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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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Christmas, Cash Scarcity and Attacks against CBN’s Proactive Stance – Toni Kan

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December 20, 2024

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Let us look at a few figures……..

Nigeria’s population is put at a little over 200 million people while the UK population is about 68 million. This means that the Nigerian population is about three (3) times that of the UK.

As at June 2023, the UK banking system had about 49,421 Automatic Teller Machines and almost 2.3 million Point of Sales Terminals.

By contrast, the Nigerian banking system had a little over 22,600 ATMS according to TechCabal and is projected to reach 29,000 by 2029 according to Statista. Conversely, Nigeria boasted 1,665,664 POS terminals as at December 2022. Meanwhile, figures attributed to Inlaks, which is described as Nigeria’s biggest ATM operator, suggest that Nigeria needs at least 60,000 ATM machines to serve its population of over 200 million.

Where is all this going? Well to borrow a phrase from the comedian, Jeff Foxworthy; hold my beer, sir!

Those who know me well know what my favourite Igbo proverb is. It goes something like this in translation – “the disease that gives you warning, does not kill you!” It is a proverb that underlines the imperative of proactivity, what the Igbo people might call igba mbo.

So, I was really pleased when I read that the Central Bank of Nigeria (CBN) was taking a proactive step to ensure that there is no cash scarcity this Christmas.

Nigerians love cash and that love can become obsessive and reach fever pitch at festive periods. Have you been to Abeokuta during Ojude Oba? Or to Kano during the Durbar? Or Onitsha during Ofala? Those are regional festivities. So, you can imagine what happens at Christmas!

All efforts at driving a cashless policy and economy seem to collapse when festivities come around the corner and this year, the CBN was quick to take proactive action weeks before the festivities reach fever pitch. But the apex bank’s interventions seem to be having unintended consequences even though as at the time of writing this, the apex bank had put out three (3) different circulars and one press release around the issue.

First, is a not-so-surprising pushback from the banks and then a seeming lack of understanding by the general public no thanks to rampant mis-information.

The issue of cash scarcity around the Christmas period worsened under the sway of Godwin Emefiele at the CBN. The fall-out from the disastrous naira redesign he superintended over at the apex bank continues to haunt our banking vaults but Olayemi Cardoso and team are focused on making sure we turn that dark corner.

Let us begin with the first circular dated November 29, 2024: “Cash Availability Over the Counter in Deposit Money Banks (DMBs) and Automated Teller Machines (ATMs).” The circular had two sections: DMBs were directed to ensure efficient cash disbursement to customers Over the Counter (OTC) with the CBN insisting that it will enforce the directive and ensure compliance.

Secondly, members of the general public were encouraged to report instances where they are unable to get cash Over the Counter or through ATMs. The CBN ended with a list of 37 email addresses and phone numbers across the 36 states and FCT for reporting issues.

On paper, it looked like Nigerians and the cash worries were all sorted this Christmas but it didn’t take time for the expected pushback to occur. News reports began to circulate of long queues at banks and of ATMs struggling to dispense more than N10,000. “NAN reports that long queues have emerged at ATM stands around the city as residents struggle to have access to cash…Meanwhile POS operators are currently taking advantage of the situation to demand exorbitant charges on transactions.”

While Nigerians were still trying to make sense of the reason behind the long queues, another report had an official of the Association of Senior Staff of Banks, Insurance, and Financial Institutions (ASBIFI) pointing fingers. According to the report, “ASSBIFI President, Olusoji Oluwole, told the Punch that “Banks have only two sources of cash: the CBN and retailers. The CBN has not met banks’ demands, and retailers often sell cash for profit, making it harder for banks to access funds.”

As if in response to the charge, the apex bank responded “with their full chest” as we say on social media with a December 13, 2024 circular – Updated Penalty on Inappropriate Cash Disbursement Practices by Deposit Money Banks (DMBs) in which it condemned the “illicit flow of mint banknotes to currency hawkers and other unscrupulous economic agents that commodify naira bank notes thus impeding efficient and effective cash distribution to banks’ customers and general public.”

Giving bite to the circular the CBN said any bank found culpable of “facilitating, aiding or abetting, by direct actions or inactions, illicit flow of mint banknotes” would be fined N150m and then hit with the full weight of the relevant provisions of BOFIA 2020.

This time no pointing fingers were seen but the CBN was not done. Eager to completely squelch rumours around “the validity or lack thereof of the old ₦1000, ₦500, and ₦200 banknotes” the refusal of which was contributing to the long queues, the CBN issued a press release shutting it down: “The Central Bank of Nigeria (CBN) has observed the misinformation regarding the validity of the old ₦1000, ₦500, and ₦200 banknotes currently in circulation….the CBN wishes to reiterate that the subsisting Supreme Court ruling granted on November 29, 2023, permits the concurrent circulation of all versions of the ₦1000, ₦500, and ₦200 denominations of the Naira indefinitely.”

The third circular from the CBN which it said was in line with its “ongoing efforts to advance a cash-less economy” seems to have hit a raw nerve among Nigerians who, as we have already noted, love their cash even though it is now an offence to spray the naira.

News outlets also seemed to also get it wrong. The CBN circular of December 17, 2024 did not put a limit on how much cash you and I can withdraw from banks. The limits imposed in the circular titled – CIRCULAR ON CASH-OUT LIMITS FOR AGENT BANKING TRANSACTIONS – are “for agency banking operations” and as reported by TheCable is among interventions intended to address “identified challenges, combat fraud and establish uniform operational standards across the industry.”

Now, can I have my beer back as I attempt to outline how easily well-intentioned policies are rubbished by that euphemistically named malady known as the “Nigerian factor”.

The ASBIFI official was quick to point fingers even though simple logic can show that Over the Counter cash scarcity and at ATMs has little to do with the CBN or its cash distribution operations but with our Nigerian any-how-ness.

Let’s consider this. How is it that banks cannot fill up 22,600 ATMS, most of which are within or in close proximity to their branches but can afford to give cash to 1.6m PS operators? Doesn’t this seem to suggest that someone is out to make sure that the ATMs don’t have cash while the PoS operators continue to make a killing?

And why does it seem right that Nigerians should continue to pay between N250 and N400 per N10,000 withdrawals to PoS operators when ATM charges are far lower at N35 and only after you have made multiple withdrawals from other bank ATMs?

Oh, bankers have said ATMs are difficult to maintain on account of several factors and this takes us back to the figures we shared from the UK. Of the 49,421 ATMs in the UK, “78% were free to use” during the period under reference. So, why do we always talk about maintenance when it comes to Nigeria? Imagine if we paid N10 per ATM transaction, wouldn’t that be better than paying N250 to a PoS operator for every N10,000 withdrawn?

And for context, in 2014, data on various e-payment channels indicated that Automated Teller Machines (ATMs) remained the most patronised payment mode in Nigeria accounting for 89.7% of all electronic transactions with PoS transactions accounting for just 4.58 per cent. Today, the reverse is the case and the question to ask remains; what changed? The answer has something to do with financial inclusion but that is a topic for another day.

As you ponder that poser, ask yourself why is it always difficult to get mint bank notes over the counter in the banks meanwhile, step into any event center and you will see some hawker waving bright new notes in your face. Surely, they don’t get those notes from the CBN.

When the CBN referenced the Supreme Court ruling granted on November 29, 2023 to the effect that the old notes are still legal tender, their X Formerly Twitter page was filled with bile. But what many are failing to contend with is that the current leadership is only trying to make sure the mess they inherited doesn’t get worse.

As we prepare for Christmas and the New Year the advice is simple; go to your bank and ask for your money or withdraw from the ATMs and if you suspect any funny business, email or call the hotlines provided by the CBN.

Say no to any-how-ness this yuletide.

 

Toni Kan is a PR expret and financial analyst.

 

 

 

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Aviation Minister Leads Delta APC Leadership To National Chairman, Advocates Unity Ahead of 2027 Elections

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2 days ago

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December 19, 2024

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The Honourable Minister of Aviation and Aerospace Development, Olorogun Festus Keyamo SAN, today, led the leadership of the All Progressives Congress (APC) in Delta State, to the National Chairman of the APC, His Excellency Dr. Abdullahi Ganduje, at the APC National Headquarters in Abuja.

 

During the meeting, the Delta APC leaders briefed the National Chairman on the current state of the party in the state and the ongoing efforts to reconcile party members. They presented the report of the Reconciliation Committee, which has been approved by the Delta State APC State Working Committee (SWC) and earlier submitted to the National Chairman.

The delegation emphasized the importance of collaboration, stating that the era of a one-man leadership style in Delta APC is over. They reaffirmed their collective commitment to working as a united team to reposition the party and strengthen its prospects ahead of the 2027 general elections. This new direction was evident in the composition of the high-powered delegation that visited the National Chairman.

 

In his response, the National Chairman, Dr. Abdullahi Ganduje, commended the Delta APC leadership for their efforts to foster unity and ensure the party’s victory in future elections. He assured them of his commitment to work with Delta APC leaders, including those absent from the meeting, to build a united and formidable front. During the meeting, Dr. Ganduje also spoke with Delta State APC Chairman, Elder Omeni Sobotie, who was unavoidably absent due to health reasons, and wished him a swift recovery following his recent surgery.

 

The delegation to the meeting comprised prominent leaders of the Delta APC, including: Olorogun O’tega Emerhor, OON-Founding Leader of APC in Delta State,

Elder Godsday Orubebe- Former Minister,

Senator Ede Dafinone,

Senator Joel Thomas-Onowakpo,

Rev. Francis Waive- Member, House of Representatives and

Hon. Victor Ochei-former Speaker, Delta State House of Assembly.

The meeting was concluded with a renewed sense of purpose among the Delta APC leaders and a shared commitment to repositioning the party for electoral success in 2027.

 

 

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Just In: Alleged N110.4billion Money Laundering: Yahaya Bello Begs Court: Spare me Landed Property in Maitama for Bail.

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2 days ago

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December 19, 2024

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A former governor of Kogi State, Mr. Yahaya Bello has pleaded with Justice Maryann Anenih of the Federal High Court sitting in Abuja to spare him the possession of a landed property in the Maitama district of Abuja as one of the conditions for bail.

 

Details later…

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