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

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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

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BREAKING: Federal Government Declares Tuesday Public Holiday To Honour Buhari

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The Federal Government has declared Tuesday, July 15, 2025, as a public holiday in honour of the late former President Muhammadu Buhari, who passed away on Sunday.

The Minister of Interior, Olubunmi Tunji-Ojo, announced the public holiday on Monday on behalf of the Federal Government, after receiving approval from President Bola Ahmed Tinubu.

 

More to come…

 

 

 

 

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ECOWAS Caravan 2025 Highlights Barriers, Builds Support For Women In Cross-Border Trade

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The challenges facing women engaged in cross-border trade across West Africa took centre stage at the ECOWAS Caravan 2025, held at the Federal Palace Hotel, Victoria Island, Lagos, on July 11, 2025.

Launched this year by the Economic Community of West African States (ECOWAS), the Caravan is a transformative empowerment initiative designed to support small-scale women traders in West Africa’s informal trade sector.

The two-week journey followed the Abidjan–Lagos trade corridor, running from June 30 to July 14, with major stops in Abidjan, Lomé, Cotonou, and Lagos, culminating at the ECOWAS Gender Development Centre.

Speaking during the official launch of the Lagos leg and the caravan’s closing ceremony, the ECOWAS Commissioner for Social Affairs and Gender, Professor Fatou Sow Sarr, emphasised the pivotal role women play in the region’s informal economy.

“Women are the lifeblood of informal trade in West Africa… this caravan is about visibility, voice, and value — it’s about shifting narratives and shaping policies that support women where it matters most: on the ground,” she said.

Lagos State Commissioner for Commerce, Cooperatives, Trade and Investment, Folashade Ambrose-Medebem, officially launched the Lagos stage of the sensitisation and awareness campaign for small-scale women traders. She described the initiative as a timely and necessary intervention.

“This initiative is a direct response to equip and empower our women, who form the majority of traders along the corridor and represent the backbone of informal cross-border trade across the region.

“These women play a critical role in ensuring food security, creating jobs, and sustaining livelihoods in both border communities and their homes.”

According to Ambrose-Medebem, these women are more than traders; they are economic builders who continue to operate under conditions marked by uncertainty and frequent harassment.

She stressed that the campaign represents a significant step forward, aiming to expand awareness of trade regulations, legal frameworks, and ECOWAS community protocols that govern cross-border commerce.

Speaking to the press, the commissioner noted that the Lagos State Government remains committed to supporting informal sector traders, particularly women entrepreneurs.

“I want to say that Mr Governor, Babajide Sanwo-Olu, approved ₦500 billion for MSMEs under the Lagos State Access to Finance initiative for small businesses through cooperatives at 0% interest,” she disclosed.

The fund, matched by the Bank of Industry with another ₦500 billion, is non-collateralised, features a six-month moratorium, and offers a competitive 9% interest rate.

Dr Chinyere Almona, Director-General of the Lagos Chamber of Commerce and Industry (LCCI), applauded ECOWAS for its commitment to gender equality and regional integration, calling this year’s campaign “symbolic and necessary.”

“For women working in agriculture, fisheries, artisanal value chains, and cross-border trade, their daily grind is not just a livelihood; it’s an act of resilience and enterprise.

“Women traders form the uncelebrated backbone of West Africa’s informal trade economy, representing over 70% of informal cross-border traders and playing an indispensable role in food supply.”

Almona urged governments and stakeholders to invest in institutionalised, continuous capacity building through community-based training hubs in local languages, digitalisation of border procedures, and the creation of mobile-friendly platforms to expedite trade clearance and improve efficiency.

“Women in the informal trade are producing the formal results that is adding to the GDP and creating major employments.”

In her remarks, Princess Omotola Omole, National President of the Federation of Business Women Entrepreneurs (FEBWE), commended ECOWAS for its steadfast support of women.

“ECOWAS has consistently stood with women, ready to support, connect, and empower every woman who dares to dream big and trade to uplift her community,” she said.

Others who presented papers included the Lagos State Commissioner for Agriculture, Ms. Ruth Abisola Olusanya, who sent a representative.

The ECOWAS Small Business Coalition also expressed heartfelt appreciation to the ECOWAS Commission, partners, collaborators, and delegates for their pivotal roles in making the ECOWAS Caravan 2025 a landmark success.

Dr. Abdulrashid Yerima, speaking on behalf of the coalition, emphasised the collaborative impact of the caravan, stating, “The bridges we build today become the trade routes of tomorrow’s prosperity.”

He also praised the ECOWAS Commission for its leadership and credited the collective synergy of partners and delegates for transforming challenges into opportunities.

The closing ceremony, which hosted over 300 participants from across ECOWAS member states, featured an interactive town hall meeting where panellists addressed key topics such as capacity building, awareness strategies, and toolkit presentations, while also responding to audience questions.

Building on the successes of previous editions, the Tema–Paga corridor in 2023 and the Dakar–Banjul–Bissau route in 2024, the 2025 ECOWAS Caravan not only boosted the economic potential of women traders but also strengthened trade facilitation, enhanced market access, and fostered robust institutional partnerships across participating nations.

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BREAKING: Buhari’s Burial Postponed To Tuesday In Daura

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Former President Muhammadu Buhari will now be laid to rest on Tuesday instead of today, contrary to earlier reports.

He passed away on Sunday afternoon at a clinic in London.

According to an earlier report by The Nation, a presidential team arrived in London on Monday morning to bring his remains back to Nigeria.

Katsina Deputy Governor Lawal Jobe informed journalists on Monday afternoon that the burial had been rescheduled.

Jobe visited Buhari’s Daura home at 11.27am to assess the location where the burial is to take place.

 

More to come…

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