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Senate passes bill to amend Money Laundering Act   

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Nigerian Senate
Senate in Session
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The Senate on Wednesday passed a bill to amend the Money Laundering Act 2011.

The passage of the bill tagged, “Money Laundering (Prevention and Prohibition) Act 2022”,  followed the consideration of a report by the Committee on Anti-Corruption and Financial Crimes.

The provisions of the Money Laundering Bill 2022, makes it mandatory for Banks and other Financial Institutions to report in writing to the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission, any single transaction or lodgment in excess of N5 million naira for an individual, and N10 million in the case of a corporate body.

It provides in Section 11(3) that, “any Financial Institution or Designated Non-Financial Business and Profession that contravenes the provisions of this section commits an offence and is liable on conviction to a fine of not less than N250,000 and not more than N1 million for each day the contravention continues.”

In addition, the provisions of the bill in Section 12 prohibits the opening of numbered or anonymous accounts in fictitious names and shell banks.

It provides that any person or financial institution that contravenes the provisions of Section 12 subsections (1), (2) and (3) commits and offence and is liable to imprisonment of not less than 2 years and not more than 5 years in the case of an individual; and a fine of not less than N10 million but not more than N50 million for a Financial Institution, in addition to the prosecution of the principal officers of the body, and winding up and prohibition of its constitution or incorporation.

The provisions of Section 13 further mandates financial institutions and designated non-financial businesses and professions to identify and asses the money laundering and terrorism financing risks that may arise in relation to the development of new products and new business practices.

Chairman of the Committee, Senator Suleiman Abdu Kwari (Kaduna North), in his presentation, said the bill seeks to repeal the institutional and legal framework on money laundering prohibition in Nigeria.

According to him, the amendment to the Money Laundering Act, would “provide for effective and comprehensive legal framework to re-invigorate the fight against money laundering in the country by leaning more on prevention as a useful tool to strengthen the existing legal regime in combating money laundering and other related crimes in the country.”

He added that the re-enactment bill provides appropriate penalties and expands the scope of supervisory bodies to effectively address the challenges faced in the implementation of anti-money laundering laws in Nigeria.

Kwari explained further that, the bill upon becoming law, would provide protection for employees of various anti-graft institutions, and see to the establishment of the Special Control Unit Against Money Laundering under the Economic and Financial Crimes Commission.

He said that the unit when established, would be charged with the effective implementation of the money laundering laws in relation to designated Non-Financial Businesses and or Professions in Nigeria.

“The enactment of this bill will resolve the institutional issues regarding the establishment of the Special Control Unit against Money Laundering under the Federal Ministry of Trade and Investment, being implemented by the Economic and Financial Crimes Commission.

“The bill seeks to introduce certain supervisory and enforcement mechanism, through the imposition of administrative penalties for breach of any requirement imposed by law”, the lawmaker said.

The bill was passed by the upper chamber after consideration by the Committee of the Whole.
 

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Olubadan-In-Council Appoints Ladoja As New Olubadan

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Rashidi Ladoja
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The Olubadan-In-Council has nominated former Oyo State Governor Rashidi Ladoja as the 44th Olubadan of Ibadan.

Ladoja was nominated at the Olubadan Palace in Oke-Aremo, Ibadan North Local Government Area of Oyo State, on Monday, August 4, 2025.

“We, the members of the Olubadan-In-Council, have all signed and nominated Oba Rashidi Ladoja as the new Olubadan of Ibadanland,” stated the Balogun Olubadan of Ibadanland, Oba Tajudeen Ajibola, who presided over the meeting.

Ajibola added that the resolutions from the meeting will be forwarded to Oyo State Governor Seyi Makinde, who will schedule a date to present the staff of office to the new Olubadan.

He explained, “The late Olubadan, Oba Owolabi Olakulehin, will be buried this week, so a ceremony this week is not feasible. Governor Makinde may decide to set the presentation for three weeks, two weeks, or one week from now.”

Oba Olakulehin passed away at the age of 90 on July 7.

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Tinubu Asks Content Creators To Use Their Influence To Promote Unity

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President Bola Tinubu
President Bola Ahmed Tinubu
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President Bola Ahmed Tinubu has urged young Nigerians involved in digital media to leverage their platforms as tools for national progress during his address on Friday.

He encouraged them to establish businesses that create job opportunities, produce content promoting unifying values, and act as positive catalysts for societal development. He emphasised the importance of verifying information before sharing it.

At the opening of the Progressives Digital Media Summit, themed “Unveiling the Critical Role of New Media in National Development,” President Tinubu stated:

“Your generation has recognised this moment. You are utilising digital tools to innovate, educate, and demand accountability. However, as your influence increases, so must our collective sense of purpose and responsibility.

“I urge you to continue using digital platforms to advance our nation. Build businesses that create jobs. Produce content that uplifts and unites. Use your influence to promote unity, not division.”

He praised the creativity and resilience of Nigeria’s youth, noting that digital media serves as a driving force for economic and social transformation.

“It is no longer merely an accessory to life,” he added. “From developing innovative platforms to establishing vibrant online communities, you are demonstrating the determination that is redefining what is possible for this country.

“You are not waiting for the future; you are building it. Digital media is now a central driver of economic growth, civic engagement, and social change, broadening representation for those previously unheard.”

The President affirmed that his administration is committed to supporting digital innovation through the National Digital Innovation Fund and policies that foster a thriving startup ecosystem. However, he cautioned practitioners to remain vigilant against disinformation and cyber threats.

Femi Gbajabiamila, Chief of Staff to the President, acknowledged digital media practitioners for consistently advocating for Nigeria and positively representing the nation on the global stage:

“You are the vanguard of a reborn Nigeria, determined to reach for the stars. Under President Tinubu’s leadership, our nation has begun its long-overdue journey toward greatness. The road may be challenging, but it is necessary,” he stated.

In a goodwill message, Bayo Onanuga, Special Adviser to the President on Information and Strategy, highlighted the significance of the Summit. He noted that lessons from recent elections in countries like the U.S. and Germany illustrate how digital media have become crucial battlegrounds—not just for entertainment—but for shaping electoral outcomes.

“However, social media is not a fair battleground. As a public square, it is often chaotic and unregulated. Users frequently ignore the rules. Divisive content is rampant, and deepfakes and AI-generated material are increasingly used against political opponents. Posts are driven by clicks, not truth or accuracy. Misinformation spreads five times faster than official corrections,” Onanuga observed.

He expressed optimism that the Summit would address these challenges, focusing on strategies to combat fake news and misinformation.

Segun Dada, the summit convener and Special Assistant to the President on New Media, emphasised that in less than a decade, digital media has evolved from a tool for personal communication into a powerful engine for communication, innovation, and influence.

He stressed the importance of harnessing this force for the benefit of Nigeria while managing inherent risks, such as privacy concerns and threats to social cohesion.

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FG Approves Road And Bridge Projects Nationwide Worth N2.38 Trillion.

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Minister of Works, Dave Umahi
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The Federal Government has given the green light to a series of impressive road and bridge projects across the nation, totalling an investment of N2.38 trillion!

This exciting development comes with a promise to unveil a detailed state-by-state ledger, highlighting all projects that exceed N10 billion.

Minister of Works, Dave Umahi, made a statement after Thursday’s Federal Executive Council meeting, which was presided over by President Bola Tinubu at the Aso Rock Villa in Abuja.

Umahi outlined several significant contracts, including:

– Abuja Road Section I (118 km) at N286 billion

– Abuja Road Section II (164 km) at N502 billion

– Abuja–Kano Road (72 km) at N450 billion

– Nembe Bridge at N156 billion

– Sokoto–Badagry Corridor, Section 2 to Kebbi (228 km, three lanes) at N961 billion

He also mentioned two approved adjustments: an additional N11.42 billion to complete the Lagos–Shagamu–Ijebu-Ode–Ore project and N8.94 billion for revisions in Niger State, bringing the aggregate adjustment to N2.38 billion.

Regarding cash flow, Umahi stated that the Presidency has released N75 billion for Abuja Section I, which he described as 30% of the total N286 billion; approximately N150 billion (about 30%) for Abuja Section II; N45 billion (presented as 30%) for the Abuja–Kano Road; and N46.8 billion, representing 30% of the N156 billion allocated for the Nembe Bridge. This brings the documented releases for these four items to roughly N316.8 billion.

He added that the Abuja County application project, valued at $22 billion, has also received a 30% payment in dollars. Additionally, funds have been disbursed for all four sections of the Bauchi–Gombe project, with further Sukuk disbursements to Gombe where work has already commenced.

The minister emphasised that this program will stimulate growth by connecting states, reducing logistics costs, and increasing the GDP of the states. He referenced the Lagos–Calabar Coastal Highway, stating that the first section is 85% complete and benefiting Lagos’ economy.

Umahi explained, “The Lagos-Calabar Coastal Highway, sections 4A and 4B, are in Ogun State and extend from where section one ended at Lekki, continuing into Ondo State. We have about 40 km in Ogun State and 40.35 km in Ondo State. The project has reached the border between Ondo and Edo States, totalling 80.53 kilometres, with six lanes. The overall contract sum is N1.65 trillion.

“The project involves excavating to an average depth of six meters, refilling with fresh water and sharp sand, and raising the existing ground level by five meters to prevent flooding, as it traverses swampy areas. These details are part of what the Federal Executive Council approved.”

Umahi also outlined new and revised approvals, including:

– The Biu–Numan road in Adamawa, extended from 45 km to 61.76 km

– Additional funding for the Lagos–Shagamu–Ijebu-Ode–Ore corridor

– Design changes in Niger (binder crossing and a new strand bridge)

– The award of Sokoto–Badagry Section 2 (to Kebbi) for N961 billion, with 120 km already completed in Sokoto.

He added, “Today, the FEC approved the review of projects in Borno and Adamawa. The Biu–Numan Road project was initially awarded in 2020 for 45 km at N15.43 billion and has now been revised to N61.76 billion, while maintaining the 45 km scope for the Biu–Numan Road in Borno and Adamawa.

“The second project approved was the Maraba KV Road, which spans 43.6 kilometres and is dualised.

“We also revisited the Sokoto–Badagry project. Previously, in August 2024, we awarded a contract for 258 km in Kebbi for one carriageway, amounting to N940.7 billion. Today, we awarded the second carriageway in Kebbi for 258 kilometres, three lanes, at N961 billion, along with an additional 120 kilometres for N456 billion in Sokoto.

Currently, we have completed 220 kilometres in Sokoto at approximately N920 billion. In Kebbi, the project covers 258 km, bringing the total for Kebbi to roughly N2 trillion. This construction has now been approved by the FEC,” Umahi explained. I

In response to the recent tragedy at the Keffi Flyover, Umahi expressed his condolences, confirmed that the Federal Government has settled with the affected families, and stated that reconstruction is underway, with the bridge currently closed to traffic.

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