Business
Tinubu Commends NDLEA for Landmark Victory Against International Drug Network
President Bola Ahmed Tinubu congratulates the National Drug Law Enforcement Agency (NDLEA) and the staff for the remarkable achievement in busting a Nigerian-Mexican drug syndicate and dismantling a highly sophisticated multi-million-dollar illegals drug production network in the country.
Chairman of the agency, Brigadier General Mohammed Buba Marwa (rtd), on Wednesday announced the major drug bust following a massive operation spanning weeks of intelligence gathering and meticulous planning by NDLEA operatives in collaboration with international partners.
President Tinubu remarks: “This successful operation, which led to the arrest of foreign nationals, local kingpins and other collaborators, as well as the seizure of chemicals and illicit drugs valued at over $360 million, demonstrates exceptional professionalism, courage, and unwavering commitment to safeguarding society from the devastating effects of narcotics.”
“I commend the bravery, resilience, and dedication displayed by operatives of the NDLEA throughout this mission. I urge them not to be complacent in confronting the menace of drug trafficking.
“West Africa has become a great concern in the global war against narcotics as drug barons turn our region into a transit hub for moving cocaine, synthetic drugs and unregulated pharmaceuticals to Europe and North America.
“Drugs not only pose a critical security threat for our region, but they also pose a grave danger to the future of our youth, some of whom have become victims of the trade.
“I call on all Nigerians to see the fight against illicit drugs not NDLEA’s alone. Everyone has a role to play. We must remain vigilant and promptly report suspicious activities within our communities to assist security agencies in combating criminal networks.
“This landmark success is a strong message that our security agencies will not tolerate organised crime and criminality anywhere in the country, and that those who threaten public safety and national security will face the wrath of the law.”
The post Tinubu Commends NDLEA for Landmark Victory Against International Drug Network appeared first on Business Today NG.
The Central Bank of Nigeria (CBN) has prioritised the supervision of terrorism financing as part of efforts to protect the country’s financial system from abuse by illicit actors.
The apex bank disclosed this in a statement signed by its Acting Director, Corporate Communications and Investor Relations Department, Sidi-Ali Hakama, on Tuesday.
The supervisory focus would cover terrorism-financing risk management, transaction monitoring, targeted financial sanctions implementation, and suspicious-transaction reporting related to terrorism financing.
“This supervisory priority covers, at a high level, terrorism-financing risk management, terrorism-financing transaction monitoring, targeted financial sanctions implementation, and terrorism financing-related suspicious transaction reporting,” CBN said.
CBN also said it would continue to apply a risk-based supervisory approach, including on-site and off-site engagements, to strengthen anti-money laundering, counter-terrorism financing, and counter-proliferation financing controls across the financial sector.
“The Bank will continue to apply a risk-based supervisory approach, including on-site and off-site engagement, to support effective AML/CFT/CPF controls across the financial sector in line with existing legal and regulatory obligations,” it said.
The regulator further explained that the supervisory focus would also support Nigeria’s domestic and international cooperation on counter-terrorism financing, counter-proliferation financing, financial integrity and the protection of the financial system.
The apex bank added that further supervisory engagement would be undertaken where necessary.
“Further supervisory engagement will be undertaken as appropriate,” it said.
This is another step by the regulator to curb terrorism financing and prevent illicit actors from abusing the financial system.
READ ALSO: CBN removes FX, government securities restrictions on discount window access
In June, CBN directed banks and other financial institutions to immediately freeze accounts and assets linked to six individuals and four Bureau de Change (BDC) operators designated for terrorism and terrorism-financing-related activities, following an update to the Nigeria Sanctions List on 18 June.
In March, the CBN also amended the Revised Regulatory Framework for BVN and Watch-List for the Nigerian Banking Industry.
The amendment introduced measures that include a temporary 24-hour watch-list for BVNs linked to suspected fraudulent transactions, restricting BVN enrolment to persons aged 18 and above, limiting phone number amendments to once, and restricting access to BVN databases to CBN-licensed financial institutions.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
-
News4 days agoSeattle Times and Newsday are the latest publications to sue OpenAI and Microsoft
-
Health4 days ago
Donor cuts, govt inaction negatively impact HIV patients in Rivers, Akwa Ibom
-
Business3 days ago
Uncertainty as Nigerian woman remains unreachable after arriving Doha airport
-
News4 days ago
Osaze Odemwingie Threatens Legal Action Against Popular British Broadcast Outfit Over His 2013 Botched Transfer Controversy
