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Friday, 3 August 2018

FG approves action plan on money laundering

FG approves action plan on money laundering

Attorney General of the Federation, AGF, Abubakar Malami

The Federal Executive Council on Wednesday approved the Federal Government Action Plan on Anti-money Laundering and Combating Financing of Terrorism.

The Attorney-General of the Federation, Abubakar Malami (SAN), disclosed this to State House correspondents at the end of the weekly meeting of the council presided over by President Muhammadu Buhari at the Presidential Villa, Abuja.

READ ALSO :    Senator Shehu Sani finally reacts to suspension by APC, speaks on plan to impeach Saraki

“The action plan was worked out after Nigeria’s recent suspension from Egmont Group,” the minister said.

He added that the plan would showcase new and more effective measures to combat money laundering and terrorism as agreed by the stakeholders.

Malami added that the council ratified a prisoners’ swap deal with China.

He said the ratification would lead to the repatriation of Nigerian prisoners in China to serve out their jail terms back home.

He explained that the Nigerian prisoners to be affected for now were those imprisoned in Macau, an autonomous region on the south coast of China.

Malami clarified that for the deal to be effective, it would also need to be ratified by the Chinese authorities.

He said Nigeria was planning to sign similar deals with other countries.

The Minister of Power, Works and Housing, Babatunde Fashola, said the council approved N72.9bn contract for the reconstruction of Creek Road to Tin Can Island through Apapa and Oworonsoki Road to the Toll Gate end of Lagos-Ibadan Expressway.

The project, which excludes the Coconut and Mile 2 sections of the road, is to be handled by the Dangote Group on a Public-Private Partnership, which will recover its funding through government’s tax credit policy.

The stretch of the road spans about 27 kilometres across 10 lanes, totalling 270.8 kilometres, and is expected to be completed in two years.

Meanwhile, President Muhammadu Buhari, on Wednesday, said national development was usually the first casualty in an unstable polity.

A statement by his Special Adviser on Media and Publicity, Mr Femi Adesina, quoted the President as saying this while receiving President Adama Barrow of The Gambia at the Presidential Villa, Abuja.

The President said, “The best route to national development is stability.

“When a country is not stable, you spend most of your financial resources on security.

“That is the money that should have gone into education, infrastructure, and generating employment for the people, particularly youths.”

He congratulated Barrow for stabilising The Gambia after his emergence, following the impasse caused by his immediate predecessor, Yahya Jammeh, who initially refused to vacate office, after losing the presidential election in December 2016.

READ ALSO :     Senate President, Bukola Saraki has been appointed the national leader of the Peoples Democratic Party, PDP at the party’s NEC meeting on Thursday.

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