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LG Electronics, Fouani Renovate School Building, Equip School with Solar Energy in Lagos

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LG Electronics Nigeria, in partnership with consumer electronics retailer, Fouani Nigeria Limited has partnered to renovate and equip the United Christian Junior Secondary School building in Apapa, Apapa Local Government Area, Lagos State.

This joint effort will help to improve educational standards at the school by providing students with a modern, safe, and comfortable learning environment.

Speaking at the ribbon-cutting and commissioning ceremony held at the school premises, which brought together partner of LG Electronics, Fouani Nigeria Limited, representative of Lagos District IV Tutor-General/Permanent Secretary (TGPS), the school principals, Vice Principal Administration and Academics, Parents Forum Association of the School, students and members of the community, and Managing Director, LG Electronics West Africa Operations, Mr. D.Y. Kim noted that the renovation of the school is part of the firm’s commitment to quality education.

The organization, according to him, has embarked on multiple CSR initiatives and has in the past eleven years honed its yearly CSR strategy around socio-economic development, particularly equipping the health sector; capacity building and holistic education interventions across all levels, including young professionals; and general philanthropy where most needed.

He urged the students and management of the school to make good use of the facilities and guard them jealously so that they will serve the purpose for which they are provided.

“The youths are the future, and today’s youths are the first generation of those born and raised in a fully digital age. They are also key contributors to creating social value in the future, and for this reason, we need to really consider how we can provide these young talents with a growth-enabling environment and practical opportunities so that they can gain knowledge, improve their employment skills, broaden their horizons, and realize their value”.

He disclosed that the organization would be committed to helping nurture the future of the children by constantly sending professionals that would hold classes to educate them and motivate them towards an impactful future.

Also at the ceremony is Mr. Mohamed Fouani, the Managing Director, Fouani Nigeria Limited, said the school, which he said had been in existence before the organization started operating in the environment, deserves to benefit from the operation of the Consumer Electronics firm, which majors in Electronics—Home Entertainment and Home Appliances.

Stressing that the renovation was a priority for the company, he pledged that the company would do more and continue its quest across other aspects of the school.

Fouani said the inspiration behind the project is aimed at providing a conducive learning environment for schoolchildren, who are the future leaders.

“We are giving back to society. Most of us who are partners with the firm now obviously went to public schools, and then things turned around. Now everybody wants to go to a private school, and we just thought that it was important to put ourselves back where we came from.

Mr. Olumide Badmus, the principal of United Christian Junior Secondary School, who was full of excitement while responding, thanked the management of LG Electronics and Fouani Nigeria Limited for the gesture.

Mrs. Abosede Ajayi, the Director, Education Management Information Service, representing the Tutor General/Permanent Secretary Education District IV, noted that the gesture was one that will spur the students to be more dedicated to their learning, stressing that an investment in education is securing a better future for not only the benefiting individuals but for the country at large.

She promised LG Electronics and Fouani Nigeria Limited that the classrooms would be efficiently maximized

In his vote of thanks, the principal of the school, Mr. Olumide Badmus, said that he was delighted by the gesture done during his time.

“Out of the six schools in Apapa Local Council Development Area, this school was chosen to do this CSR project. I can boldly say that our school can now be put on par with most Lagos Model Schools; the students are better motivated and feel more comfortable”.

LG Electronics, in partnership with Fouani Nigeria Limited, renovated the school by restoring light to the classrooms, adding doors and modern windows, painting the school, rehabilitating the basketball court, making new seats for the classes, installing solar power, planting green plants, and equipping the home economics lab with products.

This renovation and equipping of the school building will help the students to receive a better-quality education and improve their learning experience. LG Electronics and Fouani Nigeria Limited are proud to be part of this important initiative and look forward to further developing the school’s infrastructure and educational resources.

 


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TI-Nigeria Boss Alleges Nigerian Banks Offer Opportunities for Terrorism Tinancing

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Awual Rafsanjani, executive director, Civil Society Legislative Advocacy Centre (CISLAC) and head,  Transparency International in Nigeria (TI-Nigeria), has accused banks of offering opportunities for terrorism financing in the country.

TI-Nigeria Boss Alleges Nigerian Banks Offer Opportunities for Terrorism Tinancing

Rafsanjani, stated this at the multi-stakeholder meeting on terrorism financing and violent extremism in the North-East, organised by CISLAC and TI-Nigeria, financed by GIABA-ECOWAS.

According to Rafsanjani, “The financial sector has been exploited for terrorism financing. The use of the financial sector indicates the increasing capabilities of some terrorist groups. These include the Bureau de Change operators, Point of Sale (POS) devices, wire transfers, and Designated Non-Financial Businesses and Professions, among other enabling platforms expanding the scope and depth of terrorism financing.

“It is worrisome that illegal money exchangers including Bureau De Change have been featured in several Terrorism Financing investigations. The 2022 National Inherent Risk Assessment of Terrorism Financing report reveals that between 2019 and 2022, about 19 companies were linked to illegal money exchangers who have used their companies to commingle funds considered to be linked to Terrorism Financing.”

In his goodwill message, Ola Olukoyede, chairman, Economic and Financial Crimes Commission (EFCC)  said that the commission is settling for the use of technology to combat illicit flow of monies into the hands of terrorists.

Olukoyede expressed worry over the dimension terrorism financing has taken, disclosing that the EFCC has discovered platforms other than Binance, which are being used for terrorism financing, saying over a thousand of such accounts were closed.

He said: “The challenge before us is to seek solutions to end this decade-long nightmare and restore order to the troubled region. The quest for a solution is not entirely new. Several conferences and workshops have been convoked, yet the situation remains dire.

“For us in the EFCC, like most Nigerians, the concern is on how this crisis continues to defy solutions and fester? How is it that the terrorist groups in the region are able to sustain their operations, acquire more sophisticated weaponry and engage in daring combat with the Nigerian military?

“It would seem that an economy of criminality has developed around terrorism and violent extremism in the region, where actors who are profiting from the chaos do not cherish the return of civil order. How for instance do we explain the activities of supposed non-profit organisations who profess to want to provide succor to the distressed but end up exploiting their misery for financial gains?

“How do we explain the action of unscrupulous actors who hide under the cover of humanitarian activities to fund terrorist groups? These are issues that we must continue to interrogate.

“The EFCC has had cause to prosecute so-called promoters of non-profit organisation who exploited the desperate conditions in the North-East to profiteer. I am sure many of you are aware of a lady that is called Mama Boko Haram, who at the peak of the insurgency positioned herself as a credible intermediary for the insurgents, but is now in jail for exploiting the distressed citizens of the North-East for personal gain.

“Part of the focus of the EFCC in the quest to tackle terrorism and violent extremism in that region is to follow the funds trail of critical actors in the region and cutting off the supply line of illicit funds to known criminal groups. This responsibility has seen the Commission pay more attention to the movement of funds by NPOs in the region, who are now required to make a declaration to the EFCC.

“Some of our discoveries recently into investigating some of these platforms was mind bugging, and we thought Binance was a major one, yes a major one and we are prosecuting them but much more, other platforms we have discovered, of course you are aware that EFCC has to freeze over a thousand account, and it will shock you what some of those accounts are used for, and some of them are used to fund terrorism activities.

“You can imagine the dimension the whole problem is taking and so, it is important for us to adopt the use of technology, and that is what we are going to do to see how we can adopt technology to be able to track every Naira,” he said.

Also, in a goodwill speech, Dr Musa Aliyu, SAN, chairman, Independent Corrupt Practices and other related Offences Commission, (ICPC), said, “ICPC is fully committed to contributing its expertise and resources to this fight. We are prepared to intensify our efforts in financial oversight, enhance our investigative and prosecutorial capacities, and work closely with all stakeholders to disrupt the financial networks that fuel terrorism.”

 

 


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Afreximbank Deepens Ties On $350m Project Support Facility

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African Export-Import Bank (Afreximbank) has concluded arrangements for a facility of $250 million with the International Islamic Trade Finance Corporation (ITFC) and $100 million with the Islamic Corporation for Development of the Private Sector (ICD) in support of trade and projects in Africa.

The arrangement took place on the sidelines of the recently concluded 2024 Islamic Development Bank (IsDB) Group Annual Meetings and Golden Jubilee Celebrations.

The lines of financing expected from ICD would strengthen the bank’s capacity and reinforce its intervention in the private sector, particularly for enterprises with substantial development impact in ICD and Afreximbank’s member states.

The facility from ITFC, on the other hand, will provide compliant syndicated trade financing line, thereby complementing the bank’s trade finance offerings to its clients.

As partners of the Arab Africa Trade Bridges (AATB) Programme, Afreximbank, ITFC and ICD are committed to promoting south-to-south trade among African and Arab countries for a common goal of advancing socio-economic prosperity and building sustainable trade and development across the regions.

The collective support from ITFC and ICD will also allow the bank to deliver on its continental mandate of fostering industrialisation, developing exports and full implementation of the African Continent Free Trade Area (AfCFTA).

Speaking during the signing ceremony, Prof. Oramah, President and Chairman of the Board of Directors of Afreximbank, said: “I take this opportunity to thank Eng. Hani Salem Sonbol and the entire team at ITFC and ICD for the continued partnership with Afreximbank.

 


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Court Denies Binance Executive Tigran Gambaryan Bail

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Justice Emeka Nwite of the Federal High Court Abuja, has dismissed the bail application of an Executive of Binance Holdings Limited, Tigran Gambaryan. Justice Nwite held that Gambaryan is likely to jump bail if bail is granted to him.

The company and its executive were arraigned on a five-count charge bordering on money laundering. When the charges were read out, the defendants pleaded not guilty.

Moving an application, Counsel to the Defendant, Mark Mordi, argued that the court had the power to grant bail to the defendant and impose conditions to ensure his presence in court.

The Prosecution Counsel, Ekele Iheanacho, however opposed the bail application, stating that the defendant was a flight risk.

He stated that the defendant attempted to obtain a new passport which he claimed was stolen, and this was a suspicious act given the proximity to his colleague’s escape from custody.

He added that the court cannot risk granting him bail, especially since he is not attached to any community in Nigeria.

“The fact that the passport of the defendant is with the complainant does not guarantee that he will remain in Nigeria because the defendant is not only an American citizen but also an Armenian citizen by birth.

He urged the court to refuse the application and instead remand him in EFCC custody to ensure his safety and prevent potential flight risk.

Delivering ruling, the presiding judge said several factors including the nature of offence and its severity must be considered when trying to decide whether or not bail should be granted to the defendant applicant.

Justice Nwite agreed with the depositions made by prosecution and was of the view that the applicant will jump bail if bail is granted to him.

He subsequently ordered that the trial be given an accelerated hearing.


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