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Malami says FG is collaborating with various jurisdictions on asset recovery

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1639470919 1639470919 521 Justice Abubakar Malami

Abubakar Malami (SAN), the Attorney General of the Federation and Minister of Justice has revealed that the Nigerian government is collaborating with various jurisdictions in its efforts to recover stolen assets stashed abroad.

The AGF made this known at the Ninth session of the Conference of States Parties to the United Nations Convention Against Corruption (UNCAC) holding in Sharm El Sheik, Egypt, according to the News Agency of Nigeria.

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Mr Malami said that Nigeria notes with great concern the incidence of licit financial flows which go through the financial systems annually, particularly from developing to developed economies. He said the illicit flows majorly are proceeds from tax evasion and other crimes that undermine local currencies and constitute a threat to the economy.

What the AGF is saying

In a statement by Dr. Umar Gwandu, Malami’s Special Assistant on Media and Public Relations, the minister said Nigeria together with Pakistan, State of Palestine, Peru, Saudi Arabia and Kenya, had submitted a draft resolution entitled, “Enhancing access to and the use of Beneficial Ownership Information to facilitate the identification, recovery and return of assets,”

Mr Malami said the Nigerian delegation is calling for an identification of the most effective means of removing legal barriers to asset recovery, especially in the Requested States because the procedure to obtain mutual legal assistance (MLA) to identify, trace, seize, confiscate and repatriate proceeds of corruption is often complex and problematic.

He said the draft resolution was meant to further highlight the importance of beneficial ownership transparency. He said in an effort to combat corruption in Nigeria, new laws and acts were enacted.

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He said, “We have continued to make significant progress in our efforts to prevent and combat corruption, block leakages and recover our stolen assets.”

“In realisation that an effective Criminal Justice System is necessary for investigation and sanctioning corruption, Nigeria implementing the Justice Sector Reform Strategy covering issues such as for investigating is actively International Cooperation Mechanisms, Mutual Legal Assistance and reform of the Criminal Justice System”.

“We recently enacted a Mutual Legal Assistance Law in line with the recommendations from the UNCAC review, and also enacted the Nigerian Financial Intelligence Unit Act to create a stand-alone Financial Intelligence Unit.”

“Nigeria calls for the implementation report of the High-Level Panel on International Financial Accountability, Transparency, and Integrity for Achieving the 2030 Agenda (FACTI Panel) launched in February 2021 and its recommendations dealing with illicit financial flows and beneficial ownership transparency,” he added.

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Source: NairaMetrics

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NCDMB, Navy Collaborate to Enforce Oil and Gas Act

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Oil and Gas Act

By Adedapo Adesanya

The Nigerian Content Development and Monitoring Board (NCDMB) and the Nigerian Navy have reached an agreement to collaborate closely to enforce the Nigerian Oil and Gas Industry Content Development (NOGICD) Act in maritime operations.

The partnership will help curb the use of non–compliant and non–categorized vessels and intercept illegal vessels and non–compliant crew members on oil and gas locations.

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The two organisations would set up a high-level committee that would work out detailed modalities for the collaboration and enable both organizations to accomplish their respective mandates.

These decisions were reached during the visit of the Executive Secretary of NCDMB, Mr Simbi Kesiye Wabote to the Chief of Naval Staff, Vice Admiral Awwal Zubairu Gambo in Abuja.

According to the Executive Secretary, the board receives alerts regularly via its whistle-blowing portal and would like to investigate such information and recommend genuine cases to the Navy.

Other possible areas of collaboration include support to the board in assessment visits to vessels and provision of information to the board on vessels and tankers plying the Nigerian waters and oil and gas locations.

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Mr Wabote indicated that the Navy is well situated to drive the security aspect of the industry’s operations, particularly in securing the nation’s shores against piracy and illegal oil bunkering.

He said the Navy’s role was critical because the bulk of Nigeria’s oil and gas reserves lie along with the coastal areas of the country including major infrastructure and plants for hydrocarbon processing and exports.

He also commended the Navy for its efforts in promoting Nigerian content, notably by engaging the services of indigenous engineers and service companies in the fabrication and maintenance of Navy boats, thereby boosting local content in the industry.

He highlighted the need for closer ties particularly because of the Board’s long-term vision to increase Nigerian Content levels in the oil and gas sector from the current level of about 40 per cent to 70 per cent by the year 2027 as part of the Nigerian Content 10-Year Strategic Roadmap.

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He identified the board’s marine vessels development and categorization strategy as one of the core initiatives that would support the actualisation of the 10-year roadmap.

The goals of the marine vessel initiative are to promote the construction and maintain vessels in Nigerian yards, stimulate ownership of marine vessels by Nigerian entities, grow flagging & registration of vessels in Nigeria, deepen Nigerian manning of marine vessels, and develop world-class ship repairs and shipbuilding yard.

He reported that the board had made progress in the various aspects of these objectives such as support for the acquisition of marine vessels by Nigerians via the Nigerian Content Intervention Fund managed by the Bank of Industry (BoI), provision of sea-time training for marine cadets, patronage of in-country dry-docks, and the completion of the feasibility study and site selection for the proposed development of shipyard.

Listing some of the achievements of the board in the past five years, Wabote stated that it had begun the first phase of developing the Brass Island Terminal in Bayelsa State.

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The facility will carry out repair and maintenance of large ships and vessels such as LNG LNG carriers, VLCCs and maritime equipment such as jack-up rig vessels.

In his comments, Vice Admiral Awwal Zubairu lauded the Board for the numerous achievements it had recorded in implementing the NOGICD Act and pledged the support of the Nany in deepening stakeholders’ compliance with the NOGICD Act.

He also sought the assistance of the Board in upgrading the Naval shipyard in Lagos, particularly the slipway.

While highlighting the Navy’s milestones in research and development, the Naval chief sought the board’s collaboration in improving the Navy’s R&D capabilities as well as creating a market for their products in the oil and gas industry.

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Stanbic IBTC Begins Sale of N20bn Series 3 Commercial Paper

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Stanbic IBTC bank

By Dipo Olowookere

Stanbic IBTC Bank Plc has commenced the sale of its series 3 commercial paper under its N100 billion multicurrency commercial paper programme.

The financial institution intends to sell N20 billion worth of the corporate debt instrument to interested investors in a period of one week.

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Subscription for the commercial paper commenced on Thursday, January 20, 2022, and will end on Thursday, January 27, 2022, according to details of the exercise obtained by Business Post.

It was gathered that the tenor of the commercial paper is 269 days, maturing on Thursday, October 27, 2022, and it is with a discount rate of 9.00 per cent and an implied yield of 9.64 per cent.

Subscription for the Stanbic IBTC series 3 commercial paper is a minimum of N5 million and subsequent addition of N1 million.

According to the programme memorandum, the net proceeds from the paper would be used solely to support the company’s short-term funding requirements, as part of its asset and liability management strategy for its banking operations.

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As for the payment at maturity, the issuer said only noteholders named in the register as at the close of business on the relevant last day “shall be entitled to payment of amounts due and payable in respect of notes.”

Stanbic IBTC Bank PLC emerged from the merger of Stanbic Bank Nigeria Limited with IBTC Chartered Bank Plc in September 2007.

IBTC Chartered Bank Plc was itself a merger of three institutions (Investment Banking &Trust Company Plc (IBTC Bank), Chartered Bank Plc. and Regent Bank Plc.).

Stanbic IBTC Bank offers its clients a wide range of commercial banking products through its 180 branches spread across every state in Nigeria, and via a range of self-service channels powered by sophisticated technology to bring convenient banking to clients.

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The lender is also a key player in financial inclusion and is poised to take banking to the doorsteps of its clients in different personal and business categories who desire bespoke banking services.

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