect's office to take his statement. Besides why is it that you dont know what a statement is that you think you can write it at the comfort of your own office.


Are you aware that a statement is officially a part of the case and admitted in court. An EFCC case officer should leave his office to all the cases on his table. If there are 10 cases he handles a day, he will be in 10 different offices to take their statements. Please next time think of the implications before making comments.

Next time the court session will hold in Atiku's pocket.

Next time my house is burgled, i will invite the police to come and take my case.

Next time also, advice Atiku's son in-law to invite the EFCC to his office when he thinks he has a case.

adanny01:


We are talking about over 60billion naira. I needed to mention that so you will appreciate what we are talking about.

Secondly, i am loosing steam with the poor reasoning you guys choose to exhibit. We are talking about money laundering. If you know, you know, if you dont know, you should read.

Let me bring your attention to this since you don't want to do your home work. According to BDC operational guidelines of 2015 (dont know of there is a current one)


How much did the BDC change in the OP? $141,000! What law did they breach? Money laundering act.

deomelo:




The order came from courts of Law, the designated interpreters of our laws and federal constitution.


Btw, please copy and paste the relevant parts of the constitution that says judges can not issue valid court can not issue court orders to detain people.

dominusgai:

It is the banks job, not the person's job to report to EFCC. And if the bank reports it, EFCC will have to ascertain if the transaction is for goods and services by investigating the company's books first, not harassing the company owner first.
Transaction limit is not the same as EFCC report responsibility. Any transaction above 10million naira (for corporate bodies) is reported to EFCC, but that does not mean the transaction limit is 10 million. No corporate account has a transaction limit, not one. That does not mean no report would be made if an high transaction is made.

sonofElElyon:
Read the legal opinion I posted. Dont be lazy

dominusgai:

It is the banks job, not the person's job to report to EFCC. And if the bank reports it, EFCC will have to ascertain if the transaction is for goods and services by investigating the company's books first, not harassing the company owner first.
Transaction limit is not the same as EFCC report responsibility. Any transaction above 10million naira (for corporate bodies) is reported to EFCC, but that does not mean the transaction limit is 10 million. No corporate account has a transaction limit, not one. That does not mean no report would be made if an high transaction is made.

dominusgai:

Hmm, yes they do, a lot. The thing with the law is that your facts must be beyond reasonable doubt. And since I have known EFCC, the only evidence they bring is bank statement. Concrete proof involves members of the company testifying against the owner with records to back his testimony is concrete proof. Any case with airtight evidence cannot be lost on a technicality.

dominusgai:

I would rather remain in dollars. The naira equivalent makes you guys think is big money. A hundred thousand dollars is about 36 million naira so a hundred and forty one thousand dollars is actually less than 70 million, So you are arresting a business man for changing to naira money he can use to buy 3 luxury cars for his company, where the car dealer would want the naira equivalent or to build one luxury building still for his company where all the workers would insist payment in naira.
The thing with EFCC is the outrageous claim they keep making. They are charging someone for having 164.4 million dollars (that is about 60 billion) yet you are saying he changed only 141 thousand to naira and tried to change the rest but couldn't.

And bro, the 5000 dollars limit is for people not corporations.

I also know that around that time in question banks where having trouble changing dollars to naira due to the demand for naira after the festive period.

deomelo:




The order came from courts of Law, the designated interpreters of our laws and federal constitution.


Btw, please copy and paste the relevant parts of the constitution that says judges can not issue valid court can not issue court orders to detain people.

RevenGeMission:


So you agree there's a limit

You agree bank must report transactions exceeding a value

And you are not wiser than EFCC who sought clarity on the transaction

adanny01:

The bolded is a big lie.

Hedonisst:



Even a typical individual account does not have a transaction limit in the real sense. Reporting requirements for certain categories of transactions is not the same thing as transaction limit.

If Arthur Eze chooses to transfer N5b to me via my savings account, as merely a goodwill gift, what does the law say about that? Does the law forbid anyone from giving a monetary gift to another person beyond a specified limit? What if I refuse to upgrade the account to a current account or a corporate account? Am I obligated to do so in order to be qualified to have a certain amount?

With that N5b in my savings account, what if I choose to 'dash' my brother, friend, or anyone else N1b via a transfer to their own savings account? Really, I need clear answers on the illegality in these kinds of transactions. We can't assume they're not possible or 'reasonable'. Man was not made for the law. The law was made for Man.

adanny01:


BDC is designed to serve people not corporations. The official point of call for cooperations are the mainstream banks.

I hope you read where EFCC said they recovered......

BDC all round limit is $5,000.

That BDC transaction is main offence. The other transfers are linked to the fx.

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

Hedonisst:



Even a typical individual account does not have a transaction limit in the real sense. Reporting requirements for certain categories of transactions is not the same thing as transaction limit.

If Arthur Eze chooses to transfer N5b to me via my savings account, as merely a goodwill gift, what does the law say about that? Does the law forbid anyone from giving a monetary gift to another person beyond a specified limit? What if I refuse to upgrade the account to a current account or a corporate account? Am I obligated to do so in order to be qualified to have a certain amount?

With that N5b in my savings account, what if I choose to 'dash' my brother, friend, or anyone else N1b via a transfer to their own savings account? Really, I need clear answers on the illegality in these kinds of transactions. We can't assume they're not possible or 'reasonable'. Man was not made for the law. The law was made for Man.

deomelo:



You posted a bogus link, not a legal opinion and even last time I checked, the Nigerian Judiciary as a major arm of the Nigerian governments is the only entity designated to interpret and adjudicate the Nigerian constitution, not whatever silly and roadside legal opinion you are talking about.


Btw, laziness is the only reason why you refused to cut and paste the rubbish and irrelevant opinion you are talking about.

lahizak:

Bros, u almost made sense but here is the different. All this examples u mentioned, there bank details were actually made after extensive investigations not after suspicions of crime. U cant tell me this is not true because Americans believe and stick to the law which says you are not guilty until otherwise proven by the court. No anti graft agency will release your bank details to the public without proper and conclusive investigation. If thats how it works all of the details of billionaires and millionaires will be released day by day

dominusgai:

Following this rule, EFCC will have to arrest all the corporations that trade with Forex. First of all, there are seasons where the bank itself does not have enough naira to change to dollars. It happened this last Christmas, people had dollars but the band did not have sufficient naira. Secondly, every business man buys dollars beyond the normal amount from BDC, even Buhari's son in-law. If they want to arrest him on that they should be ready to arrest and investigate owners of at least 40% of the corporations in Nigeria. Let them be impartial.

olagbola45:



In asiwaju voice

Nah your money?

Don4eva:


Exactly, not mine, I wonder why you call somebody a thief when he didn't steal your money

dominusgai:
I never argue blindly, I am not you. I told you before, meet any staff working for a concrete real estate agent. The federal government sells properties for peanuts everyday.

sonofElElyon:
I am sorry, I won't spoonfeed you. If you cannot click on a simple link to read the legal opinion of a senior advocate of nigeria (S.A.N.) then its unfortunate. It is trite law that any law (administration of criminal justice act in this case) inconsistent with any provision of the constitution is void to the extent of that inconsistency. The judiciary is made up of levels and has a hierarchy. The supreme court has over time overturned decisions of lower courts and even overruled itself depending on the leanings of the SCJs at a particular time. There are conservative and activist judges at each level and each will interpret the law based on his/her leanings. On this issue, there have been judgements and counter judgements. The chief judge of the federal high court at a point had ordered judges in the fct not to grant such orders. Such orders have been given and overturned by a higher judge and vice versa ( has been denied and later given by a higher judge). There exists some disagreement among judges and indeed lawyers on the issue of remand orders but we are in a democracy where the right to freedom of movement is not meant to be denied because EFCC has not finished their investigation! That is alien to any true democracy! Sound legal jurisprudence will eventually prevail in our judiciary. No human rights lawyer worth his salt will agree that the provisions of the administration of criminal justice act that allows remand order for conclusion of investigation is constitutional.

deomelo:




You are siting here spoon feeding me endless irrelevant and meaningless essays, but still won't post the very thing you based your ignorant argument on. Where is the sense and wisdom in that.? Obviously, you are too ashamed and even scared to post it.

Anyway, your silly link is just another irrelevant opinion.

The Nigerian Judiciary is the supreme interpreters and adjudicators of our laws and constitution so I care less about your silly link and irrelevant opinion.

You are just a waste of time.

hush15:


Poverty mentality is over worrying you. You are the person that should go and ask google.


Do you even know the function of NNPC sef? NNPC has failed in its responsibility and the government of the day has used it to rob the economy brazenly, just as it was identified with its predecessor. It's reported that Buhari's daughter even sits on the board. I can bet anything that even if you live a million years, even your generations unborn won't get near nnpc building not to mention working there or sit on the board.

Refine petrol, it cant. It's not even drilling crude. Others dig it and sell it and give NNPC its share.

The small Nigerians can get is through refining so portions locally so we can buy cheap but all we have hearing is turn around maintenance. They still import fuel and trillions in subsidy in the present government. People be using NNPC to rape Nigerians day in, day out. They even wasting more billions to find crude in the north and you are shouting trash....

adanny01:


What do you mean by this?

Nigeria has laws but weak institutions. In saner climes drug barons pay heavily to clean up money. Here we pay small money to make it light so it could disappear.

The fact that it is a norm to exchange large fx on the street does not make it lawful. The fact that i have done it and have not been caught does not mean you should do it and you should not be caught.

When Nigerians like you speak like this, i lose hope that Nigeria will ever be great. Its either we dont know the law or we know it and still flaunt it with flagrant disregard.

I hate when someone says they should be ready to arrest everybody.

I believe in 99days for the their 1 day for the owner. The fact that 40 percent of FX deals are illegal does not repeal the law. One day, the law will catch up but no one should say since Mr A was not caught Mr B should be free if caught.

We have so many kidnappers but one notorious one called Evans was caught, should we set him free because his entire gang was not caught.

Your line of thought is clearly partisan holding forth for corruption and blaming our weak institutions. People like you are the reason Nigeria will never progress.

adanny01:


What do you mean by this?

Nigeria has laws but weak institutions. In saner climes drug barons pay heavily to clean up money. Here we pay small money to make it light so it could disappear.

The fact that it is a norm to exchange large fx on the street does not make it lawful. The fact that i have done it and have not been caught does not mean you should do it and you should not be caught.

When Nigerians like you speak like this, i lose hope that Nigeria will ever be great. Its either we dont know the law or we know it and still flaunt it with flagrant disregard.

I hate when someone says they should be ready to arrest everybody.

I believe in 99days for the their 1 day for the owner. The fact that 40 percent of FX deals are illegal does not repeal the law. One day, the law will catch up but no one should say since Mr A was not caught Mr B should be free if caught.

We have so many kidnappers but one notorious one called Evans was caught, should we set him free because his entire gang was not caught.

Your line of thought is clearly partisan holding forth for corruption and blaming our weak institutions. People like you are the reason Nigeria will never progress.

Kuginzi:

My friend you're arguing without facts. Your argument is based on assumption. List only 5assets sold by APC government and I will list 10 Assets sold by PDP government. Simple. Pls stop beating around the bush.

docadams:
This will shut up the Atiku's camp momentarily.

Kuginzi:

If poverty is worrying me, then ignorance is your problem. Tell me one benefit Nigerians get from the Assets PDP privatised? Atiku presided as head of the National Council on Privatisation, over the sale of several public enterprises which have gone moribund.
The way Atiku is eager to sell NNPC, it's like the guy has already collected advance payment

dominusgai:

I quite agree with you that it is against the law. But unlike kidnapping, buying foreign exchange above market price is an easy thing to investigate. Kidnapping on the other hand is not. I am sure they arrested the BDC they claim sold the dollars to him. I am also sure they checked his record and saw other business men that bought that amount of dollars from him.
Therin lies the unprofessionalism of EFCC. If it was USA, the investigation of the BDC would lead to the arrest of other culprits as they would use his record as evidence to get other people who committed same crime. But when you target arrest a person of a crime while deliberately ignoring evidence of others perpetuating that crime you begin to warp the justice system. This is not a case of the thief not being seen for 99 days but a case of 99 thiefs being let go despite seeing security footage of them because you want to arrest one.
Why arrest someone for a crime you know half of all corporation in the country commit, yet refuse to investigate any other person in the record? Are you telling me if an independent investigation is carried out other government company owners won't be discovered to have changed that same amount?
What you are saying is like the police arresting an armed robber and his gum seller but refusing to go after other criminals the gun seller sold guns to despite a record showing it.
Selective justice is the worst form of crime that can happen to a nation. Your Justice has to be as impartial as you can make it. When you allow for selective Justice you breed discontent and hate.
And it is actually people like you that would make Nigeria not progress, people who encourage selective Justice and make some people feel above the law while others are not. People who hat insist a government arrest the opposition for crimes they themselves are committing. I can swear a number of buhari's family has done a business transaction that triggered an EFCC report from the bank in this period, but they will chose not to investigate.
The fact that our crime prevention organizations chooses cases to investigate despite available evidence is something no nation should stand.