US: Disclosure of Beneficial Owners of Companies Key in Tackling Illicit Financial Flow ...Identifies real estate sector as major conduit

…wants financial institutions to be more circumspect The United States of America has observed that for the fight against Illicit Financial Flow (IFF) to record any meaningful success, countries and governments across the world must embrace the policy of Disclosure of Beneficial owners of companies established in their respective country, just as it identified the real estate sector as a major toll for criminals in moving their proceeds of crimes. The Director, Financial Transparency and Regulatory Policy, Office of Terrorist Financing and Financial Crimes, US Department of Treasury, Young Lee, who made the remark during the US Foreign Press Centre virtual briefing on US anti-corruption efforts, argued that: “Corruption thrives in the financial shadows in shell corporations that disguise owners' true identities in offshore jurisdictions with lax anti-money laundering regulations, and in complex structures that allow the wealthy to hide their income from government authorities.” Speaking on the theme: ‘Curbing Illicit Finance’, Lee disclosed that criminals all over the world have formed the habit of hiding their identities behind corporate structures, and laundering their illicit proceeds through real estate. The director further pointed out that this illicit finance, when not tackled, is capable of undermining and impairing good governance in any country, as well as threatening national security and prosperity. He stated that as part of curbing illicit finance, the US has introduced some legislation such as the Anti-Money Laundering Act, 2020, and the Corporate Transparency Act (CTA). Lee said: "This legislation passed with bipartisan support was the culmination of many years of effort to address one of the most significant deficiencies in the US AML regime. That is the lack of a nationwide requirement to disclose information about the actual people who own or control companies, also known as the beneficial owners of at the time of company formation. "This was a deficiency highlighted by the Financial Action Taskforce in its 2016 assessment of the US regime, and was one of the main reasons we received the lowest possible rating for the immediate outcome related to preventing legal entities and arrangements from misuse, from money laundering financing and making sure that beneficial ownership information is made available to competent authorities without impediments." According to him, under the CTA, certain US and foreign companies are required to disclose their beneficial owners to FinCEN, the US Financial Intelligence Unit, at two key points-when they are formed or registered in the United States, and when their beneficial owners change. In addition, he said the CTA also requires certain types of financial institutions in the US, like banks and securities broker dealers, to collect and verify beneficial ownership information when legal entities open up new accounts at their institutions in order to confirm those regulations to the framework of the CTA. "Financial institutions and other private sector organisations must undertake robust due diligence and actively seek to avoid corrupt clients and counterparties to keep our financial systems secure," he added. Other efforts he said the US has deployed in curbing illicit finance and which other countries of the world can emulate included the pursuit of transparency of the US real estate market. Lee noted that: "Lack of transparency into certain parts of the real estate market is a significant regulatory gap that bad actors have been able to exploit. For example, one non-governmental organisation (NGO) study published in 2020 estimates that approximately $2.3 billion has been laundered through the US real estate market over the previous five years."

YPP Targets 300,000 Membership in Kwara, Vows to Wrest Power in 2023

The National Secretary of Young Progressives Party(YPP), Hon. Vidiyeno Bamaiyi, has said the national leadership of the party would hit the target of 300, 000 membership in Kwara State before the 2023 general election in order to wrest power from the All Progressives Congress (APC) in the state. Bamaiyi, who spoke with journalists in Ilorin, the state capital, at the weekend shortly after the supervision of the conduct of the state congress of the party held in Ilorin, said: "Already, the membership of the YPP in Kwara State is now over 60,000, and it will be increased before the next elections." He said: "The increase in the membership drive of the YPP in the state is borne out of the fact that the APC has allegedly failed in the delivery of campaign promises to the people that elected them into power. "Reports from the state secretariat of the party in Ilorin revealed that many members of the APC and PDP are defecting to the YPP so as to provide alternative leadership for the people of the state come 2023 elections. Bamaiyi, however, said the peaceful conduct of the party’s state congress through a consensus arrangement is in line with the provisions of the Electoral Act and the constitution of the party. In his acceptance speech, the new state Chairman of YPP, Chief Dele Ogunbayo, said he would not derail from the principles of the party while piloting it. He added that he would use his wealth of experience and wisdom to uplift the party to the greater height.

2023: AbdulRazaq's Ex-commissioner Defects to PDP in Kwara

Former Kwara State Commissioner for Local Government and Chieftaincy Affairs in Governor AbdulRahman AbdulRazaq government, Hajia Aisha Ahman-Pategi, alongside her supporters over the weekend defected from the All Progressives Congress (APC) to the Peoples Democratic Party (PDP) in the state. The defection, which took place at Pategi, the headquarters of Pategi Local Government Area of the state, was well attended by the PDP stalwarts in the state. Speaking at the event at Pategi, the former commissioner stated that: “Anyone who is not with Kwara North senatorial district for governor is no longer welcome and any son or daughter of Kwara North that is not with the district in 2023 is officially disowned." She urged the electorate to ensure they give their mandate to responsive leaders. According to her, "Without you, there is no future for us all. So this is about you. Let’s hold hands and create a better Kwara State. "I returned to the fold of PDP having learnt the hard way from a setting described as ‘fuji house of commotion’ of a clueless government." The ex-commissioner further stressed that she is fully back to support PDP’s efforts to balance political power for Kwara North in the 2023 governorship election. Welcoming the ex- commissioner with other defectors, the former Deputy Speaker of the state House of Assembly and former Ambassador to Japan, Prof. Mohammed Yisa Gana, commended the ‘rightful decision of the daughter of the soil’, Hajia Aisha Ahman-Pategi, for defecting from APC to PDP in the state. He said there was no doubt that the development would assist the PDP to garner more supporters for the electoral victory of the party in the 2023 polls. Gana, therefore, said the defectors should see the PDP as their home, and joined other party members to win the next elections in the state.

It's Unconstitutional for EFCC to Seize Passport of Nigerians under Investigation, Says PDP Chieftain

Former Delta State gubernatorial aspirant on the platform of Peoples Democratic Party (PDP), Chief Sunny Onuesoke, has described as unconstitutional for the Economic and Financial Crimes Commission (EFCC) to seize the international passports of Nigerians under its investigation. Reacting to seizure of international passports by the Nigerian security agencies recently, Onuesoke in a statement issued Sunday argued that EFCC has no constitutional right to seize international passport of those under its investigation, stressing that it is only the court that can issue such authority. The PDP chieftain maintained that the action of EFCC impounding passports of those they are investigating is tantamount to infringement on their rights to freedom of movement, which call into question Nigeria’s commitment to fundamental democratic principles and how it could cause reputational damage to the country at home and on the international stage. He noted that a situation in which government agencies take actions, constitutionally or otherwise, based on their whims and caprices, is a dangerous, dictatorial, autocratic, unacceptable practice which must be discouraged, “because it has no place in a constitutional democracy.” According to him, “The Passport (Miscellaneous Provisions) Act 2004 in Section 6 defines passport as “a document of protection and authority to travel issued by the competent Nigerian officials to Nigerians wishing to travel outside Nigeria,” and, while the Act doesn’t provide for seizure of passports, Section 5 thereof provides for instances in which an individual’s passport may be cancelled or withdrawn.” He said though in certain circumstances, Section 45 of the constitution provides for restrictions on and derogation from fundamental rights, including that of freedom of movement, it is definitely not a ‘carte blanche’ for government agencies to unilaterally seize people’s passports, simply because such agencies are able to abuse their powers and/or act ultra vires their powers and get away with it. Quoting Obiora Chinedu Okafor in his Paper titled: ‘The Fundamental Right to a Passport Under Nigerian Law: An Integrated Viewpoint’, Onuesoke asserted that the right of every Nigerian to possess a Nigerian passport is derived from the constitutional rights, particularly Section 41(1) of the constitution), adding that for the fact that acquiring a passport is not free of charge but comes at a fee, gives the holder of a passport a proprietary right over it until the expiration of the passport.

Finally Ikpeazu Succumbs to Kinsmen, Prevails on PDP to Scrap Governorship Zoning

Abia State Governor, Dr. Okezie Ikpeazu, has finally bowed to pressure from his kinsmen in their clamour to retain power at the end of his tenure in 2023, as the Peoples Democratic Party(PDP) has now paved the way by scrapping its zoning arrangement. The state PDP at the weekend announced that its governorship ticket has been zoned to both Abia North and Abia Central senatorial districts, thereby accommodating the Ngwa bloc in the governorship race, and in essence, throwing it open. The zoning principle of the ruling party, which has been observed since 1999, favoured Abia North, but Ikpeazu was subjected to intense pressure by his kinsmen, who threatened fire and brimstone in their quest to retain power. It was gathered that the governor, in order to resolve his dilemma over the desires of his kinsmen and the party's zoning arrangement, had to prevail on his party leadership to adopt "double zoning" arrangement thereby playing safe. In a statement signed by the state Chairman of PDP, Hon Alwell Asiforo Okere, which was read to journalists by the state Publicity Secretary, Chief Fabian Nwankwo, the ruling party claimed that its decision was based on the outcome of consultations with party leaders and stakeholders across the state. However, Nwankwo, while explaining the reason for the curious zoning arrangement, alluded to the pressure from the Ngwa bloc, saying each of Abia North and Abia Central "has high number of governorship aspirants." According to him, the party was trying to find the best way it could be fair to all, adding that delegates at the primaries would eventually decide the zone from where the governorship standard bearer would emerge. To confirm that the state PDP could no longer sustain its zoning arrangement, the party spokesman announced that governorship aspirants from outside Abia North and Abia Central were free to vie for the governorship ticket. The issue of which zone should produce Ikpeazu's successor has generated feisty debate among the PDP faithful across the zones with the government displaying manifest sensitivity as the debate raged on. Last week, the former Senate President, Adolphus Wabara, was sacked as the chairman of the Governing Council of Abia State University, Uturu (ABSU) for expressing his position on the zoning issue. Ikpeazu promptly replaced him with Chief Mba Okoronkwo Ukariwo. Wabara, who is the secretary of PDP Board of Trustees(BoT), had reportedly warned of dire consequences should Abia State PDP give its governorship ticket to any of Ikpeazu's kinsmen, insisting that such action would certainly make the ruling party lose the 2023 governorship poll. He had stated that "power should move back to Abia North where it started from in 1999", adding that "Abia is not ready for Ngwa back-to-back stuff." Wabara further warned that Abia State PDP was playing with the kind of fire that consumed the party in Plateau State and made PDP lose to then opposition APC in 2015. Also, former state governor, Senator Theodore Orji, has come under attack for supporting power shift to Abia North in line with the PDP zoning principle and the Abia State Charter of Equity.

Attack on OAU Grossly Desecrates Varsity System, Says Nonagenarian Ex-Registrar

A 92-year-old third substantive Registrar of the then University of Ife, (now Obafemi Awolowo University), Ile Ife, Osun State, Chief Alex Ajayi, has described as a gross debasement of the Ivory Towers the recent attack on OAU by protesters over the tussle on the appointment of a new Vice Chancellor, Prof. Adebayo Simeon Banire. Ajayi, who was at different times OAU's Governing Council member and registrar, posited that appointment of a VC in any federal institution is by merit, and can't be predicated on ethnicity and other sentiments. The first graduate of Ado Ekiti metropolis stated this in a chat with journalists in Ado Ekiti, Ekiti State, on Sunday over the attack by indigenes and traditionalists of Ile Ife on the university over the appointment of a new vice chancellor. The attack was said to have been propelled by the intention of some Ile- Ife indigenes to have one of the professors from that town appointed as the VC. In his view, Ajayi described the assailants as myopic and barbaric with their unwarranted action, saying federal universities appoint their VCs based on merit and not by pandering to narrow sentiment. Ajayi, therefore, urged Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, to swiftly intervene and rein in on those he described as "uninformed attackers," and prevent them from defiling the school that commands high regard nationally and globally. He said: "For 10 years, 1966-1976, I was appointed by the military government of late General Aguiyi Ironsi and Lt Col Adekunle Fajuyi of the Western Region as a pioneer member of the statutory governing council of the university and also invited by the university into the administration to act as deputy registrar/acting registrar in 1969. "I am worried that a new generation of the so-called Ife indigenes had returned OAU to the Dark Age. The location of the university at Ife should be a joy because other competitors abounded, like Owo. Oba Olateru Olagbegi wanted it located between Owo and Benin, so that the Benin people won't break away from the Southwest. "If it is the present day dispensation, Chief Obafemi Awolowo would have sited the university at Ikenne and nobody would have changed it. By the third year of the University of Ife, only one Ife indigene was an academic staff, Mr. Oretuyi, who was an assistant lecturer in Law. A few others joined later. "These hoodlums are a disgrace to Ife. They don't know the norms of appointment of a VC in the university. They thought the university was like a local modern school or Magrantha. They are not informed that it is excellence that decides appointments in the universities. "For my 10 years with Oxford and Cambridge Universities, never did I hear of appointment being done at the level of nativity. An Igbo Man, Prof. Onwemechili, succeeded Prof Aboyade at the university as VC and the revered Prof Kenneth Dike was the first VC of University of Ibadan." Debasing further the concept of nativity being propounded by Ile Ife people, Ajayi posited that since inception of OAU, Ekiti State has always constituted 60 percent of the academic staff, and the numerical strength didn't spur them to agitate to be VC, adding that the first Ekiti State indigene to be VC in the institution was appointed just a few years ago. "That the university is located at Ile-Ife at all is of monumental advantage to the city. The economic, social, intellectual and international boosts the university has brought are unquantifiable. They have helped in bringing the city from a sleepy community to a vibrant centre of culture and learning." The former registrar added that Ile-Ife has no reason to claim ownership of a university that belongs to the federal government, referring the act as an aberration.

2023: Sultan Cautions Politicians against Do-or-Die Politicking

As the 2023 electioneering approaches in Nigeria, the Sultan of Sokoto, Alhaji Muhammad Saad Abubakar III, has warned politicians against playing politics of do-or-die. The Nigerian Muslim supreme leader gave the warning while speaking during the closing ceremony of the 36th Qur'anic Recitation Competition at the Abubakar Tafawa Balewa International Stadium in Bauchi at the weekend. The Sultan, while appealing to politicians not to take politics as a must-win game, reminded them that it is only God that gives power to whom he wishes and takes it from any person He so wishes at any time. Abubakar, who advised politicians to be mindful of how they treat the electorate, said they were voted to serve the masses and not for the masses to serve them. According to him, “By 2023, the politicians will be up in their normal game, but please, play politics with the fear of the Almighty Allah, knowing that He is the only one who gives power to whom He wants at the time, and takes it away from you when He wants. “So, do not make it a do-or-die affair because Allah already knows who is going to be a leader in 2023 whether at state or federal level, but we don’t know because we are mere mortals." He urged politicians to ensure that they play the game by the rules and be fearful of the day of meeting the Creator. The Sultan equally advised market men and women not to hike the prices of foodstuff and other essential services ahead or during the Ramadan fasting. "As Muslims in Nigeria join their counterparts across the world to observe the mandatory 30 days Ramadan fasting, traders, business owners and other people who render social services should be reminded of the day of judgement when they will give account of every deed. "They should not increase prices of foodstuff and other commodities and services during the holy month," the Sultan appealed. At the end of the competition, Baba Goni Mukhtar from Borno and Haulatu Amina Ishaq from Zamfara States emerged the overall winners in the male and female category, carting away with N3 million prizes each. The competition, which drew 328 participants across the country, had 168 males and 160 females. THISDAY gathered that the 2022 National Qur’anic Recitation Competition was hosted by the Bauchi State Government in collaboration with Usman Dan Fodio University, Sokoto.

2023: Group Mobilises Youths against 'Recycled Politicians'

An inter-ethnic pressure group, We2geda, has decried the poor accountability of past political leaders in Nigeria, “who only make promises but never fulfil them,” calling on electorate, especially the youths, to unite against such recycled politicians “who have never been accountable to Nigerians in 2023.” Addressing journalists during the official inauguration of We2geda in Jos, Plateau State, Chairman, Board of Trustees (BoT) of the youth group drawn from across various religious divides, Alhaji Hussaini AbdulKarim, said it was unfortunate and disheartening that after elections, elected leaders would shun the electorate that voted them to power, and refuse to be accountable to them. He said the group was being inaugurated across all the geopolitical zones in the country to sensitise Nigerians against politicians that only abandon them to their fate after elections, adding that it was high time youths took over governance from these recycled politicians. The group leader added that the choice of Jos for the inauguration was made considering that it is a melting point for all Nigerians. AbdulKarim said: “If in every electoral ward, We2geda brings 250 persons of like minds, Nigeria will produce the best leaders, not the ones that will take us for granted.” In an opening remark, a lawmaker, Hon Shina Peller, said: “The official launch of We2geda is meant to mobilise youths and technocrats to have a rethink on electing political leaders in 2023, and to caution them to have a new way of seeing politics. Represented by Adebo Jonathan, Peller said: “Respect is reciprocal; our leaders do not expect us to respect them when they don’t live up to their obligations towards us. “Most of our leaders in government today benefitted from government in terms of free education, free healthcare, and the likes, but today, the same people have deprived the masses of these benefits because of their bad governance. We have, therefore, decided to mobilise against these leaders and ensure that they don’t make their ways back to power.” In his contribution, a member of the group, Stanley Akpa, warned that there was no better time for Nigerians to put their acts together to choose good leaders than now. He advised Nigerians to embrace We2geda with members cutting across ethnicity and religions in order to form a productive government that will benefit all Nigerians. The keynote speaker, Luka Pampe, said it was high time the electorate set agenda for politicians rather than allowing them to set the agenda, adding: “We have to be able to tell the politicians what we want and not the other way round. “We cannot continue to recycle politicians that have refused to work for our interest. They use money, religion and ethnicity to divide us. Since 1999 that Nigeria returned to democracy, how have our politicians made life better for us? All they’ve given to us is ASUU strike, power failure, fuel scarcity, insecurity and inflation. We are now saying ‘Enough is Enough!’

COPSUN Chairman Canvasses Strict Regulation and Control of Private Universities in Nigeria

The Chairman, Committee of Pro-Chancellors of State-owned Universities in Nigeria (COPSUN), Mallam Yusuf Alli, at the weekend canvassed for strict regulation and control, and if possible, a moratorium should also be placed on the establishment of private universities in the country. Alli stated this at the end of the 6th biennial conference of the Committee of Pro-Chancellors of State-owned Universities in Nigeria held at the Osun State University, Osogbo, where the stakeholders reviewed the state of university education in Nigeria and proffered the way forward. The chairman, who is the pro-chancellor of the Osun State University in a communique issued and signed by him, noted that the recommendation was borne out of the reality that the creation of new private universities that currently totaled 99 has not added any value to the enrolment of students or access of the same to university education in Nigeria. He reminded as well as cautioned the federal government that the continuous establishment of private universities in the country without strict regulation would be dangerous to the existence of private universities. Alli also pointed out that in Nigeria, the establishment of state-owned universities has become a ‘constituency project.’ Every local government area and state seek to establish and own a university. According to him "The proliferation of state universities at the same time that the existing ones are not adequately funded run against the grain. State government should, therefore, support their institutions to deliver quality education. Adequate funding will facilitate and promote research development and position the university as the real engine for knowledge generation, innovation, and overall national development." He, however, posited that global and international standard should be the hallmark of state-owned universities. Alli observed that the "universities should be developed and operated in tandem with international best practices. Adherence to international standards will accord Nigerian universities the status of a world-class university, enabling international students to patronise our universities and promote global solutions to local problems.” While speaking on the funding of the state-owned universities, he said they have experienced severe setbacks in achieving the mission and vision of establishing state universities. He added that "the university system is bedeviled with inadequate funding, which directly and indirectly affects its functionality. As a result, Governing Councils and vice-chancellors have become saddled with seeking funds in shrinking fiscal space. The state capacity to fund university education can be enhanced by finding a way to balance political expediency against economic sense."