Almajiri1:

Your piggery nature seems self evident. How dare you condemn an innocent man?

Innocent?

franchasng:
Round tripping is a big fraud case, its just Dangote is lucky to come from Hausa-Fulani tribe.


Also, tax evasion which Dangote is guilty of is a big crime all over the world. I can list lots of his crime here but let's not derail the thread.


Dangote is not clean, he is just fortunate to have come from a well connected political family in the north.

Oh please!

Stop with all the beer parlor type of gist. Dangote's business has outlived governments from across party and tribal lines. He has built a business that has organically grown for over 2 decades and has HIGH impact on the economy.

Dangote is not your ordinary billionaire... His business contributes single handedly a chunk, to Nigeria's GDP. As a result, as with any developing country, he enjoys lots of government support which is usually laced around tax breaks (not tax evasion as you allege), forex (not round tripping as you allege) in return for investing billions of $ back into the Nigerian economy.

Like I stated, his business has NEVER been found wanting of breaking the law...and yes, he transfers money to America too. Till he's found wanting, we can't go bandying around unverified claims that make no sense.

voltron14:


Which International destination?

Why couldn't they oppress Turkish Air?

exactly.. This isnt tribal or anti Nigeria. Dude committed a crime and he has been indicted for it. The DOJ attorneys who investigated and indicted him dont give a crap about Igbo, Air peace, Nigeria, etc..

All they did was their job. See a crime, indict and prosecute.

Remember there are tens of thousands of lawyers working for DOJ, FBI, IRS, DEA, etc, whose sole JOB IS PROSECUTE CRIMES they see or crimes people, banks, companies report to them.

The only time the DOJ wont indict someone is maybe money involved is too small or they feel like they have a weak case. Apart from that they will always prosecute the case and indict the people/companies involved.

This is not a good news for Nigeria.

franchasng:
Not all criminals get prosecuted and jailed in US, some get away with their crime, especially white criminals, you can take this bank

Oh I 100% agree. There are tens of thousands of fraudsters and drug dealers living free.

Thats not the point, the point is HE HAS NOW BEEN INDICTED for a fraud which means they have enough evidence to nail him.

You have a better chance of beating a murder charge as a good lawyer will try to object the evidence, etc, but for white collar crimes/fraud theres no way.

The evidence, bank statements, fake LC, fake company docs, are all there.

And a jury of your PEER is all that is needed to convict you, and its pretty easy for the prosecuting attorneys to convince them, hence why their conviction rate is damn near perfect..

philip0906:

Oh please!

Stop with all the beer parlor type of gist. Dangote's business has outlived governments from across party and tribal lines. He has built a business that has organically grown for over 2 decades and has HIGH impact on the economy.

Dangote is not your ordinary billionaire... His business contributes single handedly a chunk, to Nigeria's GDP. As a result, as with any developing country, he enjoys lots of government support which is usually laced around tax breaks (not tax evasion as you allege), forex (not round tripping as you allege) in return for investing billions of $ back into the Nigerian economy.

Like I stated, his business has NEVER been found wanting of breaking the law...and yes, he transfers money to America too. Till he's found wanting, we can't go bandying around unverified claims that make no sense.

You don't know anything about Dangote's beginning days.


You only know about Dangote now that he is a billionaire. How did he get to that level


Dangote did a lot of $ round tripping fraud and tax evasion when he was still coming up. Stop looking at him now that he has grown so big, look at when and how he started those are my points of reference.

Do you know that Otedola and Dangote weren't in good terms until Goodluck Jonathan came into power


Did you know that Otedola at a time ran away from Nigeria to Ghana due to debt, when Nigerian government was all over him until Goodluck became President and gave him so waivers and brought him back and gave him lots of contracts


Do you know the cause of Dangote and Otedola secret war back then

I will stop here, take care

franchasng:
$20million isn't much for Onyema to have back then.


All he needs to do is provide evidence of how he came about the $20million he wired from his company in Nigeria to his non existent Aviation company in the US.


What triggered this investigation is the nature of his business, which made them start investigation how the business came into existence, the owners and how they acquired their first of aeroplanes to kick off.

During that investigation, they discovered that the first purchase of the airline's aeroplane came through a shady money wired into the US.

For people who don't know what Letter of Credit is, let me explain.


It is not a letter to obtain a loan from bank. It is a financial document from bank, used for international trade; import and export.

If you a Nigerian want to import say catapillars from US worth like $10million. You cannot transfer the money directly to the Catapillar exporting company in USA. You will need to approach your bank to raise a Letter of Purchase showing that you have at leat $10million+ in your bank account in Nigeria, which your bank will send to the Catapillar company in the US to assure them that they can instruct their client; the Catapillar exporting company in US to ship the Catapillar you are buying from them to Nigeria.

Once you confirm receipt of the Catapillar in Nigeria, your Nigerian bank will then release the money in your account to the Catapillar company's bank in the US.


Now, what Onyema did was to use his registered company in the US to act as an aeroplane trading company that sell planes to people, so he raised a Letter of Credit from his Nigerian company bank accounts to his US registered company to sell and ship aeroplanes to his Nigerian company, this is to enable him move the said $20million into his US company bank account.


But during US governments investigation, they discovered that the said US company that sold aeroplanes to him does not deal on aeroplane and did not ship any aeroplane to his Nigerian company as stated in the letter of credit, instead the money was moved to maybe outside US to purchase aeroplane from another country or something, which triggered fraudulent bank activities on his record, hence the investigation.


He just need to provide evidence of the source of the $20million he moved from Nigeria to US. I hope its not linked to any Nigerian politician

Madam, your narrative was ok till the bolded part.

What he did is synonymous with round tripping, transferred pricing and money laundering. The fact that he distributed the money to various accounts is another red flag.

Incandescent:
This is bad. Real bad.. Michael Jackson

"In Kanye West Voice"

franchasng:
You don't know anything about Dangote's beginning days.


You only know about Dangote now that he is a billionaire. How did he get to that level


Dangote did a lot of $ round tripping fraud and tax evasion when he was still coming up. Stop looking at him now that he has grown so big, look at when and how he started those are my points of reference.

Do you know that Otedola and Dangote weren't in good terms until Goodluck Jonathan came into power


Did you know that Otedola at a time ran away from Nigeria to Ghana due to debt, when Nigerian government was all over him until Goodluck became President and gave him so waivers and brought him back and gave him lots of contracts


Do you know the cause of Dangote and Otedola secret war back then

I will stop here, take care

You've brought Otedola into the mix too...lol

Can you please point me to documents or links indicting Dangote for these things you put up?

I doubt.

flejnr2:
Well make them no go trace the money reach patience Jonathan account Biko! We all know Onyema has been a front for patience the real owner

You are the first to hit the nail on its head.

franchasng:
You don't know anything about Dangote's beginning days.


You only know about Dangote now that he is a billionaire. How did he get to that level


Dangote did a lot of $ round tripping fraud and tax evasion when he was still coming up. Stop looking at him now that he has grown so big, look at when and how he started those are my points of reference.

Its possible Dangote round tripped or got cheaper dollars and made money from the difference.. However, it is all SPECULATION unfortunately.. Its just hear-say and nobody has actual evidence he did it. You may be very well correct, but its irrelevant as no country or entity has indicted Dangote for round tripping and tax evasion, so for all legal intent and purposes he has not broken any laws.

UdechiHD:
This is not fraud. The money is Nigerian owned. The problem is that he used false documents to purchase the planes.

And that makes it fraud. But Americans are the biggest fraudsters. The US. government is the biggest Yahoo scammer. America was built on plunder, thievery and murder.

philip0906:

You've brought Otedola into the equation too...lol

Can you please point me to documents or links indicting Dangote for these things you put up?

Yes I intentionally brought Otedola to make you know that all the so called Nigerian billionaires are into shady deals, including the ones from your tribe because I see Nigerians here giving it a tribal coloration as usual.

How many times will I tell you that Dangote is fortunate to come from a dominant northern Nigerian tribe that has been in total control of Nigerian government and institutions for decades since independence How then do you expect his indictment


You can go and google Dangote and Ibeto saga to read more.


You can google Dangote and Lafarge cement tuzzle.


You can google about Otedola debt and lots more.


I am tired of replying you, you won't accept the truth that Dangote is not clean, he is fortunate, so no need

UdechiHD:
This is not fraud. The money is Nigerian owned. The problem is that he used false documents to purchase the planes.

Fraudulent activity - Fraud.

jjman2322:


Its possible Dangote round tripped or got cheaper dollars and made money from the difference.. However, it is all SPECULATION unfortunately.. Its just hear-say and nobody has actual evidence he did it. You may be very well correct, but its irrelevant as no country or entity has indicted Dangote for round tripping and tax evasion, so for all legal intent and purposes he has not broken any laws.

You think if I don't know about this, I will be here talking about it


Dangote did a lot of $ round tripping that even earned him more money than his cement importation business back then.


$$ round tipping can make you an overnight millionaire in $$ if you don't know

Hizzy:
This is the out come of being IGBO he would've answered ALIYU or MOHAMMED but his parents named him Igbo name but as he has grown he would've named him self Aboki name

And MNK said when you serve the Zoo, you will come back disgraced.

No sane and established international business person/organization will make a big deal out of this news until a court of competent jurisdiction pronounced Dr. Allen guilty. But I trust you all numbskulls to be revelling on this news and its ilk, of course with the usual calumny of unrelated established names. Envious, conceited and mentally parochial lots.

SPV account set-up like this isn't your conventional fraud scheme - bending the law is different from breaking the law anywhere, US inclusive. Almost every established person/organization involved in international business directly or indirectly has a SPV set-up like this, but with different structural composition. It's almost impossible to be an international player without one, either directly or otherwise.

I don't hold brief for Dr. Allen.

baby124:

No. It will not be flagged by America if American banks did not transfer the funds. The letter of credit would have been issued by the Nigerian bank to the American bank to wire the funds to Onyema’a account. This would have triggered money laundering investigations because of the amount. You need to read up the meaning to Letter of Credit. Presenting fake documents to an American bank is a big error. Such would not have been discovered if it was a Nigerian bank.

Sometimes it is discovered but then we "change it for them" by claiming it is because of his tribe.

For example Innosons.

franchasng:
Yes I intentionally brought Otedola to make you know that all the so called Nigerian billionaires are into shady deals, including the ones from your tribe because I see Nigerians here giving it a tribal coloration as usual.

How many times will I tell you that Dangote is fortunate to come from a dominant northern Nigerian tribe that has been in total control of Nigerian government and institutions for decades since independence How then do you expect his indictment


You can go and google Dangote and Ibeto saga to read more.


You can google Dangote and Lafarge cement tuzzle.


You can google about Otedola debt and lots more.


I am tired of replying you, you won't accept the truth that Dangote is not clean, he is fortunate, so no need

@the bold

Lol...I knew that's the only "dirt" you have on him

I thought you were privy to some other documents , which Nigerians do not have access to, indicting him.

Your first evidence says saga
Your next evidence says tuzzle
Your last evidence about Otedola, says debt ...When did debt, become a criminal offense?

I've lived in U.S for quite a while. And I can say I know the behavior of Americans quite well. I don't see any fraud here. Is it not the same U.S that attacked Iraq without any evidence even up till date. If it was Donald Trump or Elon Musk, Jeff Bezos caught doing this they won't call it fraud. The elites in America have been using charities, foundations and trusts to commit financial crimes and evade tax since the times of Henry Ford. All I see is a man who has sufficiently outsmarted the system until now. In America they call this type of people "investor,business magnate cum Philanthropist just like Bill Gates of Bill Gates and Melinda Gates Foundation fame. Isn't it this same man that took his private planes to save Nigerians from Xenophobia in South Africa. Abeg FBI, CIA talk another story.

djdutchbrah:

Nigeria's fantastically corrupt politicians and dubious businessmen need to stop embarrassing us around the world.
David Cameron is laughing right now. There is no way we can repair the battered image of Nigeria around the world.

We are fucked_ Applying for US visa is now an Herculean task.. When I say Nigerian are the problem of Nigeria this is what I mean

philip0906:

@the bold

Lol...I knew that's the only "dirt" you have on him

I thought you were privy to some other documents , which Nigerians do not have access to, indicting him.

Your first evidence says saga
Your next evidence says tuzzle
Your last evidence about Otedola, says debt ...When did debt, become a criminal offense?

This is a public domain, I am not dragging land with them, so I cannot reveal further, just believe whatever you want.


If Dangote were to come across my posts, he alone will understand, but for you his tribal defender, he is Saint Michael.


As for Otedola, his case is widely known, I like him so I won't say much again. Enjoy your day

12inchess:
I've lived in U.S for quite a while. And I can say I know the behavior of Americans quite well. I don't see any fraud here. Is it not the same U.S that attacked Iraq without any evidence even up till date. If it was Donald Trump or Elon Musk, Jeff Bezos caught doing this they won't call it fraud. The elites in America have been using charities, foundations and trusts to commit financial crimes and evade tax since the times of Henry Ford. All I see is a man who has sufficiently outsmarted the system until now. In America they call this type of people "investor,business magnate cum Philanthropist just like Bill Gates of Bill Gates and Melinda Gates Foundation fame. Isn't it this same man that took his private planes to save Nigerians from Xenophobia in South Africa. Abeg FBI, CIA talk another story.

Tell them!! I have been talling them but they refused to listen since its an Igbo man involved, no they won't listen, all they want to hear is: Air Peace have been shutdown, the owner one Onyema jailed for 39 years so they can start a nationwide jubilation as usual.

franchasng:
This is a public domain, I am not dragging land with them, so I cannot reveal further, just believe whatever you want.


If Dangote were to come across my posts, he alone will understand, but for you his tribal defender, he is Saint Michael.


As for Otedola, his case is widely known, I like him so I won't say much again. Enjoy your day

Boo hoo!

Wetin person no dey read for nairaland?

Every big man in Nigeria, is in one way or the other a thief.

1. NGO non profit accounts/money used for profit purchases
2. Several lines of credit used up in US accounts he opened (likely overdrafted his accounts for huge sums but didn't pay back)
3. Probably corruption money moved in as clean money
4. All the documents used for letters of credit na fake. No letters of credit, no bank will transfer large sums for you without asking questions about source, repayments mode if credit etc
5. You can't do the shit you do in naija here

12inchess:
I've lived in U.S for quite a while. And I can say I know the behavior of Americans quite well. I don't see any fraud here. Is it not the same U.S that attacked Iraq without any evidence even up till date. If it was Donald Trump or Elon Musk, Jeff Bezos caught doing this they won't call it fraud. The elites in America have been using charities, foundations and trusts to commit financial crimes and evade tax since the times of Henry Ford. All I see is a man who has sufficiently outsmarted the system until now. In America they call this type of people "investor,business magnate cum Philanthropist just like Bill Gates of Bill Gates and Melinda Gates Foundation fame. Isn't it this same man that took his private planes to save Nigerians from Xenophobia in South Africa. Abeg FBI, CIA talk another story.

its not "what you see". its what to DOJ sees. It's what the jury will see when DOJ presents those fake invoices, LCs, to them.. Thats the problem.

If you lived in USA for a while you should know by now that once the DOJ indicts someone they almost always convict. Read the report, what he did was a crime.. Whether its a crime in Nigeria or Pluto is irrelevant.. The money moved through USA banks and LYING on documents is called a crime..

Im sure when you lived in USA you enjoyed the ease of credit cards, car loans, mortgages.. Why do you think that is so? Precisely for this reason..

Here's an example of someone I know who got few years in prison.. Lets say example He had a business making lets says $100,000 selling t shirts.. he went and got fake invoices for orders totalling $1mil, then he ran to his bank and collected $500,000 loan to buy new equipment using those invoices... Its called bank fraud and the USA will always prosecute..

Its the same way tens of thousands are in prisons in USA for insurance fraud (faking car accident, etc).. Its the reason you can destroy your car, make a call to your company, and you get paid basically in a few days... Everyone trusts the system, including the banks and companies it protects, and they trust the system because the govt actively prosecutes those who try to defraud it

Gforce2015:
Ipob nyamiri piglets are always represented In int'l fraud... Since the inception of this country.
Let's c how the case will go. Maybe onyema will charge US government for defamation of character.

Myndd44 seun lasticala Dominique. Rules 2

LordKO:
No sane international business person/organization will make a big deal out of this news until a court of competent jurisdiction pronounced Dr. Allen guilty. But I trust you all numskulls to be revelling on this news and its ilk, of course with usual name-dropping. Envious and mentally parochial lots.

SPV account set-up like this isn't your conventional fraud scheme - bending the law is different from breaking the law. Almost every established person/organization directly or indirectly has a SPV set-up like this, but with different structural composition. It's almost impossible to be an international player without one, either directly or otherwise.

I don't hold brief for Dr. Allen.

Umm many of you dont know what a USA criminal indictment means.. It means the attorneys presented the evidence and got a grand jury to indict.. Which leaves you only two options:

1 . Plead guilty for lesser jail time (based on # of charges facing he will get jail time)

2. Go to trial and most likely lose. before they indict you they have all the evidence they need. hence why the DOJ has a near perfect conviction rate.. This is USA DOJ not EFCC

"indicted on one count of conspiracy to commit bank fraud, three counts of bank fraud, one count of conspiracy to commit credit application fraud, and three counts of credit application fraud."

Show me one person who has been indicted by DOJ for similar charges that didn't go to prison.