ruggedtimi:
If malam scam u ehn....they can even arrange a brief meeting with the president chief of staff, show you signed documents by the president...You go fall pata pata

Well said.

One kept showing me contract documents for 5 years till i arrested him. The next step was for him to start sleeping inside cell, then boom, he paid me.

Yeye people.

You will win at last sir

If you carry business money enter 9ja, and you no get sense .............

Den go chop all ........

CUMIN:
We Nigerians are extremely dubious in nature.

Speak for yourself, sir.

Nigerias image in the international globe keep worsening

jackcanfield:

Okay thank you so the $2*2million*4 = $16milllion ...Mr Bida should settle out of court but he knows the wheel of Justice in Nigeria grind slowly.
Although technically Mr Latella should be laying claim to $4million not $16million, he should have raise alarm when the first transaction went wrong , I believe the shipping industry have arbitrators to look into matters like this before it gets to the Efcc.

The reason he is claiming $16m is that he said he should have made $4m for each shipment. He also said his agent spent lots of money getting inspection agents to wait at the port of discharge.

You know, this crude business is like a spirit, like forex trading, lol. Like you said, he should have backed after the first fraud. I totally agree with you. The moment Bida told him not to contact the ship was the red flag, that was against what was written on the agreement.
But you see, the fraudster was very smart. He knew that once there is a trust, then the hope remains alive. Latella and his agents saw the product as declared, only that they were diverted. That gave him some confidence that at least Bida could actually lift crude. The fraud they were used to was receiving cash and not being able to deliver anything at all. But Bida did not receive cash, and he actually lifted crude. So it was easy for Latella to believe every other lie the guy told.

But if I were Latella, I would just walk away, or look for other less criminally minded dealers to deal with.
His approach was a perfect one, the use of Credit instrument. You only release cash after you have confirmed Q&Q.
In my summary, Latella was not outrightly defrauded of money, his money was only used as loan without interest. ALso, he was meant to spend money processing the whoile transactions. I advise Bida settles out of court with him. Offer him 500k to $2m. For Latella, if dem no gree, walk away and leave them to God. Bida will bribe efcc, and after efcc understands this transaction, they will drag their feet. Even the judges. They will be like "we dey pursue people wey dem steal their money, no be this one wey dem outsmart you for una business".

Doing business in Nigeria is not for the faint hearted.

jackcanfield:

Okay thank you so the $2*2million*4 = $16milllion ...Mr Bida should settle out of court but he knows the wheel of Justice in Nigeria grind slowly.
Although technically Mr Latella should be laying claim to $4million not $16million, he should have raise alarm when the first transaction went wrong , I believe the shipping industry have arbitrators to look into matters like this before it gets to the Efcc.

1. The instrument was not his. There should be no option of settling out of court: this is now a criminal issue.
2. The fraud was perpetrated using Mr Latella's documents four times and netted the perpetrator at least 16M dollars, maybe more. He should not be allowed to benefit one cent from his crime.

olisaEze:
Northerners might not be into internet fraud as much as their counterparts down South. Their scamming na face to face with confidence. Much like dis our Oga in the Rock wen use local run all im supporters back to back.

Their fraud is in foreign exchange at the parallel market. Northern Nigerians are making billions buying dollars low and selling it high.

jackcanfield:
Waiting for the Oil brokers and Bankers to come and interpret this , because each time I come across this Oil transaction documents all the terms are usually clearly stated. But they you need to understand the shipping business to know where your terms stops, but I need an expert to come and dissect what went wrong here, and how the duplicated document make rubbish of the signed document by the parties involve.... A legal input is also welcome. Make I for know if I would go and visit Oga Ote$ for mentorship.

What happened here was one of several deals in the oil business in Nigeria. Unfortunately, the American was defrauded according to his own side of the story which I believed. Four times his document was used to obtain sales agreement / approval from NNPC through Crude Oil Sales or Marketing department and the Captain of the Ship had destination port and consignment owner, but after cargo lifting another Sales Purchase Agreement and shipping documents handed over to the Captain. The American was told to disregard any prior communication he had with the Ship's Captain during the first delivery.

There are several deals in oil sector both upstream and downstream. He should have backed out after the first breach of agreement. Even if he had backed out, Bida and the team including insiders at NNPC would have still continued the usage of his Credit Document until the value is exhausted and there is nothing he can do.

olisaEze:


Speak for yourself, sir.

Your name make me remember Ezeego.

If you know you know.

ruggedtimi:
layman's term, Mr bida needed money/documents (bank guarantee) as a proof he can pay for 2million barrel of crude oil....so the white guy approached mr bidah as a buyer and Mr bidah was parading himself as a licensed off-OPEC oil seller. The whiteman( latella) provided Mr bidah $100m/documents(BG) at which the money will be released to Mr bidah after a successful discharge of the product to the receiving vessel in Rotterdam.
Meanwhile Mr bidah used the whiteman's company bank guarantee and supply documents to lift products from Nigeria and supply to Rotterdam 4times , denying the whiteman's buyers an authority to board the vessel for inspection.

Mr bidah vessel then transfered the products to other vessels in rotterdam. Bypassing the u.s guy and Making the extra $2 profit per barrel.
Is like your friend using your house to blow your crush

Crazy

If you look at mr Bida's associates na our South developers full there.

Kelvin30286063:
Any white man that talks about getting scammed in oil business in Nigeria should not be pitied. They've been scamming us for long. The big question is if he is a legit buyer of oil in Nigeria, why is he dealing with individuals and not the nnpc?
You guy from people operating illegal oil wells and now you got scammed and you are shouting foul play

Got em.

CUMIN:
We Nigerians are extremely dubious in nature.

You re dubious in nature, not all Nigerians are dubious like you and your brethren.

There are honest Nigerians all over the world , just because you cant be one doesnt mean there arent.

quentin06:


You re dubious in nature, not all Nigerians are dubious like you and your brethren.

There are honest Nigerians all over the world , just because you cant be one doesnt mean there arent.

You and I live and breath corruption

Kelvin30286063:
Any white man that talks about getting scammed in oil business in Nigeria should not be pitied. They've been scamming us for long. The big question is if he is a legit buyer of oil in Nigeria, why is he dealing with individuals(brokers) and not the nnpc?
You buy from people operating illegal oil wells and now you got scammed and you are shouting foul play

They are not illegal oil wells.
Many individuals and private companies are legally involved in lifting crude oil.
You wouldn't know because you are not in the industry.

Aboki scam na highest

Trump said if his friends are broke and need cash they turn to nigeria

Bida just outsmart the white guy in the deals that usually occur in nigeria oil biz

Nigeria oil biz na just scam, how many empty oil vessel do come to nigeria in the guise of containing refined fuel

If not why he no sue him in US court

EFCC and court are delaying the case because from the interview, Mr Bida did not collect cash from the whiteman. The white man only gave Mr Bida a bank instrument called Documentary Letter of Credit (DLC) which is similar to Bank Guarantee (BG)

For instance, no bank in Nigeria will give you loan with BG without a strong collateral. A buyer give seller BG to deliver products with a promise of cash payment upon successful delivery, and in most cases, you can collect a BG and not able to deliver products without financier or sponsor that will give you loan

In energy trading, $10m DLC or SBLC means nothing unless you have a financier who will receive it and give you cash to execute your business

The US man will never get any money back!

If you are not a government do not involve in any oil business in Nigeria.

CUMIN:
We Nigerians are extremely dubious in nature.

oga speak for yourself oooooo

[quote author=ruggedtimi post=109058251]layman's term, Mr bida needed money/documents (bank guarantee) as a proof he can pay for 2million barrel of crude oil....so the white guy approached mr bidah as a buyer and Mr bidah was parading himself as a licensed off-OPEC oil seller. The whiteman( latella) provided Mr bidah $100m/documents(BG) at which the money will be released to Mr bidah after a successful discharge of the product to the receiving vessel in Rotterdam.
Meanwhile Mr bidah used the whiteman's company bank guarantee and supply documents to lift products from Nigeria and supply to Rotterdam 4times , denying the whiteman's buyers an authority to board the vessel for inspection.

Mr bidah vessel then transfered the products to other vessels in rotterdam. Bypassing the u.s guy and Making the extra $2 profit per barrel.
Is like your friend using your house to blow your crush[/qute]baba you go live long

DropsMic:
When it comes to scamming, no "tribe" reach Hausa... But you no go know because them no dey loud themselves like other "tribes"

Trash. In terms of fraud in Nigeria, Hausas still lag behind Yorubas and Igbos by far. Do they even have education and sophistication of the Yorubas and Igbos to begin with?

We also have an Aviation division, and we have an Energy Company.

ruggedtimi:
layman's term, Mr bida needed money/documents (bank guarantee) as a proof he can pay for 2million barrel of crude oil....so the white guy approached mr bidah as a buyer and Mr bidah was parading himself as a licensed off-OPEC oil seller. The whiteman( latella) provided Mr bidah $100m/documents(BG) at which the money will be released to Mr bidah after a successful discharge of the product to the receiving vessel in Rotterdam.
Meanwhile Mr bidah used the whiteman's company bank guarantee and supply documents to lift products from Nigeria and supply to Rotterdam 4times , denying the whiteman's buyers an authority to board the vessel for inspection.

Mr bidah vessel then transfered the products to other vessels in rotterdam. Bypassing the u.s guy and Making the extra $2 profit per barrel.
Is like your friend using your house to blow your crush

Thanks for this your explanation. Now it is clear

jackcanfield:

Okay thank you so the $2*2million*4 = $16milllion ...Mr Bida should settle out of court but he knows the wheel of Justice in Nigeria grind slowly.
Although technically Mr Latella should be laying claim to $4million not $16million, he should have raise alarm when the first transaction went wrong , I believe the shipping industry have arbitrators to look into matters like this before it gets to the Efcc.

$4m per vessel..4 vessels emptied in Rotterdam..that's 4×4m= $16m!!
Aboki don shine oyinbo shoe