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HOW TOP GOVT OFFICIALS LOOTED N70TRILLION HIDDEN IN 29 BANK ACCOUNTS……Report fingers top CBN and First Bank officials

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2 years ago

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Report fingers top CBN and First Bank officials

Court adjourns case till 6th of March 2023

Attorney-General of the Federation and Minister for Justice grows cold feet

 

Honourable Justice Peter Odo Lifu of Federal High Court, Ikoyi, Lagos has adjourned till 6th of March 2023 the suit seeking for the Recovery and Forfeiture of over N70 trillion of looted funds in the hands of few Nigerians.

The revered Justice presided over the suit marked No: Fhc/L/Cs/968/2021 on the 7th of March 2022 and adjourned to the 31st of March 2022 for ruling before the last adjournment till March next year.

The money said to be stashed away in 29 bank accounts mainly in First banks is enough to fund Nigeria’s budget for three years with some change to keep. The proposed budget for 2023 is N20.5 trillion, meaning that the N70 trillion hidden by some Nigerians could effectively finance the national budget for three years.

Attempts by Muhammad T. Ismail (a private investigator) and his team to recover the N70 trillion through the office of Ndarani (SAN) & Co (Solace Law Chambers) have met a brick wall as some vested interests in high places have moved in to frustrate the case.

The investigator lamented that all efforts to recover the said loot were being frustrated by some vested interests in the Presidency, Central Bank Nigeria and First Bank.

Below is the full deposition made by the investigator:

BRIEF ON THE RECOVERY AND FORFEITUURE OF OVER N70 TRILLION NAIRA OF LOOTED FUNDS IN THE HANDS OF FEW NIGERIANS IN SUIT NO: FHC/L/CS/968/2021.

1. Muhammad T. Ismail (a private investigator) and his team were able to identify fraudulent bank accounts where trillions of illicit funds belonging to the Federal Government of Nigeria were domiciled. Mohammad T. Ismail needed a legal instrument to recover these illicit funds to the Federal Government of Nigeria.

 

2. Muhammad T. Ismail therefore approached Ndarani (SAN) & Co (Solace Law Chambers) and instructed him to write and request for a letter of mandate/instruction from the Attorney-General of the Federation and Minister for Justice, and also from the Minister of Finance, Budget and Economic Planning of the Federal Republic of Nigeria on his behalf, for the recovery of the illicit funds hidden in some secret bank accounts in Nigeria. These funds belong to the Federal Government of Nigeria. This letter from Muhammad T. Ismail was received and acknowledged on the 6th of January 2021 by the Head of Department of Civil Litigation in the Ndarani (SAN) & Co (Solace Law Chambers), Barr. Saidu Alfa Bala.

 

3. Muhammad T. Ismail also swore to an Affidavits on the same date of 6th of January 2021 in support of the instruction given to Ndarani (SAN) & Co (Solace Law Chambers).

 

4. As instructed and being convinced of the facts available, Ndarani (SAN) & Co (Solace Law Chambers) wrote to the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, Budget and Economic Planning and also to the Accountant General of the Federation. Ndarani (SAN) & Co (Solace Law Chambers) requested for a mandate and instruction to recover Federal Government looted and hidden funds on behalf of his client who is Muhammad T. Ismail. (Copies of all these letters and correspondences will be made available to you on request).

 

5. The Office of the Attorney-General of the Federation and Minister of Justice responded on the 14th of January 2021 by way of inviting Ndarani (SAN) & Co (Solace Law Chambers) for a meeting scheduled for the 19th of January 2021 to discuss details and procedures for the recovery with the Asset Recovery Unit in the Office of the Attorney-General of the Federation and Minister of Justice. Twenty Nine (29) bank accounts where a combined sum of over seventy trillion naira (N70 Trillion) belonging to the Federal Government was hidden were identified.

 

6. On the 21st of June 2021, The Office of the Attorney-General of the Federation and Minister of Justice approved and issued the letter of instruction to recover illicit funds traced to specified accounts of individuals to Ndarani (SAN) & Co (Solace Law Chambers). The letter of instruction also listed the twenty nine (29) bank accounts. The twenty nine (29) bank accounts are in seventeen (17) banks in Nigeria.

7. As expected, Ndarani (SAN) & Co (Solace Law Chambers) ran to the Federal High Court 9, Ikoyi Lagos where most of the Bank Head Quarters are domiciled. The case was between (1) The Federal Republic of Nigeria (2). The Attorney-General of the Federation and Minister of Justice as Claimants/Applicants against the seventeen banks as Defendants.

 

8. On the 9th of August, 2021, Hon. Justice T. G. Ringim gave several orders including an Interim Order of Forfeiture. All the Banks were served accordingly. The Banks were also to provide Ndarani (SAN) & Co (Solace Law Chambers) all documents and information relating to the listed accounts.

 

9. Shockingly, the Banks could not provide information regarding the ownership of twenty six (27) out of the twenty nine (29) accounts. That automatically meant that all the funds in the twenty seven (27) accounts should be forfeited to the Federal Government of Nigeria even as no one has come to claim ownership of the accounts. But this has not happened till date. The hands of the courts have been tired down.

 

10. Three (3) accounts stand out. The affected banks were able to provide documents relating to the three (3) accounts;

 

1. Zenith Bank Plc.

Account Name: NNPC (REM ACC/PRIVATE)

Account No: 1012280444

Account Bal. N32 Billion Naira

Currency Type: Naira

 

2. First Bank Plc.

Account Name: NNPC/ NAOC IPP SECURITY

Account No: 2006367288

Account Bal. N147B Naira

Currency Type: Naira

 

3. First Bank Plc.

Account Name: NNPC/NAOC IPP SECURITY

Account No: 2005942905

Account Bal. $299,613. 72 USD

Currency Type: DOLLAR USD.

 

11. This is the interesting part; Zenith Bank Plc., suddenly woke up from sleep and said that the N32B in Account No. 1012280444 with Account Name NNPC (REM ACC/PRIVATE) has been swept into NNPC Remittance Account (Coastal PRD Sales) Account No. 1010654418 from where it was eventually transferred to CBN/TSA Account No. 3000004989 with the CBN on the 7th of January 2016. This is not true.

 

12. Recall that the CBN directives for all balances/receipts due to the Federal Government or its Agencies to be paid into the Treasury Single Account (TSA) ended on or before September 15, 2015. Zenith Bank Plc. has not been able to give explanation as to the reason Account Nos. 1012280444 and 1010654418 were still operational after September 15, 2015.

 

13. Another shocking revelation is that Account No. 1012280444 with Zenith Bank Plc. has five (5) BVNs as follows: 22173355534,22376914983, 22193440291, 22367697055, and 22235680190. Zenith Bank Plc. has not been able to supply statement of accounts for Account Nos 1012280444 and 1010654418from inception to date. They cannot provide photograph pictures of the five (5) BVN owners.

 

14. Zenith Bank Plc. stated that Account No. 1012280441 (another account being investigated with N32B lodgement) belongs to Mrs Okoro Comfort with cellular number 08130734041. However, Mrs Okoro Comfort, through her counsel denied any knowledge of the said account or any other account with Zenith Bank Plc. Mrs Okoro Comfort admitted that her cellular number is 08130734041 and her BVN is 222417%%%49 different from the BVN 2236767055 attached to the account number 1012280441.

 

15. BVN 2236767055 belongs to Mr Okam Eze Ezenna who receives transaction alerts from Account No. 1012280441 with two (2) cellular numbers 08139383487 and 08130734041which belongs to Mrs Okoro Comfort. Account Number 1012280441 with Zenith Bank Plc. has Thirty two million naira (N32m) with no identifiable owner coming to claim it.

 

 

16. The question in the mouth of every concerned person is, what is holding back the hand of justice to declare total forfeiture of all these stolen funds to the Federal Government of Nigeria.

 

17. It is expected that Muhammad T. Ismail and Ndarani (SAN) & Co (Solace Law Chambers) should have a Memorandum of Understanding (MoU). At the beginning of the assignment, Ndarani (SAN) & Co (Solace Law Chambers) allotted a space to Muhammad T. Ismail and his team in his office to do the leg work and provide the needed information for Ndarani (SAN) & Co (Solace Law Chambers) to do the needful. Surprisingly, Ndarani (SAN) & Co (Solace Law Chambers) has not shown any interest in signing the MoU with his client, Muhammad T. Ismail.

 

18. On the 7th of September, 2021 Ndarani (SAN) & Co (Solace Law Chambers) wrote to the Office of the Attorney-General of the Federation and Minister for Justice to provide Bank Account details to receive recovered funds to the tune of one hundred and seventy nine billion naira (N179B) and $299,613.72 USD from three (3) out of the twenty nine (29) accounts..

 

 

19. On the 8th of September, 2021 Ndarani (SAN) & Co (Solace Law Chambers) also wrote to the Central Bank of Nigeria, complaining against the uncooperative attitude and disobedience of court orders by First Bank Plc. and Zenith Bank Plc. Proof of service of the court orders was attached to the letters to the CBN.

 

20. It was after the request for bank details was sent to the Office of the Attorney-General of the Federation and Minister for Justice and a complaint against First Bank Plc. and Zenith Bank Plc. was sent to CBN that trouble started. Some persons who are in position to drive the process for the recovery of the illicit funds became threatened and they had to act fast to stop the process.

 

21. In their response on the 27th of September 2021, CBN stated that they cannot act because they were not served any court order and that necessary steps should be taken to effect service on the CBN to enable them respond to the request. The Office of the Attorney-General of the Federation and Minister for Justice, although received the letter of request for account details to receive recovered funds, never responded and the request not met.

 

22. In March 2022, Ndarani (SAN) & Co (Solace Law Chambers) invited Mohammad T. Ismail and told him that the Attorney-General of the Federation and Minister for Justice had terminated the recovery exercise but he could not show any document or correspondence from the Attorney-G eneral of the Federation and Minister for Justice to that effect. To make matters worse, Mohammad T. Ismail and his team were stopped from accessing the office and prevented from retrieving details of information in the office.

 

23. On one hand, Ndarani (SAN) & Co (Solace Law Chambers) claimed that the Attorney-General of the Federation and Minister for Justice had seized from pursuing the recovery of the trillions of naira for the Federal Government of Nigeria. However, he sent another SAN to represent him in court on the 7thof March 2022 in respect of the same matter that he told Muhammad T. Ismail that the Attorney-General of the Federation and Minister for Justice had seized to pursue.

 

24. Hon. Justice P. O. Lifu of FHC, Ikoyi Lagos presided on the 7th of March 2022 and adjourned to the 31st of March 2022 for ruling. Since then, it has been adjournment upon adjournment with the next adjournment scheduled for 6th of March 2023.

 

25. Ndarani (SAN) & Co (Solace Law Chambers) is now foot-dragging in pursuing the case as it should be. Mohammad T. Ismail is also not enjoying the cooperation of the Attorney-General of the Federation and Minister for Justice as it was in the beginning. The Judge only announces long adjournment to frustrate the case. The Banks too are acting above the law. CBN is not worried that trillions of naira which can service our national debt was being stolen.

 

 

 

26. Several correspondence had been sent to Ndarani (SAN) & Co (Solace Law Chambers) to release copies of all the correspondence relating to the recovery exercise but he hasn’t obliged. He has also refused to sign the MoU with his client, Muhammad T. Ismail who owns the recovery exercise and hired him to work for him. He is no longer showing seriousness in the recovery pursuit.

 

27. It can only be concluded that some persons are congregating to share over N70 trillion belonging to the Federal Government of Nigeria. We have a responsibility and a sacred duty to let the world know the truth and those who are sabotaging this nation and causing everyone to crawl while they ride on horseback.

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Cyberstalking of GTCO, CEO Case: Court Constrained To Grant Bail Due To History of Repeated Offences by Bloggers

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2 days ago

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November 15, 2024

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Justice Ayokunle Faji of the Federal High Court in Lagos has ordered an accelerated trial of the four bloggers charged with defaming and cyberstalking the management of GTCO (Guaranty Trust Holding Company), including its Group CEO, Mr. Segun Agbaje.

The four accused—Precious Eze, Olawale Rotimi, Rowland Olonishuwa, and Seun Odunlami—are facing 10 amended charges for allegedly publishing false information about the company through various social media platforms.

 

At the resumed hearing of the matter on the 13th and 14th of November, Justice Faji also dismissed the bail applications, citing the serious nature of the alleged offences, which include charges that could lead to up to 14 years in prison.

 

The judge also held that one of the defendants – Precious Eze has shown the tendency to commit a similar offence again if let out as he is currently charged with a similar offence in another court and was only on bail when he went ahead to commit the alleged offence for which he is now standing trial.

Justice Faaji also highlighted the potentially destabilizing impact such actions could have on the banking sector, particularly since some of the charges involve cross-border activities on the Internet.

 

The defense counsel, Afolabi Adeniyi, had at the last hearing of the matter while moving an application for bail for the accused persons argued that the defendants should be granted bail on liberal terms, emphasizing that the charges were bailable and that the accused were willing to face trial.

 

Opposing the application, the prosecution Counsel, Chief Aribisala, SAN, urged the court to reject the bail request, highlighting the risk of the defendants absconding and stressing the need for an expedited trial.

 

In delivering his ruling, Justice Faji not only denied bail but also ordered an accelerated trial, underlining the gravity of the charges.

 

He also noted that the defendants’ actions challenged the authority of regulatory bodies, including the Central Bank of Nigeria (CBN), which had approved GTCO’s audited statements.

 

The matter has been adjourned until the 10th and 12th of December for continuation of the trial.

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All NCDMB Investments Under My Watch Very Successful, Progressing – Wabote Says, Dismisses Fraud, Arrest Report

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4 days ago

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November 14, 2024

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A former Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote, says all the 17 strategic investments undertaken by the board of the agency under his leadership are very successful and progressing except one, contrary to what he described as the deliberate disinformation being fed to the public by some persons he described as disgruntled.

 

Engr. Wabote, who spoke to THEWILL on Wednesday morning, dismissed reports of his purported arrest by the Economic and Financial Crimes Commission (EFCC), saying he honoured the anti-graft agency’s invitation on its investigation into the $35 million equity contribution of the NCDMB into the Energy Infrastructure Park project promoted by Atlantic International Refinery and Petrochemical Limited, whose CEO, Mr Akintoye Adeoye Akindele, is also behind the completed and ready to commission Duport Midstream refinery project in Edo State, where NCDMB is also invested. The Atlantic International Refinery project, which is located in Okpoama Community in Brass LGA of Bayelsa state, is currently stalled because of funding issues on Akindele’s part.

 

 

Speaking again on Wednesday afternoon, Wabote, who led the NCDMB between 2016 and 2023, dismissed claims of any misappropriation of funds during his term at the NCDMB.

 

 

THEWILL checks revealed that 16 of the 17 projects of the board under his leadership as Executive Secretary are running efficiently with some awaiting official commissioning except the Atlantic International refinery project which currently has financial issues. NCDMB owns 40% of the business. Despite successfully fabricating and completing the refinery in Dubai, Atlantic’s plan to ship it to Bayelsa and complete the project had been hampered by issues between Akindele and his partners in the Duport Midstream refinery, where he had hoped to raise cash from their daily turnover to fund his financial obligation in the project. Akindele and his partners in Dupont are currently in court over their dispute, THEWILL can report.

 

 

Though further checks showed that the site for the refinery project including the staff facility, is ready, Atlantic International has been unable to raise more funds to pay off about $700,000 balance owed by the Dubai-based fabricator to facilitate the shipment of the refinery to the site. THEWILL checks also showed that NCDMB and Atlantic International are in talks on the best way to move the project forward.

 

Wabote, who spoke glowingly of his achievements at the helm of affairs at the agency, declined to comment on our findings on the Atlantic International refinery project because it is now a subject of investigation.

 

 

The NCDMB under me got involved in 17 different investments ranging from gas projects to refineries. Out of this 17,16 are progressing and some have been completed. An example is the Watersmith Refinery which made a profit after tax of N23bn in 2023. 30% of this belongs to the NCDMB as a dividend. The refinery is also expanding from 5,000 to 10,000bpd. Hopefully, it will be commissioned by the first quarter of 2025”, he said.

 

Wabote insists that the NCDMB investments in the business ventures under his tenure are very lucrative and would yield great returns for the agency and the country. “We designed all the projects we invested in, in a way that allows us to cash out in 5 years because our role at the NCDMB is to catalyse these businesses”, he added.

 

Below are some of the partner projects of the NCDMB.

 

THE WILL

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FBI launches manhunt for Nigerian fraudsters who stole $60 million from top global carbon supplier

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4 days ago

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November 14, 2024

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The FBI has launched a manhunt for suspected Nigerian fraudsters who allegedly swindled Orion, an energy company, of millions of dollars, specifically $60 million, according to Securities and Exchange Commission (SEC) filings on August 10.

 

 

Although the SEC withheld the names of the fraudsters and their personal identifying information to avoid spooking them into hiding before their arrest, law enforcement agents told Peoples Gazette that the fraudsters were of Nigerian descent.

 

The suspects stole $60 million from Orion, a Luxembourg-based company that produces carbon black, a major material for making tyres, ink, batteries, plastics and more.

 

An SEC filing showed that the suspect targeted an Orion employee in the scheme and used him as bait to make fraudulent wire transfers from the company to other accounts under their control, a criminal tactic that many Nigerian fraudsters have adopted.

 

 

“Orion S.A. (the “Company”) determined that a company employee, who is not a named executive officer, was the target of a criminal scheme that resulted in multiple fraudulently induced outbound wire transfers to accounts controlled by unknown third parties,” SEC filing stated on August 10. “As a result of this incident, and if no further recoveries of transferred funds occur, the Company expects to record a one-time pre-tax charge of approximately $60 million for the unrecovered fraudulent wire transfers.”

 

In a similar scheme, Ramon Abbas, also known as Ray Hushpuppi to his millions of Instagram fans, and his partner Woodberry, whose real name is Olalekan Ponle, were jailed for coordinating multimillion-dollar scams involving business email compromise schemes by the U.S. government.

 

The two fraudsters are serving their respective sentences at the Fort Dix correctional facility for scamming individuals and companies in similar fraud schemes.

 

 

In October, The Gazette reported that the FBI contacted their Nigerian counterpart, EFCC, to track down two fugitives wanted for scamming the American healthcare system of $13 million.

 

Babatunde Shodiya and Yinka Jamiu targeted at least four Minnesota-based health service providers and tricked them into paying $13 million to a manipulated account rather than the intended beneficiaries.

 

 

* The Gazette

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