Sam Akpe, Abuja

The Federal Government will mount a special surveillance next year in a bid to check money laundering in financial and some non-financial institutions in the country.

Specifically, the surveillance will focus on financial transactions – including deposits, withdrawals and transfers – involving huge sums and operated infrequently.

Any financial institution or designated non-financial institution involved in such transactions will be expected to seek information from the customer as to the origin and destination of the funds and identity of the beneficiary.

These are some of the highlights in the new Money Laundering Prohibition Act 2003 proposed by President Olusegun Obasanjo to the National Assembly for passage into law.

The bill also empowers the Economic and Financial Crime Commission to place any bank account or any other account comparable to a bank account under surveillance.

If passed by the National Assembly, the bill will also empower the EFCC to tap any telephone line or place it under surveillance and obtain access to any computer used in such transactions.

Such surveillance, according to the bill, would be made pursuant to an order of the Federal High Court obtained upon an exparte application supported by a sworn declaration made by the commission’s chairman or an authorised officer.

The declaration must justify the request in terms of locating properties, proceeds, objects or other things related to the commission of an offence either under the bill or the EFCC Act.

The National Drug Law Enforcement Agency will also be authorised to exercise the powers conferred on the EFCC, “where it relates to identifying or locating properties, objects or proceeds of narcotic drugs or psychotropic substances.”

The bill states that banking secrecy or the traditional customer confidentiality shall not be invoked as a ground for objecting to the measures set out in the law.

The bill, which has already been passed by the Senate, repeals the previous Money Laundering Prohibition Act earlier hurriedly passed in 2002 in a bid to meet the international deadlines.

Any financial institution handling such suspicious transaction, according to the bill is to within seven days of the transaction send a detailed report containing all the information regarding the transaction to the EFCC.

Where such direct report is made, the institutions involved are also expected to “take appropriate steps to prevent the laundering of the proceeds of a crime or an illegal act.”

Depending on the seriousness of the transaction, the EFCC is expected to, on receipt of the report referred to it, take immediate action regarding the illicit transaction.

Such action may include deferring the transaction for a period not exceeding 72 hours through liaison with the financial or designated non-financial institution.

Clause 6 Subsection 7 of the bill indicates that where the origin of the funds could not be traced within the given time, a court order might be issued to block the said transaction.

Another curious aspect of the Section 7, states that every financial institution shall keep the records of a customer’s identification for at least five years after the closure of account or severance of relation with the customer.

This implies that a money launderer could still be arrested and prosecuted more than five years after he had stopped business with a particular financial institution.

Such records shall only be communicated to the Central Bank of Nigeria, the EFCC, the NDLEA or other regulatory authorities as the CBN may refer.

Clause 10 of the new law also mandates every financial institution or designated non-financial institutions to fully disclose to the EFCC in writing, any transaction of funds by an individual that exceeds one million naira

In addition, they are to make such a report in writing within seven days if any company in a single transaction, lodged or transferred funds that exceeds five million naira.

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How common is the wealth?
"In the Commonwealth, wealth is not common," Mr Abdulrasaq Ademowo, an economist with a consulting firm in Lagos, told Daily Independent, emphasising that in the Commonwealth, billions of people live on less than two dollars a day. And Commonwealth Secretary-General, Don Mckinnon, in a foreword to in his 2003 Report tagged Development and Democracy did acknowledge that terrorism, armed conflicts, hunger, poverty and disease have already become some of the hallmarks of the first three years of a this millennium. more

How common is the wealth?

Poor nations in the Commonwealth fold have realised that an adverse agreement could be worse than none at all, submits Development & Real Sector Reporter, Ntai Bagshaw

“In the Commonwealth, wealth is not common,” Mr Abdulrasaq Ademowo, an economist with a consulting firm in Lagos, told Daily Independent, emphasising that in the Commonwealth, billions of people live on less than two dollars a day. And Commonwealth Secretary-General, Don Mckinnon, in a foreword to in his 2003 Report tagged Development and Democracy did acknowledge that terrorism, armed conflicts, hunger, poverty and disease have already become some of the hallmarks of the first three years of a this millennium.

Yet the secretary-general believes that the Commonwealth will be of immense good to poor member nations, these troubled times notwithstanding. And some analysts agree, asserting that the current regime in the Commonwealth does go some way to restricting the brutal exercise of economic muscle by the more powerful. Noteworthy also is the fact that most people in the group of former British colonies want a global economic system that is more balanced. If the issue of access to life-saving HIV/AIDS drugs were put up to a vote, the overwhelming majority would not support the position of the rich nations pharmaceutical companies.

McKinnon also recognises that globalisation does pose daunting challenges for many Commonwealth countries, particularly small states and least developed countries. He said:

“Many suffer limited access to international markets and have endowed handicaps that increase transaction cost and affect competitiveness.”

To benefit from globalisation, the secretary-general pointed out that poor nations need to dramatically increase their capacities to produce goods and services that are internationally competitive and pursue their trading interests more effectively. He, however, was quick to add that the Commonwealth is helping these states to meet such challenges.

“The Commonwealth Secretariat aims to provide strong analytical and technical support to enable developing member-countries to achieve a higher trajectory of growth and ultimately attain Millennium Development Goals,” McKinnon said. 

These evident lapses notwithstanding, many say the Commonwealth is still relevant today as it was several decades ago. Not surprisingly, McKinnon leads this group.

“I strongly believe that the Commonwealth has never been more relevant or important. We embrace a great diversity of states, large and small, rich and poor, island and landlocked. We provide a unique forum for discussion between the haves and have-nots; our smallest members are listened to, alongside the bigger nations. What other organisation provides the opportunity for a leader from a small island state to sit at the same table with the head of a G8 nation as equals,” he asked.

How exactly does the group differ from other global-regional blocks? Again, the secretary-general explained:

“Our approach counters the growing concern among many countries that they are excluded from international decision-making. We strongly believe that multilateralism has an important role to play in today’s world. By our inclusive and consensus-based approach, we try to minimise or eliminate the kinds of festering resentments that can all too easily erupt in conflict. We don’t always get it right but we often do; when we do, we improve people’s lives and, sometimes, save lives.”

“The promotion of democracy, human rights, the rule of law and good governance is another key area of our work. We have wide experience and strong credentials, and no other organisation has done more to show it means business in upholding its core values. The Commonwealth Ministerial Action Group remains a unique and resolute custodian of these principles. Similarly, no organisation has done more to win the confidence of its own members. The Commonwealth’s good offices are a byword on every continent and reflect the enormous trust our members have in us, relying on our experience and discretion to help resolve sensitive domestic issues.”

Yet, many still disagree with McKinnon’s position, arguing that the gap between the rich and poor nations in the group is widening by the day. Indeed this issue will occupy the front burner on issues to be trashed out at the Commonwealth Heads of Government Meeting in Abuja, Nigeria’s sprawling capital city.

Suggesting a path out of the woods, Kevin Watkins of United Kingdom-based Oxfam, urged:

"First, the rich countries need to agree a clear - and short - timeframe for eliminating export subsidies. Second, they need to cut the production subsidies that generate surpluses and facilitate export dumping."

McKinnon agreed, thus:

“The single biggest measure developed countries could take to tackle world poverty would be to end trade distorting subsidies. Because of the lackluster response from those who should know better, I have continued to argue passionately at every opportunity for improved market access, particularly in agriculture, for developing member countries,” he said.

The secretary-general is non the less optimistic about the ability of the on-going summit at tackling these problems.

“Sadly, talk is long and cheap on this topic; delivery is short and progress painfully slow (but) I am sure that the Abuja meeting, under the chairmanship of President Olusegun Obasanjo of Nigeria, will help us to build on our achievements, generate new partnerships and provide a strong basis for our work in promoting the security, freedom and prosperity of the 1.8 billion people of the Commonwealth,” he said.

As the 52 heads of government sit round to deliberate on these salient matters, experts have listed key issues that must be tackled if any headway is to be achieved. The include:

Agriculture: Developing countries want richer nations to cut huge farming subsidies.

Industrial tariffs: The rich nations want to open developing world markets to exports, but the poor nations fear cheap imports will swamp infant industries

Global investment: The rich nations want rules putting foreign investors on same footing as local firms.

Services: The rich nations want free trade expanded into service sector, where its banks and financiers enjoy advantages.

Special deals for poorer countries: Developing nations want concessions on onerous trade rules and agreements.

In pursuing their deliberation, the heads of government must not loose sight of the fact that - as displayed at the failed WTO Cancun summit - the poor nations are coming to the realisation that having no agreement at all is better than reaching an adverse agreement.

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Can love overcome religious differences in marriage?
Matters of the heart, they say, do not involve social and religious issues. What really matters in marriage is that two people come together as one, doing every thing in common in love and understanding. Before a man marries a woman, he puts so many things into consideration. more...

Can love overcome religious differences in marriage?

By Davisca Nnamani,

Special Correspondent

Matters of the heart, they say, do not involve social and religious issues. What really matters in marriage is that two people come together as one, doing every thing in common in love and understanding. Before a man marries a woman, he puts so many things into consideration. And religion is one of them. Akintunde of the National Eye Clinic, Kaduna, says his marriage to a Christian lady ended about three months ago, because she refused to let him be. “Jane knew right from the beginning that I was a Muslim.

Though both our parents kicked against the idea, we still went ahead to settle down together.  But after we have been blessed with an issue, she comes disturbing me to change to Christianity. I am not saying the religion is not good, but I have preference for my own, and I respect hers.”

Big deal

Christianity and Islam are the two predominant religions in Nigeria. Dolapo Adeniyi says “there is no big deal in marrying a Christian. After all, we can be boyfriends and girlfriends, why not marriage? It may be that our parents will object to it, but what matters is the man and I. If he allows me to practise my religion, no problem.”

If the couple can cope, what happens to the unborn children? Won’t there be confusion among them? Marriage is supposed to be a form of unity, everyone doing and practising the same thing. “It is obvious they will practise my religion as the man of the house,” says Rabiu Ismaila. In most homes where inter religious marriages exist, the children are always found practising the mother’s religion. Is it due to affection or maternal bond between mother and child? Abdulkareem Musa says he has been married to Atinuke, a Christian, for 19 years and all has been well with them. In his own words: “My wife and I have been living together without any hassles. Though we have misunderstanding now and then as a couple, we still get by. As for our four children, I gave them the freedom to  practise any religion they like.”

Understanding

But Chukwudi Emeka has a different view. “Marriage is forever. Why on earth should I leave my fellow Igbo sister and settle for someone who does not know what is happening in my religion? Never!” But is it religion that counts or mutual understanding between intending couples? During the 1999 riots in Kaduna, it was said that most Christians killed did not die because there was no love, but due largely to lack of understanding. Some Muslims were alleged to have surrendered their wives to be killed. There is a possibility of love lacking in such union. Uche Nwankwo believes “there is nothing wrong in marrying a Muslim. It brings about understanding and religious unity. You know what kills a man is what he does not know. If I get to learn the doctrine of the religion, there is nothing preventing me from settling down with a Muslim lady.”

Religion is a very sensitive issue and when it involves bringing two people together, a lot of care has to be taken. “For me, my parents disowned me because my husband-to-be is Christian. I wanted to go back to them, but the love I have for my husband won the battle for me. Today, by the special grace of God, I am a Muslim and so are my children,” says Uche Nwankwo.

Wealth

There are many prominent men in this country who married Christian ladies and the marriages still exist today. “It was wealth those women saw. If the men were poor, nothing would have attracted these ladies to them,” Ajayi Ajua says. What has marriage and religion in common? “A lot,” says Osagie Efosa. “If a poor Muslim who sells groundnut by the roadside decides to marry a Christian lady, I bet she will object without looking back. It is surprising that such things still exist. We want a one Nigeria and for that to become a reality, we must shake off that intrinsic barrier of segregation.”

Background

Charity and Usman have been dating for seven years. They did not consider their backgrounds, all they wanted was to be joined as man and wife. When eventually they did, their sweet love became bitter. Usman wanted  his children to practise  Islam, while charity wanted Christianity. They dragged this for years until Charity couldn’t take anymore, she moved out. The once upon a time love song ended with a dirge. If only Nigerians embrace one another as one just like we sing in our national anthem:  “One Nation Bound in Freedom”– Freedom to live and marry either Muslim or Christian without any fear or prejudice – this country would have had its name in the Guinness Book of Records as the most peaceful, non- violent nation in the world.

Rev Moses Aguda accepts that marriage is good, but that it is better if the two practised the same religion. “I am not condemning inter-religious marriage, but in a situation where the two are not well accosted with one another’s beliefs, you find the woman, in most cases, subjecting herself to the man’s religion.”

Children

There are homes where the parents have different beliefs and you find their children in between – some Muslims, others Christians. The surprising thing is that there is peace in such homes. Chinyere Akosa confesses that “marriage is not easy anywhere. Whether Islam, Christianity, it is all the same. The only difference is that it involves two people coming together with separate religious background and reasoning. And it might lead to complications that would have been avoided if they came from the same religious background”.

Life on earth would have been better if we could see beyond ourselves. Whether Muslim or Christian, we are the same when it comes to matters of the heart. Love, the four-letter word, overcomes all things.

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Utomi urges more push on FOI Bill
Dr. Pat Utomi of the Lagos Business School has called on Nigerians to provide information on the benefits of the Freedom of Information (FOI) Bill, which has scaled through second reading in the National Assembly. Utomi, who made the call on an on-line debate on the FOI Bill, said he was titillated by the passionate expressions of Nigerians on the proposed Act. He advised them to support the Bill and ensure it is enacted into law, even if it leads to preference for an opaque system in the short-term prism. more...

Utomi urges  more push on FOI Bill

By Emmanuel Ukudolo,

Correspondent, Lagos

Dr. Pat Utomi of the Lagos Business School has called on Nigerians to provide information on the benefits of the Freedom of Information (FOI) Bill, which has scaled through second reading in the National Assembly. 

Utomi, who made the call on an on-line debate on the FOI Bill, said he was titillated by the passionate expressions of Nigerians on the proposed Act. He advised them to support the Bill and ensure it is enacted into law, even if it leads to preference for an opaque system in the short-term prism.

He enunciated a strategy that includes flooding the media and direct mail to critical players with evidence of goodies derivable from passage of the Bill. Utomi said he is convinced there is enough evidence from elsewhere in the world that the FOI is in the longterm best interest of corporations and political leaders.

“For example, following the global financial crisis that resulted in the Great Depression early in the last century, many governments took a very statist response by strongly regulating the financial system.

In the United States, Justice Brandeis, taking the traditional American suspicion of legislating protection of the people, argued that the problem was not one of legislation, but one of sunlight. The rulings that brought more transparency into corporate America, recent transgressions not- withstanding, is the reason access to finance is easier in the United States than anywhere in the world,” Utomi said.

Utomi argued that the result is that the process of creative destruction and wealth creation proceeds faster there (Rajan and Zingales book Saving Capitalism from the Capitalists is one of the best discussions of this subject). He also alluded to the work of the Cadbury Commission on Corporate Governance in the UK as another serious example. According to him the Cadbury Commission is at the heart of the success of financial markets like the Stock Exchanges in driving growth.

“In a similar manner a politician who has 'enjoyed' the abuse in opaque systems will do well to learn from the once powerful who were brutalised by successors who took advantage of the same opaque nature of the system.”

 He argued that it may be possible to persuade President Obasanjo to think of his own experience in the hands of power rather than what he may feel about journalists, adding that sunlight is good for human progress. “It profits both the weak and the strong, the rich and the poor”.

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How marriage at 13 made me useless
Aisha, a young vibrant girl of 15, had planned to further her education in the university and eventually settle down with the man of her dreams, Umaru. She believed her parents had the same visions for her as an only child. But little did she know that fate had another plan for her. more...

How marriage at 13 made me useless

–VVF victim

By Davisca Nnamani,

Special Correspondent

Aisha, a young vibrant girl of 15, had planned to further her education in the university and eventually settle down with the man of her dreams, Umaru. She believed her parents had the same visions for her as an only child. But little did she know that fate had another plan for her.

One night after supper, Aisha was called  to her father’s chambers where an elderly man of 54 was introduced as her husband to be. Without much words, she refused the offer. But was shocked beyond words when a date for the wedding was announced to her .Her dreams, hopes and love died that night. Many months after the wedding, Aisha became pregnant. It wasn’t easy, but as a strong-hearted child, she was determined to pull through.

The day of delivery came and Aisha discovered that strength had nothing to do with it, despite the pushing and screaming, the baby refused to come out, but when it finally did, it was discovered that the mother’s bladder was affected because at her age she was still too tender to undergo the rigors of childbirth. When told of the situation, her husband was devastated. He left the hospital and till date nothing was ever heard of him. Left to face the pains alone, Aisha and her parents did not know what to do. But the reality stared them in the face – she had become useless for life.

Vagina Vestula Fistula (VVF) as it is popularly known, has been in existence from the onset. It occurs “when the bladder is suppressed and damaged by the weight of an unborn child in the uterus of a young female whose systems are not matured enough for the process of child-bearing. This brings about complications whereby the woman starts leaking urine uncontrollably from her private part,” says Dr. Idiong Mbang of the Lagos State University Teaching hospital. Over 60 per cent of young girls are affected with the scourge every year. And statistics show that 50 per cent of them are northerners.

“It is a very serious issue in the medical world, just like HIV/AIDS, it has no cure. The only solution is to place a cellophane bag tied around her waist to prevent the urine from spilling out. It is a terrible situation,” Dr. Mbang states.

The victims of this circumstance are young, under-aged girls, most of them from the northern part of Nigeria. It is a serious issue that must be addressed.

Out there in the streets are many helpless innocent girls, who may fall victim to this scourge. Asabe Abdullahi, a JSS 2 student of Sardauna Memorial College, Kachia, testifies: “At the age of 12 my parents wanted to give me away to a man they claimed was my husband. I vehemently refused, but after much treats by my father I succumbed. Only to find myself in this situation. Everyday I curse my parents for allowing me pass through this pain and misery.” A VVF patient is a sight to behold. She smells of urine all over and most times is easily identified with the tied cellophane bag around them. Several conferences have been held to stop the idea of early marriages among the teenage girls. “In places like Kano, Sokoto, Zaria for instance, local counselling and campaigns are conducted in villages and small communities to discourage the inhuman act,” Mrs. Esther Ajoko of the Save The Girl Child From VVF Association, says.

Each day people are faced with different health problems, but never has any been as disturbing and intimidating as the leaking of uncontrollable urine from an ignorant child. “Nothing can be done to stop the VVF from affecting the girl, but something can be done to stop another girl from being affected. If parents can stop early marriages, then we would have reduced the problem. You cannot expect doctors to control VVF when many young girls are pushed into early  marriage and premature child birth. However, it is advisable to wait until one is biologically ripe for the process of child birth. You see, our body metabolism works with scientific maturity and not age,” said Dr. Akanu James of the Military Hospital, Lagos.

The pathetic story of Rukayat Shogunle is one that will jingle the ears. “I was born into a family of nine. My parents were so poor we could hardly afford a meal. When I reached the age of 13, my father had to give me out in marriage to an Islamic teacher, who promised to take good care of me. On our wedding night, he tried performing his marital duties on me, and in the process injured me. I felt pains, but thought it was not a serious thing. When the pains continued, we went to see a doctor at a local hospital, who said I was too young to have sex. He advised that I should not try having children yet. But unknown to them I was already pregnant. When I finally had the baby at home, with the aid of an elderly woman, few days later I noticed uncontrollable flow of urine passing down my legs.

“When I notified my husband, he waved it off. But he could not take it anymore when my house began to smell of urine. On seeking medical help, we were told that my body systems were too tender for child bearing, thus the weight of the baby damaged my bladder. I was told I would remain that way, and the only way they could help me was to gauge the urine with a rubber pipe and a plastic sack. I became an object of ridicule and pity.

“When my husband couldn’t stand the smell anymore, he took me back to my family, saying I was a witch and God had revealed it through my predicament. My child was taken away from me, but later brought back to my parents. Whenever I pass by, people cover their noses, for the smell is terrible on me. Just like a flash of light, I have become an object of ridicule and scorn.”

The scourge of VVF has destroyed many homes and several young aspiring girls that would have grown to become future leaders of tomorrow. Girls with pregnant dreams abandoned at the mercy of their fate with no hope of a cure. This is an issue that must be addressed with all seriousness. The government  has already been working to see that this scourge stops completely. As we move into 2004, our motto should be, “fight Vaginal Vestula Fistula”. Just like we are fighting AIDS, polio and other diseases.

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According to the contingency plan, systemic illiquidity exists in the system when Banks that hold 10 per cent of the total assets in the industry have applied for liquidity support from the CBN/NDIC.

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