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 Court of Appeal in Abuja has upheld a Federal High Court judgment restraining the Independent National Electoral Commission (INEC) from recognising state congresses conducted by committees appointed by the David Mark-led caretaker leadership of the African Democratic Congress (ADC).
In a split decision of two to one, the three-member panel affirmed the earlier ruling of the Federal High Court, holding that the congresses organised under the caretaker committee violated an existing court order.
Justice Okon Abang, who delivered the lead judgment, ruled that there was no basis to set aside the restraining order issued by Justice Joyce Abdulmalik on April 29.
The appellate court also upheld the lower court’s decision barring the caretaker leadership from interfering with the functions and tenure of the party’s duly elected state executive committees.
According to the court, the ADC Constitution vests the responsibility for conducting state congresses in the elected state executive committees, not the national caretaker leadership.
Justice Donatus Okorowo concurred with the lead judgment, while Justice Abba Mohammed dissented, arguing that the matter was an internal affair of the political party and therefore outside the jurisdiction of the courts.
The suit was filed by aggrieved members of the ADC, who challenged the legality of committees established by the David Mark-led caretaker leadership to conduct state congresses. They argued that the appointments breached the party’s constitution, insisting that only duly elected party organs had the authority to organise state congresses.
In its earlier ruling, the Federal High Court held that the four-year tenure of the ADC’s State Working Committees and State Executive Committees remained valid until fresh congresses and a national convention were properly conducted.
Justice Abdulmalik further ruled that neither the 1999 Constitution nor the ADC Constitution empowered the caretaker committee to appoint committees to conduct state congresses.
While noting that courts generally refrain from interfering in the internal affairs of political parties, the judge held that judicial intervention is justified where constitutional or statutory provisions are alleged to have been breached.
Affirming the lower court’s decision, the Court of Appeal declared the state congresses and national convention conducted by the David Mark-led caretaker leadership null and void for being carried out in defiance of an existing court order.
The appellate court stressed that once a dispute raises constitutional issues, it ceases to be merely an internal party matter and becomes subject to judicial review.
Consequently, the court dismissed the ADC’s appeal, upheld all the orders of the Federal High Court, and awarded ₦10 million in costs against the party.
By Chinedu Sabastine
A pro-Yoruba women group, operating under the banner of Yoruba Women in Politics (YWIP), has applauded the Deputy National Chairman (South) of the ruling All Progressives Congress (APC), Dr. Benjamin Obi Nwoye, for strengthening the party across the Southern part of Nigeria barely three months he assumed office.
They said: “Dr. Benjamin Obi Nwoye is a very honest and open person. He has done considerably well,” the group said.
He was also praised for displaying high democratic ideals and delivering electoral victories for the ruling party in Southern Nigeria.
Chairperson of the women group Mrs. Dorothy Akinyele, in a statement issued in Akure, the Ondo state capital on Saturday applauded Nwoye “for his loyalty, strength of character, and consistency of purpose to the cause of democracy.”
They expressed delight and satisfaction “with the high degree of determination so far exhibited by Nwoye to applying the principle of fair play in treating all party members and asserting independence and neutrality in most cases.”
The highly revered South West women body also commended Nwoye “for deepening the party’s structures in the South-west, South-South and South-East, empowering women and youth and building a stronger APC and a more inclusive future for Nigeria.”
In particular, the women lauded Nwoye “for mobilizing support for President Bola Tinubu in the 2027 general election, preserving the progressive ideals upon which the APC was built and curtailing the abuse of democratic norms in the ruling party.”
According to them, “Dr. Benjamin Obi Nwoye is level headed, has milk of human kindness flowing in his veins and committed to the success of President Tinubu and the party in 2027 and beyond,” YWIP said.
It therefore, described Dr. Nwoye as “the influential exponent of national unity,” extolling him for ensuring a smooth internal
Democratic process in his home state Enugu, the coal city state.
The Presidential Candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has dismissed a public debate challenge from the Minister of Works, Dave Umahi, saying the minister must first become a presidential candidate before seeking such an engagement.
Obi made the remark during an interview with media entrepreneur Chude Jideonwo, where he responded to Umahi’s challenge following his criticism of the condition of Nigerian road.
The former Anambra State governor argued that presidential debates are reserved for candidates seeking the nation’s highest office, insisting that Umahi does not fit that category.
According to Obi, the controversy over the poor state of the roads had already produced results, noting that his criticism prompted repairs.
“If he is inviting me to a debate as a presidential candidate, then he has to become a presidential candidate first,” Obi said.
Drawing an analogy with international football, the NDC presidential flagbearer likened Umahi’s challenge to a team that failed to qualify for the FIFA World Cup inviting a qualified team to a match.“The World Cup is going on now. You cannot stay outside and invite a team that qualified for the World Cup to come and play against you simply because you think you are good. No. There is a qualification process,” he added.
Obi maintained that leadership should be measured by performance rather than rhetoric, suggesting that the repairs carried out after his criticism underscored the importance of holding public officials accountable.
His response comes days after Umahi declared that Obi posed no political threat to President Bola Tinubu or the ruling All Progressives Congress (APC), while challenging him to a public debate over the state of federal roads and infrastructure across the country.
Ada Ogbu, who made the clarification in a statement posted on her official X account on Saturday, was responding to Keyamo’s ultimatum demanding that Obi apologise to airport officials, pay a ₦25,000 parking fine or face action by the Federal Airports Authority of Nigeria (FAAN).Executive Branch
Ogbu, who described herself as an eyewitness, maintained that she was among those who accompanied Obi to the airport on Saturday, July 4, and categorically denied the minister’s claim that the politician was driven by a police officer.
“As a member of the team that accompanied His Excellency @PeterObi to the Abuja airport on Saturday, July 4, I can state categorically that he does not have a police officer as his driver in Abuja. Therefore, if airport CCTV captured a police officer entering the driver’s seat of a vehicle, that vehicle could not have been Mr. Obi’s,” she stated.
She further argued that the incident highlighted by Keyamo was different from the one Obi narrated during his interview with media personality Chude Jideonwo.
According to her, Obi’s frequent travels across the country have exposed him and his aides to repeated hostile treatment by airport personnel.Government
“It is also important to note that Mr. Obi travels through as many as ten Nigerian airports every week. Over time, there have been several acts of hostility directed at him and members of his team by airport personnel across different locations,” Ogbu said.
She concluded that the aviation minister had referenced an entirely separate incident.
“Based on the account shared by the Honourable Minister, it is clear that the incident Mr. Obi referenced during his interview with @Chude did not occur on the date or at the airport cited by the Minister. They are plainly two different incidents.”
Her reaction comes hours after Keyamo released CCTV-based findings from an internal inquiry into the airport incident, insisting Obi must publicly apologise to airport workers and pay the prescribed parking fine within one week or risk further action by FAAN.
President Bola Tinubu on Friday formally retained Vice President Kashim Shettima as his running mate for the 2027 presidential election.
This was as political parties made last-minute moves to beat the Independent National Electoral Commission’s deadline for the submission of presidential and National Assembly candidates.
The ruling All Progressives Congress presented the nomination forms of Tinubu and Shettima to its National Chairman, Prof. Nentawe Yilwatda, in Abuja for onward transmission to INEC, effectively ending months of speculation that the President could replace his deputy with a northern Christian.
The development came as INEC confirmed that it had received the presidential and vice-presidential nominations of the African Democratic Congress, Nigeria Democratic Congress, Social Democratic Party, Action Alliance, African Action Congress, Peoples Redemption Party and Young Progressives Party.
Meanwhile, several other political parties continued uploading the names of their candidates ahead of the commission’s Saturday midnight deadline.
The electoral commission had fixed July 11, 2026, as the deadline for political parties to upload the nomination forms of their presidential and National Assembly candidates through its online nomination portal in accordance with Section 29(1) of the Electoral Act, 2026.
The submission exercise, which commenced on June 27, covers Forms EC9 and EC9A to EC9E for presidential, vice-presidential, Senate and House of Representatives candidates.
According to the timetable released by the commission, political parties are expected to begin uploading the names of governorship and State House of Assembly candidates from July 18, with the exercise ending on August 8.
INEC is scheduled to publish the personal particulars of presidential and National Assembly candidates on August 1, while those of governorship and state assembly candidates will be displayed on August 29 to allow members of the public raise objections where necessary.
The commission also fixed August 22 as the deadline for the withdrawal and substitution of presidential and National Assembly candidates, while governorship and state assembly candidates have until September 19 for withdrawal or replacement in line with the provisions of the Electoral Act.
The July 11 deadline marks one of the most critical stages in the build-up to the 2027 general elections, as only candidates validly nominated by political parties through primaries monitored by INEC are eligible for submission.
The commission had repeatedly warned political parties against submitting the names of candidates different from those who emerged from duly monitored primaries, insisting that any nomination outside the provisions of the Electoral Act and its regulations would be rejected.
Against this backdrop, the APC used Friday’s presentation ceremony to publicly affirm its presidential ticket, signalling that it would head into the 2027 contest without altering the Muslim-Muslim ticket that secured victory in the 2023 presidential election.
Following President Tinubu’s emergence as the APC’s presidential candidate during the party’s convention, political discussions had intensified over whether the President would retain Shettima or opt for another running mate to broaden the party’s electoral appeal.
Those speculations gathered momentum in recent months amid reports that the ruling party was considering a northern Christian as vice-presidential candidate to address concerns over religious balancing.
Friday’s submission, however, ended the uncertainty, with the APC formally presenting Tinubu and Shettima as its flag bearers for the 2027 election.
The nomination documents were presented on behalf of the President by his Special Adviser on Political Matters, Ibrahim Masari, during a ceremony attended by members of the Progressive Governors’ Forum, the National Assembly, the Federal Executive Council, the APC National Working Committee, state chairmen of the party and APC governorship candidates.
Earlier, the APC National Organising Secretary, Sulaiman Argungu, described the event as the formal presentation of the duly completed nomination forms of the party’s presidential and vice-presidential candidates.
Argungu noted that President Tinubu had earlier secured the party’s presidential ticket through what he described as a transparent primary election, and urged party members to remain united ahead of the 2027 polls.
He also commended the President for what he described as the achievements of his administration before formally handing over the nomination documents to the APC National Chairman for onward submission to INEC.
Speaking on behalf of APC governors, Imo State Governor, Senator Hope Uzodimma, reaffirmed the governors’ support for President Tinubu and the party leadership.
“We are delighted that this event is coming after a well-organised and thoroughly supervised primary process. We reiterate our commitment to continue supporting President Tinubu and the party,” he said.
Uzodimma said the APC remained committed to internal democracy and inclusiveness, adding that the governors would continue mobilising support for the President across the country.
“We will continue to support him in the larger interest of Nigerians and to take the country to greater heights. To the National Working Committee, we reaffirm our support. Together, we are going to deliver victory for President Tinubu and ensure the party wins all elective positions, including the National and State Assemblies,” he added.
Receiving the nomination forms, APC National Chairman, Prof. Yilwatda, described the event as a reflection of the confidence reposed in President Tinubu by millions of party members across the country.
According to him, the President’s endorsement by members of the party demonstrated widespread support for his administration and its policies.
He stated, “Today is a reflection of the wishes of over 12 million members of the APC who overwhelmingly voted for Mr. President as the party’s candidate for the 2027 presidential election. We are proud that APC members across the country cast over 12 million votes for Mr. President and overwhelmingly endorsed him.
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