$9.3m scandal: S’Africa insists on criminal probe

There are strong indications that efforts of the Federal Government to ensure amicable settlement of issues surrounding the $9.3m seized by South Africa have failed.

South Africa’s National Prosecuting Authority, in an email to our correspondent in Abuja on Thursday, said that the matter was still under criminal investigations.

There were reports on Wednesday that $9.3m, which was seized from two Nigerians and an Israeli in Johannesburg, was meant for procurement of arms for intelligence agencies in Nigeria.

CBN laments rising cases of money laundering

Dr. Mrs. Sarah Alade CBN Governor

The Central Bank of Nigeria on Monday lamented the rising cases of financial crimes in the country, noting that the trend was raising serious concerns about the integrity of the financial system.

The Acting Governor, CBN, Dr. Sarah Alade, stated this in Abuja at the opening session of the regional course on combating money laundering and other financial crimes.

The workshop was organised by the West African Institute for Financial and Economic Management.

Alade said the increase in money laundering needed to be addressed, adding that the dimension, nature and level of sophistication of the crime were becoming a major source of worry for the monetary authorities.

Court fixes Feb 10 to rule on Fani-Kayode money laundering case

A Federal High Court in Lagos on Monday fixed Feb. 10 to rule on the competence of a criminal charge brought against Femi Fani-Kayode, who is being charged for money laundering.

Fani-Kayode, a former Aviation Minister, is standing trial on an amended 47-count charge bordering on money laundering.
When the case was called on Monday, Justice Rita Ofili-Ajumogobia, said she would deliver her ruling on a future date because counsel in the suit had filed their written submissions out of time.

France Seizes Paris House of E’Guinea Leader's Son

French investigators have seized a Paris townhouse belonging to the son of Equatorial Guinea's president as part of a money-laundering probe, a judicial source said on Friday.

Millions of euros worth of art, antiques and other valuables were seized in February from the same six-floor building which is owned by Teodoro Obiang, agriculture minister and son of the small oil-rich African state's president, reports Reuters.