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Market Digest Nigeria

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Nigerian Newspapers Headlines (5th June,2019)

Sani Abacha loot

Nigerians react as the UK seizes fresh N82bn from the former head of state General Sani Abacha loot.

The Coalition of United Political Parties (CUPP) has raised the alarm that some godfathers are planning to hijack the ninth National Assembly.

The fight between the APC former Chairman John Oyegun and current Chairman Adams Oshiomhole continues.

Major Nigerian Newspapers have more on these stories:
Sani Abacha loot

Punch Newspaper: Reactions as UK seizes fresh N82bn Abacha loot

A bank account containing £211m (approximately N82bn) has been traced to a former Nigerian military dictator, General Sani Abacha. The money was recovered and subsequently confiscated in Jersey, Channel Islands, on the request of the United States of America Government. Late Abacha was said to have laundered the money through the US into the Channel Islands before his death in 1998.

According to a report by Metro UK on Tuesday, the money was put in accounts held in Jersey by Doraville Properties Corporation, a British Virgin Islands company. The report said the money was now being held by the government until authorities in Jersey, the US and Nigeria came to an agreement on how it should be distributed. It was gathered that Jersey would keep the £211m loot in its Criminal Confiscation Fund, which could be used to pay for a variety of projects on the island. The report added that more money held by Doraville was likely to be seized and paid into the Civil Asset Recovery Fund in the future.

Jersey’s Attorney General, Robert MacRae, said, “In restraining the funds at the request of the United States of America, through whose banking system the funds were laundered prior to arriving here, and in achieving the payment of the bulk of the funds into the Civil Asset Recovery Fund, Jersey has once again demonstrated its commitment to tackling international financial crime and money laundering.” It was learnt that MacRae had applied for the restraining order over the Jersey bank account balance of Doraville in 2014, which the Jersey’s Royal Court granted. However, Doraville applied to the Royal Court for the restraint order to be discharged, but the court dismissed the application in 2016.

Sani Abacha loot

Guardian Newspaper: Godfathers may hijack ninth National Assembly, opposition warns

The Coalition of United Political Parties (CUPP) yesterday condemned alleged plots to impose some persons as leaders in both chambers of the ninth National Assembly. The spokesman for the coalition, Ikenga Ugochinyere, disclosed the position of the group during a press briefing in Abuja, where he also expressed support for the use of secret ballot for the election of the officers.

According to him, the voting method is the only way to stop desperate godfathers from foisting their stooges on the legislature. The coalition also condemned moves to produce leaders from particular sections of the country, to the detriment of other sections, warning that the development portends danger to national unity and integration.

It noted that the north central, southeast and the south-south geo-political zones would be shortchanged if an arrangement by the ruling All Progressives Congress (APC) for the Assembly’s leadership works out.

Sani Abacha loot

Sun Newspaper: APC crisis: Oshiomhole, Oyegun trade words

The in-fighting within the All Progressives Congress (APC), yesterday, took disturbing dimension, as the party’s National Working Committee (NWC) told aggrieved members to join the Peoples Democratic Party (PDP), just as it accused the immediate past national chairman, Chief John Odigie-Oyegun, of accommodating impunity in the party.

Party’s spokesperson, Mallam Lanre Issa-Onilu, insisted that the NWC under Oyegun’s watch lacked the courage required to confront the pockets of political despots who could not operate by the party’s rules.

The APC argued that certain peculiar issues resulted in the opposition party taking over states like Oyo, Imo, Bauchi, Adamawa and Zamfara.

“I would put the painful outcomes broadly under two reasons. One is indiscipline on the part of some members of our party in most of the states. The second reason is that the party leadership did not do much between 2015 and 2018 to move the party from being an amalgam of different political parties to become a truly blended progressive political party.

“We expect members who have different agenda to join their kind in PDP. We will welcome with open arms those who share our progressive ideals so that by 2022, we will have a party whose members are truly progressives,” he said.

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