Nation
Nigeria’s External Debt Hits $5bn
Nigeria’s external debt was five billion dollars (about N750 billion) at the end of 2009, World Bank Managing Director, Ngozi Okonjo-Iweala said.
Okonjo-Iweala said the Federal Government also carried a domestic debt burden of N3.23 trillion(21.8 billion dollars) during the period.
The former Nigerian finance minister made the information known at a lecture on the 24th and 25th convocation ceremony of the University of Calabar, on Thursday.
She said Nigeria’s external debt profile was 3.5 billion dollars in 2006 and attributed the rise in external debt to “the pace of Gross Domestic Product (GDP) growth.
“In April 2006, Nigeria paid off the last instalment due on its debt settlement agreement with the Paris Club, thereby erasing 30 billion dollars in external debt and reducing government external debt to 3.5 billion dollars.”
Similarly, the former finance minister said the current Federal Government’s domestic debt virtually doubled from about N1.7 trillion (13.6 billion dollars) at the end of 2006.
She said the country’s debt portfolio was apprehensive, adding that the situation was worsened by the realisation that about 20 per cent of the domestic indebtedness was held by foreigners.
For the internal debt, she said one of the bad sides was that banks and other financial intermediaries would prefer to invest in “safe” government bonds than make “risky” loans available to the corporate sector.
She deplored the government’s practice of sharing the Excess Crude proceeds, saying the action negated the essence of the establishment of the account.
She expressed regret that a total of 20.1billion dollars which was available in the Excess Crude Account at the end of 2008 had, by the end of 2009, dropped to 7.8 billion dollars.
Okonjo-Iweala described the sharing habit as reckless and advocated the investment of the excess crude proceeds in the agriculture and power sectors to grow the economy.
She noted that some states and even the Federal Government could not account for expenditure of the funds and urged the public to strive always to be abreast with government expenditure.
”You must know how much the states get every month and how they spend it,” Okonjo-Iweala said.
She urged students to take up the challenge and begin to enquire into government income and expenditure as it was the right of every citizen to know everything about government.
Nation
Osun Park Management Chairman Shot By Police, Union Alleges
The Chairman of the Osun State Park Management System (OSTMS), Comrade Nurudeen Iyanda Alowonle, was reportedly shot by officers of the state police command in the late hours of Monday.
The union, in a statement issued by its Secretary, Mikaela Popoola, in Osogbo, confirmed that its chairman was arrested over domestic issues and taken into police custody.
According to him, the shooting of the chairman occurred while in police custody, and the circumstances surrounding the shooting call for a thorough investigation.
The union scribe, who reiterated that the chairman was arrested over domestic issues and taken into police custody, called on members of OSTMS not to take the law into their own hands.
He stressed, “We must maintain peace across the parks while we take the matter up with the appropriate authorities.”
While confirming the shooting, a top Police officer, who preferred to remain anonymous, said, “Alowonle was arrested in connection with the alleged killing of one Oyewale in 2022 and the assault of some residents on Monday night.
“He was shot while attempting to escape and has been taken to a hospital for treatment.”
According to him, Alowonle was maimed by the police gunshot, and a Hummer bus with registration number AWK 480YD, an unregistered Nissan Almera, and a Toyota Sienna with registration number GNN 595 XD were also recovered from him.
“During the arrest, a Barrett pistol, six rounds of 9mm live ammunition, and one expended empty shell were recovered from Alowonle’s private unregistered Toyota Highlander jeep,” the officer said.
“Alowonle and his boys conveyed themselves in a Previn bus with registration number RBC 275XK, but a distress call to the police led to his arrest. He was rearrested at Susi area of Oke-Baale, Osogbo, alongside eight others before being taken to the state police command.”
Meanwhile, all possible efforts made to reach the spokesperson for the state Police Command, Mrs Yemisi Opalola, for comment on the incident proved abortive as calls put to her mobile phone were not answered.
Nation
Police Kill Notorious Cultist In Rivers, Recover Gun, Ammunition
The Rivers State Police Command has announced that its operatives neutralised a suspected kidnapper and cultist, identified as Gbarani Bume, in the Luawii Community of Khana Local Government Area (LGA).
Bume, also known as Pelele, was a member of the infamous Iceland cult group, which has been terrorising the Beree/Tabaa axis of Khana LGA along with his gang.
Spokesperson for the State Police Command, Grace Iringe-Koko, disclosed this in a statement issued in Port Harcourt on Sunday.
Iringe-Koko said that Pelele and his gang attempted to kidnap a site engineer working in Luawii when the police, acting on a tip-off, swooped in. Upon sighting the police, the suspects opened fire, but Pelele was fatally wounded after a fierce exchange of gunfire and later died.
The statement reads: “The Rivers State Police Command has made a significant breakthrough in its efforts to combat crime, neutralising a notorious cultist and kidnapper, Gbarani Bume, a.k.a. Pelele, a native of Bere Community in Khana LGA.
“He was a member of the Iceland Cult Group, which has been terrorising the Beree/Tabaa axis of Khana LGA.
“On the 15th of November 2024, operatives from the Bori Division, acting on a tip-off, were mobilised to Luawii Community where Pelele and his gang were attempting to kidnap a site engineer.
“Upon sighting the operatives, the hoodlums opened fire, resulting in a fierce crossfire, during which Pelele was fatally wounded. His accomplices escaped with various degrees of bullet wounds.
“Items recovered from the suspect include one AK-47 rifle, two magazines, and 10 rounds of live ammunition.”
She added, “An investigation is ongoing, and efforts are being intensified to apprehend the other fleeing gang members and bring them to justice.”
The state police spokesperson stated that this operation underscores the Command’s commitment to tackling crime and ensuring public safety in the state.
Nation
Cybercrime: Absence Of Legal Representation Stalls Trial Of 109 Foreigners
The planned arraignment of 109 foreigners charged with cybercrime before a Federal High Court sitting in Abuja was on Thursday stalled due to their inability to secure legal representation.
The foreigners, who are said to be citizens of China, Indonesia, Vietnam, the Philippines, Thailand, Brazil, Malaysia, and Myanmar, were recently arrested by the police in their residence at plot 1906, Cadastral Zone 807, Katampe District of Abuja, where they were said to be engaging in cybercrime by allegedly promoting “a fraudulent and unregistered gaming platform.”.
In a six-count charge, marked FHC/ABJ/CR/599/2024, filed in the name of the Inspector General of Police (IGP), the foreigners were charged with cybercrime, money laundering, and unlawfully residing in Nigeria.
When they were brought to court on Thursday, the prosecution indicated its readiness for the arraignment of the defendants.
Justice Ekerete Akpan noted that the defendants were not represented by any lawyer, a development that promoted the judge to reschedule the arraignment for November 22 to enable the foreigners to secure the services of lawyers.
It was alleged in one of the counts that they did aid, abet, conspire among themselves “to commit an offence, to wit, cybercrime, and you thereby committed an offence contrary to and punishable under Section 27(1)(b) of the Cybercrimes (Prohibition, Prevention, Etc) Act, 2015 (As Amended, 2024).”
They were also alleged to have “knowingly accessed a computer and network and input, altered, deleted, or suppressed data resulting in inauthentic data with the intention that such inauthentic data will be considered or acted upon as if they were authentic or genuine, and you thereby commit an offence contrary to and punishable under Section 13 of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015 (As Amended, 2024).”
In another count, the 109 defendants were alleged to have,
“Knowingly and without authority, you caused loss of property to persons in Nigeria and outside Nigeria when you caused the inputting and suppression of data by deceiving people to believe that the unregistered and gambling platforms they were marketing were authentic, for the purpose of conferring economic benefit on yourselves and you thereby committed an offence contrary to and punishable under section 14 (1) of the Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015 (As Amended, 2024).”
They were said to have, with intent to defraud, “did promote via electronic messages on the internet a fraudulent and unregistered gambling platform, materially misrepresenting facts about the said fraudulent gambling platform upon which reliance, persons in Nigeria and outside Nigeria suffered enormous economic losses and you thereby commit an offence contrary to and punishable under section 14 (2) of the Cybercrimes (Prohibition, Prevention, Etc) Act, 2015 (As Amended, 2024).”
They were alleged to have removed “from Nigeria, proceeds generated from operating fraudulent and unregistered gambling platforms, namely, 9f.com, c2.top, and 8pg.top, and you thereby commit money laundering, contrary to and punishable under Section 18 of the Money Laundering (Prevention and Prohibition) Act, 2022.”
The defendants were also accused of entering “the territory of the Federal Republic of Nigeria with a business permit of 30 days duration and failed, or neglected to leave the Nigerian territory at the expiration of the said permit and remained in Nigeria without a valid resident permit or appropriate valid visa, and you thereby contravened to Section 4(2) and punishable under Section 44(1)(c) of the Immigration Act 2015.”
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