Business
US returns another $20.6m Abacha loot to Nigeria
The United States government has returned another $20 million to Nigeria as part of the loot traced to Sani Abacha, former Nigerian military leader and his co-conspirators.
In August, the US government signed an agreement with the federal government to repatriate $23 million tagged ‘Abacha-5’.
In a statement on Thursday, the US government said, “this repatriation brings the total amount forfeited and returned by the United States in this case to approximately $332.4 million.”
“In 2014, a judgment was entered in the District of Columbia ordering the forfeiture of approximately $500 million located in accounts around the world, as the result of a civil forfeiture complaint for more than $625 million traceable to money laundering involving the proceeds of general Abacha’s corruption,” the US government said.
“In 2020, the department repatriated over $311.7 million of the forfeited assets that had been located in the Bailiwick of Jersey. Last year, the U.K. government enforced the U.S. judgment against the additional over $20.6 million.
“Under the agreement signed in August, the United States agreed to transfer 100% of the net forfeited assets to Nigeria to support three critical infrastructure projects in Nigeria that were previously authorised by Nigerian President Muhammadu Buhari and the Nigerian legislature.
“The $20,637,622.27 marks a slight reduction from the $23 million announced in August due primarily to exchange rate fluctuations between British pounds sterling and U.S. dollars.
“The funds governed by this agreement will help finance the second Niger bridge, the Lagos-Ibadan expressway, and the Abuja-Kano road – investments that will benefit the citizens of each of these important regions in Nigeria.”
Business
Japa: Six tips for Nigerians to boost their chances of securing US visa
The United States (US) visa, is undisputably, the most sought-after in the world for relocation because of the exceptional life opportunities attached to it.
A US visa is a permit issued by the US government that grants Nigerians and other non-citizens entry into the country for certain purposes, such as work, study, or travel.
This document must be attached to the applicant’s passport before gaining access to enter as an immigrant or non-immigrant to the US.
An immigrant visa is for those who plan to stay in the US permanently, while a non-immigrant visa is for those who intend to visit the US temporarily.
Non-immigrant visas allow people to work or study in the US for up to 180 days, while an immigrant visa allows you to stay indefinitely and work without restrictions.
As a Nigerian, whether you are applying as an immigrant or a non-immigrant, you must master some tips to boost your chances of getting a visa at the US embassy.
In this article, there are six tips to help you increase your chances of securing a US visa.
1. Research your visa category
As a US visa applicant, you must thoroughly research the visa category that best suits your purpose of travel and gather all the necessary documents accordingly.
2. Begin early
As thousands apply for US visas daily, you must start the application process well in advance to give you enough time for any unprepared delays.
3. Get ready for questions
You must prepare for the visa interview by engaging and familiarising yourself with potential and unexpected questions and practising concise, confident responses.
4. Honesty
Be honest and transparent during the interview, because offering false information can lead to serious consequences and future visa rejections.
5. Prepare all documents
Present your supporting documents in an organised manner, making it easier for the consular officer to review and verify the information.
6. Show commitment to Nigeria
You need to demonstrate strong ties to your home country, such as stable employment, family, or property, to assure the consular officer that you will return after your authorised stay (if applicable).
Business
Adesola Adeduntan steps down as First Bank CEO
Adesola Adeduntan, managing director and chief executive officer (CEO) of First Bank of Nigeria Ltd, has resigned from his position.
According to a letter addressed to Tunde Hassan-Odukale, the bank’s board chairman, Adeduntan’s tenure ought to elapse on December 31, 2024.
However, he voluntarily decided to step down on April 20.
“As you are aware, my contract would be expiring on 31 December 2024 after which I would no longer be eligible for employment within the Bank having served as the Managing Director/Chief Executive Officer of FirstBank for a record time of nine years,” Adeduntan said.
“During this period the Bank and its subsidiaries has undergone significant changes and broken new grounds. We have repositioned the institution as an enviable financial giant in Africa.
“I have however decided to proceed on retirement with effect from 20 April 2024 to pursue other interests.”
Furthermore, he expressed gratitude towards the board of directors of First Bank and FBN Holdings for the support he received from them during his tenure.
Adeduntan was appointed as CEO of First Bank in 2016.
Prior to his appointment, he served as the bank’s executive director and chief financial officer (CFO).
Before joining First Bank in July 2014, he was a director and the pioneer CFO/business manager of Africa Finance Corporation (AFC).
Adeduntan formerly worked as a senior vice-president and CFO at Citibank Nigeria Limited, as a senior manager in the financial services group of KPMG Professional Services, and as a manager at Arthur Andersen Nigeria.
Business
Customs adjust FX rate for import duties to N1,147/$
The Nigeria Customs Service (NCS) has again adjusted the foreign exchange (FX) rate for duties to N1,147.02 per dollar.
This represents a 7.3 percent decrease compared to N1,238.1/$ displayed on April 18.
The rate adopted by customs was observed on Friday.
It fell below the official foreign exchange rate, which closed at N1,154/$ on April 18 at the Nigerian Autonomous Foreign Exchange Market (NAFEM).
The drop in the FX rate for customs tariffs and duties is coming amid the Central Bank of Nigeria‘s (CBN) effort to stabilise the naira.
On April 17, the naira appreciated to N1,050 at the parallel section of the FX market, from the N1,100/$ traded on April 15.
Meanwhile, on April 16, President Bola Tinubu inaugurated the national single window (NSW) project to boost trade in Nigeria.
NSW is an electronic portal linking all agencies and players in import and export processes to an integrated platform.
Speaking on the development, Adewale Adeniyi, the comptroller-general (CG) of Nigeria Customs Service (NCS), said the country is making progress with consultations on the reopening of the borders with Niger Republic and Benin Republic.
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