Frequent acts of violent crime have grown to form a major threat to Nigeria’s national security. These include instances of militancy, insurgency and banditry. Banditry includes cattle rustling, armed robbery and kidnapping for ransom.
Kidnapping has remained the most virulent form of banditry in Nigeria. It has become the most pervasive and intractable violent crime in the country.
Kidnapping can be targeted at individuals or at groups. School children have been kidnapped in groups in various parts of Nigeria. Usually, the prime targets of kidnapping for ransom are those considered to be wealthy enough to pay a fee in exchange for being freed.
Kidnapping is the unlawful detention of a person through the use of force, threats, fraud or enticement. The purpose is an illicit gain, economic or material, in exchange for liberation. It may also be used to pressure someone into doing something—or not doing something.
Nigeria has one of the world’s highest rates of kidnap-for-ransom cases. Other countries high up on the list included Venezuela, Mexico, Yemen, Syria, the Philippines, Iraq, Afghanistan and Somalia.
Thousands of Nigerians have been kidnapped for ransom and other purposes over the years. Kidnapping has prevailed in spite of measures put in place by the government. The Nigerian police’s anti-kidnapping squad, introduced in the 2000s, has endeavored to stem the menace. But this been to no avail, mainly due to a lack of manpower and poor logistics.
In my view these efforts have also failed because of weak sanctioning and deterrence mechanisms. Kidnapping thrives in an environment that condones crime; where criminal opportunism and impunity prevail over and above deterrence.
This obviously calls for an urgent review of Nigeria’s current anti-kidnapping approach to make it more effective.
Opportunistic and organized bandits
Even prior to the advent of colonialism there were recorded cases of kidnap for rape, ritual or for other purposes in various parts of Nigeria. But kidnapping today is done primarily for ransom – either money or its material equivalent to be paid for someone’s release. The underlying logic of the kidnapping enterprise is that the victim is worth a ransom value and they or their proxy have the capacity to pay.
Each victim has a so-called “kidnap ransom value” which makes them an attractive target. This value is determined by a number of factors. These include the victim’s socio-economic or political status, family or corporate premium on the victim, the type of kidnappers involved, as well as the dynamics of ransom negotiation.
The kidnapping business in Nigeria has been mostly perpetrated by criminal gangs and violent groups pursuing political agendas. Bandits have often taken to kidnapping for ransom to make money. The escapades of the famous kidnap kingpin, Evans, speak volumes of this pattern of kidnapping. Evans was a multimillionaire kidnapper who was arrested in Lagos a few years ago. He is currently is detention awaiting trial.
Organized violent groups such as militants and insurgents have also been involved in kidnap for ransom in Nigeria. Current trends have been linked back to the example set by Niger Delta militants who resorted to solo and group abductions as a means of generating funds both for private use and for the cause of a particular group.
Similarly, Boko Haram insurgents have used the proceeds of kidnapping to keep their insurgency afloat. The insurgents engage in single or group kidnapping as a means of generating money to fund their activities. Huge sums are often paid as ransom by the victims’ families and associates to secure their release.
In addition to militants and insurgents, organized local and transnational criminal syndicates have been involved. This is happening to apocalyptic proportions in North West Nigeria where rural bandits engage regularly in kidnapping in the states of Zamfara, Kaduna, Katsina, Kebbi and Sokoto.
The cost
Kidnapping has led to the loss of tens of thousands of lives and huge sums of money in Nigeria. Many of the victims of the crime have been killed in the course of their abduction, custody or release. Many more have been injured. This is in addition to huge amounts of money lost to ransom takers.
For the victims and their families and friends, the consequences are even more frightful.
Nigeria should never have got here. Kidnappers persist because the benefits of their crimes exceed the costs. So the obvious solution is to raise the costs by imposing harsher, surer penalties. The present penalty for kidnapping ranges from one to 20 years in prison, with the possibility of life imprisonment for extreme cases involving, for instance, murder.
Stricter measures, such as life imprisonment or the death penalty, may not be completely out of place in dealing with the kidnapping menace. After all, the crime of kidnapping is a maximum threat that requires an equally maximum deterrence.
Quartz
Tuesday, May 21, 2019
Monday, May 20, 2019
Nigerian UN soldier killed in Mali
A United Nations soldier has been killed and several injured in two attacks on the UN peacekeeping mission in Mali, officials said on Sunday.
Gunmen attacked the UN troops in Timbuktu, where several armed groups are active, according to Stephane Dujarric, spokesman for UN Secretary-General Antonio Guterres.
The peacekeeper who was killed was Nigerian, as were three of those injured.
A further three UN soldiers from Chad were injured in Tessalit in the northern Kidal region near the border with Algeria when their vehicle drove over an explosive device.
Condemning the violence and expressing his condolences to the family of the killed soldier, Guterres said such attacks on UN soldiers could be considered war crimes under international law.
Mali has experienced sporadic attacks by armed groups since a 2012 coup that helped separatist rebels and groups associated with al-Qaeda gain a foothold in the country's restive north.
A UN peacekeeping mission has been active in Mali since 2013.
A peace agreement signed in 2015 by the Bamako government and armed groups was aimed at restoring stability. But the accord has failed to stop the violence.
Since their deployment in 2013, more than 190 peacekeepers have died in Mali, including nearly 120 killed by hostile action - making Mali the UN's deadliest peacekeeping operation, accounting for more than half of blue helmets killed globally in the past five years.
There have been repeated attacks on the mission in the north of the country by armed groups, while ethnic conflicts in the centre flare up regularly.
Al Jazeera
Gunmen attacked the UN troops in Timbuktu, where several armed groups are active, according to Stephane Dujarric, spokesman for UN Secretary-General Antonio Guterres.
The peacekeeper who was killed was Nigerian, as were three of those injured.
A further three UN soldiers from Chad were injured in Tessalit in the northern Kidal region near the border with Algeria when their vehicle drove over an explosive device.
Condemning the violence and expressing his condolences to the family of the killed soldier, Guterres said such attacks on UN soldiers could be considered war crimes under international law.
Mali has experienced sporadic attacks by armed groups since a 2012 coup that helped separatist rebels and groups associated with al-Qaeda gain a foothold in the country's restive north.
A UN peacekeeping mission has been active in Mali since 2013.
A peace agreement signed in 2015 by the Bamako government and armed groups was aimed at restoring stability. But the accord has failed to stop the violence.
Since their deployment in 2013, more than 190 peacekeepers have died in Mali, including nearly 120 killed by hostile action - making Mali the UN's deadliest peacekeeping operation, accounting for more than half of blue helmets killed globally in the past five years.
There have been repeated attacks on the mission in the north of the country by armed groups, while ethnic conflicts in the centre flare up regularly.
Al Jazeera
Friday, May 17, 2019
Video - Nearly 900 children released by pro-government militia in Nigeria
Nearly 900 children held by a pro-government militia in Nigeria have been freed. Among them -- more than a hundred girls.They're part of the Civilian Joint Task Force or C-J-T-F, which has been battling the extremist group Boko Haram. It's not clear how many children the group is still holding.
Nigerians warned against trending ponzi scheme called Loom Money Nigeria
The Securities and Exchange Commission (SEC) has warned Nigerians against fraudsters currently running an online investment scheme tagged “Loom Money Nigeria’’. Acting Director-General of the commission, Ms Mary Uduk gave the warning at a news conference on Thursday in Abuja.
A statement by SEC’s Head of Media, Mrs Efe Ebelo, said that Uduk, who was represented by acting Executive Commissioner, Operations of SEC, Mr Isyaku Tilde, said Loom Money Nigeria had taken over the social media. She said that the scheme targeted young people, luring them to participate in a pyramid model of the Ponzi.
The director-general disclosed that the fraudsters carried out their illegitimate activities via social media platforms like Facebook and whatsapp. She added that they lured young Nigerians to invest as low as N1000 and N13, 000 and to get as much as eight times the value of the investment in 48 hours. Uduk said that the venture was a Ponzi scheme, where returns would be paid from other people invested funds, adding that it had no tangible business model.
“We are aware of the activities of an online investment scheme tagged ‘Loom Money Nigeria’. “The platform has embarked on an aggressive online media campaign on Facebook and whatsapp.
“They lure the investing public to participate by joining various Loom whatsapp groups to invest as low as N1, 000 and N13, 000 and get as much as eight times the value of the investment in 48 hours".
“Unlike MMM that had a website and the promoter known, the people promoting Loom are not yet known and this pyramid scheme operates through closed groups mainly on Facebook and Whatsapp".
“If it were a local Ponzi scheme with known offices, it would be very easy for the Commission to seal their offices and freeze their accounts".
“We therefore wish to notify the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi scheme, where returns are paid from other people’s invested sum".
“Also, its operation is not registered by the Commission,” she said.
Uduk, therefore, advised the public to distance themselves from the scheme, adding that anyone that subscribed to the illegal activity did so at his own risk.
She assured that an inter-agency committee, Financial Services Regulation Coordinating Committee (FSRCC), was working on the issue, and that the commission was also collaborating with security agencies to track them down.
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.
Loom Pyramid Scheme is not new to the world. Last month, Daily Mail UK reported that the scheme has resurfaced online all over the world, with different names such as ‘loom circle’, ‘fractal mandala’ and ‘blessing loom’.
In Nigeria, its central name is Loom Money Nigeria with individuals creating their own WhatsApp groups such as Jack Loom, Catherine Loom, among others.
Vanguard
A statement by SEC’s Head of Media, Mrs Efe Ebelo, said that Uduk, who was represented by acting Executive Commissioner, Operations of SEC, Mr Isyaku Tilde, said Loom Money Nigeria had taken over the social media. She said that the scheme targeted young people, luring them to participate in a pyramid model of the Ponzi.
The director-general disclosed that the fraudsters carried out their illegitimate activities via social media platforms like Facebook and whatsapp. She added that they lured young Nigerians to invest as low as N1000 and N13, 000 and to get as much as eight times the value of the investment in 48 hours. Uduk said that the venture was a Ponzi scheme, where returns would be paid from other people invested funds, adding that it had no tangible business model.
“We are aware of the activities of an online investment scheme tagged ‘Loom Money Nigeria’. “The platform has embarked on an aggressive online media campaign on Facebook and whatsapp.
“They lure the investing public to participate by joining various Loom whatsapp groups to invest as low as N1, 000 and N13, 000 and get as much as eight times the value of the investment in 48 hours".
“Unlike MMM that had a website and the promoter known, the people promoting Loom are not yet known and this pyramid scheme operates through closed groups mainly on Facebook and Whatsapp".
“If it were a local Ponzi scheme with known offices, it would be very easy for the Commission to seal their offices and freeze their accounts".
“We therefore wish to notify the investing public that the operation of this investment scheme has no tangible business model hence it’s a Ponzi scheme, where returns are paid from other people’s invested sum".
“Also, its operation is not registered by the Commission,” she said.
Uduk, therefore, advised the public to distance themselves from the scheme, adding that anyone that subscribed to the illegal activity did so at his own risk.
She assured that an inter-agency committee, Financial Services Regulation Coordinating Committee (FSRCC), was working on the issue, and that the commission was also collaborating with security agencies to track them down.
A Ponzi scheme is an investment fraud that involves the payment of purported returns to existing investors from funds contributed by new investors.
Loom Pyramid Scheme is not new to the world. Last month, Daily Mail UK reported that the scheme has resurfaced online all over the world, with different names such as ‘loom circle’, ‘fractal mandala’ and ‘blessing loom’.
In Nigeria, its central name is Loom Money Nigeria with individuals creating their own WhatsApp groups such as Jack Loom, Catherine Loom, among others.
Vanguard
MTN listed on Nigerian Stock Exchange
Three years after it was first mooted as part of the $1.6 billion settlement in a sim card authentication dispute with the Nigerian government, the listing of Africa’s largest telecoms company on the Nigerian Stock Exchange is finally complete.
Following a “listing by introduction”, MTN Nigeria, which trades with “MTNN” as its ticker, has listed 20 billion ordinary shares at $0.25 each. Unlike with an initial public offering (IPO), MTN Nigeria will not raise new funding as it has only listed already existing shares.
The choice for a listing by introduction rather than an IPO, like in Ghana, is linked to MTN’s long-running billion-dollar regulatory disputes in Nigeria. Revising its initial plans for an IPO, the company claimed it would be “challenging to get a fair valuation” amid ongoing disputes with authorities, including allegations that it owes $2 billion in taxes.
But IPO or not, MTN Nigeria’s listing is a timely boon for the local stock market which has seen a steady decline in its all share index over the past year. “We need more listings like this [because] the Nigerian market isn’t deep enough,” says Onome Akpifo, a Lagos-based stock market analyst. The stock market is yet to fully recover from a major crash in 2008 which fueled a lack of trust among investors.
Already, MTN Nigeria’s $5 billion listing makes its the second largest company on the Nigeria’s stock exchange, right behind only the $8.3 billion market cap of Dangote Cement, owned by Aliko Dangote, Africa’s richest man. The listing also comes on the heels of the MTN’s recent positive financial results in Nigeria, its largest market.
“What this [the listing] does is to open the market up to the general public, giving them a piece of the pie,” says Tunji Andrews, a Lagos-based economist. In reality, Andrews acknowledges it’s unlikely there’s enough of that pie to go round given significant interest from institutional investors who either already own shares or will buy to hold. “Especially because no new shares are being issued, it means that it will turn into a scramble for whatever is available, from people who would like to sell—if any,” Andrews tells Quartz.
This proved correct a few hours later. As Nigerian markets closed 2.30 pm local time, MTN Nigeria’s stock was traded for just 16 minutes yet it was enough time to capture demand as it surged 10%, valuing the company at $5.6 billion. That surge also reversed the stock market’s trend of eight consecutive days of losses.
While the listing fulfills a government condition, it could also serve to temper unfavorable public sentiment which largely sees the South Africa-owned telecoms giant discussed as a foreign company which extracts profits. That sentiment of exclusion from the company’s success holds strong despite MTN’s impact on the local economy through jobs and taxes as well as its vast spend on telecommunications infrastructure which see it dominate the Nigerian market. Those views were further fostered by claims last year by the Nigerian government that MTN illegally repatriated $8.1 billion in profits. (The dispute was settled for $53 million in December).
By Yomi Kazeem
Quartz
Following a “listing by introduction”, MTN Nigeria, which trades with “MTNN” as its ticker, has listed 20 billion ordinary shares at $0.25 each. Unlike with an initial public offering (IPO), MTN Nigeria will not raise new funding as it has only listed already existing shares.
The choice for a listing by introduction rather than an IPO, like in Ghana, is linked to MTN’s long-running billion-dollar regulatory disputes in Nigeria. Revising its initial plans for an IPO, the company claimed it would be “challenging to get a fair valuation” amid ongoing disputes with authorities, including allegations that it owes $2 billion in taxes.
But IPO or not, MTN Nigeria’s listing is a timely boon for the local stock market which has seen a steady decline in its all share index over the past year. “We need more listings like this [because] the Nigerian market isn’t deep enough,” says Onome Akpifo, a Lagos-based stock market analyst. The stock market is yet to fully recover from a major crash in 2008 which fueled a lack of trust among investors.
Already, MTN Nigeria’s $5 billion listing makes its the second largest company on the Nigeria’s stock exchange, right behind only the $8.3 billion market cap of Dangote Cement, owned by Aliko Dangote, Africa’s richest man. The listing also comes on the heels of the MTN’s recent positive financial results in Nigeria, its largest market.
“What this [the listing] does is to open the market up to the general public, giving them a piece of the pie,” says Tunji Andrews, a Lagos-based economist. In reality, Andrews acknowledges it’s unlikely there’s enough of that pie to go round given significant interest from institutional investors who either already own shares or will buy to hold. “Especially because no new shares are being issued, it means that it will turn into a scramble for whatever is available, from people who would like to sell—if any,” Andrews tells Quartz.
This proved correct a few hours later. As Nigerian markets closed 2.30 pm local time, MTN Nigeria’s stock was traded for just 16 minutes yet it was enough time to capture demand as it surged 10%, valuing the company at $5.6 billion. That surge also reversed the stock market’s trend of eight consecutive days of losses.
While the listing fulfills a government condition, it could also serve to temper unfavorable public sentiment which largely sees the South Africa-owned telecoms giant discussed as a foreign company which extracts profits. That sentiment of exclusion from the company’s success holds strong despite MTN’s impact on the local economy through jobs and taxes as well as its vast spend on telecommunications infrastructure which see it dominate the Nigerian market. Those views were further fostered by claims last year by the Nigerian government that MTN illegally repatriated $8.1 billion in profits. (The dispute was settled for $53 million in December).
By Yomi Kazeem
Quartz
Subscribe to:
Posts (Atom)