The president, his associates and some ministers have
been named in a monumental money laundering scandal,
one of the most elaborate in Nigeria's history
PREMIUM TIMES can reveal today that the N155billion secretly
paid to convicted money launderer, Dan Etete, by the Federal
Government, on the orders of President Goodluck Jonathan, was
actually a slush fund, with a huge chunk of it ending in bank
accounts of cronies and business associates of government
officials and at least one individual with links to Mr. Jonathan.
Our investigation also indicates that in order to cover up what is
clearly one of the most elaborate corruption schemes in Nigeria’s
history, the president tapped the junior minister in the finance
ministry, Yerima Ngama, and Attorney General Mohammed
Adoke to hurriedly transfer the funds to Mr. Etete on August 16,
2011, a day before the Minister of Finance, Ngozi Okonjo-Iweala,
assumed office.
Mrs. Okonjo-Iweala was not available Friday to comment on her
knowledge of the transaction. Her spokesperson, Paul
Nwabuikwu, said she was away in Zimbabwe on an official
engagement.
This website had on Monday reported how the Nigerian
subsidiaries of two multinational oil companies Nigeria Agip
Exploration Limited (Agip) and Shell Nigeria Exploration and
Production Company Limited (Shell) paid $1.1billion (N155billion) to
the Federal Government in April last year for onward transmission
to Malabu Oil whose principal is Mr. Etete.
Our subsequent investigations later showed that the Economic
and Financial Crimes Commission (EFCC) had indeed investigated
the deal, concluding that the transaction pointed at a “cloudy scene
associated with fraudulent dealings.”
The EFCC investigation also clearly established that Mr. Etete’s
Malabu only served as a money laundering machine, as
substantial parts of the funds was later transferred to various
accounts owned by “real and artificial persons” suspected to have
links with the presidency and other government officials.
Presidency sources familiar with the matter say the EFCC intimated
President Jonathan and Mr. Adoke of its findings.
“But I can tell you that the investigation has suffered a setback
since the presidency got wind of it,” one of our sources said.
“There is high-level complicity in the deal and there is therefore
high-level cover up. The report is gathering dust on the
president’s desk.”
Mr. Jonathan’s spokesperson, Reuben Abati, could not be reached
on his mobile telephones to comment for this story Friday. And
so also was Mr. Adoke. Mr. Ngama did not return calls to his
mobile telephone.
Relying on court papers in the United States (where some
consultants have sued Malabo for breach of contract), checks at
the Corporate Affairs Commission (CAC) and on its own
investigations, the EFCC established that “a prima facie case of
conspiracy, breach of trust, theft and money laundering can be
established against some real and artificial persons.”
The beneficiaries
At the heart of this brazen theft of public funds is one Abubakar
Aliyu, a man whom top presidency and EFCC sources described
as “Mr. Corruption” and who has very close business ties with
Diepreiye Alamiesegha, convicted former governor of Bayelsa
state.
Mr. Alamiesegha, the self-styled governor-general of the Ijaw
nation, is the man who picked Mr. Jonathan as his running mate in
the 1999 governorship election in Bayelsa state and whom Mr.
Jonathan succeeded in office after the former was impeached over
corruption charges.
The disgraced former governor played a major role in Mr.
Jonathan’s election last year, serving as both an adviser and a top
campaign official.
Mr. Aliyu, through companies co-owned by him, received direct
payments of $523mn (N81bn) from the largesse. Investigators
believe that the businessman, introduced to the president by Mr.
Alamieyeseigha, was Mr. Jonathan’s front in the transaction.
Mr. Aliyu is however not new to corrupt deals. One of his
companies was recently found to be involved in a shady deal
which involved the buying of a landed property from a
government agency (NITEL) for N1billion and then reselling the
same property to another government agency (CBN) for
N21billion.
He allegedly used his links with late President Musa Yar’Adua and
President Jonathan to broker the deals, and then reportedly paid
kickbacks to some government officials.
Mr. Adoke, the current Justice Minister was named in that deal too
just as sources believe he played a major role in the sharing of the
N155billion largesse.
Sharing the money
On August 16, 2011, Mr. Adoke and the Minister of State for
Finance, Yerima Ngama, coordinated the payment of a first
tranche of $401.5million (N60billion) into a First Bank account
2018288005 belonging to Malabu.
Another $400millionn (N60billion) was, based on the duo’s
instructions, transferred into a Malabu Bank PHB (now Keystone
bank) account 3610042472 from a Nigerian government account
with JP Morgan International Bank. The balance of the funds was
reportedly lodged into Mr. Etete’s account with Zenith Bank.
Immediately Malabu received the money, the distribution began.
Rocky Top Resources Limited, co-owned by Mr. Aliyu received
$336 million (N50bn) from the Malabu Keystone Bank deposit.
Other companies that got money from the Malabu curious
transfers include A-Group Construction Company, also co-owned
by Mr. Aliyu. It received $157mn (N24bn), while Novel Property
and Development Limited, also co-owned by Mr. Aliyu got $30
million (N4.5bn).
Companies not linked to Mr. Aliyu but got money from Malabu
include Mega Tech Engr Co. Ltd, which received $180 million
(N27bn) and Imperial Union Limited, $34million (N5.1bn).
Sources say these companies, like Mr. Aliyu’s, simply acted as
fronts for political office holders, who helped to facilitate the
transfer, as they have no basis to receive such huge sums of
money from Malabu. The EFCC has also not identified what task
these companies performed to deserve the payments.
“Reasons for this payment is yet to be ascertained,” the
commission said.
Long before the largesse was shared however, Malabu had
become a company renowned for shady deals.
A history of fraud
According to investigators, through “conspiracy, forgery, uttering
forged document, criminal misappropriation and money
laundering,” Mr. Etete and Malabu Oil had been involved in
illegalities since its formation.
Formed on April 24, 1998, Malabu Oil had three shareholders:
Mohammed Sani (Abacha, son of late military dictator Sani
Abacha), Kweku Amafagha (who was representing Dan Etete on
the board), and Hassan Hindu (representing her husband, Hassan
Lawal, a former Nigerian High Commissioner to the UK). Mr. Sani
owned 10 million of the 20 million shares in the company; Mr.
Etete six million and Mr. Hassan, four million.
Five days after the company was formed and registered at the
CAC, it got two oil blocks awarded to it by the then military
government: OPL 245 and OPL 214.
Mr. Etete was petroleum minister at the time.
Controversy however trailed the oil blocks as President Olusegun
Obasanjo, in 2001, revoked the allocations, giving OPL 245 to
Shell.
After several court cases in Nigeria and overseas between Malabu,
Shell, and the Federal Government, the oil blocks were re-awarded
to Malabu in 2010.
Scheming out Abacha
Following a secret resolution on the oil block with the Federal
Government, Mr. Etete decided to edge out Mr. Abacha from the
ownership of Malabu. It is not clear if this is one of the conditions
the Federal Government gave to Mr. Etete during the negotiations.
However at an extraordinary general meeting of Malabu on June 9,
2010, Mr. Abacha and a company related to him, Pecos Energy,
were removed as shareholders of Malabu. The new owners
(believed to be fronts for Mr. Etete) became Munamuma
Seidougha and Amaran Joseph, both of whom had 10 million
shares each.
These changes, the EFCC stated “gave rise to a lot of moral and
ethical question that can necessitate an objective and full blown
investigation into the matter.”
Mr. Abacha however fought back fiercely. Sensing that he had
been schemed out and aware that Mr. Etete was already
negotiating with Shell and Agip, he decided to act.
The Shell, Agip, FG, Etete conspiracy
PREMIUM TIMES learnt that Ednan Agaev, an international counsel
hired by Malabu told the Supreme Court of New York in an
affidavit that he was appointed by Malabu to find an investor for
OPL245.
“One John Coplestone of SHELL, a party to the negotiation
informed him that Mohammed Sani (Abacha) is laying claim over
OPL 245,” the EFCC stated. An AGIP official also told Mr. Agaev
that “in view of the new claim by Mohammed Sani (Abacha), a
direct deal with Malabu would not be possible.”
Mr. Agaev then informed Mr. Etete of the new development and
suggested a way out.
To put off Mr. Sani (Abacha) from realizing his claim, “The FGN
(should) take back the oil block from Malabu, transfer the rights to
ENI AGIP/Shell and pay Malabu a compensation from the
payments made by ENI AGIP and Shell,”
The oil companies agreed accepted the proposal. “By the end of
March 2011, the FGN seemed to have acted with the suggestion,”
the EFCC said.
This new evidence gathered by the EFCC contradicts the claims of
Shell, who through its spokesman, Precious Okolobo, denied
knowing that Malabu was to be the recipient of its payment.
“Shell was not aware that that money was to be paid to Malabu,”
Mr. Okolobo had told PREMIUM TIMES.

SOURCE: www.premiumtimesng.com/news/5267-how_jonathan_s_associates_shared_largesse.html

Mother of Mercy...
Can anybody confirm this? From another source, maybe?

kay9: Mother of Mercy...
Can anybody confirm this? From another source, maybe?

Confirm for what, is there anything you are going to do about it?

blink182: Confirm for what, is there anything you are going to do about it?

My brother, abeg help me ask. Confirmation of what? That GEJ cannot be involved when we have all seen him associating with crooks and deploying them in very powerful positions? Adoke Bello is Aondoakaa on steriods. The dude does not even pretend. He is shaking everyone down and brokering million dollar corruption scams. Nigerians should go and investigate how the crook is neck deep in the fuel subsidy scam. Nigeria will only get it right, as per leadership, when we begin shunning those who cause the problem instead of electing them into positions where they will compound our woes while pretending to be searching for solutions. Simply disgraceful.

http://saharareporters.com/news-page/nigeria%E2%80%99s-attorney-general-adoke-web-corruption-admits-ownership-bank-accounts

Nigeria’s Attorney General Adoke In Web Of Corruption; Admits Ownership Of Bank Accounts
Posted: January 14, 2012 - 06:39
AGF Mohammed Adoke
By SaharaReporters, New York

More details are emerging about the corrupt deals of Nigeria’s Attorney General and Justice Minister Mohammed Bello Adoke – as well as the man’s mind-boggling deposits in numerous bank accounts.

Some 24-hours after an online news website, ireports-ng.com, published details of Mr. Adoke’s multi-million dollars in secret bank accounts, Nigeria's controversial attorney general admitted to another website that he in fact owns accounts in the banks reported by the website.

Mr. Adoke told Pointblanknews that he indeed owns the accounts, but claimed the deposits in the said accounts were not up to the amounts published by Ireports-ng.

“I have accounts with FCMB and Diamond Banks. I have a salary account with Intercontinental Bank and these are the only accounts I have been operating since I was appointed Attorney-General,” he told Pointblanknews.com. Then he added: “But the accounts in the said banks are far, far lower than the figures they are peddling.”

But the minister’s attempt to understate his staggering cash holdings has triggered more
revelations of his financial shenanigans. iReports.ng has released more devastating
information about Mr. Adoke’s ties to and financial involvement with several companies
that have ripped Nigerians off in fuel subsidy scams.

The site reported that some of Mr. Adoke's close allies, infuriated with his despicable
role to put down the on-going nationwide strike in the country, have provided documents
that lay bare the minister's stupendous wealth hidden in over 25 blue chip companies in
Nigeria – including firms that have reaped fraudulent profits from the contentious oil
subsidy funds.

A rundown of the documents made available to ireports-ng.com reveal that Mr. Adoke is
a major investor in Oando Oil, a firm that gulped down more than N228 billion out of the
N1.4 trillion shared by about 100 oil marketers between January and August, 2011. The
website’s investigation indicated that the Justice Minister owns an investment of about
N1.5 billion in Oando Oil PLC.

Other documents also show that Mr. Adoke has a major investment stake in Eterna Oil
which raked in about N5.57 billion from the fuel subsidy bonanza. In addition to N1 billion investment in Eterna, the minister also has N2 billion tucked in a company called
Novasys Ltd.

A top-level political source in Abuja who is close to President Goodluck Jonathan told
SaharaReporters today that the attorney general’s cozy relationship with some of the oil
marketers was the reason the government has refused to pursue the option of prosecuting
fraudulent profiteers who have cheated Nigerians of hundreds of billions of naira in the
name of fuel subsidy.

“Mohammed [Adoke] and others in government are getting their share of the subsidy
funds – and that’s why nobody is talking about trying those defrauding the system,” said
the source.

Mr. Adoke’s corrupt deals also extend to the banking, telecommunications and real estate
sectors. Reliable informants reveal that the minister has extensive investments in major
banks in the country. Some of them include about N400 million in Oceanic Bank; N200
million in UAC properties; about N20 million in Guaranty Trust Bank; about N360
million in Access Bank; about $400,000 US dollars in MTN; about N1 billion in Japaul Oil & Maritime; about N15 million in Bank PHB; about N100 million in First Bank; about N20 million in FCMB, and about N6 million in Unity Bank PLC.

Saharareporters had earlier exposed Mr. Adoke’s central role in pushing the Central
Bank of Nigeria to pay a businessman and associate of the minister an outrageous sum to
purchase a NITEL property that the businessman had bought cheap from the government.

Following our earlier report about the minister’s bank accounts, a source in one of the
banks revealed that Mr. Adoke had initiated moves to deplete his funds in the bank.

Other sources disclosed that Mr. Adoke owns more than 30 luxury vehicles that he has
purchased in the last three years alone. In addition he owns several landed properties in
Abuja. A source in the Ministry of Justice told SaharaReporters “it is well known that
the minister collects money, cars and cash from individuals and corporations on whose
behalf he subverts the course of justice.”

Saharareporters has consistently revealed that Mr. Adoke has distinguished himself as
one of the most fraudulent and corrupt ministers in the Jonathan regime. His immersion
in corruption follows a trend set by disgraced former Attorney General Michael Aondoakaa.

Like Mr. Aondoakaa, who was close to former Supreme Court Justice Aloysius Katsina-
Alu, the current AGF used his closeness to the same (now retired) justice to secure his
place in President Jonathan’s cabinet. Through his closeness to the notoriously corrupt
Katsina-Alu, Mr. Adoke fixed the apex court’s verdict upholding Mr. Jonathan’s election
as president.

Our political sources said the president is as indebted to Adoke as the late President
Umaru Yar’adua was to Aondoakaa.

[size=14pt]A source described Adoke as “one of President Jonathan's most powerful ministers,” adding that the minister is “a core member of the president’s kitchen cabinet.”[/size]

Hmnn. GEJ are you there? Things are falling apart o.

Beaf no comment?

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