SENEGAL BANS STATE OFFICIALS FROM FOREIGN TRAVEL TO CUT COSTS. (PHOTO).

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 Senegal bans state officials from foreign travel to cut costs Senegal's government has suspended all non-essential foreign travel by ministers and top officials, warning of "extremely difficult" times ahead. The US-Israeli war on Iran has driven global oil prices higher, straining the budgets of many countries and pushing governments to take steps to mitigate the negative impacts. Addressing a youth event in the coastal town of Mbour on Friday evening, Senegal's Prime Minister Ousmane Sonko pointed to oil trading at about $115 a barrel, nearly twice the $62 per barrel assumed in Senegal's budget projections. "No minister in my government will leave the country unless it is for an essential mission related to the work we are currently undertaking," he said, announcing that he had already cancelled his own planned trips to Niger, Spain and France. He said additional measures would be announced next week, with the Energy and Mines Minister expected to addr...
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HOW MULTI-CHOICE NIGERIA WAS DEFRAUDED OF N7. 9B.(PHOTO).

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How Multichoice Nigeria was defrauded of N7.9 billion


Multichoice Nigeria Limited, a company offering satellite television services across Africa, fell victim to a fraudulent foreign currency exchange transaction, resulting in a loss of N7.9 billion.


The failed foreign currency exchange deal implicated Akintunde Giwa, who works as a currency exchange broker; JNFX Limited, a company specializing in currency exchange services; Ashay Mervyn, a representative of JNFX; and Frontier Financial Technologies Limited.


Mr. Giwa is a currency exchange broker who helps individuals exchange Nigerian Naira for US dollars, earning a commission for his services. According to court documents, Mr. Mervyn is a director at Frontier Financial Technologies Limited, a Nigerian company.


The matter came before Stuart Isaacs, serving in the capacity of Deputy Judge at the High Court in the Business and Property Courts of England and Wales. The ruling was transmitted digitally to the legal representatives of the parties and subsequently filed at the National Archives on 2 April.


According to court records, Multichoice Nigeria Limited transferred N7.9 billion to Mr. Giwa, a currency exchange broker. Mr. Giwa then passed the funds to JNFX Limited, a currency exchange firm, as part of the MultiChoice contracts. The records reveal that the Naira payments were first deposited into accounts held by Mr. Giwa’s companies, before being transferred to accounts specified by JNFX via Mr. Mervyn in exchange for dollars. These dollars were then supposed to be deposited into an account at Standard Chartered Bank in London under the name of MultiChoice Africa, a separate entity within the MultiChoice group of companies.


Nevertheless, the company did not receive any payments in dollars, totaling $16.2 million, as disclosed by Mr. Giwa.


Credit: Premium Times

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