Mr. Abubakar has attributed his substantial wealth to fortunate investments. His wealth is attributable in part to a 16% ownership interest he held in Integrated Logistics Services Inc. (Intels), an oil services company formed in the 1980s, which has now become one of the largest Nigerian companies in the oil industry in Africa. When Mr. Abubakar took office in 1999, he placed his Intels shares in a blind trust. Instead of selecting an independent trustee from a financial firm, however, Mr. Abubakar appointed as trustee of the blind trust Orlean Invest Holding Ltd. (Orlean), a Panamanian corporation that is active in the oil industry in Africa, is closely associated with Intels, and is owned in part by Gabriele Volpi, Mr. Abubakar’s trusted friend and business partner. Orlean served as trustee of the Abubakar Blind Trust from 1999 to 2003, when the trustees exchanged the Intels shares for shares in Orlean, thereby making the trust part owner of its own trustee. Orlean then resigned from the Abubakar Blind Trust and was replaced by Guernsey Trust Company Nigeria Ltd., a Nigerian shell company that was formed the day before the appointment. Mr. Volpi is one of three trustees of the Guernsey Trust Company whose sole activity is managing the Abubakar Blind Trust,” continues the indicting report by the US senate subcommittee.

From 2003 to 2008, the Guernsey Trust Company reportedly wired over $10 million into the United States, including about $7 million into Douglas and AUN accounts; $2.1 million into the Weidenfeld law firm and AUN accounts; and $900,000 into American University accounts.

Two other offshore corporations, LetsGo Ltd. and Sima Holdings Ltd., both of which are private corporations beneficially owned by Mr. Volpi and his family members, wired nearly $27 million into the United States, including about $8 million into Ms. Douglas’ accounts; $5.5 million into AUN accounts; and $13.1 million into American University accounts.

Mr. Volpi told the US Senate Subcommittee that LetsGo and Sima Holdings sent millions of dollars to Ms. Douglas in connection with Mr. Abubakar’s ownership interest in Intels and a line of credit that LetsGo had extended to the Abubakar Blind Trust.

https://www.concisenews.global/2018/10/09/full-document-of-how-atiku-wired-40m-suspect-funds-to-us-as-nigerian-vp-re-surfaces-pdf/amp/

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