Zimbabwe’s woes continue as the cash-strapped southern African nation is now so poor it cannot even issue its own passports.
President Emmerson Mnangagwa told reporters that the issuing company is refusing to do any further business with the government until it has settled its debts.
According to Reuters, however, the passport office is running short of specialized ink and paper and the necessary foreign currency reserves to purchase it with. Elsewhere, shortages for everyday items like bread and fuel continue to push more Zimbabweans to apply for international travel documents.
Higher prices are spiraling out of control in the country, with Zimbabwe easily being the worst performing nation in the African block.
Only last week, authorities outlawed the use of other currencies as legal tender. In their place, the government installed a new Zim currency, temporarily referred to as the RTGS dollar.
Zimbabwe was once lovingly referred to as the breadbasket of Africa. That label is now long gone thanks to the insane monetary policies of prior dictator Robert Mugabe. In 2008, Zimbabweans hoarded US dollars and South African rands in the aftermath of a local and global financial crisis.
The local currency became practically worthless overnight. The move to a multi-currency approach largely stabilized the country, but now citizens are fearing déjà vu as a new government takes the helm.
Ten years is not enough time to forget the effects of hyperinflation. Those days are still fresh in the memory of most citizens who became accustomed to carrying around million-dollar wads of cash.
Amid the frenzy, local traders began offering massive premiums for Bitcoin on peer-to-peer exchange LocalBitcoins. Despite this massive deviation from the norm, Bitcoin still commands a premium in most southern African nations. Cross-border crypto-fiat arbitrage is difficult, even if cryptocurrency flaunts international borders.
With runaway inflation and untrustworthy authorities, wealth preservation appears to be front-and-center on the minds of many Africans. Zimbabwean finance minister Mthuli Ncube even hinted last year that cryptocurrency could play a part in solving the country’s cash shortages.
Nothing has come of that suggestion, though, and the crowding at the passport office is proof of it.
One applicant interviewed by Reuters, Bothwell Mhashu, is intent on escaping Zimbabwe’s economic troubles by joining his elder brother in Namibia. Passport or not, he’ll first have to navigate his country’s bureaucracy.
Both East African nations lost their last Africa Cup of Nations (Afcon) group games on Monday night
First we take a look at how the continent’s football fans celebrated the performance of one of their most famous players, Sadio Mane at 30 June Stadium.
The Liverpool star got social media buzzing early for the wrong reasons after his penalty was saved by Kenya’s Patrick Matasi in the first half.
Then in the second half his pace was just too much for Kenya’s players in a counter attack. Mane used his physical power to win the ball and then outran Harambee Stars backline.
Late on he got another opportunity from the spot to make amends for the earlier miss. Mane struck his shot to the right this time as it crept low into the goal past Matasi.
Algeria were just too good for Tanzania at Al-Salam Stadium. In this game Adam Ounas impressed fans after scoring a brace of his own.
Islam Slimani had earlier opened the scoring for Algeria who topped the group ahead of second placed Senegal.
A Utah man was taken into custody Friday for allegedly killing missing University of Utah student Mackenzie Lueck, according to the Salt Lake City police.
Ayoola Ajayi, 31, is charged with aggravated murder, aggravated kidnapping, obstruction of justice and desecration of a body, Salt Lake City Police Chief Mike Brown said at a news conference on Friday.
Charred tissue has been recovered that contains DNA consistent with samples found on Lueck's belongings, Brown said.
Giving Lueck's father the news was "one of the most difficult phone calls I've ever made," Brown said.
Lueck, 23, was last seen in the early hours of June 17. She landed at the Salt Lake City International Airport around 2 a.m., then at 2:40 a.m. she took a Lyft from the airport to Hatch Park in north Salt Lake City, police said.
The Lyft driver told police that Lueck met an individual at the park and did not appear to be in distress, police said.
The college senior was never seen again.
All communications from Lueck's cell phone stopped on at 3 a.m. that morning, Brown said.
Phone records show that Lueck and Ajayi were both at Hatch Park within less than one minute of each other, Brown said.
Lueck's last communication was with Ajayi, Brown said.
Ajayi admitted to police that he and Lueck texted about 6 a.m. on June 16, but said that they did not text after that time, said Brown. He told police "he did not know what Mackenzie looked like and denied having seen a photo or online profile of Mackenzie, despite having several photos of her and a profile photo," Brown said.
His home was searched on Wednesday night when he was considered a person of interest, police said.
During that search, Ajayi's neighbors told police they saw him using gasoline to burn something in his backyard on June 17 and 18, police said.
Police found a "fresh dig area" there, Brown said.
"A forensic excavation of the burned area was conducted, which resulted in the finding of several charred items consistent with personal items of Mackenzie Lueck," he said.
Lueck, a kinesiology major, was planning to graduate next year, according to the university.
"The death of Mackenzie Lueck is devastating news," university President Ruth Watkins said in a statement on Friday. "On behalf of the university, I express our heartfelt sympathy to the family, friends and classmates of Mackenzie during this very difficult time."
As her family and friends mourn, Lueck's connection to the suspect and details about the alleged crime remain unclear.
Investigators said Thursday they were looking to track down a mattress and box springdiscarded from his house, police said.
Ajayi spent six months in the Utah Army National Guard, a Utah National Guard spokesperson told ABC News. He was discharged in June 2015, the spokesperson said.
Ajayi "did not attend Basic Training or Advanced Individual Training," said the spokesperson. "As a result, he did not receive any certificates or awards from the Army National Guard. He was therefore ineligible to deploy or conduct any tours of duty with the Utah Army National Guard."
The Federal Aviation Administration discovered another potential risk in Boeing’s 737 Max 8 jets, which were grounded in the U.S. and abroad in March after 346 people died in two separate crashes involving the plane.
Reuters first reported the potential risk, which Boeing will now need to address, on Wednesday. The issue was found during a simulator test performed last week, according to the news agency, and is believed to be different from the flaws that investigators linked to the crashes earlier this year.
Details of the specific risk were not made clear in Reuters’ report, though CNN said a risk had been discovered in the computer system that could push the plane’s nose down, citing sources familiar with the testing.
The FAA confirmed later Wednesday that it had found another potential risk in the 737 Max 8 jets.
The FAA said that an independent review panel, the Technical Advisory Board, was reviewing the agency’s ongoing work on restoring the 737 Max 8’s service.
“On the most recent issue, the FAA’s process is designed to discover and highlight risks,” the FAA said.
The agency said Boeing would have to “mitigate” the new risk.
Boeing is under severe scrutiny after one of its 737 Max 8 aircraft crashed in Indonesia and another crashed in Ethiopia five months later, both times killing everyone on board. A malfunctioning anti-stall system and a design flaw in the aircraft’s flight simulator software is believed to be linked to both of the crashes.
In May, The New York Times reported that Boeing had discovered that its flight simulators could not replicate the conditions that occur when the anti-stall system malfunctions, giving pilots a false impression of how much force they would need to employ to regain control of the jet once the anti-stall system was activated.
The pilots who died in the 737 Max 8 crashes struggled to disengage the planes’ automated anti-stall software and failed to regain control of the aircraft as the anti-stall system repeatedly pushed the aircraft’s nose downward.
Following the lead of countries around the world, President Donald Trump issued an emergency order grounding all 737 Max 8 planes in the U.S. in response to the deadly crashes.
Boeing officials acknowledged there were design flaws in the simulation software in May. Last week, the company’s CEO Dennis Muilenburg also admitted that Boeing made a “mistake” by failing to tell regulators that a safety indicator in the cockpit of the Max jet didn’t work properly.
When speaking to reporters in Paris last week, Muilenburg expressed confidence that the jets would be cleared to fly later this year, according to The Associated Press.
But the FAA on Wednesday said it was not following a “prescribed timeline” to bring the jets into service.
“The [FAA] is following a thorough process, not a prescribed timeline, for returning the Boeing 737 MAX to passenger service,” the agency said. “The FAA will lift the aircraft’s prohibition order when we deem it is safe to do so.”
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Bitcoin (BTC) has resumed the upside and touched $11,340 during Asian hours on Tuesday. The first digital currency has gained over 4% since this time on Monday and grew by 3% since the beginning of the day.
The path to the South is riddled with strong technical levels, while the upside movement promises to be nice and easy once the critical resistance $11,500 is out of the way. Let’s have a closer look at the barriers that might influence Bitcoin’s movements in the short run.
The coin has recovered from Monday’s low of $294 to trade at $313.30 by the time of writing. The second largest cryptocurrency with the current market capitalization of $33.2 billion and an average daily trading volume of $7.9 billion has gained nearly 3% in recent 24 hours and stayed unchanged since the beginning of Tuesday.
Looking technically, a sustainable move above $315.00 (the upper line of 4-hour Bollinger Band) will help to unleash Ethereum’s bullish potential and push the price towards the next upside target $320. Basically, we are entering uncharted territory for the ETH with the next strong barrier created by SMA100 weekly at $381. Once it is cleared, $400.00 will come into view.
Ripple’s formidable gains saw it trade above $0.5 level for the first time this year. Although the correction followed in the footsteps of Bitcoin, Ripple gains greatly lagged behind the largest asset which is currently trading closer to its 15-months high.
On the other hand, XRP/USD has been forming a higher low pattern from June’s low marginally above $0.3800. Initially, the struggle at $0.4600 capped gains while the downside was supported at $0.4200. The correction above the 50 Simple Moving Average (SMA) and the 100 SMA as well as the 100 Exponential Moving Average (EMA) ignited the momentum as Ripple broke past $0.48 hurdle and eventually climbed above $0.50.
The largest American cryptocurrency company, Coinbase, was one of Libra’s 27 initial partners. But when the partnership was announced internally, several Coinbase employees expressed concern about their company joining forces with a giant company like Facebook with a spotty record on issues that matter to cryptocurrency fans, like privacy, according to two company employees.
A spokeswoman for Coinbase declined to comment.
Joe Lallouz, the chief executive of Bison Trails, another cryptocurrency company that joined Libra as a partner, said he was also skeptical when Facebook approached him.
“My initial reaction was: ‘You don’t have the best track record from a data privacy perspective,’” Mr. Lallouz said in an interview after the announcement. “Facebook’s reputation around data privacy and being trustworthy is against the crypto ethos.”
But Mr. Lallouz said Facebook had shown that it was serious about protecting the privacy of its users, in part by ensuring that it does not have too much control over the project.
Facebook executives said the design of Libra was inspired by the decentralized structure of Bitcoin, with governance given over to the association, in which Facebook will only have one vote out of a potential 100 partners.
“Already, they are relinquishing control and ownership over this, which is huge,” said Mr. Lallouz.
The partners are expected to meet in the coming months to write a charter that will govern the association.
Facebook’s history with partners has added to their caution. The game-maker Zynga, for example, faced a dramatic loss of revenue after Facebook backed away from a close relationship with the company. Facebook also strained relationships with many publisherslast year when it changed the algorithms behind its news feed to de-emphasize news stories.
“This is a huge opportunity, but there are a lot of details that still need to be worked out,” Mr. Lallouz said.
AUDUSD continues to retrace the decline following the Reserve Bank of Australia (RBA) rate cut from earlier this month, and recent price action brings the monthly-high (0.7022) on the radar as the exchange rate extends the series of higher highs and lows from the previous week.
AUDUSD extends the rebound from the monthly-low (0.6832) even though RBA Minutesfrom this month’s rate decision highlight a dovish forward guidance for monetary policy, and it seems as though the central bank will attempt to buy time at the next meeting on July 2 as Governor Philip Lowe insists that “it’s a legitimate question to ask how effective further monetary easing would be.”
The RBA may revert back to a wait-and-see approach as US President Donald Trump is scheduled to meet with China President Xi Jinping at the Group of 20 (G20) summit scheduled for later this week, and the efforts to nail out a trade agreement may keep the Australian Dollar afloat as it mitigates the downside risk surrounding the Asia/Pacific region.
At the same time, the Federal Open Market Committee (FOMC) appears to be on track to switch gears over the coming months as eight Fed officials project a lower trajectory for the benchmark interest rate, and Chairman Jerome Powell and Co. may come under increased pressure to reverse the four rate hikes from 2018 as President Trump tweets “we need rates cuts, & easing.”
In turn, Fed Fund futures continue to reflect a 100% probability for at least a 25bp reduction at the next interest rate decision on 31, and a growing number of Fed officials may change their tune as the “apparent progress on trade turned to greater uncertainty.”
With that said, speculation for an imminent Fed rate cut may fuel the recent rebound in AUDUSD, but the pickup in volatility appears to be influencing market participation as retail sentiment falls back from an extreme reading.
The IG Client Sentiment Report shows65.3% of traders are net-long AUDUSD compared to 75.9% last week, with the ratio of traders long to short at 1.88 to 1. Keep in mind, traders have been net-long since April 18 when AUDUSD traded near 0.7160 even though price has moved 2.2% lower since then.
The number of traders net-long is 8.4% lower than yesterday and 23.0% lower from last week, while the number of traders net-short is 21.7% higher than yesterday and 24.6% higher from last week. The drop in net-long position points to profit-taking behavior as AUDUSD extends the rebound from the monthly-low (0.6832), but the persistent tilt in retail sentiment offers a contrarian view as both price and the Relative Strength Index (RSI) continue to track the bearish trends carried over from late-2018.
Keep in mind, the AUDUSD rebound following the currency market flash-crash has been capped by the 200-Day SMA (0.7107), with the exchange rate marking another failed attempt to break/close above the moving average in April.
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By CCN Markets: One day Bitcoin will occupy the same corner of internet nostalgia occupied by Nikola Tesla. So it goes: were it not for Thomas Edison’s superior resources, influence and propaganda, we could all be running our laptops on Mr. Tesla’s free energy right now.
Surveying the thunderous hype surrounding Facebook’s foray into the cryptocurrency game, one can’t quite shake the feeling that Mark Zuckerberg is in the process of pulling an Edison.
The analogies between the story of Facebook’s foundation and that of the upcoming Libra/Facebucks are striking. Call it inspiration, theft, or skilled reselling, but when Mark Zuckerberg launched Facebook in 2004, he was working with live clay. The groundwork of Facebook already existed in the Winklevii’s HarvardConnection/ConnectU. Zuckerberg reshaped it and sent it out to become the global juggernaut it is today – with lawsuits and settlements in between.
Here, Zuckerberg resembles McDonalds tycoon Ray Kroc – a man with better salesmanship than his colleagues, and no moral scruples about taking their ideas and running with them. Like Kroc, Zuckerberg did not yet have any of that wealth, power and influence which would soon come his way.
Fifteen years later, and Facebook has become a world-wide global mega-corporation, with Zuckerberg atop its throne. Here the Thomas Edison analogy really shines. Like Edison, Zuckerberg has used his power and influence to control the narrative, crush competitors; and even threaten his own workers.
And just as Thomas Edison often stole (and in the process, often f***ed up) Nikola Tesla’s ideas and inventions, Mark Zuckerberg is now stealing Bitcoin.
Here I use Bitcoin in the broadest possible sense – as the concept of cryptocurrency as a whole. If you wanted to crush the revolutionary power of the printing press, what better way than to flood the market with nice, entertaining, harmless literature, with no substance or contemplative threat whatsoever?
If you wanted to crush the knowledge-inducing power of the internet, what better way than to flood it with infinite swathes of facts, data, and information – none of which add up to any knowledgeable whole.
If you wanted to kill the revolutionary power of Bitcoin, what better way than to release an Edison-esque, Zuckerberg-approved, Facebookified version of cryptocurrency that already has the world’s existing financial elite on board?
Facebook’s immediate priority is increasing revenue streams by connecting all of its social media platforms under one digital currency. Under Zuckerberg’s new plans, Facebook, Messenger, WhatsApp and Instagram will become Amazon marketplaces unto themselves – all connected by Facebucks.
Is Facebook’s immediate aim the destruction of the Bitcoin and cryptocurrency experiment? Probably not. But entities that large rarely care, or even see, those who they step on as they amble clumsily and uninvited into our lives.
The newly revealed Libra whitepaper claims its aim is the empowerment of billions of people: “Libra’s mission is to enable a simple global currency and financial infrastructure that empowers billions of people.”
If Facebook’s past history with Cambridge Analytica is anything to go by, any promises of privacy safeguards in its new blockchain venture should not be taken at face value. Data is worth more than oil in today’s economy, and Mark Zuckerberg owns one of the biggest wells in town.
And if the latest claims by blockchain company Hedera are anything to go by, then not only is Zuckerberg in the process of stealing the concept of cryptocurrency – but also its technical infrastruture. Hedera claims to have held meetings with Facebook last year, only for their ideas to suddenly appear in the form of Libra.
The only ray of hope is in the oft-repeated maxim that those who walk bigger fall harder. But in light of Facebook’s pervasive, monopolous spread through just about every aspect of society, that might just be a load of crock.
Disclaimer: The views expressed in the article are solely those of the author and do not represent those of, nor should they be attributed to, CCN Markets.
The cryptocurrency market is in recovery mode as Bitcoin and all major altcoins have gained some ground in recent 24 hours. The total market capitalization increased slightly to $289 billion; an average daily trading volume reduced to $50 billion. Notably, the trading volumes have been sliding since the beginning of the week, signaling that the market is in prone to range-bound trading.
By CCN Markets: Facebook is already under fire from regulators less than a day after officially revealing its cryptocurrency whitepaper. Based on three separate talks, it’s clear top government and bank officials from around the world are preparing to regulate Facebook Libra.
Cryptocurrencies like bitcoin transcend national borders, and project Libra is looking to cash in on this edge that no other central bank can lay claim to. Regulators are on high alert as Facebook ambitiously aims to be the first global central bank.
In Portugal at the ECB’s annual symposium, Bank of England Governor Mark Carney earlier today called on G7 countries to heavily scrutinize the Libra launch. He is cited in Bloombergas saying:
“Anything that works in this world will become instantly systemic and will have to be subject to the highest standards of regulation. We will look at it very closely and in a coordinated fashion at the level of the G-7, the BIS, the FSB and the IMF. So open mind, but not open door.”
Last year, the governor openly dismissed cryptocurrency but appears to be coming round now as project Libra finally moves forward.
In an interview with CNBC, Sheila Bair, former chair for the Federal Deposit Insurance Corporation (FDIC), raised some concerns about the Libra launch, saying:
“What are they doing with the money, if I give them some dollars to buy the Libra, they’re kinda being fuzzy about that in their whitepaper…The strength of the collateral is a question I would have about it.”
Facebook has 2.6 billion users worldwide. Those users exchange value in over 100 different currencies. Despite Libra’s claim as a future stablecoin, it’s unclear yet how Facebook will manage investment with its foreign reserves.
Bair later reiterated her idea of a Fed-backed cryptocurrency, however, nothing has come of it. Governments are usually slow with the uptake of new technology, but Libra may change all of that if it succeeds.
French Finance Minister Bruno Le Maire voiced his concerns over Libra’s potential for currency status on Europe 1 radio, saying:
“It is out of the question that Libra becomes a sovereign currency. It can’t and it must not happen.”
Le Maire echoed Carney’s call for the Group of Seven governors – or “guardians of the global monetary system” as he put it – to report on Libra for their next meeting in July.
Bair’s call for a federally backed coin has one major problem. As she humorously notes further in her interview:
“[FedCoin] would give people a very safe way to make payments. I mean you don’t have to worry about the Fed defaulting right, they can print their own money.”
While the Fed can indeed print their own money, the comment highlights the conundrum that modern-day central banks face. Their jurisdiction ends at the border. Facebook’s doesn’t. At least not yet. The G7 will have to massively expand to regulate in the new digital world.
Despite the positive news, Facebook shares closed lower on the day, down 0.29%.
There are currently around 1,500 cryptocurrencies that have been listed on exchanges – so if you’re looking to invest in a digital currency the choice can seem pretty overwhelming!
Coinlist combed through the vast offering that is out there and selected the top 5 altcoins for you. This video will give you a bit more information about each coin and what the outlook of the top 5 currencies seems to be.
Everyone is talking about Bitcoin, which is undoubtedly the most prominent currency to this day and deservedly enjoys the spotlight in the industry. However, there are a few altcoins on offer which shouldn’t be overlooked. Each of our top 5 altcoin has a fascinating background and a good outlook for the future. We hope this video shines the light on the qualities of Tron, Monero, Ether,
Stellar Lumens and IOTA.
Want to buy a coin or need even more information on a certain currency? Just head to our buy pages and find out more about how each coin performs in the market and a step-by-step guide on how to purchase the currency of your desire.
Let’s investigate Mark Zuckerberg and his plot for world domination and India’s latest Anti-crypto bill.
First, we are going to talk about my boy Marky Mark and his latest new scheme of trying to get into the crypto orgy fest. Mark Zuckerberg announced facebook’s cryptocurrency, Global coin. Want to hear the most disappointing part of all this? so far major companies are actually backing Global Coin. According to a report in the Wall Street Journal, payment giants Visa and Mastercard in addition to PayPal and Uber have all jumped onto Mark Zuckerberg’s crypto bandwagon. What worries me is this all is probably the plan to decentralized cryptocurrency.
On another news, What’s the deal with India and this new anti-crypto bill?
Read more: https://234crypto.com/2019/06/mark-zuckerbergs-evil-plan-indias-anti-crypto-bill/
The price of bitcoin (BTC) hit a 13-month high above $9,300 on Sunday.
The leading cryptocurrency by market capitalization rose to $9,381 at 05:55 UTC – the highest price since May 10, 2018, according to CoinDesk’s Bitcoin Price Index.
BTC was last seen trading at $9,250 representing 6.4 percent gains on the day. On a month-to-date basis, the cryptocurrency is up 8 percent.
More than $19 billion worth of bitcoin has been traded across cryptocurrency exchanges in the last 24 hours, according to Messari data. Meanwhile, major exchanges included in the calculation of Bitwise’s “real” bitcoin trading volume are currently reporting the 24-hour volume figure at $867,697,751.
With the price rise, Bitcoin’s dominance rate, or its share of the total cryptocurrency market, has ticked higher to 57.1 percent from lows near 55 percent see on Friday.
The bitcoin price rally is boding well for the broader market. At press time, litecoin is up 2.3 percent on a 24-hour basis. Names like ethereum’s ether token, XRP and bitcoin cash are up 4 percent, according to CoinMarketCap.
Meanwhile, EOS is the best performing top 10 cryptocurrency of the past 24 hours with 7 .4 percent gains.
However, on a seven-day basis, litecoin is leading the top 10 cryptocurrencies with 18.29 percent gains followed by bitcoin, which has appreciated by 17.20 percent.
Looking forward, BTC may rise further toward the next major resistance at $10,000, as long-term technical studies are biased bullish. For instance, bitcoin’s 50- and 100-candle moving averages on the three-day chart look set to produce a bullish crossover – a sign of bull market momentum. Back in October 2015, the same cross marked the start of a long-term bull market.
Notably, with a move to 13-month highs, the cryptocurrency has retraced nearly 38.2 percent of the sell-off from December 2017 highs to December 2018 lows, as seen in the chart below.
BTC’s sharp rise from $7,500 to levels above $9,300 has invalidated the bearish doji reversal confirmed by last Sunday’s UTC close below $8,000. As a result, the path of least resistance is to the higher side and prices could cross the 38.2 percent Fibonacci retracement hurdle of $9,442.
However, a minor pullback to $8,000 could be seen before a break above $9,442, as the bearish divergence of daily trading volumes discussed on Friday is still valid. Further, the widely tracked relative strength index is reporting overbought conditions with an above-70 print on the hourly and 4-hour charts.
A former Chief of Army Staff, Lt.-Gen. Ishaya Bamaiyi, on Friday told an Ikeja High Court that Fred Ajudua, alleged serial conman, defrauded him in spite of swearing with his son’s life.
Bamaiyi made the disclosure while being cross-examined by Ajudua’s counsel, Mr Olalekan Ojo, at the resumed hearing in allegedly swindling of Bamaiyi of 8.4 million dollars at the Kirikiri Maximum Prisons by Ajudua in 2004.
Friday’s session was the fifth in the proceedings in which Bamaiyi was cross-examined by the defence since giving his evidence-in-chief on Nov. 26, 2018.
Responding to Ojo’s question on why he did not ask for receipts from Ajudua as proof of receiving the funds, Bamaiyi said that he trusted Ajudua not to defraud him.
He noted that his trust was further strengthened when Ajudua swore with his son’s life not to defraud him.
“I trusted him completely; you don’t understand the concept and level of trust I had.
“I’m a father and a grandfather. I understand these things. If as a father he (Ajudua) swears that his only son should die if he should defraud me; that is more than sufficient receipt.
“When he defrauded me, I initially kept quiet. It was after he ran away for six years that I decided to complain. By God, I never knew I will find myself in court,” Bamaiyi said.
The former army chief said that the funds given to Ajudua for payment for the legal services of Chief Afe Babalola (SAN), were brought to him in prison by family members, friends and staff.
He said that prison rules allowed money meant for the payment of legal representation to be brought into the premises of the prison, adding that he recorded every money brought to the prison in his diary.
“Sometimes money was put in our food containers. The money is counted in the presence of the prison officers, so it was not hidden.
“My lord, I said it before and let me repeat it, when visitors come with the food containers, he who brings the food will taste it so that they will not poison the inmate.
“The food container has food on top; that is the one they will taste. Money is kept underneath the container.
“To me, the counting of the money is a record; the prison authorities knew about this money and constitutes records to the prison authorities.
“I can remember the specific amount each person brought; my former ADC, Timothy Chechet, brought one million dollars on two different occasions,” he said.
He said the individuals who brought some of the foreign currencies, gave statements to the Economic and Financial Crimes Commission (EFCC) confirming that they brought money to the Kirikiri Maximum Prisons.
Explaining the source of the funds, Bamaiyi said that the money was given to him by friends who did not want their identity disclosed.
He also said that the funds were sourced from his personal savings, property and farming businesses, adding that some of the funds were withdrawn from his account at the defunct Nal Merchant Bank.
Following the revelation, Ojo requested for a copy of Bamaiyi’s statement of account, saying that the prosecution had not frontloaded a copy of the statement to the defence.
On his part, the prosecuting counsel for EFCC, Mr Tope Banjo, said that an additional proof of evidence containing the requested bank statement would be filed in court by the prosecution at an adjourned date.
The Judge, Justice Josephine Oyefeso, adjourned the case until Sep. 16 and 19, 2019, for continuation of trial.
According to the prosecution, Ajudua was incarcerated at the Kirikiri Maximum Prisons over alleged fraud while Bamaiyi was incarcerated over alleged involvement in the attempted murder of Mr Alex Ibru, late publisher of The Guardian Newspaper.
The prosecution alleged that Ajudua had alongside some accomplices, approached Bamaiyi in the prison in 2004.
The defendant had allegedly convinced Bamaiyi that he could hire the legal services of Chief Afe Babalola (SAN) to help secure his freedom from Kirikiri, and Ajudua allegedly fraudulently collected 8.4 million dollars as the legal fees.
When the alleged fraud came to light, the law chambers of Afe Babalola and Co. issued a disclaimer disassociating itself from the case.