Nigerian teenager sentenced to 37yrs in jail for defrauding American of $40 million

A Lagos State High Court sitting in Ikeja has sentenced a 19-year old secondary school leaver Tobechukwu Igbokwe to 37 years imprisonment for defrauding an American of $40 million.

The presiding judge, Justice ‎Lateef Lawal-Akapo, found Igbokwe guilty of the 12- count charge bordering on forgery, conspiracy and obtaining money by false pretences as slammed against him by the Economic and Financial Crimes Commission (EFCC).

In the statement of judgement made available to Daily Trust by EFCC Head of Media and Publicity, Wilson Uwijaren, Justice Akapo indicated that Igbokwe's cumulative sentence is to run with effect from October 28, 2013.

The court also ordered Igbokwe to return the $40 million as a restitution to the victim and forfeit a Toyota Corolla car, which is a proceed of the crime, to the Federal Government of Nigeria.

Igbokwe was arraigned on October 28, 2013 when he pleaded not guilty to the 12-count charges levelled against him. He later changed his plea and was convicted by Justice Akapo accordingly.

Igbokwe (Alias David Prince) and his accomplice, Ifeanyi Obi duped the American, M. Silva, the sum of $40 million.

The victim wired $40m in several instalments through Western Union to Igbokwe.

Igbokwe also confessed that he had duped other foreigners, including T. Bedwell $6,000 and R. Hunt $15,000.

PUNCH

Nigeria loses top investor destination in Africa to Ivory Coast

The difficult patch that Nigeria, the largest economy in Africa, is going through does not seem to be abating.

According to a new Nielsen report (pdf) which provides a ranking of business prospects for leading markets in Sub Saharan Africa, Nigeria is no longer the top investor destination on the continent. In its place, Cote d’Ivoire has risen to the top of the rankings.

Buoyed by a fast growing economy and a lengthy period of political stability highlighted by successful elections last year, Cote d’Ivoire is now regarded as a prime destination for investment in Africa. Although, that status could now be affected following a recent attack by Al Qaeda in the Islamic Mahgreb (AQIM).

Having been ranked as the top investor destination at the start of 2015, Nigeria has now fallen to fourth on the rankings. The ominous slide fits the narrative of Nigeria’s slowing economic growth amid a global slump in commodity prices. Oil in particular, Nigeria’s main export and revenue source, has been badly hit.

According to the research firm, Nigeria’s slide was “driven primarily by deteriorating macro-economic indicators”. It also adds that “consumer indicators and overall confidence levels” have also dipped. A recent Capital Importation report (pdf) by the Nigeria Bureau of Statistics confirms this. Last year, Nigeria’s recorded total inflow of capital into the economy stood at $9.6 billion —a 53% drop from the previous year and the lowest recorded total since 2011.

While incidental economic factors have largely contributed to Nigeria’s floundering economy, the country’s government has also come in for criticism for not managing the crisis effectively. President Buhari’s handling of the economy has been questioned with the Central Bank of Nigeria instituting strict monetary controls in response to commodity prices and a currency slide. These controls, which inevitably strained citizens and hardly had the desired effect, have been described as unorthodox.

As Buhari closes in on his first year in office, many Nigerians will be hoping that in his second year, the focus will be on triggering an economic rebound in Africa’s biggest economy following slowed growth.


Quartz

Nigeria plans to generate 4,000MW of electricity from nuclear energy

The Federal Government is currently working towards generating 4,000MW of electricity using nuclear energy.

The plan is to start a programme in the coming years that will give the country 1,000MW in the first instance, to be increased to 4,000MW thereafter.

A statement on Wednesday by the Senior Special Assistant to the President on Media and Publicity, Garba Shehu, said this was disclosed during a meeting President Muhammadu Buhari had with the Director-General of of International Atomic Energy Agency, Mr. Yukiya Amano, at the Presidential Villa, Abuja.

Shehu said the ministers who spoke at the meeting gave updates on the country’s presentation for the utilisation of nuclear energy.

Shehu said, “The Ministers of Power, Solid Minerals, Health, Science and Technology who briefed the meeting said preparatory steps taken so far included the training of doctors and other medical specialists to prepare for unforeseen circumstances, the establishment of specialist medical centres and the procurement of necessary equipment aimed at protecting the health of the citizens.

“Nigeria, said the Ministers, is aspiring to start a programme in the coming years that will give this country 1,000MW of electricity in the first instance, to be increased to 4,000 megawatts thereafter.”

He quoted the President as welcoming the support IAEA for Nigeria’s aspiration to generate electricity using nuclear energy.

Speaking in company with Vice President Yemi Osinbajo, and a number of ministers, Buhari said he was happy that the organisation was developing a programme from which Nigeria would benefit.

He urged the IAEA to do more to support Nigeria in view of the long years of its association and support for the nuclear regulatory agency.

In his address, Amano said he was pleased to see that Nigeria was taking the correct steps, so far, toward a safe usage of nuclear energy for peaceful purposes.


PUNCH

Gender equality bill rejected in Nigeria

Nigeria's Senate has been condemned for rejecting a proposed bill aimed at eliminating "all forms of discrimination" against women.

Rights activists say the bill would promote women's equality in marriage, inheritance and education.

But some lawmakers voiced opposition, saying the Gender and Equal Opportunity Bill is not compatible with Nigerian culture and religious beliefs.

Others said the constitution already recognises the rights of everyone.

In Islam, women get half of men's share in inheritance and it is unacceptable for anyone to change that, a Muslim senator told the BBC.

One Christian lawmaker also quoted some sections of the bible to condemn the bill.

But the Senate's decision to throw out the bill has been widely condemned.

Human rights activist Bukky Shonibare says it was a sad day for Nigerian women.

"It shows how backward we are and how much we want to hold on to our lopsided religious and cultural beliefs," she told the BBC's Focus on Africa radio programme.

It is unfortunate that some men who see the emancipation of women as a threat are the ones being trusted with making laws and order, she added.

"Every Senator that voted against the bill should hide in shame," said prominent actress Uche Jombo.

Some activists have started circulating a petition urging the Senators to reconsider.


BBC

Video - President Muhammadu Buhari discusses oil theft with Equatorial Guinea's president

Nigerian President Muhammadu Buhari is back in Nigeria after a two day tour of Malabo, the capital of Equatorial Guinea. Together with host President Obiang Nguema Mbasogo, the leaders discussed piracy along the Atlantic ocean and oil theft among other issues.