Connect with us

Africa

Lafarge SA Pleads Guilty to Providing Support to ISIS, Fined $778m in US

Published

on

Court sues Buhari, AGF, others over alleged unlawful interference with NDDC

The stock price of Lafarge Africa Plc depreciated by 2.13 per cent to N23.00 per share on Tuesday, from the N23.50 it opened on the Nigerian Exchange Limited (NGX) following reports that its parent company, Lafarge SA has agreed to pay financial penalty of nearly $778 million and also pleaded guilty to a United States federal court of conspiring to provide material support to ISIS and another terrorist organisation.

The stock price of the cement producing company on the NGX had remained flat since September 21, 2022, but depreciated to N23 per share on Tuesday.

Capital market analyst said the sanction imposed on its parent company was going to affect its performance on the NGX.

The company has pleaded guilty to a United States federal court of conspiring to provide material support to ISIS and another terrorist organisation.

It was an unprecedented corporate prosecution under the material support of terrorism law, according to the US Justice Department.

The company pleaded guilty in a Brooklyn federal Court on Tuesday.

The $10.24 million in payments to ISIS, the al-Nusrah Front and intermediaries were made from August 2013 through October 2014, and occurred even as the terror group was kidnapping and killing Westerners.

“Lafarge has admitted and taken responsibility for its staggering crime,” said U.S. Attorney Breon Peace in a statement.

“Never before has a corporation been charged with providing material support and resources to foreign terrorist organizations.”

Peace’s office said Lafarge Cement Syria executives bought materials needed for their cement plant in the Jalabiyeh region of northern Syrian from ISIS-controlled suppliers, and paid monthly “donations” to ISIS and ANF, so that employees, customers and suppliers could cross checkpoints around the plant.

Lafarge Cement Syria “eventually agreed to make payments to ISIS based on the volume of cement that LCS sold to its customers, which Lafarge and LCS executives likened to paying ‘taxes,” Peace’s office said.

“In the midst of a civil war, Lafarge made the unthinkable choice to put money into the hands of ISIS, one of the world’s most barbaric terrorist organizations, so that it could continue selling cement,” said Peace.

“Lafarge did this not merely in exchange for permission to operate its cement plant – which would have been bad enough – but also to leverage its relationship with ISIS for economic advantage, seeking ISIS’s assistance to hurt Lafarge’s competition in exchange for a cut of Lafarge’s sales,” Peace said.

Lafarge was purchased by Switzerland-based Holcim in 2015.

“Lafarge SA and LCS have accepted responsibility for the actions of the individual executives involved, whose behavior was in flagrant violation of Lafarge’s Code of Conduct.

“We deeply regret that this conduct occurred and have worked with the U.S. Department of Justice to resolve this matter,” the company said in a statement.

The company’s dealings with the terrorist group were the subject of an internal investigation several years ago. At the conclusion of the probe, the corporation said employees of a legacy company were paying off intermediaries without regard to the identity of the groups involved in order to keep operations running and the plant safe as violence escalated in the region.

“The combination of the war zone chaos and the ‘can-do’ approach to maintain operations in these circumstances may have caused those involved to seriously misjudge the situation and to neglect to focus sufficiently on the legal and reputational implications of their conduct,” Lafarge Holcim, as the company is now known, had said in a public statement in 2017.

Magali Anderson, a top executive at Lafarge, pleaded guilty on behalf of the company.

Holcim in a statement to CNBC said it supports the plea agreement that Lafarge reached with DOJ.

“None of the conduct involved Holcim, which has never operated in Syria, or any Lafarge operations or employees in the United States, and it is in stark contrast with everything that Holcim stands for,” Holcim added in the statement.

“The DOJ noted that former Lafarge SA and [Lafarge Cement Syria] executives involved in the conduct concealed it from Holcim before and after Holcim acquired Lafarge SA, as well as from external auditors,” Holcim stated.

“When Holcim learned of the allegations from media reports in 2016, Holcim proactively and voluntarily conducted an extensive investigation, led by a major U.S. law firm and overseen by the Board of Directors. It publicly disclosed the principal investigative findings in 2017 and separated from former Lafarge SA and LCS executives who were involved in these events.”

However, an analyst at PAC Holdings, Mr. Wole Adeyeye attributed the decline in Lafarge Africa’s shares to general stock market weak sentiment by investors, stating that investors understand Lafarge Africa is a subsidiary that is wholly a Nigerian entity.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Africa

Customs hands over illicit drugs worth N117.59m to NDLEA

Published

on

Customs hands over illicit drugs worth N117.59m to NDLEA

The Nigeria Customs Service (NCS), Ogun Area 1 Command, has handed over illicit drugs worth N117.59 million to the National Drug Law Enforcement Agency (NDLEA).

The Comptroller of the command, Mr James Ojo, disclosed this during the handing over of the drugs to Mr Olusegun Adeyeye, the Commander of NDLEA, Idiroko Special Area Command, in Abeokuta, Ogun, on Friday.

Ojo said the customs handed over the seized cannabis and tramadol tablets to the Idiroko Special Command for further investigation in line with the standard operating procedures and inter-agency collaboration.

He said the illicit drugs were seized  in various strategic locations between January and November 21, 2024, in Ogun State.

He added that the illicit drugs were abandoned at various locations, including the Abeokuta axis, the Agbawo/Igankoto area of Yewa North Local Government Area, and Imeko Afton axis.

Ojo said that the seizure of the cannabis sativa and tramaling tablets, another brand of tramadol, was made possible through credible intelligence and strategic operations of the customs personnel.

“The successful interception of these dangerous substances would not have been possible without the robust collaboration and support from our intelligence units, local informants and sister agencies.

“These landmark operations are testament to the unwavering dedication of the NCS to safeguard the health and well-being of our citizens and uphold the rule of law,” he said.

He said the seizures comprised 403 sacks and 6,504 parcels, weighing 7,217.7 kg and 362 packs of tramaling tablets of 225mg each, with a total Duty Paid Value of N117,587,405,00.

He described the height of illicit drugs smuggling in the recent time as worrisome.

This, he said, underscores the severity of drug trafficking within the borders.

“Between Oct. 13 and Nov. 12 alone, operatives intercepted a total of 1,373 parcels of cannabis sativa, weighing 1,337kg and 362 packs of tramaling tablets of 225mg each,” he said.

Ojo said the seizures had  disrupted the supply chain of illicit drugs, thereby mitigating the risks those substances posed to the youth, families and communities.

He lauded the synergy between its command, security agencies and other stakeholders that led to the remarkable achievements.

Ojo also commended the Comptroller General of NCS for creating an enabling environment for the command to achieve the success.

Responding, Adeyeye, applauded the customs for achieving the feat.

Adeyeye pledged to continue to collaborate with the customs to fight against illicit trade and drug trafficking in the state.

Continue Reading

Africa

Ann-Kio Briggs Faults Tinubu for Scrapping Niger Delta Ministry

Published

on

Prominent Niger Delta human rights activist and environmentalist, Ann-Kio Briggs, has criticised President Bola Tinubu’s decision to scrap the Ministry of Niger Delta, describing it as ill-advised and detrimental to the oil-rich region.

Briggs expressed her concerns during an appearance on Inside Sources with Laolu Akande, a socio-political programme aired on Channels Television.

“The Ministry of Niger Delta was created by the late (President Umaru) Yar’Adua. There was a reason for the creation. So, just removing it because the president was advised. I want to believe that he was advised because if he did it by himself, that would be terribly wrong,” she stated.

President Tinubu, in October, dissolved the Ministry of Niger Delta and replaced it with the Ministry of Regional Development, which is tasked with overseeing all regional development commissions, including the Niger Delta Development Commission (NDDC), North-West Development Commission, and North-East Development Commission.

Briggs questioned the rationale behind the restructuring, expressing concerns about its feasibility and implications. “But that’s not going to be the solution because who is going to fund the commissions? Is it the regions because it is called the Regional Development Ministry? Is it the states in the regions? What are the regions because we don’t work with regions right now; we are working with geopolitical zones,” she remarked.

She added, “Are we going back to regionalism? If we are, we have to discuss it. The president can’t decide on his own to restructure Nigeria. If we are restructuring Nigeria, the president alone can’t restructure Nigeria, he has to take my opinion and your opinion into consideration.”

Briggs also decried the longstanding neglect of the Niger Delta despite its significant contributions to Nigeria’s economy since 1958. “The Niger Delta has been developing Nigeria since 1958. We want to use our resources to develop our region; let regions use their resources to develop themselves,” she asserted.

Reflecting on the various bodies established to address the region’s development, Briggs lamented their failure to deliver meaningful progress. She highlighted the Niger Delta Basin Authority, the Oil Mineral Producing Areas Development Commission (OMPADEC), and the NDDC as examples of ineffective interventions.

“NDDC was created by Olusegun Obasanjo…There was OMPADEC before NDDC. OMPADEC was an agency. Before OMPADEC, there was the Basin Authority…These authorities were created to help us. Were we helped by those authorities? No, we were not,” she said.

Briggs further described the NDDC as an “ATM for failed politicians, disgruntled politicians, and politicians that have had their electoral wins taken away from them and given to somebody else.”

Her remarks underscore the deep-seated frustrations in the Niger Delta, where residents continue to advocate for greater control over their resources and improved governance.

Continue Reading

Africa

Escalating Jihadist Retaliation Claims Over 120 Lives in Burkina Faso

Published

on

Escalating Jihadist Retaliation Claims Over 120 Lives in Burkina Faso

Escalating Jihadist Retaliation Claims Over 120 Lives in Burkina Faso

Human Rights Watch (HRW) revealed on Wednesday that jihadist groups in Burkina Faso have intensified attacks on civilians, particularly targeting those accused of collaborating with government forces or refusing to join their ranks.

The conflict, fueled by insurgents linked to al-Qaeda and ISIS, has plagued the West African nation for nearly a decade, spilling over from neighbouring Mali.

Under military leader Ibrahim Traore, Burkina Faso has recruited thousands of civilian volunteers, known as VDPs, to assist in the fight. However, this move has provoked increasingly violent reprisals from jihadist factions, leading to tragic consequences for local communities.

HRW documented seven attacks between February and June, resulting in the deaths of at least 128 civilians.

These assaults, including a massacre in a Catholic church and strikes on displaced persons camps, were attributed to al-Qaeda affiliate Jama’a Nusrat ul-Islam wa al-Muslimin (JNIM) and ISIS-linked Islamic State in the Greater Sahara (ISGS).

Witnesses claimed some attacks were motivated by civilians’ involvement with government forces.

“We are between a rock and a hard place,” a 56-year-old villager lamented, describing the dire situation faced by many.

HRW’s report also highlighted that some villagers were killed after being forced by authorities to return to areas previously overtaken by jihadists.

In response, Burkina Faso’s justice minister dismissed HRW’s claims of slow prosecutions, asserting that human rights violations by insurgents are being investigated.

The junta, which came to power following a coup in 2022, faces growing criticism for its handling of the crisis, with analysts noting a further deterioration in security under Traore’s leadership.

Despite Traore’s promises to restore stability, the conflict shows no signs of abating, with HRW citing the recent massacre in Barsalogho, where hundreds were killed, as one of the deadliest incidents in the country’s history.

Continue Reading

You May Like

Copyright © 2024 Acces News Magazine All Right Reserved.

Verified by MonsterInsights