₦airaland Forum

Buhari is a genius when it comes to coup and counter coups, but what he is doing to Ibos is a legendary power move, not only has he proven to them he doesnt need them but they need him, he has also forced them to submission to his authority



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Why that woman con put menstration for hand, is a red hand supposed to be sexy or its a jazz to win election


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Cant Ipob see good thing and admit it?

Wiseandtrue:
Cabals forcing South East governors to show appreciation since 1900

ignorance you displayed here is legendary

there is nothing our engineers can do without russia remodelling ajaokuta steel complex, or helping us build a nuclear power plant... solar and hydo in a 200 million people country is a huge joke..

China and India became technological strong after ussr/ russia built them steel plants, and thier engineers started showing creativity with steel

prekumohtim:
Africa is ever ready to sell everything they have in exchange for foreign aid . They are gradually selling their future to these so-called super power. Why can't we be like China and India by creating and developing our weapons little by little ? Our military engineers, are they dead? We have signed a deal to sell our soul likewise the future of our children. No man has dead brain. The white has the same brain but we refused to use ours. I wish God can just flush us out of this earth. We are a complete disgrace in all of God' creatures. Our major concern is just to import and use, not thinking about how these weapons were developed. A big shame to Nigeria and the rest of Africa

This one would still claim you raped her in future

dating this days sef can be scary


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i told the mumus on the other thread but they attacked me


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Isinweke:
Africa also helped the Europeans conquered the native America bla bla bla

Russia also helped Trump win an american election bla blu bla

stop being a pessimist.. UK and America were built with african resources and slave man power... US became a major nuclear powered country because of a german man, and internet is available because of a nigerian mathematics professor..

So whats slavery if we call in Russia to develop our ajaokuta for us, atleast russia developed brazil steel industry and brazil now makes plane

Nwaonyishi69:
is this the original Bubu or the Photo-shoped version. For those jubilant about new link or bondage, we should remember that Russia is after her interest and planning for her strategic position. What is our own interest here, slavery is slavery and dependent states are enslaved States, so is this worth advertising? That all our leader does is globe trotting to beg for arms and assistance from here and there suggests that we are inferior or half humans. Yet, we are a wonderful people, only that policies of exclusion have made our best brains desert the land. Anyways, begging and the North are like 5 and 6.

Rochas really has a large heart, imagine helping a total stranger to get a record deal, just as he had being putting many kids to school accross nigeria, feeding and clothing them, even in states that he is being hated

Its a big shame what Rochas has turned himself to

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why cant Dunce stay thier lane on this site,

google mi35 hellicopter deal with russia and and correct your blunder with an apology

MPESA:
Delivered For una country abi for South Africa... Mu..u

Oga must have abandoned his responsibilities.. just to show up now


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Isinweke:
Tell me one good thing Russia have done to Africa or the world.

Don't mention USSR

Russia built Ajaokuta Steel plant for Nigeria(largest in africa) under shagari on credit, and even offered Abacha technical service to upgrade the facility so that we can become a steel based economy.. but abacha squandered and laundered the $2billion usd counterpart fund

Putin just gave us fighter helicopters something America would stall us till 2022 over

Putin just cancelled Africas 20 billion usd debt and pledge more support

Brazil became a steel based economy because of Russia, same time they made Ajaokuta they made similar steel site for brazil and now Brazil makes planes and jets

Without Putin and Russia's support Syria and Iran would have being turned to what US made Iraq, Libya and Afghanistan and loot thier resources dry


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Nuclear war fare... we have evrything to loose

Isinweke:
If they want to start the war, let them start it!
We have nothing to loose

Africa has finally grown sense, Russia and the east are more helpful to us than the US and the west

A whole Buhari went to meet US with $350m usd for a propeler driven plane(not jet engine) not only did tump call him lifeless he also said we wont get the planes till 2022.. yet just few days meeting with Putin he has released top grade millitary helicopters for us


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yinmu..

let Buhari promise to release mama peace stolen money , and story would change or is it not the same jonathan that was seen in Aso Rock smilling and having a good time with buhari


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what exactly did Tinubu do to contradict the law mr hater

a private citizen can cash any amount of his personal money anytime he likes without restriction, (dangote once cashed 10 million usd just to see how it looks like) and you can request for the services of a bullion van as a private citizen even with police escort (filling station, hotels, and eateries do this)

Tinubu is a major share holder in INTELS with Atiku his friend, Tinubu owns chains of hotels accross africa, he owns Nation wide Newspaper and TV station, his tax contancy business services many state, and even west african countries like ghana and the rest


The Money Laundering Act 2011
In the last few months, the Nigerian Government has put a massive focus on the anti-corruption fight, and the Money Laundering (Prohibition) Act 2011 (and the amendment to the Act in 2012) is a big part of this fight.

We at LawPàdí decided to create this short informational post to list a few aspects of the law, which concerns the average Nigerian carrying out his/her daily duties. This post is obviously not meant to be a comprehensive review of the Money Laundering (Prohibition) Act 2011 (and the amendment to the Act in 2012), and in fact, we intentionally do not cover the aspects that are more relevant to financial institutions and designated non-financial institutions. This quick review was created specifically for the average Nigerian.



1. What is Money Laundering?
Money laundering according to the Act is when any person in or outside Nigeria directly or indirectly conceals or disguises the origin of; converts or transfers; removes from the jurisdiction; acquires, uses, retains or takes possession or control of; any fund or property, knowingly or which he/she should reasonably have known that such fund or property is, or forms part of the proceeds of an unlawful act.

‘Unlawful act’ includes – participation in an organized criminal group, racketeering, terrorism, terrorist financing, trafficking in persons, smuggling of migrants, sexual exploitation, sexual exploitation of children, illicit trafficking in narcotic drugs and psychotropic substances, illicit arms trafficking, illicit trafficking in stolen goods, corruption, bribery, fraud, currency counterfeiting, counterfeiting and piracy of products, environmental crimes, murder, grievous bodily injury, kidnapping, hostage taking, robbery or theft, smuggling (including in relation to customs and excise duties and taxes), tax crimes (related to direct taxes and indirect taxes), taxes crimes (related to direct taxes and indirect taxes) extortion, forgery, piracy, insider trading and market manipulation or any other criminal act



2. Cap on Cash Transactions
The Money Laundering (Prohibition) Act 2011 makes it illegal for any individual to accept or make any cash payment that exceeds N5m (Five Million Naira). This means that every cash transaction over N5m must be done via a financial institution.

Any person found guilty of contravening this is liable to imprisonment for a term of not less than 3 years or a fine of N10m (Ten Million Naira) or to both.



3. Declaration when transporting cash overseas
The Money Laundering (Prohibition) Act 2011 states that any individual, who is transporting cash or negotiable instruments in excess of US$10,000, or its equivalent must be declared to the Nigerian Customs Service.

Non-declaration of the funds or false declaration is an offence that is punished upon conviction by the individual forfeiting the funds in question, or to imprisonment of not less than 2 years or to both.



4. Gambling in a Casino
If you gamble in casinos in Nigeria, then you should be aware that the Money Laundering (Prohibition) Act 2011 provides that a casino must verify the identity of its customers and record all transactions, including the nature and amount involved in each transaction, and this information shall be kept in a register and preserved for a period of at least 5 years after the last transaction recorded in the register.

Therefore the information about people who gamble in casinos is mandated by law to be kept for 5 years.



5. Data Retention by Financial Institutions and Designated Non-Financial Institutions
The Act provides that the above institutions shall keep a record of a customer’s identification for a period of at least 5 years after the closure of the account or the severance of relations with the customer.

This therefore means that irrespective of the fact that you have closed your account or dealings with the above institutions, they are still obliged by law to keep a record of your details.



6. Obligation to report to the Economic and Financial Crimes Commission (EFCC)
The Act provides that financial institutions and designated non-financial institutions are obliged to report to the EFCC any single transaction, lodgement or transfer of funds in excess of N5m (Five Million Naira) within 7 days.

Therefore individuals should be aware that if they make such transactions, such transactions would be liable to be monitored by the EFCC.



7. Numbered or Anonymous Accounts
The Money Laundering (Prohibition) Act 2011 makes it illegal to open or maintain a numbered or anonymous account in Nigeria. A numbered bank account is a type of bank account where the name of the account holder is kept secret, and they identify themselves to the bank by means of a code word known only by the account holder and a restricted number of bank employees, thus providing accountholders with anonymity in their financial transactions.

The offence is liable on conviction to a term of not less than 7 years but not more than 14 years imprisonment.



8. Money Laundering ‘Agent’, Conspirators, and Accessories
The Act makes it illegal for individuals to carry out money laundering activities on behalf of another person, when he/she knows or suspects that the other person is engaged in or has benefited from criminal conduct, and such an act is liable on conviction to imprisonment for a term not less than 5 years or to a fine equivalent to 5 times the value of the proceeds of the criminal conduct or both such imprisonment and fine.

The Money Laundering (Prohibition) Act further makes it a crime to conspire, aid, abet, incite, procure, induce or counsel any other person to commit a Money Laundering offence, commits an offence and is liable on conviction to the same punishment as is prescribed for that offence under this Act.

clarocuzioo:
Just look at how stupid you sound in the name of defending a looter.

Days after the bullion van saga, he admitted the van was carrying money by his reckless statement " is it your money", and you are here talking rubbish.

There are even two scenarios here.

1. His movement of such heavy cash violates the anti-money laundering laws.

2. The money came in less than twenty four hours to election possibly for vote buying, as crowd were seen gathered around his house as t the time of the van entering.

He has some serious explanations to make on this issue.

Please stop sounding stupid and intellectually empty in trying to defend a criminal.

Publicity dumb stunt... victoria island per plot without building is over $100k usd
Inferiority complex makes some poor mentality rich boys from a region try to do stupid stunt to impress thier unintrested host


Audio Billionaire Dunce people

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Stupidity is when you try to explain your dumb concept to your kids later in life, and expect them not to be waaaay dumber


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This our neighbors from over the Niger would neve smell aso rock if they continue with this format

what exactly did Tinubu do to contradict th law madam hater


The Money Laundering Act 2011
In the last few months, the Nigerian Government has put a massive focus on the anti-corruption fight, and the Money Laundering (Prohibition) Act 2011 (and the amendment to the Act in 2012) is a big part of this fight.

We at LawPàdí decided to create this short informational post to list a few aspects of the law, which concerns the average Nigerian carrying out his/her daily duties. This post is obviously not meant to be a comprehensive review of the Money Laundering (Prohibition) Act 2011 (and the amendment to the Act in 2012), and in fact, we intentionally do not cover the aspects that are more relevant to financial institutions and designated non-financial institutions. This quick review was created specifically for the average Nigerian.



1. What is Money Laundering?
Money laundering according to the Act is when any person in or outside Nigeria directly or indirectly conceals or disguises the origin of; converts or transfers; removes from the jurisdiction; acquires, uses, retains or takes possession or control of; any fund or property, knowingly or which he/she should reasonably have known that such fund or property is, or forms part of the proceeds of an unlawful act.

‘Unlawful act’ includes – participation in an organized criminal group, racketeering, terrorism, terrorist financing, trafficking in persons, smuggling of migrants, sexual exploitation, sexual exploitation of children, illicit trafficking in narcotic drugs and psychotropic substances, illicit arms trafficking, illicit trafficking in stolen goods, corruption, bribery, fraud, currency counterfeiting, counterfeiting and piracy of products, environmental crimes, murder, grievous bodily injury, kidnapping, hostage taking, robbery or theft, smuggling (including in relation to customs and excise duties and taxes), tax crimes (related to direct taxes and indirect taxes), taxes crimes (related to direct taxes and indirect taxes) extortion, forgery, piracy, insider trading and market manipulation or any other criminal act



2. Cap on Cash Transactions
The Money Laundering (Prohibition) Act 2011 makes it illegal for any individual to accept or make any cash payment that exceeds N5m (Five Million Naira). This means that every cash transaction over N5m must be done via a financial institution.

Any person found guilty of contravening this is liable to imprisonment for a term of not less than 3 years or a fine of N10m (Ten Million Naira) or to both.



3. Declaration when transporting cash overseas
The Money Laundering (Prohibition) Act 2011 states that any individual, who is transporting cash or negotiable instruments in excess of US$10,000, or its equivalent must be declared to the Nigerian Customs Service.

Non-declaration of the funds or false declaration is an offence that is punished upon conviction by the individual forfeiting the funds in question, or to imprisonment of not less than 2 years or to both.



4. Gambling in a Casino
If you gamble in casinos in Nigeria, then you should be aware that the Money Laundering (Prohibition) Act 2011 provides that a casino must verify the identity of its customers and record all transactions, including the nature and amount involved in each transaction, and this information shall be kept in a register and preserved for a period of at least 5 years after the last transaction recorded in the register.

Therefore the information about people who gamble in casinos is mandated by law to be kept for 5 years.



5. Data Retention by Financial Institutions and Designated Non-Financial Institutions
The Act provides that the above institutions shall keep a record of a customer’s identification for a period of at least 5 years after the closure of the account or the severance of relations with the customer.

This therefore means that irrespective of the fact that you have closed your account or dealings with the above institutions, they are still obliged by law to keep a record of your details.



6. Obligation to report to the Economic and Financial Crimes Commission (EFCC)
The Act provides that financial institutions and designated non-financial institutions are obliged to report to the EFCC any single transaction, lodgement or transfer of funds in excess of N5m (Five Million Naira) within 7 days.

Therefore individuals should be aware that if they make such transactions, such transactions would be liable to be monitored by the EFCC.



7. Numbered or Anonymous Accounts
The Money Laundering (Prohibition) Act 2011 makes it illegal to open or maintain a numbered or anonymous account in Nigeria. A numbered bank account is a type of bank account where the name of the account holder is kept secret, and they identify themselves to the bank by means of a code word known only by the account holder and a restricted number of bank employees, thus providing accountholders with anonymity in their financial transactions.

The offence is liable on conviction to a term of not less than 7 years but not more than 14 years imprisonment.



8. Money Laundering ‘Agent’, Conspirators, and Accessories
The Act makes it illegal for individuals to carry out money laundering activities on behalf of another person, when he/she knows or suspects that the other person is engaged in or has benefited from criminal conduct, and such an act is liable on conviction to imprisonment for a term not less than 5 years or to a fine equivalent to 5 times the value of the proceeds of the criminal conduct or both such imprisonment and fine.

The Money Laundering (Prohibition) Act further makes it a crime to conspire, aid, abet, incite, procure, induce or counsel any other person to commit a Money Laundering offence, commits an offence and is liable on conviction to the same punishment as is prescribed for that offence under this Act.

If you would like to read more about the laws, you can review them here:

tot:
It is BEEN not being.

Oh dear, you can't make a single correct sentence, and you are defending a Nigerian politician? Kai!

Ibo boy, why not show us what law Tinubu violated

abi you sef can read simple english

The Money Laundering Act 2011
In the last few months, the Nigerian Government has put a massive focus on the anti-corruption fight, and the Money Laundering (Prohibition) Act 2011 (and the amendment to the Act in 2012) is a big part of this fight.

We at LawPàdí decided to create this short informational post to list a few aspects of the law, which concerns the average Nigerian carrying out his/her daily duties. This post is obviously not meant to be a comprehensive review of the Money Laundering (Prohibition) Act 2011 (and the amendment to the Act in 2012), and in fact, we intentionally do not cover the aspects that are more relevant to financial institutions and designated non-financial institutions. This quick review was created specifically for the average Nigerian.



1. What is Money Laundering?
Money laundering according to the Act is when any person in or outside Nigeria directly or indirectly conceals or disguises the origin of; converts or transfers; removes from the jurisdiction; acquires, uses, retains or takes possession or control of; any fund or property, knowingly or which he/she should reasonably have known that such fund or property is, or forms part of the proceeds of an unlawful act.

‘Unlawful act’ includes – participation in an organized criminal group, racketeering, terrorism, terrorist financing, trafficking in persons, smuggling of migrants, sexual exploitation, sexual exploitation of children, illicit trafficking in narcotic drugs and psychotropic substances, illicit arms trafficking, illicit trafficking in stolen goods, corruption, bribery, fraud, currency counterfeiting, counterfeiting and piracy of products, environmental crimes, murder, grievous bodily injury, kidnapping, hostage taking, robbery or theft, smuggling (including in relation to customs and excise duties and taxes), tax crimes (related to direct taxes and indirect taxes), taxes crimes (related to direct taxes and indirect taxes) extortion, forgery, piracy, insider trading and market manipulation or any other criminal act



2. Cap on Cash Transactions
The Money Laundering (Prohibition) Act 2011 makes it illegal for any individual to accept or make any cash payment that exceeds N5m (Five Million Naira). This means that every cash transaction over N5m must be done via a financial institution.

Any person found guilty of contravening this is liable to imprisonment for a term of not less than 3 years or a fine of N10m (Ten Million Naira) or to both.



3. Declaration when transporting cash overseas
The Money Laundering (Prohibition) Act 2011 states that any individual, who is transporting cash or negotiable instruments in excess of US$10,000, or its equivalent must be declared to the Nigerian Customs Service.

Non-declaration of the funds or false declaration is an offence that is punished upon conviction by the individual forfeiting the funds in question, or to imprisonment of not less than 2 years or to both.



4. Gambling in a Casino
If you gamble in casinos in Nigeria, then you should be aware that the Money Laundering (Prohibition) Act 2011 provides that a casino must verify the identity of its customers and record all transactions, including the nature and amount involved in each transaction, and this information shall be kept in a register and preserved for a period of at least 5 years after the last transaction recorded in the register.

Therefore the information about people who gamble in casinos is mandated by law to be kept for 5 years.



5. Data Retention by Financial Institutions and Designated Non-Financial Institutions
The Act provides that the above institutions shall keep a record of a customer’s identification for a period of at least 5 years after the closure of the account or the severance of relations with the customer.

This therefore means that irrespective of the fact that you have closed your account or dealings with the above institutions, they are still obliged by law to keep a record of your details.



6. Obligation to report to the Economic and Financial Crimes Commission (EFCC)
The Act provides that financial institutions and designated non-financial institutions are obliged to report to the EFCC any single transaction, lodgement or transfer of funds in excess of N5m (Five Million Naira) within 7 days.

Therefore individuals should be aware that if they make such transactions, such transactions would be liable to be monitored by the EFCC.



7. Numbered or Anonymous Accounts
The Money Laundering (Prohibition) Act 2011 makes it illegal to open or maintain a numbered or anonymous account in Nigeria. A numbered bank account is a type of bank account where the name of the account holder is kept secret, and they identify themselves to the bank by means of a code word known only by the account holder and a restricted number of bank employees, thus providing accountholders with anonymity in their financial transactions.

The offence is liable on conviction to a term of not less than 7 years but not more than 14 years imprisonment.



8. Money Laundering ‘Agent’, Conspirators, and Accessories
The Act makes it illegal for individuals to carry out money laundering activities on behalf of another person, when he/she knows or suspects that the other person is engaged in or has benefited from criminal conduct, and such an act is liable on conviction to imprisonment for a term not less than 5 years or to a fine equivalent to 5 times the value of the proceeds of the criminal conduct or both such imprisonment and fine.

The Money Laundering (Prohibition) Act further makes it a crime to conspire, aid, abet, incite, procure, induce or counsel any other person to commit a Money Laundering offence, commits an offence and is liable on conviction to the same punishment as is prescribed for that offence under this Act.

If you would like to read more about the laws, you can review them here:

IamAtikulate:
Stop behaving like a Yoruba Moslem.

https://lawpadi.com/8-things-the-average-nigerian-should-know-about-the-money-laundering-act-2011/

When Tinubu is in the taxation picture, excpect an effective tax showdown... he demonstrated that to obasanjo and made an IGR model of it


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Ndi marginalisation... your mates they marginalise you shame!!

Ndi rejected... no one supports you, even Akwa ibom, ijaw(asari) denouced you shame!!!

Ndi... minority leaders... the federal house rejected you(Urhobo now seats on the DSP throne) shame!!!

reminisce on that bay girl

tot:
Pele. It is well with your soul Lmaoooo

why dont you get a room and continue the english romance... i hope you have pillow talks on why 4th Generation of Ibos cant produce a president

yorubas have a country to run

tot:
I've decided to leave him actually. I don't want to read a thread tomorrow about someone taking sniper. Would feel bad.

akweume lost 1999 election in pdp

kikake:
..."the race should adopt the 1999 Yoruba model, in which the major political parties: the Peoples Democratic Party (PDP) and the Alliance for Democracy (AD) fielded Yoruba men: Chief Olusegun Obasanjo (PDP) and Chief OLu Falae (AD)."


Oh yes. Nigeria needs to heal the wounds of the civil war through fielding two Igbo candidates in the two major political parties to vie for Presidential election 2023.

Ibos cant make a political decission also
Mrs rejected english teacher

tot:
It is BEEN not being.

Oh dear, you can't make a single correct sentence, and you are defending a Nigerian politician? Kai!

repeat after me IBOS HAVE BEING REJECTED IN ASO ROCK, INDIA , GHANA, ASIA, SOUTH AFRICA, VIETNAM

tot:
Repeat after me: were

yes right.. it is well, but your son would ask you why ibos where rejected in aso rock.. hope you give an eloquent answer

tot:
Pele. It is well with your soul Lmaoooo

we taunted your ancestors, we wont spare your next generation...

tot:
Dude is hyperventilating at this stage

Ibos have being conquered after we humiliated ojukwu... kiss the truth and respect your new masters

tot:
Dude is hyperventilating at this stage

thotzilla abeg leave us na, shuo!! why ibos like wail untop yoruba matter like this... you cross river niger just to wail.. in case you may be too dull to know.. poverty least per state has sokoto and adamawa drawing us back, unemployment got ebonyi and sokoto drawing us back, poorest IGR per region got SouthEast and NorthEast drawing us back(economic almajiri) every negative index has northeast and south east competing for first and second... most of GENCOs are in southsotth southwest while others suck energy, southwest has highest contribution to non oil revenue and has highest functional ports while ibos come to prosper in our land and still make mouth

tot:
so with the sorry state of Nigeria, a tribe producing a president is a bragging right? You are even less smart than i t souught. Do you have 24 hour light? Access to healthcare? Good life expectancy? World standard educational facilities (with your terrible English, don't bother answering this one)?

ok, let me bet my left testicle.. your tribe hasnt produced a president in the past 5 decades.. your desperation and DUnce like envy casted you


Ibo leave us alone, no be tinubu or yoruba hold your destiny

tot:
Dense fellow. Automatically assumes only 3 tribes exist in Nigeria and anyone challenging him and his clique is from the other 2. Olodo.