₦airaland Forum

Let this people be. Not everything is news.

This Anuofia just wants attention, if you ignore her nko. Will she kill u. U don hear kill run come social media for safety.

Will this put food in the table of hungry Nigerians

But nothing will happen na.

That's how Davido will look like in 2019....

Is either efcc or kidnappers, either way they must vomit something.

Blood of jesusooooooooo

Tompolo and Co has been collecting gratifications in that issue. Let them deal with it.

On assignment to put back Fulanis back on track. On assignment to recover terrotaries for the fulanis

If it's not Nollywood, then it's love without language.

Nigeria problem is as old as the nation.

Mrs.Jonathan deliberately ran into visible trap that has been set on her doorsteps ever since her husband left power. More revelations loading..................chai

That impish, dwarfish,hyper-local, native corrupt kiwi of a man, whose tenure was used in commissioning local supermarkets, restaurants and motels all over abia state with his ugly billboard all over. I wonder what that man will contribute in the Senate if not only sleeping and snoring.

I just received this

Nigeria problems mount as Buhari's minister, Enelamah , Paschal Dozie, Oyebode, others fingered in $13.9bn fraudulent forex deals.

The hope that the current administration of President Muhammadu Buhari is the one to rid Nigeria of corruption is fading by the day as a serving minister and change agent Okeychukwu Enelamah has been indicted in a fraudulent $13.92 billion forex deal.

This revelation that one of the change agents of the administration is enmeshed in such questionable deals has now compounded Nigeria's problem with the hope of a revamp of the country hanging in the balance.

Others fingered to have colluded with the alleged deal that ran for 10 years beginning from 2006 to 2016, the current year are Paschal Dozie, chairman of Diamond bank, Gbenga Oyebode, chairman of Access bank, Victor Odili and Ahmed Dasuki among others.

The syndicate which the serving minister serves as its nucleus was aided by the MTN group under which guise, Enelamah and his cohorts claimed to have brought in foreign investment into the telecom firm.

They were assisted by the quartet of Diamond Bank, Citibank, Standard Chartered bank and StanbicIBTC.

Of the total $13.92 billion, StanbicIBTC was responsible for $4.27 billion, Citibank $2.9bn, Standard Chartered $5.72bn and Diamond bank $1.03bn.

On his assumption of office on May 29, 2015, President Muhammadu Buhari was welcomed by myriads of challenges that have sent the country to its knees.

The nation has experienced mismanagement and corruption that characterized the oil boom era. The dysfunction came to light with the global oil price plunge that has left the treasury dry. Everything was in tatters with violence and blackouts becoming permanent feature of a country that was once a promised land but now a frustrated fortunes.

To fix the country, President Buhari needs change agents that align with the "Change" slogan that brought him to power. So he picked Okechukwu Enelamah as part of his cabinet with whom he hope to return Nigeria's lost image and glory.

Enelamah is a popular name in the Nigeria economy. A graduate of medicine who left the business of saving lives for figures and money when he became a chartered accountants. Enelamah is popular owing to his involvement with the African Capital Alliance, an investment institution with hands in several businesses in the country.

Enelamah who is also a pastor in one of the popular Pentecostal churches in the country, got the nod to serve as minister in the President Muhammadu Buhari's administration through the chief of staff, Abba Kyari. They all rode to power with its 'change mantra'.

He sits on the ministry of industry, trade and investment which responsibilities is to assist in industrialising the country, make the country a destination for investments, change the course of the monolith economy and help create jobs and by extension, wealth.

His inclusion in the Buhari's cabinet which carries the hope of re-orientating the citizens and the economy, has now turned a burden on the administration which its 'anti-corruption crusade" has become its flagship.

These deals and other untoward in the economy, security sources noted have complemented the global oil price plunge in putting pressure on the foreign reserves with the attendant forex crisis which is currently crippling genuine businesses.

Sources in the presidency told InsideBusiness that "Giving Enelamah the duty of being a leading light in the current administration seems one of the undoing of the president". He summed it up with a Yoruba adage, "the insects that destroy the vegetables live in it" ( Kokoro to n j'efo, wa l'ara efo).

He said Enelamah is a black sheep that ought to be facing prosecution over corruption charges. "He has helped in creating the forex crisis that the nation is grappling with", he said.

InsideBusiness' findings show it is no coincidence that majority of the firm's involved are of South Africa origin. Three of the banks- StanbicIBTC, Standard Chartered Bank and Citibank have their parent bodies in South Africa where MTN Group also came from.

Diamond bank, which is the fourth bank, and indigenous, has its umbilical cord from African Capital Alliance, on whose back, MTN Group rode to Nigeria in 2001 when they got the telecom sector was liberalised. Enelamah is one of the backbone of African Capital Alliance.

It is a carefully woven plot to fleece the foreign reserves of the country that is managed by the CBN.

Strategy

InsideBusiness' findings show that companies were established outside the country and came to the country under the guise of coming with foreign direct investment into the Nigeria economy.

Enelamah claimed in one instance that he is a foreign investor from Malaysia using a company called Celtelecom Investment Ltd. The company claimed to have brought in $155,577.92 got a certificate of capital importation issued by StanbicIBTC bank and repatriated his dividend and investment totaling $142,806,071.66 within 24 hours thereby depleting the country's foreign reserves fraudulently.

According to one of the several documents, the Certificates of Capital Importation (CCI) numbered 016150 with bank code 068 issued on February 7, 2008 to Celtelecom Investment Ltd of Mauritius (Enelamah's company), the minister claimed to have brought $155,577.92 on February 7, 2008 to buy equity in the MTN group. The CCI was stamped by Standard Chartered Bank on Ajose Adeogun street, Victoria Island, Lagos.

Interestingly, the same company, Celtelecom Investment ltd of Mauritius owned by Enelamah collected as proceeds for repatriation, the sum of $142,806,071.66 on same day of 7 February 2008 that the company claimed to have invested $155,577.92 on equity in the MTN group.

This in effect means that Celtelecom Investment invested $155,577 on 7 February 2008, traded on that same day, and together with its investment, made a proceeds of $142.806 million on same 7 February 2008.

Analysts in the banking industry told InsideBusiness that "it is not possible for a foreign investor to complete this cycle of bringing foreign capital to Nigeria, get his CCI within 24 hours, invest the Naira, make profits and repatriate the money same day.

Those familiar with how CCI is obtained noted that foreign exchange comes into the country through loans and equity and any foreigner that wishes to invest in Nigeria will send his foreign currency either by telegraphic transfer or other negotiable instruments.

This is then converted to Naira by a CBN appointed agent (local bank) who will give the Naira equivalent to the organisation that the foreign investor wishes to invest his money while the investor is issued a CCI by the local bank within 24 hours of the importation of currency.

Foreign currency imported into Nigeria and invested in any organisation in Nigeria is guaranteed unconditionalt transferability during repatriation by way of dividends or remittances of proceeds (net of taxes). The investor shall produce the CCI that was issued to him at the time he imported the capital into Nigeria, lodge his Naira ( dividend and capital sum) with the CBN and then complete FORM A ( issued by the CBN for invisible trade transaction) and the CBN will remit his foreign currency to his account abroad by debiting our national reserves at the prevalent official exchange rate.

According to the Form A with application number 1314613 ( for Invisible Trade Transactions) which was completed in duplicate and endorsed by an official of IBTC-Chartered Bank Plc with the bank's stamp on 8 February 2008, Enelamah's company, Celtelecom Investment of Mauritius was paid a total sum of $142.806 million through telegraphic transfer at the Exchange rate of N118.55 to a dollar, the official rate at that time.

The Form A with the IBTC Chartered Bank's Authorised Dealer's code of 221 showed the address of Celtelecom Investment as 608, St James Court, St. Dennis street, Port Louis In Mauritius.

The company and Enelamah however, in item 3 that required the particulars of the foreign investors or beneficiary, did not state the passport number, company registration number or the number of the certificate of incorporation of the company as requested by the CBN on the form.

Enelamah who signed the item 7 on the form which says "I declare that the above statements are true and that the foreign currency will be used solely for the purpose stated in accordance with the approved guidelines" adding that "Any false declaration will make me liable for prosecution". With this form, the sum of $142.806 million was repatriated into Enelamah's company account number 7240970 in Barclays Bank, Mauritius Intenational Banking division, 6th floor Harbour Front Building, John. F. Kennedy street, Port Louis, Mauritius.. The swift code was BARCMUMUOBU with account number 28037304495.

The correspondent bank is Barclays Bank, New York, swift code BARCUS33 and account number 026002574.

Enelamah confirmed that the $142.806 million was for "proceeds from private placement of linked units of MTN Nigeria" in a letter written on Celtelecom Investment limited letterheads to IBTC Chartered bank, Walter Carrington crescent, Victoria island Lagos.

A highly placed official at the Department of State Service (DSS) told InsideBusiness under anonymity that investigation has since been concluded and the report which has the input of the Economic and Financial Crime Commission (EFCC) has been submitted to President Muhammadu Buhari.

He also told our correspondent that some of the documents had been shown to the Vice-President, Yemi Osinbajo who heads the economic committee to intimate him of the discovery on Enelamah. Sources in the Vice-President office also confirmed the development to InsideBusiness and noted that Osinbajo had confronted the minister with the capital importation certificate (CCI) and other documents linking the minister to the deals.

"The EFCC and the DSS have since wrapped up investigation and had submitted the Executive summary to the president. The vice-president had also been intimated of the discovery on one of their acclaimed change agents", the source at the DSS noted.

Sources at the DSS also hinted that the deal could not have progressed through the 10 years without the assistance officials of the Central Bank of Nigeria (CBN).

" CBN officials are expected to verify the claims of the foreign investors before approval is given for the dollar equivalent to be taken out of the foreign exchange reserves" noted the DSS official.

The deal went on between 2006 and 2016 running through the tenure of three CBN Governors including Charles Soludo who came in 2004 and left 2009. Lamido Sanusi Lamido was appointed 2009 and left in 2014 when he was suspended and the current the governor, Godwin Emefiele who took over in 2014 and expected to leave 2019.

Efforts to get Enelamah to comment on this were not successful. Enquiries were sent to the minister via his email address on September 11, 2016 on his involvement with Celtelecom Investment ltd of Mauritius. The minister is yet to respond up till the time of this report.


Equally, enquiries to the spokesperson of MTN NIgeria, Funsho Aina through his email address and phone messages were also not responded to.

Sources at MTN however told InsideBusiness that the DSS have invited top management officials of the telecom firm about four times during investigation of the issue.

Also, enquiries at StanbicIBTC showed that its group managing director, Sola David Borha had also been invited by the DSS to defend her bank in the deal which is creating ripples in the presidency.
I

Implication for MTN, StanbicIBTC.

Analysts said the revelations will put more pressure on both MTN and StanbicIBTC, the two companies with parent bodies in South Africa. The two are currently under sanctions of regulatory agencies in the country.

While MTN is still battling with the balance payment of the fines on it by the Nigerian Communication Commission (NCC) of which an agreement has been reached and part payment made, StanbicIBTC is under regulatory order of the Financial Reporting Council of Nigeria for certain infractions observed in its 2013 and 2014 accounts. The bank is to pay N1 billion fine in addition to billions of dollar that it is expected to repatriate to Nigeria economy.
This is Trending. God help Buhari.

Efcc has always been a tool to witch hunt oppositions right from birth, am not Jonathian, but he was the only President that did make use of the tool(efcc) for witch hunt. I give it to him. APC that I joyously voted for, is an amalgamation of disappointment and hyper-corrupted tadpoles.

But he did not show you how Nigeria got into problems....God revealed to pheroh what will befall Egypt and Joseph was there to help prevent it from affecting the people. Maybe you have found our Joseph. If not, Buhari should swallow his pride and look eastwards for solutions. Beg NOI, Peter Obi, Charles soludo etc..

Icecomrade:
Can't people like you have a meaning discussion without mentioning Jonathan? Can't you get over the fact that he has ruled this country in his time and gone for good?

Aren't you so blinded to the fact that Mbaka's did not mention Jonathan but his wife.

'According to Mr Ugwuoke, the rev father felt a huge burden after the visit of the first lady when one of the doves released refused to fly, at the point it became clear that the holy spirit had rejected president Goodluck Jonathan
He said Rev Ejike Mbaka had made several move to reach the president and advise him on what he could have done but he was shut out by the president


Get a life Jare .'

I really don't understand ur stand, or is it that you don't understand my comments

DINO, what is the difference between robbery and looting.

Mr Lai, it will be used as yardstick to judgeoooo, cos it was used as compound-fracture to campaign and dislodged Jonathan in 2015.

Is the toilets constructed by Arodio Classic or Asnagi of Italy, cos this amount is way too much and can build several power plants and change remain.

The most corrupt arm of government in NIGERIA is the judiciary. Nigeria Judges owns more private jets than any other.......

Focused and selfless government, this can never happen here instead they will add to their salaries and loot daylight out of the situation.

The same way Fr.Mbaka said Jonathan's dove refused to fly, so is Buhari's.

#JibrinHouseRepRevelations
Season 1

HOW WE SHARED NIGERIA MONEY BY HON. ABDULMUMIN JUBRIN

"I got N650 million as my running cost as the Chairman of Appropriation Committee.
■Speaker Yakubu Dogara got N1.5 billion,
■His Deputy Yusuf Lasun got N800 million.
■House Majority Leader Femi Gbajabiamila got N1.2 billion,
■Deputy Majorty Leader Buba Jibrin got N1.2 billion.
■House Whip Alhassan Ado Doguwa got N1.2 billion,
■Deputy House Whip got N700 million.
■House Minority Leader Leo Ogor got N1.2 billion,
■Deputy Minority Leader Onyema got N800 million.
■Minority Whip got N700 million,
■Deputy Minority Whip got N700 million.
I have documents to back up all these."

TO ALL HONOURABLE MEMBERS
HOUSE OF REPRESENTATIVES
NATIONAL ASSEMBLY
ABUJA

My dear Colleagues,

BURDEN OF PROOF OF EVIDENCE: RUNNING COST OF HONOURABLE MEMBERS OF THE HOUSE OF REPRESENTATIVES

I wish to draw your attention to the fact that since you suspended me yesterday and the suggestion of the Ethics Committee report that my allegations were generalized and without proof, I have come under intense public scrutiny and pressure to prove that there exists systemic corruption in the House. I have taken it as a responsibility to prove to the public that the House is a den of systemic corruption. As colleagues, I have bound with many of you and built a life long friendship.

I have some of you that I hold in high esteem. If you end up at the receiving end of the actions I will be taking up in the next few days, I want you to know there is nothing personal but commitment and fervent desire to ensure that corruption is wiped out of the House and reforms that will restore the battered image of the House and take back the House to the Nigerian people is implemented.

Consequent upon the above and before I proceed with the aggressive steps I intend to take, I hereby DEMAND that if you have illegally taken or stolen any money meant for the RUNNING COST OF YOUR OFFICES FOR YOUR ENTIRE STAY IN THE HOUSE, YOU SHOULD RETURN THE MONEY WITHIN ONE WEEK TO THE CLERK OF THE NATIONAL ASSEMBLY AND FOR THE PURPOSE OF CLARITY, I AM REFERRING TO ABOUT 10MILLION NAIRA YOU COLLECT FROM TAX PAYERS' MONEY MONTHLY. THE CLERK WILL PROVIDE YOU WITH OFFICIAL ACCOUNT DETAILS, FAILURE OF WHICH I WILL TAKE NECESSARY ACTION TO ENSURE THAT YOU RETURN ANY MONEY STOLEN AND STAND WITNESS AGAINST YOU IN CASE OF PROSECUTION.

I have written to the Clerk of the National Assembly to stand by in anticipation. In the face of the revenue challenges and biting hardship the country is currently facing, there is no better time the country needs such money than now.

In the case of the Presiding and Principal Officers, in addition to my demand in this letter which applies to them too, I have written them yesterday and gave them 72 hours ULTIMATUM to make public the total amount they have received as running cost in their entire stay in the House, failure of which I will proceed with necessary legal action to compel them to make the total amount each of them have received public.
There are other issues of monumental corruption in the House that I will be raising in the following weeks which we must all deal with, but first lets get done with this one.

Thank you.
God bless.

Hon Abdulmumin Jibrin PhD MBA
APC-Kano
Kiru-Bebeji Federal Constituency
Kano

Died on active service to mankind....

What is the title of the nollywood movie.

Kanye and Zimbabwe news no pass pr..k and t.t.

Governor Okorocha and his family runs imo state like Papa Ajasco and company....no difference both in character, size and style.

Baby girls comes with a lot of good fortune. God will definitely provide for you and your family. Congratulations.

I said earlier that here is already a fast spreading cancer in Fayoshe's government. We will all see it at chemotherapy stage.

DIKEnaWAR:
They don't learn from history bro...

Awolowo was used by the north to put down the only people that could challenge the north. Awo thought they would reward him handsomely; they dealt with him.

MKO Abiola was used by the north to deal Awo his last political blow that sent him on his journey to after life. MKO was promised heaven and earth by the north; they stripped him, smelt his rump and killed him.

Tinubu was used by the north to put down an emerging power block that was already changing the political equation that has been in favour of the north. They promised him to be figure heads, while he will be 'National Leader'. They are dealing with him now.

Enter Fashola the new poster boy of the north. They will use him to deal with Tinubu and promise him power and influence. When he begins to grow, they will deal with him too..
Ndi ofe will never learn.

Gbam!!b