Politics
Illegal oil deals: FG to expose officials behind $69bn loot in US banks
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.
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.’
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.
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.
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.
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.
“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.
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
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.
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.
“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.”
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.
The Independent Corrupt Practices and Other Related Offences Commission spokesperson, Mrs Azuka Ogugua, could not be reached for comment on Saturday.
The lawmaker formally announced his defection in a letter addressed to Senate President Godswill Akpabio and read on the floor of the Senate on Monday by Deputy Senate President Barau Jibrin, who presided over plenary.
In the letter, Maidoki said the lingering crisis within the APC had forced him to seek a new political platform.
“I am writing to inform Your Excellency, the President of the Senate, and the distinguished colleagues of my defection from the All Progressives Congress, APC, to the African Democratic Congress, ADC,” he stated.
Explaining the reason for his decision, the senator said the internal wrangling in the ruling party had become a major source of concern.
“My decision is based on the lingering internal crisis of the APC that has made my political inspiration a source of concern,” he said.
Maidoki expressed confidence that the ADC would provide a more suitable platform to advance the interests of his constituents and contribute meaningfully to national development.
“I believe that the ideas of the ADC are better for the benefit of my senatorial district and Nigeria at large,” he added.
The Kebbi South senator also accused the APC of abandoning the principles of justice, peace and unity, particularly during the recently concluded party primary elections in the state.
“The All Progressives Congress (APC) has not exhibited its slogan as justice, peace, and unity, especially in Kebbi State during the just concluded primary elections,” he declared.
Reaffirming his commitment to his new political platform, Maidoki said:
“It is in this regard, therefore, that I wish to inform you of my defection to the African Democratic Congress, which I believe guarantees my political aspiration.”
The defection marks another political setback for the APC as the ADC continues to attract high-profile politicians ahead of future electoral contests.
Politics
Enugu High Court Receives OAU Onyema’s N20m Recovery Suit Against NDC, Dickson, Egwu, Others
A legal battle has commenced at the Enugu State High Court following the filing of Suit No. E/619/2026 by Chief Sir OAU Onyema against the National Democratic Coalition (NDC), former Bayelsa State Governor Senator Seriake Dickson, Senator Moses Cleopas Zuwoghe, Barrister Ikenna Enekweizu, former Ebonyi State Governor Dr. Sam Ominyi Egwu, and First City Monument Bank (FCMB).
The plaintiff is seeking the recovery of N20 million, which he alleges was procured through misrepresentation, undue influence, and coercive inducement, resulting in what he described as unjust enrichment by the defendants.
According to court documents, the defendants have been given 42 days to file their defence. The plaintiff has also filed an application for summary judgment, urging the court to enter judgment in his favour without a full trial on the grounds that the defendants allegedly have no viable defence to the claims. The defendants were granted 14 days after service to respond to the motion.
In a 41-paragraph affidavit supported by 12 exhibits, the plaintiff detailed the basis of his claims and requested an order compelling the defendants, jointly and severally, to refund the N20 million allegedly paid into Account No. 1046691859 belonging to the first defendant and domiciled with FCMB.
As part of the summary judgment application, the plaintiff is also seeking an order freezing the account pending the determination of the substantive suit if the court declines to grant immediate judgment.
In the substantive action, the plaintiff seeks declarations that the N20 million payment was obtained through misrepresentation, undue influence and coercive inducement, and that the defendants’ continued retention of the funds amounts to unjust enrichment.
He is further asking the court to award N5 million as special damages for litigation costs, N200 million as general damages for alleged psychological trauma, embarrassment, hardship and inconvenience, and interest on the disputed sum at the rate of 10 per cent per month from June 2, 2026, until full repayment.
The matter has been tentatively adjourned to July 2, 2026, for returns on court assignment and the fixing of further hearing dates.
Further details of the proceedings are expected as the case progresses.
The Independent National Electoral Commission (INEC) has released a revised final list of candidates for the June 20, 2026 Enugu North Senatorial District by-election, approving seven candidates from different political parties to contest for the vacant Senate seat.
The updated list significantly expands the race, following the commission’s earlier publication which featured only three candidates from the All Progressives Congress (APC), Peoples Democratic Party (PDP), and Boot Party (BP).
The initial exclusion of candidates from several parties, including the Labour Party (LP) and National Democratic Congress (NDC), generated controversy and prompted legal and political reactions across the senatorial district.
The Labour Party had approached the court to challenge the omission of its candidate from the election. However, following the inclusion of its flag bearer in the revised list, the party reportedly withdrew the suit.
According to INEC’s final notice, the candidates cleared to participate in the by-election are Chika Idoko Emmanuel (ADC), Asogwa Ikeje Israel (APC), Aneke Kingsley Chukwuebuka (BP), Eze Ejike Simon (LP), Ossai Elias Okwudili (NDC), Ezeme Nestor Chika (PDP), and Ugwuanyi Charles Ugochukwu (PRP).
The revised list brings four additional political parties into the contest, broadening the field and offering voters more options ahead of the election.
Political observers and stakeholders have welcomed the development, describing it as a step toward a more inclusive and competitive electoral process.
The by-election is scheduled to hold on June 20 across the six local government areas that make up Enugu North Senatorial District: Nsukka, Igbo-Eze North, Igbo-Eze South, Udenu, Uzo-Uwani, and Igbo Etiti.
INEC’s records show that Eze Ejike Simon of the Labour Party, aged 67, is the oldest candidate in the race, closely followed by Ossai Elias Okwudili of the NDC, who is 66.
The youngest contender is Aneke Kingsley Chukwuebuka of the Boot Party at 39 years, while Chika Idoko Emmanuel of the ADC is 41.
Other candidates include APC’s Asogwa Ikeje Israel, aged 56; PDP’s Ezeme Nestor Chika, aged 55; and PRP’s Ugwuanyi Charles Ugochukwu, also 55.
The commission further disclosed that all seven candidates contesting the by-election are male.
With the publication of the final list, political parties are expected to intensify campaigns in the final days before the poll, which will determine who represents Enugu North Senatorial District in the Senate for the remainder of the current tenure.
Credit: Nation
Stakeholders also called for sanctions against Justice Peter Lifu for flouting a superior court order, as the ADC assures supporters they will remain on the ballot.
Political parties and stakeholders affected by the Federal High Court’s controversial deregistration order welcomed the Court of Appeal’s decision to stay the execution of the judgment.
The Court of Appeal in Abuja had on Tuesday ordered a stay of execution of the judgment that directed the Independent National Electoral Commission to deregister the ADC, Action Peoples Party, Action Alliance, Accord Party and Zenith Labour Party, while delivering a stinging rebuke to Justice Lifu for flouting a May 22 appellate court order restraining him from delivering the ruling.
In a unanimous decision on Tuesday, a three-member panel led by Justice A. B. Mohammed condemned Justice Lifu of the Federal High Court in Abuja for flouting a May 22 order that directed him to suspend proceedings before him, describing his conduct as the gravest form of judicial misconduct.
“The decision of the lower court to proceed with the judgment despite the express order of this court is a brazen violation of the hierarchy of the court and the 1999 Constitution,” the panel held.
The appellate court went further, invoking a Supreme Court precedent to characterise Justice Lifu’s conduct in the harshest terms.
“The decision of the lower court to proceed with the judgment despite the express order of this court is the highest form of judicial impertinence,” the panel declared, adding that the Supreme Court had previously held that a judge who acted in such a manner “is unfit for the bench as it amounts to judicial rascality.”
The court said it had a duty to assert its supervisory authority over lower courts and protect the integrity of the judicial hierarchy.
“Courts are enjoined to protect their integrity. This court has supervisory authority over the trial court. This court has the duty to invoke its powers in ensuring that its orders are obeyed. The application for stay of execution is hereby granted. The enforcement of the judgment is stayed,” the panel ruled.
The Federal High Court in Abuja, presided over by Justice Lifu, had on Monday ordered INEC to deregister the ADC, Accord Party, Action Alliance, Action Peoples Party and Zenith Labour Party, ruling that the five parties failed to meet the constitutional performance thresholds under Section 225A of the 1999 Constitution, specifically, requirements related to securing at least 25 per cent of votes in certain states or winning seats in the 2023 general elections.
Earlier in Tuesday’s proceedings, INEC told the appellate court it was stunned by Justice Lifu’s decision to deliver the judgment, disclosing that the commission only learned of the ruling through media reports rather than any official notification.
INEC’s lead counsel, Mr Haliru Mohammed, told the panel that the commission had been aware of the appellate court’s May 22 order restraining the lower court from delivering the judgment, which had originally been reserved for June 5.
“We were not aware of any notice from the court regarding the delivery of the judgment. We only saw it as breaking news in the media. We therefore do not oppose the application of the appellant to stay the execution of the judgment,” Mohammed submitted.
The commission also aligned itself with the notice of appeal filed by the affected political parties.
Counsel to the ADC, Mr Shuaibu Aruwa, SAN, told the court that Justice Lifu communicated the judgment’s delivery to the party via WhatsApp, a disclosure that drew visible reactions from the bench.
Aruwa described the lower court’s conduct as an invitation to anarchy and urged the appellate court to invoke its disciplinary jurisdiction under Section 6 of the 1999 Constitution to sanction the judge.
“The action of the trial judge calls for swift and extraordinary measures from this court. We have come to the stage where this court should press the reset button.
“We urge this court to take disciplinary steps by immediately suspending that judgment. This court has the power to protect its own integrity. We pray this court suspends the judgment immediately without further delay,” he added.
APC reacts
Reacting to the appellate court’s decision, the ADC’s National Publicity Secretary, Bolaji Abdullahi, said the ruling offered a measure of hope for the judiciary’s credibility, though he was careful not to celebrate unreservedly.
“It indicates that the judiciary may still redeem itself. We are cautiously delighted but we insist that it shouldn’t have happened in the first place,” Abdullahi said in a telephone interview.
He called on the National Judicial Council to take urgent steps to rid the bench of judges whose conduct brought the institution into disrepute.
“We, therefore, hope that the judicial council will take urgent steps to purge the bench of judges who bring the judicial institution to disrepute,” he said.
The National Leader of the Action Peoples Party, Ikenga Ugochinyere, was more emphatic in his welcome of the ruling, describing it as a vindication of the party’s position from the outset and calling on the NJC to weed out what he termed controversial judges.
“There was no need to panic in the first place, and, so, this ruling is a vindication of our position from the get-go,” Ugochinyere said.
Former Governor of Enugu State, Ifeanyi Ugwuanyi, has dismissed as false and misleading reports circulating on social media alleging that he is supporting the Peoples Democratic Party (PDP) candidate, Barr. Nestor Ezeme, in the forthcoming Enugu North Senatorial District bye-election.
In a statement personally signed by him, Ugwuanyi described the claim as fake news orchestrated by political mischief-makers seeking to gain undue advantage ahead of the poll scheduled for June 20, 2026.
The former governor, who is now a member of the All Progressives Congress (APC), said he has no reason to support a candidate from another political party, stressing that his loyalty remains with the APC and all its candidates.
“As a committed member of the APC, I have no business supporting the candidate of another party. My support is firmly and unequivocally for all APC candidates, from the President down to the Councillor,” Ugwuanyi stated.
He specifically reaffirmed his support for the APC candidate in the Enugu North Senatorial bye-election, Chief Ikeje Asogwa, maintaining that his position on the contest has never been in doubt.
“I stand by Chief Ikeje Asogwa and my party, the APC. Any claim to the contrary is fake news and should be dismissed by the public,” he said.
Ugwuanyi further alleged that the rumours were being spread by individuals bent on deceiving the electorate through name-dropping and misinformation.
“These false reports are the handiwork of mischief-makers who have resorted to propaganda and deception in pursuit of electoral gains. The people should not be misled,” he added.
The former governor urged members of the public and supporters across the Enugu North Senatorial District to disregard the reports and remain focused on the issues ahead of the election.
-
News5 days agoLagos-Calabar Coastal Highway Wins Global Recognition
-
News4 days agoOpposition Parties Drag Enugu Government, ENSSAA to Court Over N150m Campaign Permit Fee
-
Education4 days agoCoal City University Slams Sahara Reporters Report as False, Malicious, Demands Retraction
-
Crime4 days agoFarmer Beheads two Elders to avenge Parents’ deaths
-
News1 day agoPost-Election Cleanup: Enugu Cracks Down on Unauthorized Outdoor Advertising
-
Crime5 days agoGovernor To Introduce Public Execution for Convicted Kidnappers, Sets Up Special Court
-
Crime3 days agoCourt Grants Anambra Native Doctor N50 Million Bail, One Surety
-
Crime4 days ago26-year-old girl commits suicide after multiple abortions