| Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by NigerianAngelo(m): 8:39am On Dec 19, 2022 |
Nigeria Economist | December 19, 2022
Over N70trn Unremitted Proceeds ($157bn) Found Embezzled, in 29 Bank Accounts (17 Banks) Under Buhari
• Suspected Proceeds of unremitted transactions from oil, other sectors
•Over 1.0M Barrels/day unaccounted for in the National Oil sector
•Banks were ordered never to harbour Federal Government funds with the TSA order effective September 15, 2015.
•Buhari's revenue to GDP is at 3.6%; Econ Growth: 1.1%; Pop Growth: 3.0%; Poverty, 63.0%
•-Matter in court, adjourned to March 2023.
Honourable Justice Peter Odo Lifu of Federal High Court, Ikoyi, Lagos has adjourned till 6th of March 2023 the suit seeking for the Recovery and Forfeiture of over N70 trillion of looted funds in the hands of few Nigerians.
The revered Justice presided over the suit marked No: Fhc/L/Cs/968/2021 on the 7th of March 2022 and adjourned to the 31st of March 2022 for ruling before the last adjournment till March next year.
The money said to be stashed away in 29 bank accounts mainly in Zenith and First banks is enough to fund Nigeria’s budget for three years. The proposed budget for 2023 is N20.5 trillion, meaning that the N70 trillion hidden by some Nigerians could effectively finance the national budget for three years.
Attempts by Muhammad T. Ismail (a private investigator) and his team to recover the N70 trillion through the office of Ndarani (SAN) & Co (Solace Law Chambers) have met a brick wall as some vested interests in high places have moved in to frustrate the case.
The investigator lamented that all efforts to recover the said loot were being frustrated by some vested interests in the Presidency, Central Bank Nigeria, Zenith Bank and First Bank.
Below is the full deposition made by the investigator:
BRIEF ON THE RECOVERY AND FORFEITUURE OF OVER N70 TRILLION NAIRA OF LOOTED FUNDS IN THE HANDS OF FEW NIGERIANS IN SUIT NO: FHC/L/CS/968/2021:
Muhammad T. Ismail (a private investigator) and his team were able to identify fraudulent bank accounts where trillions of illicit funds belonging to the Federal Government of Nigeria were domiciled. Mohammad T. Ismail needed a legal instrument to recover these illicit funds to the Federal Government of Nigeria.
Muhammad T. Ismail therefore approached Ndarani (SAN) & Co (Solace Law Chambers) and instructed him to write and request for a letter of mandate/instruction from the Attorney-General of the Federation and Minister for Justice, and also from the Minister of Finance, Budget and Economic Planning of the Federal Republic of Nigeria on his behalf, for the recovery of the illicit funds hidden in some secret bank accounts in Nigeria. These funds belong to the Federal Government of Nigeria. This letter from Muhammad T. Ismail was received and acknowledged on the 6th of January 2021 by the Head of Department of Civil Litigation in the Ndarani (SAN) & Co (Solace Law Chambers), Barr. Saidu Alfa Bala.
Muhammad T. Ismail also swore to an Affidavits on the same date of 6th of January 2021 in support of the instruction given to Ndarani (SAN) & Co (Solace Law Chambers).
As instructed and being convinced of the facts available, Ndarani (SAN) & Co (Solace Law Chambers) wrote to the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, Budget and Economic Planning and also to the Accountant General of the Federation. Ndarani (SAN) & Co (Solace Law Chambers) requested for a mandate and instruction to recover Federal Government looted and hidden funds on behalf of his client who is Muhammad T. Ismail. (Copies of all these letters and correspondences will be made available to you on request).
The Office of the Attorney-General of the Federation and Minister of Justice responded on the 14th of January 2021 by way of inviting Ndarani (SAN) & Co (Solace Law Chambers) for a meeting scheduled for the 19th of January 2021 to discuss details and procedures for the recovery with the Asset Recovery Unit in the Office of the Attorney-General of the Federation and Minister of Justice. Twenty Nine (29) bank accounts where a combined sum of over seventy trillion naira (N70 Trillion) belonging to the Federal Government was hidden were identified.
On the 21st of June 2021, The Office of the Attorney-General of the Federation and Minister of Justice approved and issued the letter of instruction to recover illicit funds traced to specified accounts of individuals to Ndarani (SAN) & Co (Solace Law Chambers). The letter of instruction also listed the twenty nine (29) bank accounts. The twenty nine (29) bank accounts are in seventeen (17) banks in Nigeria.
As expected, Ndarani (SAN) & Co (Solace Law Chambers) ran to the Federal High Court 9, Ikoyi Lagos where most of the Bank Head Quarters are domiciled. The case was between (1) The Federal Republic of Nigeria (2). The Attorney-General of the Federation and Minister of Justice as Claimants/Applicants against the seventeen banks as Defendants.
On the 9th of August, 2021, Hon. Justice T. G. Ringim gave several orders including an Interim Order of Forfeiture. All the Banks were served accordingly. The Banks were also to provide Ndarani (SAN) & Co (Solace Law Chambers) all documents and information relating to the listed accounts.[i]
[i]Shockingly, the Banks could not provide information regarding the ownership of twenty six (27) out of the twenty nine (29) accounts. That automatically meant that all the funds in the twenty seven (27) accounts should be forfeited to the Federal Government of Nigeria even as no one has come to claim ownership of the accounts. But this has not happened till date. The hands of the courts have been tired down.
Three (3) of the twenty-nine accounts could be identified. The affected banks were able to provide documents relating to the three (3) accounts:
Zenith Bank Plc.
Account Name: NNPC (REM ACC/PRIVATE)
Account No: 1012280444
Account Bal. N32 Billion Naira
Currency Type: Naira
First Bank Plc.
Account Name: NNPC/ NAOC IPP SECURITY
Account No: 2006367288
Account Bal. N147B Naira
Currency Type: Naira
First Bank Plc.
Account Name: NNPC/NAOC IPP SECURITY
Account No: 2005942905
Account Bal. $299,613. 72 USD
Currency Type: DOLLAR USD.
This is the interesting part; Zenith Bank Plc., suddenly woke up from sleep and said that the N32B in Account No. 1012280444 with Account Name NNPC (REM ACC/PRIVATE) has been swept into NNPC Remittance Account (Coastal PRD Sales) Account No. 1010654418 from where it was eventually transferred to CBN/TSA Account No. 3000004989 with the CBN on the 7th of January 2016. This is not true.
Recall that the CBN directives for all balances/receipts due to the Federal Government or its Agencies to be paid into the Treasury Single Account (TSA) ended on or before September 15, 2015.
Zenith Bank Plc. has not been able to give explanation as to the reason Account Nos. 1012280444 and 1010654418 were still operational after September 15, 2015.
Another shocking revelation is that Account No. 1012280444 with Zenith Bank Plc. has five (5) BVNs as follows: 22173355534, 22376914983, 22193440291, 22367697055, and 22235680190. Zenith Bank Plc. has not been able to supply statement of accounts for Account Nos 1012280444 and 1010654418 from inception to date. They cannot provide photograph pictures of the five (5) BVN owners.
Zenith Bank Plc. stated that Account No. 1012280441 (another account being investigated with N32B lodgement) belongs to Mrs Okoro Comfort with cellular number 08130734041. However, Mrs Okoro Comfort, through her counsel denied any knowledge of the said account or any other account with Zenith Bank Plc. Mrs Okoro Comfort admitted that her cellular number is 08130734041 and her BVN is 222417%%%49 different from the BVN 2236767055 attached to the account number 1012280441.
BVN 2236767055 belongs to Mr Okam Eze Ezenna who receives transaction alerts from Account No. 1012280441 with two (2) cellular numbers 08139383487 and 08130734041 which belongs to Mrs Okoro Comfort. Account Number 1012280441 with Zenith Bank Plc. has Thirty two million naira (N32m) with no identifiable owner coming to claim it.
The question is, what is holding back the hand of justice to declare total forfeiture of all these stolen funds to the Federal Government of Nigeria?
It is expected that Muhammad T. Ismail and Ndarani (SAN) & Co (Solace Law Chambers) should have a Memorandum of Understanding (MoU). At the beginning of the assignment, Ndarani (SAN) & Co (Solace Law Chambers) allotted a space to Muhammad T. Ismail and his team in his office to do the leg work and provide the needed information for Ndarani (SAN) & Co (Solace Law Chambers) to do the needful. Surprisingly, Ndarani (SAN) & Co (Solace Law Chambers) has not shown any interest in signing the MoU with his client, Muhammad T. Ismail.
On the 7th of September, 2021 Ndarani (SAN) & Co (Solace Law Chambers) wrote to the Office of the Attorney-General of the Federation and Minister for Justice to provide Bank Account details to receive recovered funds to the tune of one hundred and seventy nine billion naira (N179B) and $299,613.72 USD from three (3) out of the twenty nine (29) accounts..
On the 8th of September, 2021 Ndarani (SAN) & Co (Solace Law Chambers) also wrote to the Central Bank of Nigeria, complaining against the uncooperative attitude and disobedience of court orders by First Bank Plc. and Zenith Bank Plc. Proof of service of the court orders was attached to the letters to the CBN.
It was after the request for bank details was sent to the Office of the Attorney-General of the Federation and Minister for Justice and a complaint against First Bank Plc. and Zenith Bank was sent to CBN that trouble started. Some persons who are in position to drive the process for the recovery of the illicit funds became threatened and they had to act fast to stop the process.
In their response on the 27th of September 2021, CBN stated that they cannot act because they were not served any court order and that necessary steps should be taken to effect service on the CBN to enable them respond to the request. The Office of the Attorney-General of the Federation and Minister for Justice, although received the letter of request for account details to receive recovered funds, never responded and the request not met.
In March 2022, Ndarani (SAN) & Co (Solace Law Chambers) invited Mohammad T. Ismail and told him that the Attorney-General of the Federation and Minister for Justice had terminated the recovery exercise but he could not show any document or correspondence from the Attorney-G eneral of the Federation and Minister for Justice to that effect. To make matters worse, Mohammad T. Ismail and his team were stopped from accessing the office and prevented from retrieving details of information in the office.
On one hand, Ndarani (SAN) & Co (Solace Law Chambers) claimed that the Attorney-General of the Federation and Minister for Justice had seized from pursuing the recovery of the trillions of naira for the Federal Government of Nigeria. However, he sent another SAN to represent him in court on the 7th of March 2022 in respect of the same matter that he told Muhammad T. Ismail that the Attorney-General of the Federation and Minister for Justice had seized to pursue.
Justice P. O. Lifu of FHC, Ikoyi Lagos presided on the 7th of March 2022 and adjourned to the 31st of March 2022 for ruling. Since then, it has been adjournment upon adjournment with the next adjournment scheduled for 6th of March 2023.
Ndarani (SAN) & Co (Solace Law Chambers) is now foot-dragging in pursuing the case as it should be. Mohammad T. Ismail is also not enjoying the cooperation of the Attorney-General of the Federation and Minister for Justice as it was in the beginning. [/b]The Judge only announces long adjournment to frustrate the case. The Banks too are acting above the law. [b]CBN is not worried that trillions of naira which can service our national debt was being stolen.
Several correspondence had been sent to Ndarani (SAN) & Co (Solace Law Chambers) to release copies of all the correspondence relating to the recovery exercise but he hasn’t obliged. He has also refused to sign the MoU with his client, Muhammad T. Ismail who owns the recovery exercise and hired him to work for him. He is no longer showing seriousness in the recovery pursuit.
It can only be concluded that some persons are congregating to share over N70 trillion belonging to the Federal Government of Nigeria. We have a responsibility and a sacred duty to let the world know the truth and those who are sabotaging this nation and causing everyone to crawl while they ride on horseback.
https://nigeriaeconomist.com/2022/12/19/over-n70trn-embezzled-under-buhari/
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| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by BigSarah(f): 8:41am On Dec 19, 2022 |
If one person can steal over 80bn, I think it's possible, even tho 70tn is a huge call |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by fuckJones(f): 8:42am On Dec 19, 2022 |
I weep this morning when watching the interview on Brakete family with Hon. Kazaure Gudaji on how N89 trillion from stamp duties was misappropriated and diverted by the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, that is more that five years size of Nigeria budget, with that money, Buhari would have turn Nigeria to America.
That money is enough to start and finished all the current project going on in Nigeria
}with that money, Nigeria would have cleared their dept of 39 trillions.
} With that money, Nigeria would have built over 20 bridges across river niger, second Niger bridge is just N336 billions
} that money is enough to build three of dangote refinery,
} Lagos - ibadam rail cost just $1.6 billion, the money is enough to connect all the 36 state with rail network
} Lagos - Ibadan road project cost on N165 billions
} Lagos light rail project cost on $136 millions
} Abuja metro rail cost just $1.2 billion
} Itakpe-Warri Standard Gauge Rail and port cost $3.9 billions
} lekki deep sea port cost just $1.5 billions
} cost of Dredging of Warri Port is just $400 millions
Emefiele need to step down for the committee to carry on with the investigation, the president should also double the security attached to Hon. Kazaure Gudaji while the investigation is going on.
God will help this country. 3 Likes |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by FrancescoFarino(f): 8:42am On Dec 19, 2022 |
Loot the masses future away
Where are y'all mofos putting all the money you claimed you recovered from looters?
Nothing surprises anymore |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by fuckJones(f): 8:44am On Dec 19, 2022 |
BigSarah:
If one person can steal over 80bn, I think it's possible, even tho 70tn is a huge call Go and watch brekete family interview on 15 of December 2022 on YouTube, the interview is interesting |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Jimmythewise: 8:45am On Dec 19, 2022 |
Nigerians don't care about statistics if not this administration deserves a protest worse than ENDSARS. |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by omowolewa: 8:45am On Dec 19, 2022 |
Haaaa! |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Pierocash(m): 9:38am On Dec 19, 2022 |
That is not true. How much did Nigeria generate in the 8 years of buhari that 70trn will be stolen? Please make your criticism with sense |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Kingspin(m): 9:41am On Dec 19, 2022 |
Pierocash:
That is not true. How much did Nigeria generate in the 8 years of buhari that 70trn will be stolen? Please make your criticism with sense Over 180 billion was stolen by just one person ex Accountants general of the federation. Our external reserve is at the lowest level. The loan from China, Worldbank, cannot be accounted for. NNPC has not remitted to the CBN. Recently, billions of stamp funds is missing. Yet you have the mind to ask where the money go? Na people like de vote for Buhari/Tinubu. #Blackman |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Pierocash(m): 9:44am On Dec 19, 2022 |
Kingspin:
Over 180 billion was stolen by ex Accountants' general bro,that is still nothing compared to 70trn. You know what 70trn is? Nigeria under buhari didn't generate that money,not to talk of stealing it |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Tochi3(m): 9:46am On Dec 19, 2022 |
APCshit came to steal & destroy ..poo'hari came to be the president of the Fulanis & for the Fulanis...
APCshit have brought a thief in Thief'nubu who is worse than poo'hari to continue where he stopped looting... God forbid
Nigerians should be very wary of APCshit..nothing good comes from a corrupt & terrorist party |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Kingspin(m): 9:47am On Dec 19, 2022 |
Pierocash:
bro,that is still nothing compared to 70trn. You know what 70trn is? Nigeria under buhari didn't generate that money,not to talk of stealing it Read again |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by smileyoo: 9:56am On Dec 19, 2022 |
when we said that this Oga bubu's APC govt is the most corrupt and inept regime ever in Nigeria, some gullible nigerians don't seem to understand.
just imagine, they are borrowing money to run their govt, and budgets, complaining of lack of funds, meanwhile they are busy siphoning much more than enough of these amounts, into their personal pockets.
only insane nigerians will prefer such an unpatriotic govt of APC to continue their riotous misrule. |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Racoon(m): 10:06am On Dec 19, 2022 |
In so much that monies have been endlessly looted under this corruption ridden APC government, it may not near #70T. This is where the Buhari’s so called anti-corruption war has landed this nation. |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Racoon(m): 10:07am On Dec 19, 2022 |
smileyoo:
when we said that this Oga bubu's APC govt is the most corrupt and inept regime ever in Nigeria, some gullible nigerians don't seem to understand.......Only insane nigerians will prefer such an unpatriotic govt of APC to continue their riotous misrule. So pathetic my countryman. Bastard band of super- looter criminals masquerading as saints. |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Racoon(m): 10:14am On Dec 19, 2022 |
Another shocking revelation is that Account No. 1012280444 with Zenith Bank Plc. has five (5) BVNs as follows: 22173355534, 22376914983, 22193440291, 22367697055, and 22235680190.
Zenith Bank Plc. has not been able to supply statement of accounts for Account Nos 1012280444 and 1010654418 from inception to date. They cannot provide photograph pictures of the five (5) BVN owners.
What a country. One account connected to 5 BVNs? How did this shit happened? How is the real owner of the account? How ďid this escaped the eyes of NFIU, EFCC, ICPC and the Bank concerned? Something is not adding up. |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Ezeama400: 10:14am On Dec 19, 2022 |
IT WOULD REACH 100 TRILLION BEFORE MAY NEXT YEAR.. IT'S CALLED LAST MINUTE MASSIVE LOOTING
I told someone last month that the level of corruption going on now at the federal level is unimaginable..
The issue is that Nigerians are distracted by campaigns/2023 presidential race, people are no more interested in governance but politics.. |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Simeonjoe1: 10:15am On Dec 19, 2022 |
H
Abeg na big lie be this...
Nigeria budget from 2010 till now no reach 70trn na 70trn person go come thief in 7yrs with no raise in international alarm...
Abeg this is rubbish, all money Nigeria has been thiefing from 1999 till now no even enter 15trn |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Nobody: 10:16am On Dec 19, 2022 |
The level of corruption in this present administration is disheartening, nobody has been probed,all what we see are media trials.
Nnpc has not remitted money to federation account for seven months, they claim that the revenue is used to subsidize petroleum products, Buhari said that he does not know what is subsidy. One wonders why the the cbn governor has not been changed since inception. Apc is a demonic party full of rogues and thieves, they are too corrupt,
Vote Peter Obi for President, vote wisely. |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by smileyoo: 10:25am On Dec 19, 2022 |
Pierocash:
That is not true. How much did Nigeria generate in the 8 years of buhari that 70trn will be stolen? Please make your criticism with sense do you even read the body of the article ? though it's a long epistle, pls try and read it, to the fullest. Nigeria is not a poor country, but corruption is killing the nation and Making her stagnant. |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by snowball11(m): 11:56am On Dec 19, 2022 |
An average northerner is more corrupt than a southerner. It's even worst when that northerner is in the military or a retired military personnel. That's why each time I hear of the holier than thou toga being ascribed to Buhari by his timid followers, I have got nothing but pity for them. My prayer is that a neutral party wins the forth coming presidential election to enable the new president scrutinize thouroughly this monumental fraud of a government that played on the intelligence of an ignorant few!  May God never allows another Buhari happen to Nigeria ever again! 2 Likes |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Frizz001: 11:56am On Dec 19, 2022 |
Idiot like Tinubu dey ask whether na statistics we go chop and foolish donkeys like Festus Keyamo brayed out loud in the name of laughter when an addled, so-called accountant made such a sick statement. Here we are and continue to be... Jimmythewise:
Nigerians don't care about statistics if not this administration deserves a protest worse than ENDSARS. 2 Likes |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Frizz001: 11:59am On Dec 19, 2022 |
If the CBN Governor can purchase APC presidential form - an obviously partisan aberration for such an office as he holds - and yet remain in that office what do you expect? President Buhari is obviously aware of and approves of all this madness that is why even after the exposure, no decisive action is taken against the criminals and thieves he personally appointed! Chiefwhip001:
The level of corruption in this present administration is disheartening, nobody has been probed,all what we see are media trials.
Nnpc has not remitted money to federation account for seven months, they claim that the revenue is used to subsidize petroleum products, Buhari said that he does not know what is subsidy. One wonders why the the cbn governor has not been changed since inception. Apc is a demonic party full of rogues and thieves, they are too corrupt,
Vote Peter Obi for President, vote wisely. |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Frizz001: 12:02pm On Dec 19, 2022 |
The depth of criminality in this country is mind-boggling and that is why they will continue to fight tooth and nail to make sure they retain their cabal of APC/PDP so that the boat is never rocked. See the way they campaign interchangeably for one another...it's all the same to them and that is why PO's presence irritates them to no end! Racoon:
Another shocking revelation is that Account No. 1012280444 with Zenith Bank Plc. has five (5) BVNs as follows: 22173355534, 22376914983, 22193440291, 22367697055, and 22235680190.
Zenith Bank Plc. has not been able to supply statement of accounts for Account Nos 1012280444 and 1010654418 from inception to date. They cannot provide photograph pictures of the five (5) BVN owners.
What a country. One account connected to 5 BVNs? How did this shit happened? How is the real owner of the account? How ďid this escaped the eyes of NFIU, EFCC, ICPC and the Bank concerned? Something is not adding up. |
| Re: Over N70trn Suspected Unremitted Proceeds Found in Banks Under Buhari - NE by Nobody: 12:03pm On Dec 19, 2022 |
Frizz001:
If the CBN Governor can purchase APC presidential form - an obviously partisan aberration for such an office as he holds - and yet remain in that office what do you expect? President Buhari is obviously aware of and approves of all this madness that is why even after the exposure, no decisive action is taken against the criminals and thieves he personally appointed!
You are absolutely right, we can get it right again. |
