NAIJAFEED

Wednesday, June 13, 2012

Finance chief Arunmah Oteh suspended

The head of Nigeria's stock exchange regulator, Arunmah Oteh, has been suspended pending an investigation into allegations of malpractice.

The decision of the regulator's board comes after a parliamentary committee recommended she be investigated.

Ms Oteh was given the job of cleaning up the stock exchange following a crisis in 2009 which saw stocks lose around 60% of their value in a year.

She has not officially been accused of any wrongdoing herself.

The BBC's Will Ross in Lagos says this not the first time a probe into fraud in Nigeria has turned into a circus of accusations and counter-accusations as the hunter turns hunted.

'Yachts and Rolexes'

When she was appointed more than two years ago, Ms Oteh promised to restore credibility in the stock exchange.

She said fraudsters who had caused share prices to collapse would be charged.

Following her suspension by the board of Securities and Exchange Commission (Sec), some analysts believe she is now being punished for treading on some powerful toes, our correspondent says.

"Some powerful people are fighting back," an analyst told our reporter.

Earlier this year at a committee hearing of the House of Representatives into the 2009 crisis, she detailed the alleged financial mismanagement she had uncovered at the Nigeria Stock Exchange.

Ms Oteh outlined incidents of false accounting, misappropriation and questionable transactions.

She said the stock exchange had spent more than $230,000 (£147,000) on a yacht and more than $1m on Rolex watches to be given out as gifts - much of which she said the previous management of the exchange had not accounted for - allegations they deny.

The same parliamentary committee then recommended she be investigated over the alleged mismanagement of funds to mark the 50th anniversary of the stock exchange, which were organised last year by the commission.

Ms Oteh had earlier defended her name at one point accusing the committee of being a "kangaroo court" and the lawmakers of soliciting bribes from her to stop their recommendation - which they deny.

The Sec board says Ms Oteh, who arrived at her office in Abuja on Tuesday morning to find the locks changed, is being sent on "compulsory leave" to allow for an independent investigation into the 50th anniversary allegations.

Her suspension will once again test investor confidence in Africa's second-largest economy, our reporter says.

joyonline

Central Bank governor Lamido Sanusi accused of plagiarism

Tuesday, June 12, 2012

Al-Qaida blames Germany for German hostage death in Nigeria

Al-Qaida's North Africa branch has blamed Germany for the death of a German engineer killed during a military raid in Nigeria, though authorities in Europe apparently complied with at least one of the terrorist group's demands by releasing a prisoner it wanted freed.

German Edgar Fritz Raupach, kidnapped in January by gunmen in the north Nigeria city of Kano, died May 31 as soldiers launched a raid against the house where his abductors held him. Nigeria's military later said it had no idea gunmen held Raupach inside the home and that kidnappers stabbed him to death as the raid began.

Al-Qaida in the Islamic Maghreb, the terrorist group that claimed it held Raupach, issued a statement on an Internet forum this week saying the hostage's death came only after the German government refused to negotiate with it.

"Your government gave the green light for the operation," the message posted late Monday night reads.

However, the group, known by the acronym AQIM, had demanded that German officials release Filiz Gelowicz, a German woman convicted last year of supporting a foreign terrorist network. Gelowicz's husband was among a group convicted of plotting unsuccessfully to attack U.S. soldiers and citizens in Germany.

German officials released Gelowicz from prison in late April on probation after she served two-thirds of her sentence. In May, an unsigned advertisement appeared in The Daily Trust, the newspaper of record in Nigeria's north, showing a photograph of Raupach and messages in Arabic and English calling for him to be released. It remains unclear what went wrong in the negotiation or if there had been a demand for a ransom payment, which happens regularly in AQIM kidnappings.

In the message, first reported by the SITE Intelligence Group, AQIM also warned European governments to avoid "dealing in foolishness" during hostage negotiations, as that would endanger lives.

In Berlin, a government source said Tuesday that Nigerian authorities raided the house only in an effort to arrest terrorists, not as part of a rescue operation for Raupach.

"German authorities were not informed beforehand," the official said. "Nigerian authorities have already (said) ... they had no knowledge of the whereabouts of the German." The source spoke on condition of anonymity because of the sensitivity of the issue.

Gunmen kidnapped Raupach from a construction site in Kano, Nigeria's second-largest city, where he worked for Dantata & Sawoe Construction Co. Ltd. Raupach's kidnapping came days after a coordinated attack in the city by the radical Islamist sect in Nigeria known as Boko Haram killed at least 185 people.

AQIM released a statement in March claiming they had Raupach, as well as a video showing him disheveled and asking in German and English for his country to help win his freedom.

AQIM had not carried out operations previously in Nigeria, a multiethnic nation of more than 160 million people split largely between a Muslim north and a Christian south. However, security officials and diplomats say AQIM has loose links with Boko Haram, a locally focused sect that wants to implement strict Shariah law across Nigeria.

Boko Haram began its terror campaign with gun attacks from the backs of motorcycles. Last year, it started escalating its assaults with a string of suicide bombings targeting churches, government buildings, and even the United Nations headquarters in the capital Abuja. The sect has killed more than 560 people this year alone, according to an Associated Press count, while Nigeria's military and security forces appear unable to stop them from striking at will.

Nigerian security forces arrest 5 with 'Al Qaeda-links' over German kidnap

German engineer kidnapped in Nigeria

Christian Obodo's mother thanks President Goodluck Jonathan for son's release

As Nigerian international soccer star, Christian Obodo, savours regaining his freedom from ransom seeking kidnappers, his family has been thrown into a festive mood.

Monday, Christian's mother, Mrs. Elizabeth Obodo, expressed gratitude to President Goodluck Jonathan and a local Christian prophet, Jeremiah Fufeyin for their concerted efforts towards the release of her son.

Mrs. Obodo said in Warri said that she was overjoyed that her son was rescued hale and hearty, after gunmen whisked him away from in front of a church located in the Jakpa New Layout area of Effurun, Uvwie Local Government Area of Delta State.

She disclosed that the prompt action of the Delta Police Command, which culminated in her son's early release followed the marching orders of President Jonathan and the Acting Inspector-General of Police, Mr. Mohammed D. Abubakar, to secure the release of the ex-Super Eagles player within 24 hours.

Similarly, she said Prophet Fufeyin, who is the General Overseer of Christ Mercy-land Deliverance Ministry, Ekpan-Warri and others joined in fervent prayers for Christian Obodo's release without being harmed by his captors.

Mrs. Obodo however disclosed that the kidnappers had threatened to kill their victim if the N30 million ransom they demanded was not paid by Sunday. She said she sent the threat message to the church minister via a text message.

Fufeyin referred to her message thus, "I beg you pray for my son who has just been kidnapped yesterday (Saturday). The abductors asked for N30million ransom which should be paid before Sunday which is the deadline, else, he will be killed.

"As God would have it and after fervent prayers, Obodo's mother later called that her son had been released, praising God for his wonderful works."

This Day

Christian Obodo rescued from kidnappers

The kidnapped Nigeria and Udinese midfielder, Christian Obodo has been released by his abductors Sunday evening.

Obodo was released by the abductors who had initially requested a N30 Million ransom after frantic efforts by the Delta state Police Command. He was rescued at Enevo, a village in Isoko, Delta state.

When contacted at about 10 pm on Sunday, Delta State Chairman of Sports Commission and FA chairman , Pinick Amaju confirmed Obodo’s release. According to him, “Christian is with me now”, he disclosed.

It will be recalled that the former Super Eagles player was kidnapped by unknown gunmen in the early hours of Saturday in Efunrun, Delta, Nigeria.

Vanguard

Video - Nigerian Police Continue Hunt For John Mikel Obi's Father

Former Super Eagle Christian Obodo kidnapped

Former Super Eagles midfielder, Christian Obodo has been abducted in Warri, his family confirmed Saturday.

The player's family said Obodo, who last season played for Lecce in Italy's Serie A, was driving alone in his car following a visit to a relative when he was taken by unknown gunmen, reports AFP.

"His whereabouts are unknown but his car was left behind by the kidnappers. We are yet to receive any call demanding a ransom," said a family member, under condition of anonymity.

Last season Obodo, who has not featured for the Eagles for quite some time, played on loan at Lecce from Serie A side Udinese. Lecce were relegated to Serie AB on May 13 after finishing third from bottom of Italy's top flight.

Unfortunately the 28-year-old midfielder is not the first footballer to be abducted in Nigeria.

The brother of Everton defender, Joseph Yobo was kidnapped before he was later freed, while most recently the father of Chelsea midfielder, John Mikel Obi was also abducted before he was freed after a police raid.

A brief statement from Lecce said: "We hope the situation can be resolved as soon as possible in the best possible way."

Obodo's brother, Kenneth Obodo, who is also a footballer in Italy and is currently in Nigeria, was quoted by Italian news agency ANSA as saying: "Christian is fine. We are in touch with the kidnappers, who want some money.

"We can't give them more than 100,000 euros ($125,000). Unfortunately these things happen in our country."

His brother-in-law, Obidike Okechukwu, was quoted by ANSA as saying that the kidnappers had asked for a ransom of 150,000 euros.

This Day

Video - Nigerian Police Continue Hunt For John Mikel Obi's Father

Video - John Mikel Obi's family speak about kidnapping