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Breaking : Naira would have crashed massively if 300 accounts were not frozen, one of the accounts traded over $15bn recently, Says EFCC Chairman, Olukoyede

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The Economic and Financial Crimes Commission may prosecute 300 forex racketeers trading on a peer-to-peer platform outside the financial regulations.

The EFCC Chairman, Ola Olukoyede, who gave this indication during an interactive programme with editors and bureau chiefs in Abuja on Tuesday, revealed that the accounts were frozen following a court order on Monday.

He disclosed that one of the accounts traded over $15bn in the past year.

Recently, the Federal Government through the Nigerian Communications Commission blocked the online platforms of Binance and other crypto firms to avert what it considered continuous manipulation of the forex market and illicit movement of funds.

It also detained two senior executives of Binance, a cryptocurrency exchange amidst efforts by the government to rein in speculation on the naira by cracking down on cryptocurrency exchanges.

The government also sent EFCC operatives to arrest Bureau De Change operators at the popular Wuse Zone 4 in Abuja.

While the websites of Binance, Coinbase, and Kraken have been inaccessible in the country, reports said crypto traders now use alternatives like Bybit, Bitget, Kucoin, and Coincola and messaging platforms like Telegram which comes with an in-app wallet to make transactions.

But highlighting the measures being taken to protect the naira and stimulate the economy, Olukoyede explained that the forex accounts were frozen to ensure the safety of the foreign exchange market and protect the economy.

He stated that the efforts had helped the value of the naira and the forex market.

He pointed out that the commission needed the support of Nigerians to succeed as he emphasised that if the agency failed, Nigeria had failed.

Olukoyede stated, “We observe due process in whatever we do. Do you know that the Binance case we are currently handling now has helped us to bring down the madness in the forex market?

‘’Suddenly, we discovered that there are people in the system who are even doing worse than Binance. They called them P2P and all of that. We noticed in the last two days ago that dollars have started appreciating. There was stability for 24 hours, then the naira was devalued again by N20 and N25. I don’t know whether you noticed that.

“It was due to the activities of some of these guys on P2P platforms like coolcoin. Some of you must have seen them on social media. To shock you; just yesterday (Monday), I asked them to freeze over 300 accounts. We found that one of those guys (account owners), had traded over $15bn last year.’’

Continuing, the lawyer said 300 illicit accounts would have led to a crash of the naira in the next week if the EFCC hadn’t moved against them.

He added, ‘’Our job is serious. We work 18 hours per day. We are not saying that Nigerians should praise us because that was what we signed for but where we deserve, we should be given. We are humans like Nigerians.

“Over 300 accounts in illicit forex trading that would have led to another crash in the next one week if we didn’t move yesterday. Some people just want to see this country go from bad to worse. We must find a way to work together. We got an order to freeze those accounts; Imagine what would have happened if we didn’t seize those accounts.’’

The EFCC boss said his agency was focusing on illegal mining which he described as an economic crime.

He stated that EFCC operatives had recently intercepted 40 trucks of illegally mined lithium, promising to prosecute the perpetrators.

He also shed light on the current moves to arrest a former Kogi State Governor, Yahaya Bello, vowing to pursue the case to its logical conclusion.

Olukoyede vowed to resign as EFCC chairman if Bello was not prosecuted even as he declared that he would bring to book those who obstructed the arrest of the former governor.

The EFCC chairman vowed that everyone involved in obstructing Bello’s arrest from his Abuja residence would face the full wrath of the law.

He hinted that the incumbent Kogi State governor, Usman Ododo, accused of helping his predecessor to escape arrest, may be investigated for obstructing a lawful operation.

The EFCC is seeking to arraign Bello on 19 counts bordering on alleged money laundering, breach of trust and misappropriation of funds to the tune of N80.2bn.

Olukoyede said that no matter what anyone did or the amount of attack against the anti-graft agency, he and his men would not relent in helping to sanitise the country.

He revealed how he put a phone call across to Bello following the allegations of corruption brought against him.

Olukoyede said, “I called Yahaya Bello, as a serving governor, to come to my office to clear himself. I shouldn’t have done that. But he said because a certain senator had planted over 100 journalists in my office, he would not come.

“I told him that he would be allowed to use my private gate to give him a cover, but he said my men should come to his village to interrogate him.”

Olukoyede noted that the EFCC did not violate any law while trying to arrest the former governor from his residence.

“Rather, we have obeyed the law. I inherited the case and I didn’t create it. Why has he not submitted himself to the law?” he asked.

He added, “I have arraigned two past governors who have been granted bail now — Willie Obiano and Abdulfatah Ahmed.”

Speaking further, he said, “We would have gone after him since January but we waited for the court order. As early as 7 am, my men were there; over 50 of them. They mounted surveillance. We met over 30 armed policemen there. We would have exchanged fire and there would have been casualties.

“My men were about to move in when the governor of Kogi drove in and they later changed the narrative.”

He vowed that all those who had dipped their hands in the nation’s coffers would be investigated and prosecuted.

“If I can do (Ex-Anambra governor Willie) Obiano, (Ex-Kwara governor) Abdulfatah Ahmed and Chief Olu Agunloye, my kinsman, why not Yahaya Bello?” Olukoyede noted.

He further revealed how the former governor withdrew $720,000 from the state’s coffers to pay his child’s school fees in advance.

Olukoyede noted that Bello wired the $720,000 from the state’s coffers through a Bureau de Change operator.

The EFCC boss, while expressing his dissatisfaction with the ex-governor for failing to honour the EFCC summons, said, “A sitting governor, because he knew that he was going, he removed money directly from government’s account to bureau de change, and used it to pay his child’s school fee in advance. Dollars, $720,000 in advance, in anticipation that he was going to leave the government house.”

He expressed dismay over the activities of internet fraudsters which he said was enjoying the support of some unscrupulous Nigerians.

According to him, banks in the country lost over N8 billion to internet fraud in 2022.

He said more than 71 per cent of companies operating in Nigeria were victims of cybercrime in 2022, adding that the anti-graft agency’s fight against internet fraud is about saving the nation’s future.

Olukoyede disclosed that the commission has created a cybercrime research centre where convicted internet fraudsters, known in local parlance as Yahoo Yahoo boys, will be trained to channel their knowledge to positive aspects of society.

The EFCC chair also said the agency is prosecuting two of its operatives for violating the agency’s code of conduct.

He said the commission has implemented some reforms to enhance its fight against corruption, including creating a directorate of fraud risk assessment/control and ethics/integrity.

Meanwhile, ex-governor Bello was on Tuesday served his charges through his counsel, Abdulwahab Muhammad (SAN) after Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, ruled that the defendant should be served through his counsel, especially as he failed to appear before the court, yet again.

This was contained in a statement on Tuesday by the EFCC spokesman, Dele Oyewale.

The EFCC is prosecuting Bello alongside his Ali Bello, Dauda Suleiman and Abdulsalam Hudu on 19-count charges bordering on money laundering to the tune of N80.2bn

The commission’s attempt to arrest him last Wednesday at his Abuja residence failed as Bello refused to grant the operatives access to his residence or give himself up, leading to a stand-off which lasted for several hours.

He subsequently managed to escape the dragnet as he was allegedly helped by Governor Ododo who took him away in his car.

The EFCC declared him wanted while the Nigeria Immigration Service put him on its watchlist.

At Tuesday’s sitting, Bello’s counsel, Adeola Adedipe (SAN) prayed the court to quash the arrest warrant granted the commission against Bello, arguing that Tuesday’s substituted service to the defendant through Muhammad has invalidated the arrest warrant.

“The court is expected to do justice at all times. A warrant of arrest cannot be hanging on Bello’s neck when we are in this court. It appears to us that the defendant will not get justice because the court granted a warrant of arrest before service,” he said.

However, prosecution counsel, Kemi Piniero (SAN) in response, urged the court to decline hearing on any motion from Bello’s legal team until the defendant is physically present in court for his arraignment.

“The stage we are in now is to determine the whereabouts of the defendant. He cannot be in his house while the trial proceeds without him coming here to take his plea. My Lord, this is a criminal matter not a civil matter, he must come and take his plea.

‘’It is a matter of over N80 billion. All these applications by the defendant are to prevent his arraignment and frustrate the commencement of trial,” he said.

After hearing both counsels, Justice Nwite adjourned ruling on the defence’s application, seeking a revocation of the arrest warrant on Bello till May 10.

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Fake Agency Scandal Deepens as Ministers, DGs Face Foreign Travel Hurdles

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The Federal Government has barred ministers, heads of ministries, departments and agencies and other government appointees from embarking on official foreign trips without prior approval from the Office of the Secretary to the Government of the Federation.

The government also directed the Ministry of Foreign Affairs to make evidence of valid approval from the Office of the Secretary to the Government of the Federation a mandatory requirement for processing official travel documents, including official, diplomatic and service visas for government appointees.

The directive was contained in a circular signed by the Secretary to the Government of the Federation, George Akume, and addressed to top government officials and heads of major Federal Government institutions.

The move comes amid heightened scrutiny of government agencies and individuals claiming to represent the Federal Government, following the controversy surrounding the self-styled Director-General of the purported Presidential Foreign Intervention Promotion Council, Prince Adeniyi Adeyemi.

The controversy has raised questions about how individuals claiming official status can undertake engagements in the name of Nigeria, including foreign engagements, without clear evidence of government authorisation.

However, the latest directive is broader and applies to Federal Government appointees generally.

The circular, titled “Non-Compliance by Government Appointees with the Requirement for OSGF Approval for Official Foreign Trips and the Mandatory Inclusion of OSGF Approval in the Processing of Official Visas,” said the government had observed that some officials continued to embark on official foreign trips without obtaining the required clearance.

It stated, “It has been observed with concern that some Federal Government Appointees continue to embark on official foreign trips without obtaining prior approval from the Office of the Secretary to the Government of the Federation (OSGF), contrary to extant government directives and established administrative procedures regulating official travels outside the country.”

The SGF recalled that the government had issued several circulars over the years to regulate official foreign travel by ministers, heads of ministries, departments and agencies, boards, committees and other public officials.

According to the circular, these directives were issued “with a view to promoting accountability, fiscal discipline and effective coordination of Government business.”

The circular listed a September 18, 2023, circular on “Guidelines for Official Travels by Cabinet Members, Heads of Agencies and Public Officials”, a March 31, 2015, circular on “Guidelines for Official Trips by Chairmen of Federal Government Committees, Boards of Corporations and Government-Owned Companies” and a September 27, 2017, circular on “Additional Cost Control Measures to Guide Foreign Trips by Ministers and Senior Government Officials.”

It also referenced a March 8, 2018, circular on “Observed Indifferent Adherence to Extant Regulations Guiding the Conduct of Foreign Trips by Public Officials” and a November 20, 2012, circular on “Further Cost-Cutting Measures and Fiscal Prudence on Travel by Cabinet Members.”

Despite the previous directives, the SGF said cases of non-compliance had persisted.

The circular stated, “Despite these directives, instances of non-compliance continue to be recorded.”

It warned that the development had broader implications for government administration, stating, “This trend undermines Government’s efforts to ensure proper coordination, accountability, transparency, prudent management of public resources and effective monitoring of official foreign engagements undertaken on behalf of the Federal Government of Nigeria.”

The government consequently reaffirmed the requirement for prior clearance.

The circular stated, “Accordingly, all official foreign trips undertaken by Federal Government appointees shall continue to require prior approval from the Office of the Secretary to the Government of the Federation before such trips are undertaken, except where otherwise expressly provided by law or by specific Presidential directive.”

It added, “This requirement is consistent with the principles of due process, centralised coordination of government business and prudent management of public resources, as reflected in the Public Service Rules, 2021 Edition, the Financial Regulations (Revised Edition, January 2009) and other extant Government directives.”

As part of the immediate measures to strengthen compliance, the Ministry of Foreign Affairs has been directed to ensure that evidence of OSGF approval forms part of the documentation required for official foreign travel.

The circular directed that “The Ministry of Foreign Affairs shall include evidence of valid OSGF approval, where applicable, as a mandatory requirement in the processing of requests for official Notes Verbales, diplomatic facilitation and all applications relating to official foreign travel by Government Appointees.”

The ministry was further directed to communicate the requirement to foreign missions and embassies operating in Nigeria.

It stated, “The ministry is further requested to formally communicate this requirement to all Foreign Missions and Embassies accredited to the Federal Republic of Nigeria, advising that applications for Official, Diplomatic or Service Visas by Government Appointees should, where applicable, be accompanied by duly issued OSGF travel approval as part of the mandatory supporting documentation.”

The new measure therefore gives foreign missions an additional means of verifying whether a Nigerian government official travelling on official business has received the required authorisation.

The Office of the Auditor-General for the Federation was also assigned responsibility for checking compliance with the directive during audit exercises.

According to the circular, “The Office of the Auditor-General for the Federation shall require every government appointee who undertook an official foreign trip at public expense to produce evidence of the requisite OSGF approval during audit exercises.”

The government further warned that public funds spent on unauthorised foreign trips would be subject to scrutiny.

It stated, “Any expenditure incurred in respect of official foreign travel undertaken without the required approval shall be reported appropriately in accordance with extant Financial Regulations and applicable audit procedures.”

The directive also places a direct responsibility on accounting officers and heads of Federal Government institutions to prevent the processing of public funds for unauthorised trips.

It stated, “Accounting Officers, Permanent Secretaries, Chief Executive Officers and Heads of Federal Government Agencies shall ensure that no expenditure relating to official foreign travel by government appointees is processed unless the requisite OSGF approval has first been obtained.”

The SGF consequently directed all ministers, permanent secretaries, accounting officers and heads of ministries, departments and agencies to ensure compliance.

The circular stated, “All Honourable Ministers, Permanent Secretaries, Accounting Officers and Heads of Ministries, Departments and Agencies are hereby directed to ensure strict compliance with the provisions of this Circular.”

It further stated that the directive was effective immediately, declaring, “This circular takes immediate effect and supersedes any administrative practice inconsistent with its provisions, without prejudice to existing extant regulations governing official foreign travel.”

The circular was addressed to the Chief of Staff to the President; Deputy Chief of Staff to the Vice President; all Honourable Ministers and Ministers of State; Head of the Civil Service of the Federation; National Security Adviser; Economic Adviser to the President; Special Advisers and Senior Special Assistants.

It was also addressed to the Chief of Defence Staff, Service Chiefs and Inspector-General of Police; Governor of the Central Bank of Nigeria; Chairman, Federal Civil Service Commission; Chairman, Police Service Commission; Chairman, Code of Conduct Bureau; Chairman, Code of Conduct Tribunal; Chairman, Federal Character Commission; Chairman, Revenue Mobilisation, Allocation and Fiscal Commission; Chairman, Federal Inland Revenue Service; Chairman, Independent National Electoral Commission; Chairman, National Population Commission; Chairman, Independent Corrupt Practices and Other Related Offences Commission; Chairman, Economic and Financial Crimes Commission and Chairman, National Drug Law Enforcement Agency.

Other recipients listed in the circular were all permanent secretaries and Heads of Extra-Ministerial Departments; Clerk of the National Assembly; Chief Registrar of the Supreme Court of Nigeria; Accountant-General of the Federation; Auditor-General for the Federation; and Directors-General and Chief Executives of Parastatals, Agencies and Government-Owned Companies.

The breadth of the recipients means the directive covers ministers, senior political appointees, permanent secretaries, security chiefs, heads of regulatory and anti-corruption bodies, electoral institutions, financial institutions, government agencies and government-owned companies.

The development is coming against the backdrop of the controversy over the purported PFIPC, which has drawn attention to the need for stronger verification of individuals and organisations claiming to represent the Federal Government.

The purported PFIPC and its self-styled Director-General, Adeyemi, have been at the centre of investigations into alleged impersonation and the use of questionable government documents.

The matter has also raised concerns about how purported government officials could engage public institutions and foreign entities while claiming to represent Nigeria.

The latest directive, however, does not single out the purported PFIPC or Adeyemi.

Instead, it establishes a general requirement that government appointees must obtain central approval before undertaking official foreign engagements.

By directing the Ministry of Foreign Affairs to demand evidence of OSGF approval, the government is also creating a formal verification mechanism for foreign missions processing travel documents for Nigerian officials.

The financial provisions of the circular further link official travel approval to accountability for public expenditure, as accounting officers have been directed not to process expenses relating to foreign trips unless the required approval has been obtained.

The measures are expected to strengthen the Federal Government’s control over official foreign engagements, reduce unauthorised travel and ensure that persons travelling abroad in the name of the government have the necessary approval to represent Nigeria.

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FG Boosts Indigenous Shipping With $25m Funding for Local Shipowners

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The Minister of Marine and Blue Economy, Adegboyega Oyetola, has revealed that the Federal Government will provide qualified Nigerian shipowners with up to $25m each, under the Cabotage Vessel Financing Fund, a move he said could strengthen indigenous shipping and create more than 30,000 direct and indirect jobs.

This comes as he also disclosed that disbursement of the long-awaited CVFF to qualified Nigerian shipowners to strengthen indigenous shipping and create thousands of jobs will soon commence.

Oyetola disclosed this in a post on his X handle on Monday, saying the government was finally moving to unlock the fund more than 20 years after it was established.

He said the initiative would help address one of the major challenges confronting Nigerian shipowners.

“After more than 20 years, we are finally moving to unlock the Cabotage Vessel Financing Fund (CVFF) for Nigerian shipowners. This is a major step towards building a stronger Nigerian-owned shipping industry, creating jobs and ensuring that more of the value generated from activities in our maritime space stays in Nigeria.

“Under the CVFF, each successful applicant will be able to access up to $25 million in financing to acquire vessels, subject to the applicable assessment and approval process. This is significant because access to affordable, long-term financing has been one of the major challenges limiting the growth of Nigerian-owned shipping companies”, the minister stated.

On how the fund would improve the competitiveness of indigenous operators, the minister said, “With access to financing at very low interest rates, our shipowners can acquire modern vessels, expand their fleets and compete for coastal and offshore contracts that are currently dominated by foreign operators.

“Our objective is to ensure that more Nigerian-owned vessels operate on Nigerian waters, more Nigerian businesses participate in our maritime economy, and more Nigerians benefit from the wealth our waters generate. Providing Nigerian shipowners with the financial capacity to acquire vessels is a critical step towards reducing foreign dominance in our maritime space.”

Oyetola said he had directed the Nigerian Maritime Administration and Safety Agency to accelerate the process of disbursing the fund to qualified applicants.

He stated, “I have, therefore, directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work closely with the 12 approved banks, known as Primary Lending Institutions (PLIs), to accelerate the disbursement of the fund to qualified applicants.

“NIMASA has so far received 92 applications. Of these, 20 have been forwarded to the Primary Lending Institutions, while one has so far been reviewed and forwarded for approval. To further speed up access, we have expanded the number of approved banks from five to 12 and launched the CVFF Application Portal to make the process more transparent, structured and accessible.”

Writers urged to promote inclusive maritime sector
The minister added that the expected impact of the fund extended beyond vessel acquisition, as increased indigenous ownership could stimulate several areas of the maritime economy.

He said, “The disbursement of the CVFF could help create a stronger indigenous fleet, which will in turn stimulate activity in shipyards, marine engineering, vessel maintenance, maritime logistics and other supporting industries. It could also create more than 30,000 direct and indirect jobs, while strengthening Nigeria’s ship-owning and shipbuilding ecosystem.

“This initiative is part of the Tinubu Administration’s commitment to unlocking the full potential of Nigeria’s Blue Economy, strengthening indigenous capacity and ensuring that Nigerians take a greater share of the opportunities in our maritime sector.”

He also highlighted the government’s efforts to develop the human resources needed to support the maritime industry.

“Financing vessels is only one part of building a stronger indigenous maritime industry. We are equally investing in the people who will power this industry. So far, 222 seafarers have received free professional training, 333 cadets have completed their academic training and obtained degrees, while 135 cadets under the Nigerian Seafarers Development Programme (NSDP) have obtained their Certificates of Competency. In addition, 7,059 Nigerian seafarers have been placed onboard vessels to gain valuable sea-time experience.”

“We are determined to ensure that Nigerians own, operate and benefit from the economic activities taking place in Nigeria’s maritime space. We are building the capacity to make that happen — through vessel financing, skills development, indigenous enterprise and strategic investment in our maritime sector. The work continues”, the minister concluded.

The CVFF was established under the Coastal and Inland Shipping (Cabotage) Act of 2003 to support Nigerian shipping companies in acquiring vessels and developing indigenous capacity. Its disbursement has, however, been delayed for more than two decades.

The Federal Government launched the CVFF application portal in January 2026 and announced that successful applicants could access up to $25m in financing. NIMASA subsequently began receiving applications from interested operators.

NIMASA had disclosed in April that it received more than 60 applications within four months of opening the portal, with the agency promising that the disbursement process would be transparent and strictly monitored.

The latest figure provided by Oyetola represents an increase in applications to 92, although only one application has so far been reviewed and forwarded for approval, according to the minister.

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Falana: Prosecute Those Behind Diversion of N33.75bn Meant for Poor Nigerians

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Human rights lawyer and Senior Advocate of Nigeria, Femi Falana, has called on the Economic and Financial Crimes Commission (EFCC) to investigate the alleged failure to account for N33.75 billion in cash transfers meant for vulnerable Nigerians.

Falana, Chairman of the Alliance on Surviving COVID-19 and Beyond (ASCAB), also urged the anti-graft agency to work with the Auditor-General for the Federation (AuGF) to recover the funds if investigations establish that they were diverted.

He made the demand in a statement on Sunday following a report by the Auditor-General for the Federation, Shaakaa Kanyitor Chira, which raised concerns over the inability of the Federal Government to provide sufficient evidence that N33.75 billion in cash transfers reached genuine beneficiaries.

The disclosure is contained in the AuGF’s 2024 Annual Report on Non-Compliance/Internal Control Weaknesses in Ministries, Departments and Agencies of the Federal Government.

According to Falana, the funds were intended for more than 3.29 million vulnerable households under the National Social Investment Programme.

He said the development was particularly concerning given the safeguards introduced by the Federal Government to strengthen the tracking of beneficiaries and prevent the inclusion of ghost recipients.

The National Social Investment Programme Agency (NSIPA) was established as a statutory agency under the National Social Investment Programme Agency Act 2022, with responsibility for implementing major social intervention programmes, including N-Power, the National Home-Grown School Feeding Programme, the National Cash Transfer Programme and the National Social Safety Net Programme.

Falana said the agency had, however, been plagued by allegations of financial impropriety involving some officials.

He recalled that former Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, had been investigated by the EFCC over alleged money laundering involving more than N37.1 billion.

He also cited the suspension of former Humanitarian Affairs Minister, Betta Edu, following a December 2023 memo directing the transfer of N585 million in public intervention funds to a private bank account.

Falana said the then Chief Executive Officer of NSIPA, Halima Shehu, was also suspended and questioned over alleged suspicious movement of funds.

He said the EFCC should conclude its investigations into the various allegations and make its findings public.

“The Economic and Financial Crimes Commission should liaise with the Auditor-General of the Federation with a view to recovering the missing N33.75 billion,” Falana said.

He urged the EFCC to immediately investigate what he described as a serious allegation of the criminal diversion of funds earmarked for poor and vulnerable Nigerians.

“All the characters involved in the shameful conduct should be arrested and prosecuted without any delay,” he said.

Falana further raised concerns over the implementation of a $3.05 billion package of development programmes unveiled by President Bola Tinubu in July 2026.

The package, supported by the World Bank, is aimed at deepening poverty reduction, strengthening human capital and expanding economic opportunities across the country.

Falana urged the Federal Government to ensure that funds meant for poverty reduction reached their intended beneficiaries and suggested the establishment of a body comprising credible civil society organisations to oversee the disbursement of the development funds.

He said stronger accountability mechanisms were necessary to prevent public officials from abusing funds intended to support poor and vulnerable Nigerians.

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