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Illegal oil deals: FG to expose officials behind $69bn loot in US banks

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The Federal Government says it has begun gathering evidence on government officials linked to the alleged looting of $69bn (N28.3tn) stashed in various bank accounts in Texas, the United States.

The loot reportedly accrued from illegal oil deals involving some officials of the government-owned Nigerian National Petroleum Corporation and the Central Bank of Nigeria during the Goodluck Jonathan administration.

The PUNCH on Friday exclusively reported that an American assets recovery firm, Forensic Assets Investigation and Recovery Services LLC, discovered the $69bn loot.

Findings showed that the American company, FAIR, is a specialist in anti-corruption asset recovery working independently to trace and help repatriate money stashed away in foreign bank accounts and loot converted to real estate, luxury items, yachts and the money markets.

The firm, founded by a lawyer, Gary Riebschlager, comprises investigators, forensic accountants, bankers, and cyber experts who utilise Mutual Legal Agreements and global Financial Intelligence Units, Camden Assets Recovery Inter-Agency Network, Global Focus Point Network in Asset Recovery (Interpol), and the Stolen Asset Recovery Initiative of the World Bank.

In a January 2019 confidential memo to the Special Presidential Investigation Panel, FAIR said it could help the Federal Government recover the money if hired and compensated for its services.

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Out of the loot, $9bn was reportedly traced to a Texas bank account allegedly belonging to the late National Security Adviser, General Andrew Azazi.

Azazi died in a helicopter crash in Okoroba, Nembe Local Government Area of Bayelsa State in December 2012 alongside the Governor of Kaduna State, Patrick Yakowa, and others.

Two months after FAIR wrote the SPIP, the latter wrote a letter dated March 18, 2019 to the President, Major General Muhammadu Buhari (retd), on the matter, explaining FAIR’s proposal.

SPIP stated that FAIR assured that the $9bn allegedly stolen by Azazi could be recovered within three to five months.

The SPIP’s letter to the President, with reference number SPIP/SH/2019/VOL.1/1, was titled, ‘American assets investigation and recovery company has traced a definite $9bn funds linked to the late Gen Azazi.’

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The letter was signed by a former SPIP Chairman, Okoi Obono-Obla.

It read in part, “In January 2019, an American assets recovery company, Forensic Assets Investigation and Recovery Services LLC, sent a confidential memo to us stating the discovery of a definite total amount of $9bn in the State of Texas linked to the late General Azazi (former NSA), plus an additional huge amount in excess of $60bn from multiple sources of illegal sales of crude oil from Nigeria into the entire United States of America.

“Mr President, the confidential memo to us prompted our agency to seriously engage the US company to determine the veracity of the information, which resulted in an official invitation to them that they may visit us to further discuss and agree on steps needed to recover and return the funds to the Nigerian government.”

“Follow-up information from the Americans indicate that the definite $9bn can be recovered and returned to Nigeria within 3 to 5 months, if engaged and expense fee is provided, while compensation and charges shall be paid upon recovery. They also informed us that the major funds were stolen via the NNPC and the Central Bank of Nigeria,” the letter to the President further stated.

Following the overwhelming evidence provided by the assets recovery company regarding the $9bn and their capacity to recover and return the fund,  the SPIP explained that it decided to engage the American forensic experts on a face-to-face meeting scheduled for March 29, 2019.

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The panel also attached a copy of the firm’s acceptance letter to its memo to the President and sought Buhari’s approval for the planned meeting with the American company.

The memo noted, “Mr President, we intend to work together with the Americans in order to secure the recovery of the definite $9bn within 3-5 months they stated and to engage them to see and recover the larger part of the estimated $60bn-$80bn stolen from Nigeria during the oil boom. Also, to engage the NNPC and the CBN in the overall recovery of those funds in the United States.

“Our prayers to the President are: To approve the engagement of the American company to recover the funds and assets in the US and to approve the support of the visiting American firm to integrate software technology in the CBN in order to trace fraud funds.

“To approve the presence of interface offices of the Special Presidential Investigation Panel in NNPC and the CBN. Your Excellency, the immediate recovery of the identified $9bn within the stated timeframe of 3-5 months will totally eliminate borrowing to fund the 2018 budget deficit and sustain the 2019 budget.”

However, two years after the SPIP notified the President of the loot, the Federal Government was said to have not taken concrete steps to recover the money.

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Also, Obono-Obla had yet to conclude the recovery process when he was removed from the panel by the President and replaced by the Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice, Dayo Apata.

Over 400 criminal and graft cases retrieved from the SPIP by the office of the Attorney-General and Minister of Justice were also found to have been abandoned.

However, the Attorney General of the Federation and Minister of Justice, Abubakar Malami (SAN), on Friday told one of our correspondents that the Federal Government had swung into action with the aim of getting adequate information on the $69bn loot allegedly hidden in American banks in Texas as well as the government officials involved.

The AGF also said the relevant bank details would be traced.

Malami’s Special Assistant on Media and Public Relations, Dr Umar Gwandu, who spoke on behalf of the minister, said the government was at the information-gathering stage and would work on verifiable information.

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Gwandu said, “The government has swung into action to generate adequate information on the alleged $69bn, inclusive of the Nigerians involved, incidental bank details, and actionable intelligence to enable us to deal with the matter.

“The details of the alleged lawyers involved and what information is at their disposal can also be very helpful.

“The office of the Attorney General of the Federation works on cogent and verifiable information, not on media sensations or on speculations.”

Gwandu said the Buhari regime had the track record of repatriating stolen funds stashed in foreign accounts, saying it was one of the “visible and indelible” successes recorded by the regime.

He said, “The Office of the Attorney General has established a historical record of acting on cogent and verifiable information that has led to the recoveries of looted assets upon valid revelations that are subjected to integrity test by the assets recovery units of the office of the Attorney General of the Federation.

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“The integrity test of information is not media-based but a process being conducted through the laid-down official process in compliance with the extant laws.

“One of the prime and uncompromising policies of the present administration under the leadership of President Muhammadu Buhari is the fight against corruption.”

We have nothing to say now–NNPC

Meanwhile, the Group General Manager, Group Public Affairs Department, NNPC, Kennie Obateru, told one of our correspondents that the corporation had nothing to say about the allegations.

“You know the way NNPC is run, particularly on issues like this. We don’t have anything to say about it,” he stated.

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However, some officials of the NNPC who spoke on condition of anonymity, expressed doubt over the authenticity of FAIR’s findings.

“What is the entire budget of the country for a company to come up with an allegation that $69bn from illegal oil deals by NNPC was traced to American accounts?” asked an official, who requested not to be named due to the nature of the matter.

The official added, “Because somebody made an allegation does not mean that it has become a fact. Proper investigations should be done.”

Besides, as of the time of filing this report, efforts to get the reactions of the CBN, Ministry of Finance, Budget, and National Planning had yet to yield positive results.

SERAP, CACOL, SAN, lawyers call for thorough probe

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However, civil rights organisations, including the Socio-Economic Rights and Accountability Project and the Coalition Against Corrupt Leaders, have called on the Federal Government to conduct a thorough probe of the alleged $69bn loot in Texas banks.

The Executive Director of SERAP, Adetokunbo Mumuni, in an interview with Sunday PUNCH, said there were certain international procedures that Nigeria could follow to recover the looted funds, adding that the money was needed in the country.

He said, “The Nigerian authorities should investigate how the money got to the said accounts and hold whoever is/are responsible for it accountable so that the money does not get finally lost.”

Also, the Executive Director, CACOL, Debo Adeniran, said no stone should be left unturned in ensuring that the loot was repatriated back to the country.

“All of us should be vigilant, the media and the anti-corruption agencies, to ensure that no stone is left unturned on this matter,” he said.

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Adeniran argued that the fraud happened in the first place because institutions such as the Ministry of Petroleum Resources, Office of the Accountant General, and anti-corruption agencies did not perform their duties of monitoring the receipts and expenditures of oil revenue.

He said, “There are international protocols which the Attorney General ought to have commenced but has been reluctant to do.

“The Auditor-General, Accountant General, and the minister under who it happened must answer questions.”

Also, a human rights lawyer and former General Secretary of the Committee for the Defence of Human Rights, Malachy Ugwumadu, said it was the responsibility of the government to recover stolen funds.

He said, “The government should try to avoid the pit-holes that we have all been encountering in the efforts to recover stolen funds in the past.

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“Some of those pit-holes include the lengthy period of time that it takes to recover them.

“Take a look at the (Sani) Abacha loot, do you remember when Abacha ruled Nigeria?”

The lawyer advised that the issue should be tackled at the level of diplomatic engagement so that the loot would be “almost automatically” repatriated.

Meanwhile, the Convener, Coalition in Defence of Nigerian Democracy and Constitution, Dare Ariyo-Akintoye, tackled the Buhari regime, saying it had no good reputation in dealing with foreign loot recovery firms.

He said, “Ordinarily, the Buhari administration is incapable of such recoveries, but if it can swallow its pride and seek the help of global assets recovery firms, it has a chance.”

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Also, a Senior Advocate of Nigeria, Mike Ozekhome, urged the government to recover the loot and use it for the benefit of Nigeria in a transparent and accountable way.

“The government should go ahead and recover the funds. It’s Nigeria’s money and it should be recovered and used for the Nigerian people. And there must be transparency and accountability in the use of the money.

“What projects is the money being used for? How is it being used? Where will it be kept first when it comes? How much is it? There must be transparency and accountability about it,” he said.

Meanwhile, when asked if the Economic and Financial Crimes Commission would investigate the graft case, the commission’s spokesperson, Wilson Uwujaren, simply said the agency doesn’t give advance notice of its investigations.

He also declined to speak further.

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The Independent Corrupt Practices and Other Related Offences Commission spokesperson, Mrs Azuka Ogugua, could not be reached for comment on Saturday.

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Politics

10 PDP Members Injured As Thugs Disrupt Rally In Ebonyi

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No fewer than 10 members of the Peoples Democratic Party (PDP) are receiving treatment in various hospitals across Ebonyi State after suspected political thugs disrupted a party rally in Ikwuator Idembia, Ezza South Local Government Area, leaving several people injured and property destroyed.

The violence occurred on Saturday afternoon during a reception organised to welcome former All Progressives Congress (APC) member, Ifeanyi Nworie, into the PDP.

The event was initially scheduled to hold at a roadside village square in the community. However, eyewitnesses said suspected thugs wearing T-shirts bearing the image of a federal lawmaker stormed the venue, forcing the organisers to relocate the gathering to Nworie’s private residence.

The relocation, however, did little to prevent the violence, as the attackers reportedly traced participants to the new venue, where they allegedly unleashed another wave of attacks.

Several PDP supporters sustained varying degrees of injuries, while canopies, plastic chairs, public address systems and other valuables were vandalised during the incident.

Addressing journalists in Abakaliki after the attack, Ebonyi State PDP Chairman, Chukwuma Igwe, condemned the incident, describing it as a calculated assault on democracy and an attempt to intimidate opposition voices ahead of the 2027 general elections.

Igwe alleged that the attack was part of a growing pattern of intimidation against PDP members in the state, claiming that party supporters had faced repeated threats and assaults in recent weeks.

He said vehicles were damaged and several people were attacked with dangerous weapons, adding that at least eight victims were receiving medical treatment following the latest incident.

“We have called this press conference to draw the attention of Nigeria and Nigerians to undemocratic actions deliberately orchestrated to undermine the conduct of the 2027 general elections in Ebonyi State,” he said.

The PDP chairman called on the Nigeria Police Force, Department of State Services (DSS), Nigeria Security and Civil Defence Corps (NSCDC), Armed Forces and other security agencies to discharge their constitutional responsibilities by protecting all political parties and ensuring a level playing field ahead of the elections.

He maintained that the PDP would not be intimidated by what he described as anti-democratic forces, regardless of those allegedly behind the attacks.

“As political activities commence in the coming days, we urge our members to remain peaceful and law-abiding.

“We also call on the Ebonyi State Government to play by the rules of democracy, bearing in mind that no one has a monopoly on violence or misconduct,” Igwe stated.

He further urged security agencies to remain impartial in the discharge of their duties and safeguard citizens’ constitutional rights to freely associate and participate in political activities.

Meanwhile, the Ebonyi State chapter of the APC has denied involvement in the incident.

Responding to the PDP’s allegation, APC State Chairman, Chief Stanley Okoro Emegha, described the party as a peaceful organisation guided by the leadership of Governor Francis Nwifuru, whom he said strongly opposes political violence.

According to Emegha, individuals dissatisfied with Nworie’s political decisions may have masterminded the attack rather than APC members.

“So far as it has to do with APC in Ebonyi State, we watch the body language of our dear Governor. He doesn’t want to offend anyone. As such, we must toe his path.

“There is no time APC will have a hand in violence because if anyone gets involved, the governor will abandon such a person,” he said.

He added that Governor Nwifuru believes political disagreements should not degenerate into violence, stressing that political opponents could become allies in the future.

“People who are no longer comfortable with Ifeanyi Nworie’s political behaviour may be responsible for the incident,” Emegha added.

The violence also affected journalists covering the event.

No fewer than 10 journalists travelling in the official vehicle of the Correspondents’ Chapel of the Nigeria Union of Journalists (NUJ), Ebonyi State Council, were reportedly attacked while on their way to the rally at the invitation of Nworie.

The assailants allegedly smashed parts of the NUJ-branded vehicle in an attempt to gain access to it and reportedly searched for fuel with the intention of setting it ablaze before the driver successfully manoeuvred out of the area.

One of the alleged attackers, Friday Agbom, an APC chieftain and legal practitioner, reportedly warned the journalists against returning to the community, describing them as “political journalists.”

As of the time of filing this report, the police had not issued an official statement on arrests or an investigation into the incident.

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Breaking: Court of Appeal Sets Aside Judgement Ordering Deregistration of ADC, Four Other Parties

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The Abuja Division of the Court of Appeal has set aside the judgement of the Federal High Court which ordered the deregistration of the African Democratic Congress (ADC), Accord Party and three other political parties.

The appellate court, in a unanimous decision on Tuesday, declared the judgement ordering the Independent National Electoral Commission (INEC) to deregister the parties “null and void.”

Recall that Justice Peter Lifu of the Federal High Court sitting in Abuja had ordered INEC to deregister the parties over their performance in the 2023 general elections.

Dissatisfied with the decision, the affected political parties — the African Democratic Congress (ADC), Action Peoples Party (APP), Action Alliance (AA), Accord Party (AP) and Zenith Labour Party (ZLP) — approached the Court of Appeal seeking to nullify the Federal High Court judgement.

However, the three-member panel of the appellate court, presided over by Justice Abba Mohammed, held that the trial court lacked the judicial power to entertain the case in the first place.

The Court of Appeal also faulted the Federal High Court for proceeding with the delivery of the judgement despite an order by the appellate court directing a stay of proceedings, which included the delivery of the judgement.

The appellate court described the Federal High Court’s decision as “a nullity,” stating that the action of the trial court amounted to “judicial impertinence” or what the Supreme Court had described as “judicial insubordination.”

The court further held that the first respondent lacked the locus standi to institute the action in the first place, and consequently set aside the judgement of the Federal High Court.

“The evidence before the court clearly shows compliance with Section 225A of the Constitution of the Federal Republic of Nigeria 1999 (as amended). The judgement of the trial judge was perverse,” the Court of Appeal held.

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Okechukwu urges INEC chairman to focus on conducting free, fair, credible elections

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The former Director-General of the Voice of Nigeria (VON), Mr. Osita Okechukwu, has urged the Chairman of the Independent National Electoral Commission (INEC), Prof. Joash Amupitan, to focus on ensuring the conduct of free, fair, and credible elections.

In a statement on Sunday in Enugu, Okechukwu noted that credible elections remained the strongest antidote to intra-party impunity.

He was responding to the INEC Chairman’s recent call on political parties to adhere strictly to principles of internal democracy during a courtesy visit to former Head of State, Gen. Abdulsalami Abubakar, in Minna, Niger.

According to Okechukwu, the INEC Chairman has consistently emphasised the issue of internal democracy, having made similar remarks in Akwa Ibom in March 2026 and again in Abuja in June 2026.

He said, “Whereas one agrees with the Chairman that strict observance of internal democracy within political parties is of paramount importance.

“However, the greatest incentive for political parties to uphold internal democracy is the consistent conduct of free, fair, and transparent elections by INEC.”

He argued that political scientists had long maintained that political parties were more likely to respect democratic principles and popular will when electoral processes are credible and transparent.

“Political party leaders will do everything within the ambit of the law to keep their houses in order and present the most acceptable and popular candidates when they are confident that elections will be free and fair.

“In such circumstances, they are compelled to obey the wishes of the electorate. However, when elections are perceived as lacking transparency, internal party conflicts and impunity are more likely to thrive,” he said.

Okechukwu also dismissed the allegation of other political parties feelings that INEC is the handgun of the All Progressives Congress (APC).

The APC chieftain said that APC needed free and fair elections as core patriots who are committed to the genuine growth of our fledgling democracy and overall progress of every Nigerian.

“I dismiss the handgun allegation, as APC needs free and fair elections,not only for legitimacy with our 31 state governors, but for the genuine growth of our fledgling democracy and overall good governance,” he said.

He maintained that the APC remained a formidable political force and that credible elections would ultimately strengthen Nigeria’s democratic institutions and political parties alike.

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Why Buhari didn’t openly support Tinubu in 2023 APC primary — Ex-SGF Babachir

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Former Secretary to the Government of the Federation, Babachir Lawal, says Buhari didn’t publicly back Tinubu in the 2023 All Progressives Congress primary due to religious and ethical concerns.

In an interview with Symfoni TV released on Saturday, Lawal revealed that Buhari was initially hesitant to back Tinubu due to religious and ethical considerations regarding his suitability as a successor.

Lawal claimed that, however, after extensive discussions, the late president agreed to remain neutral and allow party delegates to decide the candidate at the convention.

According to the former SGF, Tinubu played a critical role in previous APC election campaigns by providing resources and political strategists, making it difficult for Buhari to oppose his presidential ambition outright.

“Bola Tinubu brought people and we coarced him to change the trajectory of the campaign through those his people.

“Buhari is a human and he’s a decent guy. So I am the only person that confront him with these facts.

“He will not say I don’t know. He would not say it’s a rumour because I was there.

“So why would he deny him (Tinubu)? Why would he… in the end he said okay,” Lawal said.

Lawal added that before the APC presidential convention, he advised Buhari to refrain from backing any aspirant and allow party delegates to choose the candidate.

“As we were going to the convention, I said, ‘Oga’, let’s make a deal. I said look, this man (Tinubu), we now know that on the basis of your religion and your ethics and your upbringing, you don’t want to hand over to this man, but he has helped us get here.

“So there’s no way. Let’s make a deal. Stay neutral and allow me to run the process.

“If we go to the convention and the party faithfuls defeat him, so be it. Your hand is not in it.”

Lawal said Buhari initially rejected the proposal, insisting that if he allowed him to manage the process, Tinubu would emerge as the party’s candidate.

“But Buhari said that’s not an excuse. I know you, you will give Bola Tinubu this ticket.“I say, are you God now, sir?

“Buhari said, no, you started with me since 2002. So I know how you work. I know your methodologies. That man, if I leave him to you, he’ll get the ticket.”

Lawal said he responded that even if Tinubu secured the APC ticket, Nigerians would still decide the outcome of the presidential election.

“I say, okay, okay, granted. If he gets the ticket, it means you are now a prophet. However, you’re ascribing to me qualities I don’t have.

“But let’s assume it happens. Supposing the general election rejects him, is that you?”

He added that Buhari also expressed concern over whether Tinubu would be fair to members of their political camp if elected president.

“He mentioned some things. This man, is he going to be fair to our people? Is he going to be this?

“I said, yes, as long as I’m there, you know, I can checkmate him.

“He said, ‘Okay, deal.’”

Ahead of the APC presidential primary in June 2022, Buhari repeatedly urged party delegates to choose a candidate they believed could advance the party’s ideals but stopped short of publicly endorsing any of the aspirants, despite intense lobbying by contenders, including Tinubu.

Tinubu, a former Lagos State governor, went on to defeat other leading aspirants, including former Vice President Yemi Osinbajo, former Minister of Transportation Rotimi Amaechi, Senate President Ahmad Lawan and Kogi State Governor Yahaya Bello, to clinch the APC presidential ticket.

He later won the February 2023 presidential election and was sworn in as president on May 29, 2023.

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Enugu NDC Passes Vote Of Confidence On Dr. Johnpaul Anih-Led State Exco, Warns Against Destabilisation

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The Enugu State chapter of the National Democratic Congress (NDC) has unanimously passed a vote of confidence in the Dr. Johnpaul Anih-led State Working Committee (SWC), reaffirming its confidence in the current leadership and warning individuals allegedly plotting to destabilise the party to desist.

The resolution was reached on Saturday during an expanded meeting of the state working committee, party stakeholders, candidates and members, who commended the state executive for its leadership, commitment and efforts at repositioning the NDC in Enugu State.

Speaking with journalists shortly after the meeting, the Chairman of the party in Isiuzo Local Government Area, Hon. Jonathan Ogbu, said the current state leadership had transformed the fortunes of the party in Enugu.

“This is the only leadership of the party that emerged through a valid congress monitored by INEC, and any attempt by Enugu politicians spending dollars in Abuja to destabilise the party will be firmly resisted”.

“Without the current leadership, nobody would be hearing about the NDC in Enugu State today. The Dr. Johnpaul Anih-led executive has given the party life and made it attractive through its programmes and grassroots mobilisation,” he said.

Corroborating his position, the Igboeze North Local Government Chairman of the party, Hon. Kingsley Ape and his Aninri counterpart, Hon. Stephen Ajah, stated that the achievements of the present leadership had positioned the party to participate effectively in the forthcoming local government elections.

According to them, without the Dr. Johnpaul Anih-led executive, the NDC would not have been on the ballot for the forthcoming local government chairmanship and councillorship elections in Enugu State.

The party leaders declared that they remain firmly behind Dr. Anih and his executive, insisting that the State Working Committee enjoys the overwhelming confidence and support of the party’s grassroots structure across the 17 local government areas of the state.

They further warned that any attempt to tamper with the existing leadership could trigger a mass exodus of members from the party in Enugu State.

The stakeholders also cautioned individuals allegedly fomenting crisis within the party, urging them to steer clear of activities capable of undermining the unity, stability and progress of the NDC.

According to them, any attempt to create parallel party structures or sow discord among members would be firmly resisted in the interest of preserving the party’s cohesion ahead of future political engagements.

The members equally expressed concern over what they described as the actions of the party’s national leadership, alleging that recent developments could further deepen internal disagreements if not handled with fairness and respect for due process.

They urged the national leadership to refrain from actions capable of escalating tensions within the party, stressing that internal disputes should be resolved in line with the party’s constitution and democratic principles.

Reaffirming their loyalty to the NDC, the stakeholders called on members across the state to remain united, focused and committed to building a stronger political platform.

They pledged their continued support for the Dr. Johnpaul Anih-led State Working Committee and maintained that the Enugu chapter would continue to protect the integrity of the party while working tirelessly to advance its political objectives in the state.

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