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S/Africa, Nigeria @ War over Seizure of New $5.7m Arms Cash
South Africa authorities have confiscated fresh $5.7 million arms money from Nigeria, about three weeks after seizing $9.3 million in cash transported by two Nigerians and an Israeli for arms purchase, South Africa-based City Express reported on Monday.
But the Federal Government said Monday, contrary to insinuations, said end user certificates and a “shopping” list accompanied the transactions, as well as a note authenticating the deals.
As with the first deal, South Africa’s Asset Forfeiture Unit of the National Prosecuting Authority (NPA) seized the $5.7 million (about N952 million) for allegedly being the proceeds of illegal transactions, the paper said.
“Both are now the subject of a criminal investigation and all possible information and connections are being investigated,” Mr Nathi Mncube, spokesperson of NPA was quoted as saying.
However, the military said South African media vindicated the legitimacy of the arms deal and described it as “an old story being refreshed for impact.”
According to the reports, documents showed that the earlier consignment was approved by the Nigerian government, through the Office of the National Security Adviser (NSA), which is officially mandated to issue the end-user certificate for such transactions that involved security agencies in Nigeria.
An entire “shopping list” was also said to have been supplied with the certificate, which included everything from helicopters to unmanned aircraft, rockets and ammunition.
PR Nigeria, which consults for the Nigeria military said, a top security source in the intelligence service disclosed that “in issuing end-user certificate, the NSA ensures it carried all relevant agencies and stakeholders along, a development that shows it was not unilateral.
“For security reasons, the chains leading to the issuance of end-user certificate cannot be put in the public domain.
“The recent interest in arms purchase was informed by the challenges of insurgency which our nation had been grappling with in the last few years. This is why the understanding of all Nigerians is necessary.
“Nigeria is desperate to counter the activities of terrorists, no matter what it takes, even when some of our friends are not being fair to us,” he said.
The PR statement appealed to the media and all Nigerians, especially the opposition, to consider the overall national interest on security issues.
The curious interest in the nation’s arms deal in the past few weeks appeared to have suggested that some vested interests did not want the nation to win the war against insurgency, with some fifth columnists said to be at work to achieve a clandestine purpose.
The government and some top intelligence officers in the country were concerned about how some officials of South Africa decided to frustrate the efforts of Nigeria at containing the activities of terrorists operating in the North-East axis, especially since authoritative sources confirmed that there were official communications at the top level of the two governments.
Some diplomats in Nigeria were also concerned that despite the leeway given to South African companies to thrive in Nigeria, there were officials of the country who are determined to frustrate Nigeria.
The latest transaction, according to the South African paper, was between Cerberus Risk Solutions, an arms broker in Cape Town and Societe D’Equipments Internationaux, said to be a Nigerian company based in Abuja.
The paper said the deal fell apart after Cerberus, which had earlier received from Nigeria R60 million (N1.02 billion) in its account at Standard Bank, tried to repay the money, as it it could not resolve its registration formalities with the South African authorities.
“Cerberus was previously registered as a broker with the National Conventional Arms Control Committee (NCACC), but the registration expired in May this year,” City Press said.
“The marketing and contracting permits also expired at the same time. The company has since applied for re-registration, but the application lay in the NCACC’s mailbox for more than two months.
“Sources told Rapport that Cerberus apparently tried to pay the money back to the Nigerian company, after which the bank became suspicious,” the paper reported.
The paper added that while the NPA’s Asset Forfeiture Unit subsequently obtained a court order in the South Gauteng High Court to seize the money, the NPA spokesperson, Mncube, said there were no indication the two transactions were related.
In the first deal, the NPA said there was an invoice for helicopters and armaments intended to be used in Nigeria.
Two black plastic suitcases, filled with 90 blocks each containing $100,000 in notes, with combination locks, were seized, as well as two pieces of hand luggage also containing US currency, according to City Press.
The Israeli national, Eyal Mesika, had the combination to open the locks.
Under South African laws, a person entering or leaving the country is expected to carry cash not exceeding $2,300, or the equivalent in foreign currency notes.
The South African newspaper, City Press, said documents in its possession showed that the first consignment was personally signed off by the NSA, Colonel Sambo Dasuki (retd), who issued the end-user certificate for the transaction.
An entire “shopping list” was supplied with the certificate, which included everything from helicopters to unmanned aircraft, rockets and ammunition, it said.
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).
This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
Credit: Vanguard
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Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth
Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.
This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.
Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.
With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.
According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”
“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.
Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.
The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.
Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.
In a recent gathering, organized by 234Finance, key stakeholders and HNIs came together to discuss the theme “Fueling Progress in the South East.”
The conversation highlighted the rich heritage, entrepreneurial spirit, opportunities for growth and the potential of the South East to be economic powerhouse.
During the discussion, the Managing Partner of 234Finance, Ezinne Nwazulu unveiled plans for an upcoming event of significant impact: the 4-week intensive SME Bootcamp and Mentor Matchup Challenge South East edition designed to empower SMEs. The program aims to empower SMEs with the knowledge, tools, and capital for rapid expansion and global competitiveness.
This initiative is building on the success of previous Mentor Matchup Challenge events, which equipped SMEs with actionable strategies and one-on-one mentorship, resulting in winners of the pitching competition securing grant funding to scale their businesses by 4x-10x.
The SME Bootcamp will feature an array of activities, including physical and virtual training sessions, onsite industrial training, and a pitching competition.
Ezinne Nwazulu emphasized the rigorous selection process, where the top 100 applicants meeting the criteria will undergo intensive training at two training centres in Abia and Anambra. From there, the most promising 15 participants will have the opportunity to pitch their business for grant funding.
Dr Chima Anyaso, Chairman of Caades Group, expressed his commitment to the region’s development and encouraged entrepreneurs with innovative crafts to seize this opportunity.
Criteria for selection are uncompromising, emphasizing technical expertise in core sectors; Agribusiness, Manufacturing, Supply Chain & Logistics, Fashion & Textile, and Retail, with a particular focus on businesses operating within the South-East region for at least three years and significant growth potential of 4x-10x.
The Bootcamp is set to commence from May 14 to June 14 2024 with Southeast-based entrepreneurs encouraged to visit the 234finance bootcamp to apply.
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