A Federal High Court on Friday sentenced an internet fraudster, Toba Agbanah, to six months imprisonment for internet fraud of N21.1 million.
Delivering judgment, Justice Patricia Ajoku, convicted and sentenced Agbanah after he pleaded guilty and subsequently went into a plea bargain agreement with the Economic and Financial Crimes Commission(EFCC).
“This judgment is in line with the provisions of Section 270 of the Administration of Criminal Justice Act (ACJA) 2015 that provides for anyone that enters a plea bargain agreement to be given a reduced sentence.
“However, to serve as warning to others intending to go into similar anti-social behavior, the convict is sentenced to six months in prison.
“All the exhibits found in his possession are forfeited to the Federal Government of Nigeria,” the Judge said.
Earlier, Dr. Benedict Ubi, counsel to the EFCC, Ibadan zonal office had told the court that the convict was arraigned on a-count amended charge bordering on impersonation.
Ubi further stated that Agbanah committed the crime over a period of time, but was first arrested on Oct. 3 2019, in Ibadan, Oyo State.
According to the prosecutor, the convict successfully impersonated and defrauded unsuspecting foreigners from the United States through his a fictitious email address.
He added that N12.1 million was sent into his First, Guarantee Trust and Eco bank account through Western Union Money Transfer.
He further said that other proceeds of the crime include Avenza and a Toyota, laptops, different sophisticated phones and a TV set.
He said that the offence contravened the provisions of Section 22A (B) of the Cyber Crime Prohibition Act 2015.
Agbanah was originally arraigned on a 30-count charge bordering on unlawful impersonation, forgery, and stealing.
Edited By: Sadiya Hamza (NAN)
Dollar slips after political wrangling slows rally
A dollar rebound faltered on Tuesday as political wrangling over a United States relief plan and the gloomy outlook weighed on the currency.
After its worst month in a decade in July, the greenback started August on a firm note as some investors trimmed their short positions.
That only carried it so far, and the dollar edged down 0.2 per cent on Tuesday against a basket of currencies.
The euro – which gained five per cent at the dollar’s expense in July – inched up on the day, last up 0.2 per cent at $1.17875.
“I think the eurozone recovery will be a lot faster than the United States recovery and that growth differential will continue to drive higher,’’ Marshall Gittler, FX analyst at BDSwiss, said in a note.
The Aussie dollar edged ahead nearly 0.3 per cent after the central bank delivered no surprises by holding policy steady.
Australia’s central bank predicted the economic recovery will be uneven as the country’s second biggest state Victoria locks down to fight a resurgence of the virus.
Despite a slowdown in new United States virus cases and encouraging factory data, investors are reserving judgment on whether a United States economy with 30 million people out of work can really lead the world’s recovery.
Talks on a potential further economic relief package are ongoing, though top Democrats in the United States Congress and White House negotiators on Monday said they had made progress.
“The fiscal wrangling in the United States is the next key test for risk sentiment and if they manage to get a deal – which seems likely – that could be supportive of risk sentiment.’’
Edited By: Abdulfatah Babatunde (NAN)
BP posts second-quarter post-tax loss of $16.8bn
Global energy giant BP on Tuesday reported a post-tax loss of 16.8 billion dollars in the second quarter amid lower oil prices and writedowns.
The loss compared to a post-tax profit of 1.8 billion dollars in the April to June period a year ago.
The company said that costs for writedowns of inventories and exploration charges weighed heavily on the results.
“These headline results have been driven by another very challenging quarter, but also by the deliberate steps we have taken as we continue to reimagine energy and reinvent BP,” chief executive Bernard Looney said.
By the end of decade, Looney said BP would be investing around 5 billion dollars in low-carbon projects a year, and during the same period expected daily oil and gas production to drop by 40 per cent from 2019 levels.
The company said it would cut its dividend payout for the first time since the Deepwater Horizon oil spill in the Gulf of Mexico in 2010.
Shareholders were to receive 5.25 United States cents per share, compared with the previous quarter’s 10.5 United States cents per share.
Edited By: Emmanuel Yashim (NAN)
Revival of ailing industries will strengthen currency -Expert
Mr Promise Amahah, an economic expert says revamping ailing industries and economic diversification in the country will help to strengthen the value of the Naira among world currencies.
He advised the Federal Government to also sustain the tempo in its diversification drive in different sectors of the economic to further boost the economy.
“The fall of the Naira did not just happen overnight. When Naira was stronger was when we had Peugeot Automobile Nigeria, Volkswagen Nigeria, Dunlop Nigeria Ltd, Michelin Nigeria, Bata and Lennards.
“Our Naira had value when we had Nigerian Airways, Steel Rolling Mills; Osogbo Steel Rolling Mill, Ajaokuta steel, Arewa Textile Mill, BEREC Batteries, General Motors and Kingsway among others,” he said.
Amahah, who is the Chief Executive Officer of Strategy Worth and Technology (SWAT), lauded Federal Government for its move to revive Ajaokuta Steel Company.
The expert said the commitment by the Central Bank of Nigeria to revive Nigerian Cotton Textile and Garment industries was the right step in the right direction.
Edited By: Ismail Abdulaziz (NAN)
China’ll not accept United States’ ‘theft’ of TikTok, says state media
China says it will not accept the United States’ “theft” of a Chinese technology company, state media reported on Tuesday.
The Trump administration’s pressuring of ByteDance, TikTok’s parent company in China, to sell its United States operations to Microsoft or risk closure amounts to a “smash and grab,” the state-run China Daily newspaper wrote in an editorial.
Beijing has ways to retaliate against Washington’s pressure on the Chinese-owned short video app TikTok.
While Beijing will likely be “cautious” in imposing equivalent restrictions on United States companies in China, it has “plenty of ways” to retaliate, the paper said.
Microsoft said on Monday that it was in discussions with ByteDance to buy parts of TikTok after United States President Donald Trump gave the companies 45 days to reach a deal.
Trump had initially threatened to ban TikTok in the United States on national security grounds.
United States Secretary of State Mike Pompeo said over the weekend that Washington might take action “shortly” against TikTok and other Chinese companies believed to share data with the Chinese government.
ByteDance said in a statement late Sunday it was still committed to being a global company despite “complex and unimaginable difficulties” including the “tense” international political environment.
Edited By: Emmanuel Yashim (NAN)