Connect with us


BIG STORY

REVEALED: The Men Who Helped Abacha Launder $23 Million Recently Recovered By UK Govt

Published

on

The $23.5 million Abacha loot recovered this month by the UK’s National Crime Agency (NCA) was forfeited by Mohammed Abacha and an offshore company Mecosta Securities Inc., the British agency has told PREMIUM TIMES.

PREMIUM TIMES’ further investigation, based on the NCA’s exclusive disclosure and analysis of leaked financial records and court documents, shows that Mecosta’s account in London, from which the stolen funds were recovered, was controlled by Kebbi State Governor, Atiku Bagudu. In the 1990s, Mr. Bagudu worked in the role of an Abacha bagman helping to steal and stash hundreds of millions of dollars across the world.

On May 5, the NCA released a statement disclosing the recovery of “$23,439,724.98 siphoned out of Nigeria in the 1990s” by the Abacha family and associates.

The agency said it acted at the request of the U.S. Department of Justice (DOJ). The USDOJ started its civil forfeiture case – and has since obtained forfeiture orders – in the district court in Washington D.C. against stolen Nigerian assets linked to Mr. Abacha. USDOJ told the court the assets were routed through the American jurisdiction and stashed in several other jurisdictions, including the UK, by the Abacha family and associates, most notably Mr. Bagudu.

“The funds form part of a larger pool of monies identified by the United States Department of Justice (USDOJ) as having been misappropriated by Abacha and his associates,” the NCA said. It added that it obtained the recovery order after nearly seven years of litigation in the UK to enforce the U.S. forfeiture order related to the recovered funds.

However, the NCA in its statement did not disclose the specific individuals or entities from whom the stolen funds had been recovered.

Recovered from Mohammed and Bagudu’s secret company

PREMIUM TIMES contacted the agency with a request for specific and undisclosed information.

“The monies were recovered from Mohammed Sani Abacha and Mecosta Securities Inc,” said NCA’s communications manager Stuart Hadley in an emailed reply.

PREMIUM TIMES then used leaked financial records such as Pandora Papers and the USDOJ court documents to establish Mr. Bagudu’s association with Mecosta.

The Standard Bank London account of the offshore company Mecosta, registered in the British Virgin Islands on October 9, 1995, was controlled by Mr. Bagudu, who helped Mr. Abacha steal and launder Nigerian monies across jurisdictions with complicated financial transactions, according to leaked financial and U.S. court documents seen by PREMIUM TIMES.

The court documents specifically said that a sum of $21.7 million targeted for forfeiture was held in Mecosta’s account at Standard Bank London controlled by Mr. Bagudu.

Mr. Bagudu, who was twice elected federal lawmaker, has been the governor of Nigeria’s northwestern Kebbi State since 2015 and is an ally of President Muhammadu Buhari.

“Bagudu is an example of how Nigeria’s kleptocratic political class enjoys power and privilege despite their clear and condemnable track record,” commented Mathew Page, a Nigerian governance expert.

Mr. Bagudu has never been charged and enjoys immunity from prosecution in Nigeria while he holds office as governor of a state.

Apart from the Standard Bank, Mr. Bagudu was the authorized signatory on the accounts of Mecosta at other banks such as ANZ, London; Credit Agricole Indosuez London; Goldman Sachs, Zurich, and Banque Baring Brothers in Geneva, according to the U.S. court documents obtained.

It is believed that the $21.7 million stashed in the Mecosta’s Standard Bank London’s account controlled by Mr. Bagudu was the far larger part of the $23.5 million recently recovered by the NCA.

The other part, it is believed based on our review of USDOJ’s court filing and the definite disclosure by the NCA, is $1.6 million in an HSBC account in the name of Mohammed Abacha, the late dictator’s son.

Abacha plunder machine

In the plunder machine that late kleptocrat Mr. Abacha set up, Mr. Bagudu was the most prolific bagman, court documents and leaked financial records revealed.

“Abubakar Atiku Bagudu was an associate of General Abacha and his sons who participated in the conspiracy to steal and launder hundreds of millions of dollars,” American investigators told the court. “Among other things, Bagudu played an instrumental role in setting up and executing the complicated financial transactions used to launder the proceeds of the conspiracy.”

Gov. Atiku Bagudu of Kebbi State

Mr. Abacha, his family, and associates systematically plundered Nigeria between 1993 when the dictator seized power and 1998 when he died. In conspiracy with his family and associates, he stole up to $5 billion, according to Transparency International.

According to American investigators, they used false security claims to steal at least $2 billion dollars, which “was transported out of Nigeria and deposited into accounts controlled by General Abacha’s associates, including Mohammed Abacha and Bagudu.”

This was apart from other stolen funds through bribery and a dramatic conspiracy by Mr. Abacha’s son, Mohammed, and Mr. Bagudu to lend money stolen from Nigeria back to Nigeria “with zero risks and at an enormous profit” by using proceeds of the security vote fraud to purchase hundreds of millions of dollars of U.S. dollar-denominated Nigerian bonds, called Nigerian Par Bonds, NPBs.

Between 1998 and now, more than $3.6 billion dollars has been recovered through international efforts with different tranches linked to Mr. Bagudu alone.

The systematic plunder as well as the worldwide hunt for the stolen funds, worth billions of dollars, is reckoned to be one of the worst cases of kleptocracy and offshore shenanigans in the world.

The $21.7 million in the account of Mecosta at Standard Bank and the $1.6 million held in the name of Mohammed Abacha at HSBC were part of the stolen funds, American investigators said, and are believed to form the $23 million recovered by the NCA based on our analysis.

The NCA said it had transferred the recovered funds to the U.S. with the “ultimate intention” being the repatriation to Nigeria for the benefit of the people in the West African nation.

NCA said it would not answer our question if Nigeria was involved in a tripartite deal over this particular recovery. It also did not disclose the outstanding Abacha-linked assets being targeted for forfeiture in London.

However, PREMIUM TIMES understands from our Pandora Papers investigation that nearly 100 million euros kept in London investments accounts of Mr. Bagudu’s Blue family trusts and holdings are among the outstanding assets.

Mr. Page said the revelations about Mr. Bagudu “suggest he has held unto significant quantities of unexplained wealth accumulated in the Abacha years.”

Mr. Bagudu did not honor our request for his comment on this report, a consistent pattern since we started reporting his link to the Abacha kleptocracy.

Mohammed Abacha also did not reply to a text or answer calls to seek his comment.

Credit: Premium Times

BIG STORY

Elumelu Champions Recognition Of Women’s Potential, Challenges Workplace Stereotypes

Published

on

The Group Chairman, United Bank for Africa (UBA) and Founder, Tony Elumelu Foundation (TEF), Tony Elumelu, has passionately called for a change of long-standing workplace stereotypes that continue to hinder women’s professional growth and potential.

He said this while delivering a compelling address during a meeting with the Association of Professional Women Bankers (APWB), at the UBA Head office in, Marina, Lagos on Monday.

Elumelu, who highlighted the exceptional abilities of women in business, addressed the additional obstacles women encounter, such as imposter syndrome and unfair stereotypes that portray them as “too emotional” or “sentimental” in professional settings.

“From my experience, women in our group are tenacious, hardworking, and deliver results. They don’t expect special treatment – they command respect,” Elumelu stated.

“My admiration for women comes from personal experience. My 97-year-old mother still goes to the market and cooks for us every Sunday. My wife, five daughters, and two sisters continue to inspire me daily, and the women I work with constantly surpass expectations.”

The chairman noted that his own organisations and those he has invested in stand as a testament to women’s leadership potential.

“At UBA Group for the longest time, our board has been predominantly female, and most of our CEOs are women. At Heirs Holdings Group, women head more group companies than men—not by design, but by merit,” He highlighted.

Elumelu cited examples of women’s leadership within his organizations, noting that Transcorp Group, valued at N4.5 trillion, and Transcorp Hotels Plc, valued at N1 trillion, are both led by women who are breaking barriers and redefining corporate leadership.

Drawing inspiration from the story of Mary Jane Patterson, the first Black woman graduate in America, Elumelu advised the female professionals to build confidence, ignore stereotypes, and focus on personal goals as these are the most prominent ways they could break glass ceilings and open paths for young girls.

“The story of the first Black woman graduate in America, Mary Jane Patterson, resonates deeply. She wasn’t allowed into classrooms, so she stood in hallways to learn. Decades later, this university apologized and awarded her an honorary doctorate. She paved the way for millions of successful Black women today.”

“To all women who are running businesses or climbing the corporate ladder: please note that confidence is key. Ignore stereotypes, focus on your goals, build expertise, and let your work speak for you. As I told the APWB, leadership is about showing what you can do, regardless of labels,” Elumelu concluded.

The Chairperson, Association of Professional Women Bankers (APWB), Funke Feyisitan Ladimeji, who commended Elumelu’s commitment towards female inclusivity and professional advancement, emphasized that his advocacy went beyond rhetoric. She highlighted how his various business concerns continues to provide concrete opportunities for women to excel in leadership roles.

“The chairman’s approach serves as a powerful model for other corporate leaders, which shows that diverse, merit-based leadership is not just possible, but essential for organizational success and societal progress,” she said.

The female attendees at the event agreed that the session was highly enlightening and thought-provoking, as it helped to broaden their minds and gave them more clarity as to their purpose and how they could achieve more if they put their minds to it.

Continue Reading

BIG STORY

Port Harcourt Refinery Halts Operations Over Calibration, Loading Bay Empty

Published

on

The fanfare and cheers that greeted the resumption of activities at the Port Harcourt Refining Company on Tuesday may have faded, leaving the hopes and expectations of many Nigerians uncertain.

A visit (by Saturday Punch) to the refinery on Friday revealed that there was no activity on-site, with some workers stating that the refinery was undergoing calibration, which might last until next week.

The Port Harcourt Refinery has faced numerous delays and missed deadlines for resuming operations.

However, on Tuesday, the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited, Melee Kyari, inaugurated the new plant at the Area 5 terminal of the refinery. It was claimed that 200 petrol trucks were loading daily from the plant.

Despite the announcement, skepticism arose as reports circulated that the trucks were being loaded with old products from the storage tanks.

Upon visiting the Port Harcourt Refinery Area 5, it was observed that there were no signs of activity.

An official, who spoke on condition of anonymity, revealed that the loaded trucks contained “dead stock.”

He said, “Before the refinery was shut down between 2015/2016, we had dead stock left in the tank, including some Premium Motor Spirit (petrol) DPK (kerosene), and Automated Gas Oil (diesel).

“So, these products were in large quantities in stores in those tanks. During the rehabilitation of the Port Harcourt Refinery, Old Area 5, those products were evacuated from the tanks for storage.”

However, he noted that the large quantity of refined petrol was “off-spec,” requiring separation from water to obtain the main product in preferred colours.

“But for DPK, it is in large quantity but they have not pushed it from the tank where it was kept after refined ready for commercial purposes.

“So, the product that was loaded was dead stock, that is the old product that was in the system. So, after these dead stocks, they will have to clean the tank, remove all the debris before pumping the new project into that tank, and redye it,” the source said.

The worker highlighted that refineries worldwide should operate electronically, not manually.

“But what they are trying to do at the Port Harcourt Refinery is manual, which cannot match the new digital pumps. Most of the pumps used for the event were refurbished,” he added.

He explained that during Kyari’s visit on Tuesday, seven trucks were prepared for loading, but only five were filled with petrol.

The Chairman of the Independent Petroleum Marketers Association of Nigeria, Taken Ikpaki, while speaking to journalists during the inauguration of the facility on Tuesday, had expressed optimism.

He stated that more trucks were expected to come into the facility to load products in the coming days.

But rather than more trucks coming into the refinery, the number of trucks has dwindled.

Around 1.30pm when our correspondent visited, he observed that most workers and drivers appeared idle as no machinery was operational.

Nine trucks were seen parked, but the loading bay, numbered from one to 18, was empty and deserted, with some workers lying down.

When asked about the lack of loading activity, a worker in overalls said, “They are de-watering, removing the water under the PMS. Maybe there will be loading after that, but we don’t know what time today.”

Another worker at the loading bay mentioned that ongoing calibration was the reason for the delay.

“They are calibrating the meters,” he said tersely.

Findings (by Saturday Punch) showed that the PMS left in the storage might not be enough to fill five trucks.

A source indicated that calibration would continue until Monday, with the loading of DPK (kerosene) and AGO (diesel) expected to start by then.

Speaking to our correspondent, a resident of Alode in Eleme Local Government Area of Rivers State, who simply identified himself as Osaro, said, “After that ceremony with Mele Kyari where they said the refinery had started operation and loading was taking place, what happened afterwards? They continued loading on air, that is on the pages of newspapers and social media.”

When contacted for his reaction on the lack of activities on Friday, the National Public Relations Officer of the Petroleum Product Retail Outlet Owners Association of Nigeria, Dr Joseph Obelle, said it was as a result of ongoing calibration.

Obelle, the PETROAN spokesman, said, “They are calibrating the loading pumps. They will be done today.”

Meanwhile, it was gathered that the Senate Committee on Petroleum visited the refinery on Thursday on a facility tour. The outcome of the visit had yet to be made public.

Calls and text messages to the spokesperson for the NNPC, Olufemi Soneye, were not replied as of the time of filing this report.

But the NNPC had in a statement denied claims by an Alesa community leader, Timothy Mgbere, that the Port Harcourt refinery was not producing fuel.

Soneye accused Mgbere of crass ignorance of how a refinery runs.

He said, “The old and new Port Harcourt refineries have since been integrated with one single terminal for product load-out. They share common utilities like power and storage tanks. This means that storage tanks and loading gantry which he claimed belongs to the new Port-Harcourt Refinery can also receive products from the Old Port Harcourt Refinery.”

He called on the public to disregard claims borne out of “sheer mischief and blatant display of ignorance.”

 

Credit: The Punch

Continue Reading

BIG STORY

Simon Ekpa To Spend Christmas In Detention As Finland Court Denies Him Bail

Published

on

  • Followers declare United States of Biafra in Finland

 

 

Pro-Biafran agitator Simon Ekpa, who was arrested in Finland for alleged terrorism-related activities, will spend Christmas in detention, as Finland’s legal system does not allow for bail.

Mikko Laaksonen, a Senior Detective Superintendent at Finland’s National Bureau of Investigation, confirmed this (to Saturday Punch) in an email.

The news comes as Ekpa’s supporters declared the establishment of the United States of Biafra during a conference held in Finland on Friday.

Last week, the Finnish government announced the arrest of Ekpa and four others on suspicion of terror-related offenses, including incitement to violence and terrorism financing.

Finnish police have confirmed that Ekpa, who calls himself the Prime Minister of the Biafra Republic Government-in-Exile, allegedly used social media to incite violence in the South-East region, targeting both civilians and authorities.

According to local publication Yle, Ekpa was remanded in custody by the Päijät-Häme District Court on charges of public incitement to commit a crime with terrorist intent.

The publication reported that the Finnish Central Criminal Police confirmed the arrest in a statement last Thursday, noting that other suspects were apprehended for allegedly financing terrorist activities.

Also, Ekpa is scheduled to face charges in May 2025, according to Finnish authorities.

When asked if Ekpa’s charges were bailable or if the prosecution was disposed to releasing him on bail, Laaksonen said, “Finnish criminal procedure/coercive measures do not recognise bail procedure.

“Our procedure is based on, depending on the case, remand or travel ban as coercive measures for limiting freedom of movement for persons suspected of offences to which such measures are applicable.”

  • Supporters Declare Biafra 

In Finland, Ekpa’s supporters converged on Lahti in Finland on Friday to declare the United States of Biafra.

A few days before the conference, videos circulated on social media showing a significant influx of Nigerians into Finland for the event tagged, ‘Biafra Mass Exodus 2024’.

An X user, @DOlewunne, tweeted, “Huge in Finland Under His Excellency the Prime Minister of Biafra Simon Ekpa (sic). The re-declaration of the Independent State of Biafra/United States of Biafra is in full swing. This historic independent moment is championed by the People of Biafra. We are a Nation! (sic).”

The convener of the convention, who introduced herself as the Chief of Staff of the United States of Biafra and the organiser of the Biafra Declaration of the Restoration of the United States of Biafra Convention 2024 in Finland, is Dr Ngozi Orabueze.

According to several online sources, Orabueze is a family nurse practitioner in Atlanta, Georgia, with expertise in treating diabetes, bipolar disorder, and depression, among other conditions.

She was first appointed by Ekpa in March 2023 as Minister of Health, Oil and Gas, Biafra Republic Government in Exile.

Orabueze, who has over 17,500 followers on X and more than 12,000 on Facebook, wrote on November 27 that the convention was to take place in Lahti, noting that it would kick off with a live X Space event.

On 28 November, she wrote, “Biafrans are trooping into Finland in droves ahead of the re-declaration of the independent state of Biafra,” attaching a video of a large Igbo-speaking crowd awaiting clearance at the Finnish airport.

On Friday afternoon, Orabueze posted on her verified X handle, @ngoziora, that Biafrans had declared an independent state and would now use their own currency (Biafra coins) and time (Biafra time), notifying the Nigerian government and the international community.

The declaration of Biafra’s independence, initially slated by Ekpa for December 2, faced some setbacks following Ekpa’s arrest and prosecution by the Finnish government.

Orabueze wrote, “Breaking: It is done. Biafrans in Finland for the declaration of the independent United States of Biafra. Power belongs to the people.” She later added, “Biafra has been re-declared today, 29th of November 2024, by Ngozi Orabueze, the Chief of Staff, United States of Biafra. Congratulations to all Biafrans all over the world.”

Before the declaration, a video of Ekpa addressing the audience was played online.

Ekpa stated, “We were free before Lord Lugard came. If you want the oil, take it and leave us alone. We are tired of living as baboons and monkeys. We want to be given the opportunity to practise what we have studied.”

As the video ended, the audience began to chant, “USB, USB, USB,” meaning the United States of Biafra.

Afterwards, Orabueze, taking the oath of office, listed the states within the newly re-declared United States of Biafra.

These included Anambra State, Okigwe State, Nnewi State, Ogoni State, Opobo State, Ikwerre State, Etche State, Okrika State, Ngwa State, Orlu State, among others. The crowd cheered her on in both Igbo and English.

After the declaration, the crowd sang an Igbo song, “Biafra aga’m arapu gi,” translating to “Biafra, I will never let you go.”

Earlier in videos and photos shared on X, several members of the group claimed they were just landing at the Finnish airport in Helsinki.

A woman, @Charedims, who took a video while on a flight, said, “Biafrans all over the world from different continents everywhere are converging on Lahti for the convention.

“On December 2, when all votes are counted and collated, a mandate will be given to our prime minister, Simon Ekpa Njoku, who is currently answering some questions with the Finnish authorities; when the votes are counted, he will then declare the restore of the independent state of Biafra, which means he has the legal rights to get us Biafra. That is why you are seeing everybody jumping up and down.”

  • IPOB Disowns Group, MASSOB Denies Claim

Reacting to the development, IPOB’s spokesperson, Emma Powerful, rejected the notion that the group was behind the event.

He stated, “IPOB has no involvement in any conference. Those people (Ekpa’s faction) are criminals supporting illegal activities to destroy our land. There is no such thing as a declaration of Biafra from our side.

“Any claim that IPOB is hosting a conference is false. When IPOB decides to make such an important announcement, the whole world will know. Those making such statements are fake.”

The spokesperson for the Movement for Actualization of the Sovereign State of Biafra, Sunday Edeson, stated that if IPOB succeeded in the realisation of Biafra through its declaration, MASSOB would accept and rejoice with them.

He added that the British government would never support the freedom of Biafra.

“Everyone has the right to declare. They declared their freedom in Finland, but we know that we’re still under Nigerian leadership. We support them.

“Declaring independence in Finland doesn’t mean we’re free from the Nigerian government. We still use Nigerian currency, and security agencies are still from Nigeria. So, we’re still under Nigeria’s control,” Edeson said.

  • Extradition

Meanwhile, a spokesperson for the Ministry of Foreign Affairs, Kimiebi Ebienfa, told Saturday PUNCH that Nigeria did not have an extradition agreement with Finland.

Also, Finland through the Finnish Embassy in Nigeria said it could not comment on the matter.

The Director of Defence Information, Brig Gen Tukur Gusau, had said Ekpa, a self-proclaimed disciple of IPOB leader, Nnamdi Kanu, should be extradited to Nigeria to face criminal charges.

Many Nigerians online also demanded his repatriation to Nigeria to face terrorism charges.

In response to the call for Ekpa’s extradition, a lawyer during ‘The Morning Show’ on AriseTV, Chukwuma Ezeala, said that Finnish-based Nigerian was charged with terrorism and countries involved must cooperate.

He stated that he could be tried in Nigeria or Finland.

“On the issue of extradition, for him to be extradited, there must be a bilateral agreement. From all indications, Nigeria doesn’t have a bilateral agreement with Finland.

“However, since it’s an international crime, he can still be extradited to Nigeria based on international conventions.

“The question will now be, can Nigeria satisfy conditions or requirements of extraditing a person to Nigeria without a bilateral relationship,” Ezeala queried.

 

Credit: The Punch

Continue Reading



 

Join Us On Facebook

Most Popular