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Border Closure: Ghanaian Alomo Bitters Manufacturer Loses About $2m

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Kasapreko

Following the action of the Federal Government of Nigeria to close borders with neighbouring countries, Kasapreko has lost about $2 million in revenue.

Kasapreko

Kasapreko


Kasapreko Company Limited, is the manufacturer of Alomo Bitters, a beverage widely consumed by Nigerians. The company is also Ghana’s largest local beverage manufacturer.

In a report by Francis Holly Adzah, the company’s Head of International Business Development, Kasapreko has lost about $2 million in revenue following the action of the Federal Government of Nigeria to close borders with neighbouring countries.

The beverage company according to report was able to transport three trucks before the border closure. But now, the company has exhausted its products in the Nigerian market according to Ghanain news website, JoyBusiness report.

We managed to send in three trucks of products to the Nigerian market moments before the border was closed,” Adzah said.

Four other trucks loaded with products, one at the border and the others at the premises of the manufacturing company, have been left grounded due to the border closure by Nigeria, according to report.

“In September, we lost $1 million to the closure. October is almost ended and our checks show a loss of another million dollars. The situation is getting out of hand and very serious,” Adzah told JoyBusiness in an exclusive interview.

The company said it has been forced to venture into other African regions like Ivory Coast, Senegal, Togo, Benin and other European markets to offset the loss incurred from the Nigerian market due to the border closure.

United Nations COMTRADE database on international trade in 2018 pegged Ghana’s export to Nigeria at $80.96.

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MUSIC

Fabian Blu Ft. Mohbad & Naira Marley – Instagram

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Marlian Music continues to introduce fresh talents into the industry.

One of the new comers, Fabian Blu releases his second track for the year titled ‘Instagram’ which features his label boss, Naira Marley and label mate, Mohbad.

The song comes following his debut “Sisi Nene” which was released back in January. You don’t want to miss out on this one.

 

DOWNLOAD MP3: Fabian Blu Ft. Mohbad & Naira Marley – Instagram

 

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EFCC Set To Arraign Adoke For The Second Time For Money Laundering

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The EFCC will re-arraign Adoke before the Federal High Court on the same set of charges.

Adoke

EFCC Set To Arraign Adoke For The Second Time For Money Laundering

The Economic and Financial Crimes Commission, will for the third time, on Tuesday, arraign a former Attorney-General of the Federation and Minister of Justice, Mohammed Adoke (SAN), on amended money laundering charges involving about N400m.

The EFCC is to rearraign Adoke alongside a businessman, Aliyu Abubakar, before the Federal High Court in Abuja on the same set of charges.

The two defendants were earlier arraigned on February 8, 2020, before Justice Binta Nyako.

The case was later transferred to Justice Inyang Ekwo, also of the Federal High Court in Abuja.

The reassignment of the case to a new judge necessitated the re-arraingment of the defendants before Justice Ekwo on June 17.

Justice Ekwo, had after the defendants pleaded not guilty to the charges on June 17, adjourned till Monday for the commencement of trial.

But the trial could not start on Monday as scheduled due to a fresh amendment to the charges by the prosecution.

EFCC’s lawyer, Bala Sanga, told the judge that the commission filed the amended charges on July 29.

Responding, the judge frowned on the prosecution for the late filing of the amended charges just a few days to the commencement of trial.“

Justice Ekwo said, “From June 17 to July 17, you did nothing. That means you had one month and you didn’t file the amended charge. Just a few days to the trial, you filed an amended charge. A few days to when the trial is to commence.

“Although you have the freedom to amend your charge up to the time of judgment, I do not appreciate a situation where things are not done on time. This is a 2017 matter and I was thinking I could fast track it but now the prosecution has come up with an amendment.”

The judge adjourned till Tuesday for rearraingment of the defendants on the basis of the amended charges.

The case marked, FHC/ABJ/CR/39/2017, has seven counts, with six of them relating to Adoke.

EFCC alleged in the charges that they committed the money laundering offences involving over N400m in Abuja in September 2013.

In the counts concerning Adoke, he was accused of among others, receiving the dollar equivalent of N300m from Abubakar, paying the dollar equivalent of N367,318,800 to one Usman Mohammed Bello, and allegedly using the sum of N300m which was alleged to be part of the proceeds of unlawful activities, all in violations of various provisions of the Money Laundering Prohibition Act 2011.

Adoke was also accused of making “structured cash payments, in 22 tranches” amounting to N80m, another of such structured payments in 13 tranches summing up to N50m into his Unity Bank account.

The commission alleged that the funds were not only part of the proceeds of unlawful acts but they also exceeded “thresholds outside a financial institution” and that the payments were done with the intention of concealing the origins of the funds contrary to section 15(2(a) of the Money Laundering Prohibition Act 2011 and punishable under section 15(3) of the same law.

The only count concerning Abubakar was that he allegedly made the payment of dollar equivalent of N300m to Adoke’s account in violation of the money laundering law.

The defendants had earlier pleaded not guilty to the charges.

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Dubai Police Confirms Hushpuppi’s Arrest For N168 billion Fraud And Money Laundering

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Dubai Police Confirms Hushpuppi’s Arrest For N168 billion Fraud And Money Laundering

Dubai Police Confirms Hushpuppi’s Arrest For N168 billion Fraud: Dubai Police have confirmed the legal arrest of Hushpuppi for N168 billion fraud and money laundering.

Dubai based Nigerian socialite, Raymond Abbas also known as Hushpuppi, Olalekan Jacob Ponle also known as Woodbery, and ten others have been arrested by Dubai police on allegations of fraud.

Gulf News reports that the Dubai police on Thursday, confirmed their arrest following an extensive operation dubbed “Fox Hunt 2” which revealed a hidden online fraud network that was committing crimes outside the UAE.

This hidden online fraud network activities including money-laundering, cyber fraud, hacking, criminal impersonation, banking fraud and identity theft.

It is also reported that the successful raid resulted in confiscation of incriminating documents pertaining to a well-planned international fraud, worth Dh1.6 billion(N168 billion).

According to Lt General Abdullah Khalifa Al Merri, Commander-In-Chief of Dubai Police, in a reaction said the success of the operation was another feather on the cap of Dubai police, stating that the culprits would face the full weight of the law.

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