THE legal battle over NOSPETCO (wonder bank) investors’ fund confiscated by the Securities and Exchange Commission (SEC) and lodged with the Central Bank of Nigeria (CBN) has shifted to the Appeal Court Lagos, as a result of an appeal filed by NOSPETCO challenging the jurisdiction of the Investment and Securities Tribunal (IST) to entertain the matter. IST had on April 13, 2011 ruled that it had jurisdiction to entertain the suit filed by Prince Emmanuel Olorunnimbe and 13 other representatives of the investors forum against the SEC, the CBN and NOSPETCO over confiscated investors’ fund, dismissing all the objections of the company.
Two Kenyans are among seven foreigners targeted for sanctions by U.S president Barrack Obama over their alleged involvement in drugs. Obama has written to the congress informing it that Kilome MP Harun Mwau and businesswoman Naima Mohamed are among seven others who have been designated as foreign narcotics kingpins under the Kingpin Act.
The law denies significant foreign narcotics traffickers, their related businesses, and their operatives access to the U.S. financial system. It also prohibits all trade and transactions between the traffickers and U.S. companies and individuals.
