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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

Ebonyi Bans Political Campaigns, Gatherings Without Government Approval

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The Ebonyi State Government has effectively restricted political campaigns and gatherings in Ezza South Local Government Area, directing political parties and groups to obtain prior approval from the council chairman before holding such events.

The directive, issued by the Chairman of Ezza South Local Government Area, Hon. Chinedu Mkpuma, follows a recent security breach in Amaezekwe community amid growing concerns over political violence ahead of the 2027 general elections.

In a statement made available to journalists in Abakaliki, Mkpuma expressed dismay over the security situation and said the measure was necessary to protect lives and property, maintain public order and prevent further security breaches.

He acknowledged the constitutional rights of citizens to freedom of association and peaceful assembly but warned that political gatherings in the local government area must henceforth receive prior approval from his office.

The chairman added that violations of the directive would attract appropriate action in accordance with the law.

Meanwhile, the Labour Party governorship candidate, Eze Oko, has condemned the reported killings and alleged attacks on opposition parties in the state, calling on political leaders to end violence and intimidation.

Oko questioned why opposition members were allegedly being targeted and urged youths to resist attempts by politicians to use them as instruments of violence.

He called for a level playing field for all political parties and candidates, insisting that political competition should be based on ideas, manifestos and records of performance rather than violence.

The LP candidate also cautioned political leaders against inflammatory statements capable of fuelling tension during the electioneering period.

He urged candidates seeking re-election to allow their achievements to speak for them instead of allegedly engaging political thugs to intimidate opponents.

Oko further appealed to youths to reject political thuggery and violence, while extending his condolences to the families of those reportedly killed in the incident.

The development comes as political activities begin to gather momentum ahead of the 2027 general elections, with renewed calls for security agencies to investigate reported attacks and ensure that all political parties can operate without intimidation.

 

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2027: It’s Not South-East’s Turn, Obi Not Our Best Presidential Candidate – Umahi

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The Minister of Works and former Governor of Ebonyi State, Senator David Umahi, has declared that 2027 is not the South-East’s turn to produce Nigeria’s president, insisting that former Anambra State Governor, Peter Obi, is not the region’s best presidential candidate.

Umahi, who made the declaration during an interview with ARISE News on Friday, defended South-East political leaders supporting President Bola Tinubu’s re-election bid, maintaining that their political choices should not be interpreted as betrayal of the Igbo presidential ambition.

“Peter Obi is not the best of our finest in South East. He’s not the best, he can never be the best,” Umahi declared.

The minister faulted Obi’s approach to the 2023 presidential election, alleging that he failed to adequately consult governors and other influential political stakeholders in the South-East before pursuing his ambition.

“You cannot play politics in South East without consulting people like us,” he maintained.

According to Umahi, any presidential aspirant seeking to represent the collective aspirations of the region must first engage critical stakeholders and build the necessary political consensus.

He argued that Obi’s performance in the 2023 presidential election did not automatically make him the South-East’s most qualified presidential candidate, stressing that the region boasts several other capable political figures.

Umahi also questioned why Anambra State should be given preferential consideration whenever the opportunity arises for the South-East to produce Nigeria’s president.

Citing Nigeria’s first President, Dr Nnamdi Azikiwe, who hailed from the area now constituting Anambra State, the minister maintained that Ebonyi, Enugu, Abia and Imo states equally deserve consideration in future presidential arrangements.

On the growing support for Tinubu among South-East political leaders ahead of 2027, Umahi dismissed allegations that those backing the president had abandoned the region’s political interests.

He insisted that the South-East’s path to the presidency lies in strategic negotiations, consensus-building and alliances with other geopolitical zones rather than presenting loyalty to Obi as the ultimate test of commitment to the Igbo cause.

The former Ebonyi governor had earlier challenged comparisons between himself and Obi during a political engagement in Benin City in September, declaring that he saw no area in which the former Anambra governor was superior to him.

While expressing confidence that the South-East would eventually produce Nigeria’s president, Umahi maintained that the region’s opportunity had not yet arrived, insisting that “it is not yet our turn.”

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2027: APGA, APC Set for Joint Meeting in Anambra to Mobilise Support for Tinubu’s Re-election

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By Okey Maduforo, Awka
The All Progressives Grand Alliance (APGA) and the All Progressives Congress (APC) in Anambra State have scheduled a joint meeting for November 1 to strengthen collaboration and mobilise support for President Bola Ahmed Tinubu’s re-election bid in 2027.
The planned meeting comes amid claims that the two parties are not working together in the state to advance Tinubu’s second-term ambition.
The meeting, convened by Anambra State Governor, Professor Chukwuma Charles Soludo, in his capacity as the state coordinator for Tinubu’s re-election campaign, is expected to bring together leaders and members of both parties, including serving and former political officeholders and members of their respective national and state working committees.
The APC State Chairman, Senator Emma Anosike, also confirmed the meeting, telling reporters that he would lead members of his party to attend the gathering.
The development is expected to counter claims of disunity between the two parties over the president’s re-election project in Anambra State.
According to an announcement dated October 22 and signed by Dr Ben Nwankwo, Chief of Staff to the Governor and Coordinator of the Secretariat for the Presidential Campaign Council in Anambra State, the meeting will take place at the International Convention Centre, Awka.
Proceedings are scheduled to begin at 1 p.m., while accreditation will commence at 10 a.m. Participants have been directed to arrive early, as the doors will be closed once the meeting begins.
Attendance is restricted to duly accredited invitees drawn from designated categories of political officeholders, party officials and other stakeholders who remain members of APGA or APC.
Those invited include serving and former governors and deputy governors of Anambra State; members of the national, zonal and state working committees of both parties; and serving and former members of the National and State Assemblies from the state.
All APGA and APC candidates for the 2027 general elections who are members of either party have also been invited.
Other participants expected at the meeting include serving and former political appointees in the state and federal governments, members of the PBAT/APC Presidential Campaign Council from Anambra State, as well as serving and former elected local government chairmen, mayors and transition committee chairmen affiliated with either party.
The invitation list also covers current and former members of the boards of trustees of APGA and APC from Anambra State, coordinators of Tinubu support groups, and serving local government chairmen, secretaries, women leaders and youth leaders of the two parties.
Elected councillors, ward chairmen of APGA and APC, as well as members of the state working committees of the Accord Party and the Peoples Democratic Party (PDP), are also listed among the invitees.
The announcement further stated that selected stakeholders nominated by the state chairmen of APGA and APC, alongside individuals nominated by the state coordinator of the Presidential Campaign Council, would attend the meeting.
It explained that the notice was intended to ensure that all eligible stakeholders were informed of the gathering, adding that anyone who falls within the specified categories would be deemed invited.
The joint meeting is expected to provide a platform for the two parties to coordinate their political activities in Anambra State ahead of the 2027 presidential election.
Strengthen the headline and opening
Trim the lengthy invitation list
Make the report more neutral

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2027: Minister Udeh to Unveil ‘ATM’ Political Group for Tinubu, Mbah’s Re-election

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…Unveils 17 Buses for Grassroots Mobilisation

…Expresses Confidence in Tinubu, Mbah’s Victory

Nigeria’s Minister of Innovation, Science and Technology, Dr. Kingsley Tochukwu Udeh, SAN, is set to unveil his grassroots mobilisation and political support group, As Tinubu and Mbah Move (ATM), ahead of the 2027 general elections.

The minister has also expressed confidence in the re-election of President Bola Tinubu and Enugu State Governor Peter Mbah.

Udeh disclosed this on Wednesday, October 21, 2026, during a strategy meeting at the group’s secretariat, where he unveiled 17 branded Toyota buses to support the movement’s grassroots mobilisation ahead of the elections.

Addressing members, the Senior Advocate of Nigeria urged them to work towards securing victory for the All Progressives Congress (APC), particularly in the presidential and governorship elections.

He said the buses were provided to facilitate mobilisation and strengthen the movement’s presence across communities, wards and polling units.

Expressing confidence in the electoral prospects of Tinubu and Mbah, Udeh said the movement must distinguish itself from political groups that generate publicity without translating their activities into electoral gains.

“I want this group to be different so that it will not end in noise-making. The aim is to make APC win from top to bottom, especially the President and the Governor,” he said.

He charged members to take responsibility for delivering their respective polling units and wards, stressing that grassroots engagement remained crucial to electoral success.

“Politics is local. Everybody should work to ensure that APC wins in their respective wards and polling units,” he added.

Udeh explained that ATM was established to provide members with a platform to connect with political leaders and contribute to the activities of the party.

According to him, active participation in grassroots mobilisation could also create opportunities for members to engage government officials and seek assistance in addressing challenges facing their communities.

The minister, who described himself as not being a career politician, said integrity and the fulfilment of commitments were central to his dealings with people.

He also pledged to spend more time in the South-East during the campaign period to coordinate the movement’s activities.

Earlier, the ATM Coordinator, Igboke Onyebuchi, said the meeting was convened to establish and ratify the movement’s structures ahead of the planned commencement of local government-level mobilisation in November.

Onyebuchi described ATM as a political movement rather than an ordinary group, explaining that some members were motivated by their desire to support Governor Mbah and acknowledge his role in Udeh’s ministerial appointment.

“We are doing this to support the governor for giving such a smart young person the opportunity to be a minister. This has not happened in recent times,” he said.

He explained that the movement comprised community mobilisers, union leaders and individuals from the civic space, many of whom were not career politicians but were willing to contribute to the political process.

According to him, ATM plans to adopt an innovative, community-based approach to mobilisation, focusing on reaching rural residents and strengthening the APC’s existing grassroots structures.

He added that a community map had been developed to guide the movement’s engagement with residents.

Onyebuchi thanked Udeh for providing members with a platform to participate in the political process, expressing hope that the movement would encourage greater political opportunities for young people with strong professional and intellectual backgrounds.

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One Feared Dead, Several Injured as Thugs Attack Ebonyi NDC Assembly Candidate, Burn Campaign Vehicle

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…Ebonyi Democratic Movement Blames Police Commissioner, Demands Immediate Redeployment

The campaign convoy of the National Democratic Congress (NDC) candidate for Ezza South State Constituency in the Ebonyi State House of Assembly, Barr. Rollins Offia Nwali, has reportedly come under armed attack at two separate locations in Amaezekwe Community, Ezza South Local Government Area of Ebonyi State, leaving one person feared dead and several others injured.
The attackers, suspected to be political thugs, also reportedly set ablaze a 2024 Toyota Hilux vehicle belonging to the campaign convoy.
According to preliminary accounts, trouble began when Nwali, who was scheduled to meet with his polling unit canvassers, received information that some government officials allegedly accompanied by armed hoodlums had stormed the meeting venue.
The officials reportedly warned that they had received orders from above to prevent opposition candidates from holding campaign activities during the swearing-in ceremonies of local government chairmen in the state.
Sensing danger, Nwali reportedly directed his convoy to turn back a few metres from the venue.
However, suspected political thugs riding motorcycles and tricycles allegedly opened fire on the convoy, resulting in an exchange of gunfire involving security personnel, including operatives of the Department of State Services (DSS) attached to the candidate.
About five persons reportedly sustained gunshot injuries, while one person was feared killed during the confrontation.
The casualty figures could not be independently verified.
In another attack a few metres away, a separate group of suspected hoodlums, reportedly operating in a Mercedes-Benz vehicle and tricycles, allegedly intercepted the retreating convoy, opened fire and set one of its Toyota Hilux vehicles ablaze.
A state government appointee was accused of leading the second group of attackers.
Reacting to the development, Chairman of the Ebonyi Democratic Movement, Chief Emmanuel Igwe Chidi, condemned the incident and accused the Ebonyi State Commissioner of Police of failing to address what he described as recurring political violence against opposition figures in the state.
Igwe alleged that the failure of the police to prosecute individuals previously implicated in electoral violence, despite several petitions submitted to the state command and the Inspector-General of Police, had emboldened suspected political thugs.
He recalled that the movement had earlier organised a nationwide protest over alleged persecution of opposition members and the deteriorating security situation in Ebonyi State.
The EBM chairman consequently called on the Inspector-General of Police to immediately redeploy the Ebonyi State Commissioner of Police, arguing that the measure had become necessary to restore public confidence in the neutrality of the police ahead of the 2027 general elections.
He also demanded a comprehensive investigation into the Amaezekwe attacks, insisting that all those found culpable must be identified and prosecuted irrespective of their political affiliations or positions in government.
Igwe further urged security agencies to guarantee adequate protection for opposition candidates and their supporters, stressing that no government official or political interest has the authority to prevent citizens from exercising their constitutional rights to political participation.
He warned that democracy would be endangered if political competition was allowed to degenerate into intimidation, gunfire and destruction of property rather than being determined through the ballot box.
The allegations against government officials and the police, as well as the circumstances surrounding the reported death, remain unverified. The accounts provided did not include responses from the Ebonyi State Government or the Police Command.
Separate reported facts from allegations
Tighten the casualty and attack sequence
Use a more legally cautious headline

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