MONEY TRANSFER FRAUD!!!!!

COLLUSION AMONG CBN,COMMERCIAL BANKS,WESTERN UNION,MONEYGRAM,ETC TO KILL THE NAIRA INSTALMENTALLY �!!!

By Chief Anthony Ani,FCA,Former Minister Of Finance.

"A MATTER OF NATIONAL EMERGENCY DEMANDING OUR DEAR PRESIDENT BUHARI'S URGENT ACTION!

"RE: $BILLION DIASPORA REMITTANCES: WHERE ARE THE DOLLARS?"

The above question was posed in an article in The PUNCH newspaper edition of September 9, 2019, by columnist Henry Boyo.

I have been a daily reader of The PUNCH for the past 10 years and I have not yet, read any comments from anyone on this question.

There is a need to discuss this issue, as it appears that there is massive foreign exchange laundering going on in our banks.

As the architect of the Diaspora remittances in 1996, I am naturally concerned at the abuses disclosed by Boyo.

When in 1995, we at the Ministry of Finance reviewed the country’s sources of foreign revenues, we found out that nothing was coming in from Nigerians in the Diaspora, whereas India and Jamaica were living on foreign exchange from their citizens abroad.

When I enquired why Western Union and MoneyGram could not receive money from Nigerians abroad, I was told that it was due to our tax laws.

As a Chartered Accountant student in 1962, I studied Comparative Commonwealth Taxation in Nigeria, Jamaica and the UK, and I found out that the tax laws of these countries had the same wordings on imposition of tax (“tax is imposed on income accruing in, derived from or brought into”).

The question then to me was why income “brought into” India was not taxed in India? On enquiry, I found that India had modified its tax laws to accommodate its citizens living abroad who wanted to send money in foreign exchange to India.

In 1996, I had proposed (and it was accepted by the Federal Executive Council) in a new law, regarding Nigerians repatriating remuneration from abroad, Nigerians repatriating dividends, royalties, fees, commissions from foreign countries receipts by authors, sportsmen/women, musicians, play writers, artist, etc.

Such income repatriated into Nigeria in foreign currency was 100 per cent exempted from tax, provided the foreign currency was repatriated through a domiciliary account with a Nigerian bank!

With the promulgation of this law, First Bank Nigeria Ltd brought in Western Union in August 1996 while the USA(UBA) brought in MoneyGram a few weeks later.

In 1996, Nigerians abroad repatriated about $4.5bn (about 50 per cent of our gross revenue from oil) and we ensured that these amounts were brought into Nigeria, intact, in foreign exchange.

The receipts increased exponentially in 1997 and 1998 and we also made sure that they were received in Nigeria, in foreign currency.

The receipts helped to stabilise our exchange rate mechanism at N82 to a dollar, throughout my tenure as the Minister of Finance, to the extent that the naira was internally convertible currency.

Some years ago, on my visit to London, I went to Western Union office, at Marble Arch, to test by remitting £500 to my son in Nigeria.

I first had to convert the money to dollars and to my surprise, Western Union gave me a quote in naira to be claimed by my son.

I refused their naira equivalent and insisted that my son must be paid in dollars.

It was obvious to me that there was an arrangement between our Nigerian banks and Western Union/MoneyGram, whereby the former pays from their excess naira liquidity while the later retains the dollars abroad.

In other words, the dollar remittance is retained abroad and is laundered by the Nigerian banks. This is definitely against the law which provide that all remittances must be brought into Nigeria in foreign currency via domiciliary account.

If by chance, as in my case, the dollar is remitted into Nigeria, the Central Bank of Nigeria on August 14, 2014, introduced the Outward Money Transfer Service and authorised the same MoneyGram and Western Union to re-export, in tranches of $5,000 per transaction, to Nigerians abroad, on payment of the naira equivalent at the CBN rate of exchange.

Thus, Nigeria is the only country in the world re-exporting its remittances.

It is relevant to note that the naira is not a convertible currency but remittances which are meant to stabilise our exchange rates are re-exported!

There is something wrong at our Central Bank.

It could be that we have imported the mentality of commercial banking into the CBN. We now need real central bankers to govern our Central Bank.

We have central bankers amongst those in the CBN, and we also have central bankers amongst the members of the Nigerian Economic Society or, alternatively, indeed, we can even go outside Nigeria to employ central bankers.

The fact is that the Diaspora remittances are not retained in Nigeria and there is a collaboration between the CBN, Nigerian banks and Western Union/MoneyGram; in such an event, government must investigate the infraction, punish the money launders, and recover all past Diaspora remittances retained abroad!
Copied!

The Outbound Money Transfer Services must be stopped and all our remittances retained for naira stability and the nation’s development."
October 8th,2019.

Etubom Anthony Ani is a former Minister of Finance,1993-1998.

*[Please share in all your social media platforms or tag until it goes viral for Urgent Action by President Buhari.We have endured too much fraudulent bewitchment as a People and Nation.]*

Nice read!

It explains something. It has been said diaspora remitting is the biggest Nigerian import, brings more money than oil.

I've wondered why oil now determines currency fluctuations. This explains it all. Thanks.

This is front page worthy. Op please add link to it sir

I don't simply understand why Nigeria is seriously bent at destroying itself. When round pegs are in square holes, it leads to set backs. Nigeria is suffering today because the right people are not placed in the right positions. Today's CBN policies seems more of commercial bank oriented than people oriented. In fact, I no know again

EagleNest:
I don't simply understand why Nigeria is seriously bent at destroying itself. When round pegs are in square holes, it leads to set backs. Nigeria is suffering today because the right people are not placed in the right positions. Today's CBN policies seems more of commercial bank oriented than people oriented. In fact, I no know again

put a serious president and see how things improve instantly.

Nigerian banks been robbing Nigerians since 18BC without using Gun or any weapon

I disagree. I suspect the govt is behind these many propaganda to shove the idea of forfeiting dollar/forex remittances. If I am sent 1000 USD, I deserve that 1000 USD and not some naira equivalent that will be calculated with the lower CBN maintained rate - a rate I can barely access when buying from abroad.

The big question is, If I forfeit my dollar or forex at a lower rate official will I be guaranteed to get forex at that lower rate when I want to buy dollar to facilitate a foreign transaction?

helinues:
Nigerian banks been robbing Nigerians since 18BC without using Gun or any weapon

The banks will always act like banks that are out for gain. The CBN in the regulatory capacity are to blame here.

If I am sent 1000 USD and the CBN/Banks convert it to naira forcefully at official rate of say N400/USD I expect to at least be able to access forex at that rate when I have cause to buy from abroad or send money abroad. If I am sent to black market where it goes for N470/USD then it amounts to loss for me and hard to accept releasing my dollar remittances. As simple as that.

stonemasonn:
put a serious president and see how things improve instantly.

Exactly. A better leadership at the presidential level is key.
What we have on ground is a case of lower forex reserve. The solution is more forex. The path they have taken now is to seize the forex remittances of individuals.
I propose they start the much talked about restructuring and diversification by looking to stop illegal minings and taking over the proceeds of these miners to shore up the forex reserve level.
Oil prices isn't bouncing up and there is a need to go to other places where we can export things and get paid these much needed forex.

osuulola:
Nice read!

It explains something. It has been said diaspora remitting is the biggest Nigerian import, brings more money than oil.

I've wondered why oil now determines currency fluctuations. This explains it all. Thanks.

You are clearly being malicious.
If my remittance is converted at N400/USD, it will be harsh for me to be pushed to the black market where it sells for N470/USD and above when I need to spend or send that money abroad. The solution is for foreign repatriation to be left in its original form. Let govt look to other resources for forex. Everyday we hear of illegal gold miners. Let them start there.
They should have taken diversification seriously when things were better but instead were expecting oil prices to miraculously bounce back up. We went after more oil and spent a fortune oil prospecting.
Public officials are still accessing the forex at a low rate, pilgrimage people too are there, luxury goods buyers too are there. These people have connection most times and are the ones who get it forex at official rate at the expense of those who receive small remittances of $100-$1,000.

Despora remittance brings nothing fo Nigeria.

Everytime oil falls we are always in dollars scarcity, this shows that ddiaspora remittance does not bring foreign exchange to Nigeria

osuulola:
Nice read!

It explains something. It has been said diaspora remitting is the biggest Nigerian import, brings more money than oil.

I've wondered why oil now determines currency fluctuations. This explains it all. Thanks.

Diaspora remittance is not the biggest Nigerian import.

90% of Nigeria revenue comes from oil. Foreign remittance is not a revenue for government

Nigeria gets its foreign exchange from oil

thebosstrevor1:


Diaspora remittance is not the biggest Nigerian import.

90% of Nigeria revenue comes from oil. Foreign remittance is not a revenue for government

Nigeria gets its foreign exchange from oil

It seems to the direct remittance to the people. Oil is for government. 2019, it is said that the diaspora remittance is 22 billion USD. How much did Nigeria get from oil that year? 64 billion USD. So the people got 22 billion dollars from friends and family. Government got 64 from 90% of it's export bearing in mind that the refined product will be exported back. So relatively, remittance comes first.

stonemasonn:
put a serious president and see how things improve instantly.

Yes, I agree. Unfortunately, today's two main political parties don't have the capability and will to put a "serious president". After all, both parties are the same with zero ideology to pull Nigeria out of its present predicament. We kind of running a pseudo one party system.

[s]

helinues:
Nigerian banks been robbing Nigerians since 18BC without using Gun or any weapon

[/s]

osuulola:

It seems to the direct remittance to the people. Oil is for government. 2019, it is said that the diaspora remittance is 22 billion USD. How much did Nigeria get from oil that year? 64 billion USD. So the people got 22 billion dollars from friends and family. Government got 64 from 90% of it's export bearing in mind that the refined product will be exported back. So relatively, remittance comes first.

Yeah, that is what they say 22 billion usd and 30 billions usd from remittance but we keep having shortage of dollars.

This shows it is all lies.

Diaspora remittance is not up to 100 million dollars, i read something like that in CBN report

thebosstrevor1:


Diaspora remittance is not the biggest Nigerian import.

90% of Nigeria revenue comes from oil. Foreign remittance is not a revenue for government

Nigeria gets its foreign exchange from oil

you are talking trash !

thebosstrevor1:


Yeah, that is what they say 22 billion usd and 30 billions usd from remittance but we keep having shortage of dollars.

This shows it is all lies.

Diaspora remittance is not up to 100 million dollars, i read something like that in CBN report

That is because your crooked banks seize the forex remitted and launder at the black market causing an unnatural disequilibrium.

afube:




That is because your crooked banks seize the forex remitted and launder at the black market causing an unnatural disequilibrium.

Stop writing trash

You can't give what you don't have.

It is just common sense

There is no 22 billion usd diaspora remittance nowhere.

EagleNest:
I don't simply understand why Nigeria is seriously bent at destroying itself. When round pegs are in square holes, it leads to set backs. Nigeria is suffering today because the right people are not placed in the right positions. Today's CBN policies seems more of commercial bank oriented than people oriented. In fact, I no know again

What do you expect when CBN governors live inside the pockets of commercial bank MDs? It results in periodic system collapses and corresponding bailouts using taxpayers' funds under the 'too-big-to-fail' theory of banking.

There is a need to discuss this issue, as it appears that there is massive foreign exchange laundering going on in our banks.

Yes, there is, its called Bureau de Change!

thebosstrevor1:


Diaspora remittance is not the biggest Nigerian import.

90% of Nigeria revenue comes from oil. Foreign remittance is not a revenue for government

Nigeria gets its foreign exchange from oil

You're living in the past...

sangresan:

You're living in the past...

You are living in delusions.