₦airaland Forum

I know we are all hype up with FBN and others, please can anyone guide me on whats going on with Guinness right offer.

There are 55 billionaires on African continent, according to the magazine, with a combined total net worth of nearly $144 billion.

Among these biggies are also three women, including Folorunsho Alakija, a Nigerian oil mogul who the magazine says has beat out Oprah Winfrey for the richest black woman in the world. She's worth $7.3 billion.

No less than 10 African countries boast billionaires, the report says. But Nigeria leads the way with 20, more than twice as many as any other nation here.

In its 2013 list of billionaires, by contrast, Forbes magazine recognizes only two Nigerians.

Oladotun Olumuyiwa Fadeyiye, a 30-year-old entrepreneur in the Nigerian capital, Abuja, says resources like oil and minerals make the country a natural place for the ambitious to get rich. But access to resources doesn’t account for all the success.

“An average Nigerian businessperson has tenacity. They never say die,” he says. “The courage to succeed in difficult terrain is always there.”

The extreme wealth demonstrated in the Ventures report, however, may be more indicative of Nigeria’s economic failures than of its successes, as Clement Nwankwo, the director the Abuja-based Policy and Legal Advocacy Center, argues.

“If you put side by side the fact that you have 20 billionaires and that poverty conditions are worsening,” he says, “It tells you that the economic situation is not improving. It should be that the middle class is growing so you have an increased global reach and then more billionaires.”

Mr. Nwankwo blames the rising disparity between the rich and the poor in Nigeria on corruption. The super rich, he says, regularly pay government officials to manipulate public policies in their favor.

Watchdog group Transparency International lists Nigeria as the 37th most corrupt country in the world.

Public views on corruption are related to Nigerian culture, which, while often mocking "big men," also usually reveres them, Nwankwo adds.

The government official that made such a splash last spring is for deferring to the big man is now popularly known as “the Oga at the top guy.”

When the Ventures report was released earlier this week, one local website wrote about Aliko Dangote, a Nigerian manufacturer who is listed as the richest man in Africa, worth over $20 billion, which is $4 billion more than the Forbes estimate.

The headline: "Aliko Dangote is Still the "Oga at theTop as Ventures Africa lists the Top 55 African Billionaires."

I no know book:
Hype it, then when it becomes hot, dump it. It's nothing but a hype and dump thingz, it's an ageless, well practiced system of hyping stocks. And trust me, it's gonna work, because there will always be suckers. How could shares you bought with N4,000,000.00 in 2012 pay you a dividend of 702k in 2013? How much did UBA declare as dividend? Please, people look before you leap because I know that so many people will be rushing off to buy UBA stocks after reading this clever advert. DON'T BE A FOOL!

Bros, don't just write, do the math -

UBA gave 50k dividend June 2013, if he used 4m on UBA at N2.5, he will have 4m/2.5K = 1.6M UNITS.
At 50k dividend, he will collect N800,000.00 - Taxes and other fees = 702k dividend.
So the guy is right.

My last post on this
I respect everyone feelings on this issue.
I am only trying to provider an option for AS/AS in the house.

OB/GYN

Life is not one way thing, if you happen to marry a AS for LOVE, you have an option. I have helped 2 - 3 Nairaland ladies with CVS in Lagos, their babies are fine and deeply in love with their AS hubbies. Life is give and take not one way thing.
Guys cool off, life is too short.

qualified: dont mind d clown! We are talking real issues, he is suggesting textbooks principles.
So d couple ll willingly enter d union n continue wit tests n subsequent abortions until they test shows a baby without SS? Hm, ds is trying God, and no man made test is 100% Besides i have not seen those tests u mentioned in Nigeria.
Pls pals, SS + SS = NO!
I'm talking frm experience

in Lagos alone we have over 4 centers that do CVS

AS/AS should not stop a marriage period. Having a child is not all we gain from being married. Yes, there is a lot centers in Nigeria that do CVS, you need phone numbers I will provider.

Being AS and having AS wife/husband is not end of the world, it gives you only 25% of having SS(sickle cell), 25% of AA and 50% of AS. Can it be avoided if posible? yes, but education is only the answer. If you love your AS boy/girl friend, do not let AS stop you from having someone you really love as a life partner; you might end up having a bitch with AA and in hell for the rest of your life. If you are AS with AS wife/husband, please remember to do CVS on every pregency. CVS will detect SC at 12 wks 100%.

LAGOS, Nigeria (AP) -- Nigeria's foreign ministry summoned a top U.S. diplomat Friday night over an issue of national importance — on Twitter.
At dispute are two messages sent Friday by the U.S. Embassy's Twitter account critical of an unconditional pardon given to a former governor convicted on corruption charges, a man who President Goodluck Jonathan only weeks earlier referred to as "my boss."
While the Twitter fight isn't likely to end the close relationship Nigeria shares with the U.S., one of its top customers for crude oil, it signals the sensitivity the government has over the pardon, which has enraged Nigerians tired of corruption's strangle-grip on the country. It also shows the growing power that social media have in Nigeria, and the rest of the world, to drive public debate.
The diplomatic spat began Friday morning with two short tweets published by the U.S. Embassy in Nigeria's capital, Abuja. The first said the U.S. was "deeply disappointed" over the pardon issued this week to former Bayelsa state Gov. Diepreye Alamieyeseigha. Alamieyeseigha was impeached and later pleaded guilty to corruption charges in Nigeria. Investigators said he used government money to acquire property in Britain and Nigeria worth more than $10 million.
The second tweet from the embassy simply said: "We see this as a setback in the fight against corruption."
While sounding largely benign, the criticism from the U.S. Embassy was uniquely direct. While then-Secretary of State Hillary Clinton roundly criticized the country during a visit to Abuja in 2009 over corruption and election fraud, local U.S. diplomats often strike a more conciliatory tone when speaking with the Nigerian government. The U.S. views Nigeria as a crucial ally in Africa, as it produces oil and provides peacekeeping troops for regional conflicts.
On Friday night, the Nigerian Ministry of Foreign Affairs issued a statement saying it was urgently calling James P. McAnulty, the U.S. deputy chief of mission, for a meeting. The statement called the U.S. remarks "undue interference and meddlesomeness," since the president had followed the provision of the Nigerian constitution granting him the power to issue pardons.
"The ministry finally expressed the hope that the embassy of the United States of America would henceforth desist from making unwarranted comments on Nigeria's internal affairs, which are capable of undermining the friendly relations that exist between them," the statement said.
Deb MacLean, a U.S. Embassy spokeswoman, declined to comment Friday night about Nigeria's remarks. The foreign affairs ministry singled MacLean out as the one responsible for making the comments on Twitter, though it was unclear who wrote the posts. Given the top-down structure of the U.S. Embassy, it is likely Ambassador Terence McCulley at least signed off on the message.
In Washington, State Department spokeswoman Victoria Nuland said earlier Friday that the "recent pardons of corrupt officials by the Nigerian government" are a setback for the U.S. support to strengthen the rule of law in Nigeria, "which is very important for the future of the country."
She hinted that the pardons could have repercussions on U.S. assistance programs.
"We have made clear to the Nigerians that this puts a question mark on the kinds of work that we've been trying to do with them," she said. No sanctions or punitive measures have been taken, she said, "but we're continuing to look at what's appropriate."
Alamieyeseigha served as governor of Bayelsa state, in the heart of Nigeria's oil-producing southern delta, from 1999, when the nation became a democracy, through 2005. He was arrested in London after more than $1 million in cash was found in his home there. Alamieyeseigha escaped British authorities — Nigerian officials say he disguised himself as a woman — and fled to Nigeria, where he ultimately stood trial.
Alamieyeseigha's impeachment brought Jonathan, a little-known marine biologist who served as his deputy, into power. Jonathan as recently as a few weeks ago referred to Alamieyeseigha as "my boss" during an event in Lagos.
Analysts and activists routinely refer to Nigeria as having one of the world's most corrupt governments. The continent's most populous nation, Nigeria likely lost more than $380 billion to graft between 1960 and 1999, authorities have said. Meanwhile, just more than 60 percent of Nigerians earn the equivalent of less than $1 a day, according to a study published by the country's National Bureau of Statistics.
Since the closed-door meeting Tuesday where Jonathan decided on the pardon, Nigerians have reacted with anger on Twitter and elsewhere over the decision. An editorial Friday in The Punch newspaper of Lagos simply said: "The situation is becoming hopeless."
It wrote: "Ours is a government being run by narrow minds and harder hearts."
___
Associated Press writer Bradley Klapper in Washington contributed to this report.
___

Investors who have done well buying U.S. stocks this year could be doing even better with Nigeria.


A money dealer counts the Nigerian naira on a machine in the commercial capital of Lagos. REUTERS/Akintunde Ak …The Nigerian market, in fact, has outperformed American equities by a large margin, up more than 20 percent this year versus the U.S. gain of a still-respectable 6 percent.

Ditto for Dubai, Iceland, Vietnam and Abu Dhabi. Taken together, the countries form an unlikely quintet that leads the global equity markets and poses opportunities for investors wary of all the stomach-churning turmoil closer to home.

"If you don't know something, you tend not to buy it. That's human nature," said Nadav Baum, executive vice president at BPU Investment Management in Pittsburgh.

(Read More: Drunk on Junk: Why We're Rushing to Risk)

"People know what Coke (KO) does. People understand what Heinz (HNZ) is," he added. "But when you're playing in those international markets, people get concerned about currency risk, they get concerned about liquidity, and they really don't understand the companies out there."

Of course, those are all valid points. One of the keys to investing is understanding where you're putting your money, and transparency isn't exactly all hallmark of many foreign exchanges.

That's why exchange-traded funds can provide good access points for investors looking to get broad-based exposure to foreign markets without having to worry if, say, the market in Bulgaria (up 12 percent this year) or the Philippines (plus 15 percent) should blow up.

"The ETF route allows you to invest like an institution and that's a good thing," Baum said. "You don't have the time or expertise to monitor those securities that trade in the international markets. I like the baskets. That's a great way for the individual investor to get that exposure."

(Read More: Here's What Could Put the Brakes on Market Rally)

Baum uses two funds for his foreign exposure: the relatively new S&P Emerging Markets Dividend, which has been lackluster in price performance this year but yields 5.4 percent, and the iShares MSCI Pacific ex-Japan offering, which has outperformed its benchmark over time and is up 3.5 percent this year but has a 4 percent yield.

Another approach is to tap into so-called frontier markets that are covered in a handful of ETFs.

The iShares MSCI Frontier 100 Index has investments in countries such as Kuwait, Qatar-and, yes, Nigeria-among its top holdings. The fund is up nearly 6 percent year to date.

Overall, emerging and frontier markets are getting plenty of attention from strategists.

While equity flows have turned positive in 2013, far more money has gone to global markets than the U.S.

January saw global outpace domestic narrowly, but in February the gap has grown. Global equity mutual funds have taken in nearly $14 billion so far while U.S. funds have seen just $2.5 billion, according to the Investment Company Institute.

(Read More: ETFs vs Mutual Funds: The Debate Heats Up)

Wells Fargo recently advised investors to look to Vietnam, Myanmar, Cambodia and Laos as potentially attractive areas.

"The features suggesting potential opportunities for investors seem consistent with those of other emerging markets-young population, lush natural resources, and increasing trade volume with India and China," the firm said in an analysis.

The U.S. market is actually just about middle of the road when compared to others across the globe.

It ranks 29th of 77 global exchanges and third among G-7 countries, behind Japan and Britain, which have seen big pops in their stock markets as their respective currencies have tumbled in value, according to Bespoke Investment Group.

The world's worst-performing market is Brazil, down about 7.5 percent.

Yes, Unemployment: 95%, na wa oh

1. Zimbabwe

Misery index score: 103.3
CPI inflation: 8.3%
Unemployment: 95%

Several human rights organizations have called out the government of Zimbabwe of violating basic rights like freedom of assembly and the protection of the law. Violence and intimidation are common in political tactics, and political leaders have mostly failed to agree any any key outstanding governmental issues in the past few years. Zimbabwe's economic growth is slowing, in part because of poor harvests and low diamond revenues. According to the CIA Factbook, "the government of Zimbabwe still faces a number of difficult economic problems, including infrastructure and regulatory deficiencies, ongoing indigenization pressure, policy uncertainty, a large external debt burden, and insufficient formal employment."

The local unemployment rate is estimated to be 95 percent, though the CIA Factbook caveats that the true unemployment is "unknowable" under current economic conditions. Though the inflation rate has stabilized of late, Zimbabwe faced massive hyperinflation between 2003 and 2009.

2. Liberia
3. Burkina Faso
4. Belarus
5. Turkmenistan
6. Djibouti
7. Namibia
8. Nepal
9. Kosovo
10. Syria

RIM changes name to BlackBerry, unveils 2 phones - Stock price dropped 10%

After lengthy delays, Research In Motion Ltd. unveiled its first two phones with the new BlackBerry 10 system. The Q10 will have a physical keyboard, while the Z10 has only a touch-screen keyboard. RIM says it will also change its name to BlackBerry to maintain a single brand. It will have the ticker symbol "BBRY" on the Nasdaq Stock Market.

RIM changes name to BlackBerry, unveils 2 phones - Stock price dropped more than 10% - my brother no good, but we nigerians love Blackberry, it will still sell in Naija.[b]

My man tunji, na so you leave your kids and wife/babymama in Los Angeles to kiss woman for Niaja.

Is no big deal over here, I was there for my 3 kids.
Even the last one the Dr. have me to count 1/1000, 2/1000---10/1000 and then Push.
I was in charge lol.....
It is a tradition here for the dad to cut the cord if you want to, which I did x3.

We are missing a point here, how much does Nigeria/Africa contributes to this bank.

Why this topic made it to the front page, me I no know.
I do not know why an American should shop goods in UK, most of the goods are from
American coy AND VERY CHEAP IN THE STATES. You guys must be kinding. Nigerians shop
in UK because they have nothing in their country. [b]

Who doesn’t like a David and Goliath story? Meet Okorie Okorocha, the comparatively little known California lawyer who is at the center of the John Travolta massage sex scandal in which at least two men have accused the Hollywood star of inappropriate sexual advances while doing their jobs.

He is up against one of the most famous lawyers in the United States. Marty Singer has represented countless stars, including A-listers Bruce Willis, Jim Carrey, Celine Dion, and Arnold Schwarzenegger. He is the guy you go to if you need a good lawyer for the stars (and can afford one) although it is safe to say that he has never had a case quite like this one.

But Okorocha has come back swinging for the fences:

“If Marty Singer thinks he can sue me on the validity of Mr. Travolta’s denials, and if he wants to file the lawsuit now, I will give him a waiver allowing him to proceed with it at this stage of the case, even though under California law he has to wait until he wins the case, and that absolutely won’t be happening. It will never happen, he won’t win, so we might as well get it over with now. Bring it on.”

Bring it on, indeed. So who is this David among lawyers, Okorie Okorocha?

[b]A Nigerian couple in Jacksonville, Florida, USA - Jovita & Markanthony Ibeagwa from Ozubulu in Anambra state - have been convicted for manslaughter in the deaths of their little kids -3-year-old Blessing and 6-year-old Gerrard – who drowned in a neighbor’s swimming pool after been left alone for hours by themselves. They may spend 45 years in jail.

Jovita Ibeagwa told police she left her children home alone to go to work after her husband told her over the phone that he would be home in 10 minutes.

Markanthony Ibeagwa sat and watched as his wife, clutched by her legal team, was convicted Friday in the June 2010 drownings of their two small children who were left home alone.

Then, it was his turn.

Circuit Judge Adrian G. Soud called Ibeagwa forward where he, too, was informed of his guilt, though of a lesser charge.

Markanthony and Jovita Ibeagwa were both charged with two counts of aggravated manslaughter of a child in the deaths of 3-year-old Blessing and 6-year-old Gerrard.

While Jovita Ibeagwa, 43, was found guilty as charged, Markanthony Ibeagwa, 46, was convicted of the lesser charges of child neglect with great bodily harm.

"This was a very difficult case to try, one of the most difficult ones I've ever had to try," Assistant State Attorney Alan Mizrahi said. "... But I think this jury did hold these parents accountable for their lack of supervision of their children."

Jovita Ibeagwa told police she left her children at home to go to work after calling her husband to come home from work. She testified he assured her he would be home in the five to 10 minutes his daily commute normally takes.

Markanthony Ibeagwa initially told police he had car troubles, but later changed his story and said he stayed to work more hours.

In his closing argument, defense attorney Thomas Fallis emphasized the law pertaining to the accusation of culpable negligence versus simple negligence. He said culpable negligence is more than just a "failure to use necessary care" but rather includes recklessness and gross disregard.

Fallis said Jovita Ibeagwa was acting in a reasonable fashion when she thought she was leaving her kids home alone for no longer than five to 10 minutes.

But Mizrahi responded by asking why she never checked back on the kids or returned home after she spoke to her husband two hours later and learned that he had not yet left work.

The children were found drowned in their next-door neighbor's swimming pool. They had been left alone for three hours.

Jovita Ibeagwa faces up to 30 years on each count. Markanthony Ibeagwa faces up to 15 years on each count. Soud will sentence them in April.

Still Nigerian citizens, the Ibeagwas also likely face deportation, according to Markanthony Ibeagwa's defense attorney Al Perkins, though he said he thinks that will be up to a federal court.

Mizrahi said he understands the Ibeagwas loved their children very much. But he said he kept his focus on finding justice for their drowned children.

"Someone had to stand up for those two kids. As much as I felt sympathy for their parents, it was their fault." via Jacksonville.com

http://www.forbes.com/profile/aliko-dangote/gallery/2

Nigerian commodities titan Aliko Dangote is also Africa's cement king. In February, Dangote announced the opening of a new $1 billion Nigerian cement plant, which is expected to increase his company's production volume by 40% in that country. Dangote Cement's capacity is so great that the company has implored the Nigerian government to increase infrastructure investment in time to absorb what they're calling a "cement surplus." In late 2010, Dangote listed the company on the Nigerian Stock Exchange, integrating his cement investments across Africa. It's now the largest company on the Nigerian exchange. He also invested $4 billion to build a new cement facility in the Ivory Coast and is building a $115 million cement plant in Cameroon, plus owns plants in Zambia, Senegal, Tanzania and South Africa. Dangote started trading commodities more than three decades ago after receiving a business loan from his uncle. He then built the Dangote Group, which in addition to cement owns sugar refineries, flour milling and salt processing facilities. Venerable philanthropist has given away millions to education, health and social causes, not least among them being a gift of more than $600 to each person displaced by the violence following Nigeria's elections.[/b][/b]

http://www.forbes.com/profile/aliko-dangote/gallery/2

Nigerian commodities titan Aliko Dangote is also Africa's cement king. In February, Dangote announced the opening of a new $1 billion Nigerian cement plant, which is expected to increase his company's production volume by 40% in that country. Dangote Cement's capacity is so great that the company has implored the Nigerian government to increase infrastructure investment in time to absorb what they're calling a "cement surplus." In late 2010, Dangote listed the company on the Nigerian Stock Exchange, integrating his cement investments across Africa. It's now the largest company on the Nigerian exchange. He also invested $4 billion to build a new cement facility in the Ivory Coast and is building a $115 million cement plant in Cameroon, plus owns plants in Zambia, Senegal, Tanzania and South Africa. Dangote started trading commodities more than three decades ago after receiving a business loan from his uncle. He then built the Dangote Group, which in addition to cement owns sugar refineries, flour milling and salt processing facilities. Venerable philanthropist has given away millions to education, health and social causes, not least among them being a gift of more than $600 to each person displaced by the violence following Nigeria's elections.

What a shame, after collecting $90 for VIP, $45 for regular tickets from over 1000 - 2000 people. Flavour Nabania was at the concert - back stage requesting to get paid all his money before performing. The show was a mess, Flavour refused to take stage, this KOJO guy from Ghana, who took the stage but was a mess, everybody wanted to see our own Flavour not Kojo. Flavour truly truly wanted to perform, but these Nigerians 419ers with PhDs refused to pay, last night was another wasted and Flavour-less night in Los Angeles.
WHAT A BIG MESS

Rap icon Heavy D dies at 44
[img][/img]

A woman who fled to Nigeria after a fire at her Houston day care center killed four children was returned to the U.S. on Monday and has waived extradition to Texas, authorities said.

Jessica Tata landed at an Atlanta airport shortly after 5 a.m. on a flight from Lagos, Nigeria, according to the U.S. Marshals Service. The 22-year-old was booked into the Fulton County jail, where she will remain until Texas authorities arrange to pick her up, likely within a week, sheriff's spokeswoman Tracy Flanagan said.

Tata waived extradition during a court appearance, said Flanagan, who didn't have information on whether Tata had an attorney.

Tata was taken into custody Saturday in Port Harcourt, Nigeria, by Interpol. Agents with the international police agency had been in the city since Friday, and were able to locate Tata based on leads and information from Interpol Washington, the U.S. Department of State Diplomatic Security and other authorities, according to the U.S. Marshals Service.

Tata's brother, Ron Tata of Houston, told The Associated Press on Saturday that relatives in Nigeria told him that his sister turned herself in to the U.S. Consulate

Claudia Aderotimi, the aspiring dancer killed in a botched buttock enhancement operation, was under surveillance by U.S. drugs agents when she died. The 20-year-old and her three friends from London were being monitored after checking into a budget hotel in Philadelphia. She is believed to have been ‘red-flagged’ by immigration officials after making a previous trip to the United States for the illegal beauty treatment.
Miss Aderotimi and her friends came under surveillance soon after they checked into the £100-a-night hotel near Philadelphia airport by agents who had received a tip-off that the girls were allegedly involved in some kind of drugs activity.



Read more: http://www.dailymail.co.uk/news/article-1356659/Bottom-injection-British-girl-watched-U-S-drugs-agents.html#ixzz1Duw9H0Wp

-

United States Senate

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

Committee on Homeland Security and Governmental Affairs_____________________

** Carl Levin, Chairman -

Tom Coburn, Ranking Minority Member

EMBARGOED TO WEDNESDAY, FEBRUARY 3, 2010 -10 PM

KEEPING FOREIGN CORRUPTION OUT OF THE UNITED STATES:

FOUR CASE HISTORIES

MAJORITY AND MINORITY STAFF REPORT

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

RELEASED IN CONJUNCTION WITH THE

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

FEBRUARY 4, 2010 HEARING




UNITED STATES SENATE




SENATOR CARL LEVIN Chairman

SENATOR TOM COBURN, M.D. Ranking Minority Member

PERMANENT SUBCOMMITTEE ON INVESTIGATIONS

ELISE J. BEAN Staff Director and Chief Counsel

ROBERT L. ROACH

Counsel & Chief Investigator

LAURA E. STUBER Counsel

ADAM K. PARKS ICE Detailee

JASON E.MEDICA ICE Detailee

ADAM HENDERSON

Professional Staff Member

ROBERT KAPLAN

Intern

CHRISTOPHER J. BARKLEY

Staff Director to the Minority

JUSTIN J. ROOD Senior Investigator to the Minority

MARY D. ROBERTSON Chief Clerk

2/2/10________________________________________


V. ABUBAKAR CASE STUDY: USING OFFSHORE COMPANIES

TO BRING SUSPECT FUNDS INTO THE UNITED STATES

Jennifer Douglas Abubakar, a U.S. citizen, is the fourth wife of Atiku Abubakar, the former Vice President of Nigeria and a former candidate for the Presidency of Nigeria. This case history examines how, from 2000 to 2008, Ms. Douglas helped her husband bring over $40 million in suspect funds into the United States, including at least $1.7 million in bribe payments from Siemens AG, a German corporation, and over $38 million from little known offshore corporations, primarily LetsGo Ltd. Inc., Guernsey Trust Company Nigeria Ltd., and Sima Holding Ltd.

Over half of the suspect funds, nearly $25 million, were wire transferred by the offshore corporations into U.S. bank accounts opened by Ms. Douglas. For most of the time period examined, the U.S. banks with those accounts were unaware of Ms. Douglas' PEP status, and allowed multiple large wire transfers into her accounts from the offshore corporations. As, over time, each of the banks began to question the wire transfers into her accounts, Ms. Douglas indicated that all of the funds came from her husband and professed little familiarity with the offshore corporations actually sending her money.

Bank records indicate that Ms. Douglas used most of the funds placed into her accounts to support a lavish lifestyle in the United States, paying credit card bills and household expenses in the range of $10,000 to $90,000 per month, including substantial legal and accounting bills. She also transferred funds to accounts she opened for the Gede Foundation, a nonprofit corporation she established in 2002, and the American University of Nigeria (AUN), a university that Mr. Abubakar founded in 2003, and whose name reflects its association with American University in the United States.

An additional $14 million of the suspect funds were wire transferred by two of the offshore corporations, LetsGo and the Guernsey Trust Company, to American University to pay for consulting fees related to AUN. American University officials told the Subcommittee that they understood the funds came from Mr. Abubakar and never inquired why the wire transfers were sent by unfamiliar offshore corporations. At least another $2.1 million was wire transferred by the Guernsey Trust Corporation to accounts controlled by Edward Weidenfeld, a U.S. lawyer who provided legal services to Ms. Douglas, Mr. Abubakar, and AUN. Mr. Weidenfeld explained that the funds paid for the Abubakars' legal expenses and an account set up for AUN, and that he had assumed the funds came from Mr. Abubakar.

Over the years, questions have been raised about the source of Mr. Abubakar's wealth. He spent twenty years in the Nigerian Customs Service, and then worked in the private sector for ten years, before serving as Vice President of Nigeria from 1999 to 2007. While Vice President, Mr. Abubakar was the subject ©f corruption allegations relating to the Nigerian Petroleum Technology Development Fund. In December 2008, the U.S. Securities and Exchange Commission alleged in a formal complaint against Siemens AG, a German company, that, among other actions, in 2001 and 2002, Siemens wire transferred $2.8 million in bribe payments to a U.S.)' bank account belonging to Ms. Douglas as part of a scheme to bribe Nigerian officials. In response to this and other legal actions, Siemens admitted to engaging in widespread bribery



175

payments, pled guilty to criminal violations and settled civil violations of the U.S. Foreign Corrupt Practices Act, and agreed to pay over $1.6 billion in civil and criminal fines. Ms. Douglas has denied any wrongdoing, but the Subcommittee has obtained financial records showing the transfer of over $2 million from Siemens AG to Ms. Douglas' account at Citibank.

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 Orleans Invest Holding Ltd., 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.

From 2003 to 2008, the Guernsey Trust Company wire transferred 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, wire transferred 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 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 Bind Trust.

A. Background

Nigeria. Nigeria is lqcated on the west coast of Africa, on the Gulf of Guinea. With more than 145 million citizens, it is the eighth most populous country in the world, and the most populous nation on the African continent. 54 Nigeria has a diverse ethnic make-up, with three majorethnic groups, the Hausa, Ibo, and Yoruba, comprising nearly 40% of the population.95 The official language of Nigeria is English, and the official currency is the naira. The predominant religions are Christianity and Islam, with Islam predominant in the north of the country, and Christianity predominant in the south.

United Nations, Department of Economic and Social Affairs, 2008 Population Report

http://www.un.org/esa'populatioii/publications/\vpp2008/wpp2008 text tables.pdf.

955 Embassy of Nigeria, http://www.ni aeriaembassyusa.org/thisisnigeria.shtml.

956 The New York Times, "Deadly Nigeria Clashes Subside," November 30, 2008; see online at
http://www.nytimes.com/2008/12/01/world/africa/01nigeria.htm17hp.



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Nigeria gained its independence from the United Kingdom on October 1, 1960, and now operates as a federal republic of 36 states. Following years of military rule, Nigeria elected its first President in 1999, Olusegun Obasanjo, who was re-elected in 2003. Mr. Abubakar was his Vice President. In 2007, Umaru Yar'Adua won election as President over Mr. Abubakar and another candidate, marking the first peaceful civilian transfer of power in Nigeria. International observers nevertheless criticized the 2007 election, citing vote rigging and fraud. The European Union described the election as "not credible," and the United States described it as "deeply troubling."958 The President of Nigeria holds a maximum of two, four-year terms. The country also has a bicameral legislature and 36 state governors.

Nigeria ranks among the top ten nations in the world in proven oil reserves,960 and is the second largest oil producer in Africa.961 It is one of the world's largest exporters of oil, and its economy is highly reliant on oil revenues, which make up about 95% of generated revenues in the country.962 Its oil production facilities are concentrated in the Niger Delta region, which is an impoverished area despite its oil reserves. Militants have staged numerous attacks against the area's oil production facilities, demanding that a greater share of oil proceeds be allocated to the region. A World Bank report notes that 80% of Nigeria's oil wealth benefits only 1% of the population,96 and the United Nations currently ranks Nigeria as among the world's worst performing countries in life expectancy and infant mortality rate.964 In addition, the 2008 U.S. State Department's Human Rights Report characterizes Nigeria's human rights record as "poor" and states that "government officials at all levels continued to commit serious abuses."

Corruption. Nigeria has long had a problem with corruption. The U.S. State Department's most recent Human Rights Report provides the following description of the corruption problem in Nigeria during 2008:

• "Corruption was massive, widespread, and pervasive, at all levels of government and society. The constitution provides immunity from civil and criminal prosecution to the president, vice president, governors, and deputy governors while in office."

• "Police mistreated civilians regularly to extort money."

• "According to the Swiss-based Centre on Housing Rights and Evictions, authorities demolished more than 800,000 homes in the Abuja area since 2003. There was widespread opinion that the demolitions were primarily motivated by corruption and

157 CIA World Factbook, https://www.cja.gov/librarv/publications/the-woiid-factbook/geos/ni.html.

958 The Guardian, "Ruling Party Named Winner in Disputed Nigerian Election,"April 24, 2007; see online at

http://www.guardian.co.uk/world/2007/apr/24/chrismcgreal.intemational.

5 CIA World Factbook, http://www.nigeriaeiTibassvusa.org/tliisismgeria.shtml.

960 U.S. Department of Energy, Energy Information Administration, World Proved Reserves of Oil and Natural Gas,
Most Recent Estimates, .March 3, 2009; http://www.eia.doe.gov/emeu/inteniational/reserves.htnil.

961 Africa: The Good News, "Africa's Major Oil Producers," February 17, 2009,
http://www.africagoodnews.com/energy/africas-niaior-oil-producers.html.

Embassy. of Nigeria, http://www.nigeriaembassvusa.org/thisisnigeria.shtinl. 953 Frontline (PBS), "Nigeria: The Hidden Cost of Corruption," April 24, 2009; see online at http://www.pbs.org/front lineworld/stories/bribe/2009/04/ni geria-the-hidden-cost-of-corruption.html. 9641 The United Nations World Population Prospects: The 2008 Revision. 965 U.S. State Department, "2008 Human Rights Report: Nigeria" February 25, 2009;

http://www.state.gov/g,'drl/rls/'hrrpt/2008/aiy 119018.htm.



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discrimination based on socioeconomic class, since mostly lower and middle class persons lost their homes and property, which was sold to wealthy persons with connections to government officials once vacated." • "The EFCC's anticorruption efforts waned, with little progress on prosecutions of federal, state, and local officials accused of comaption."966

The latest Transparency International Corruption Perception Index ranks Nigeria 121 out of 180

967

countries.

In 2002, then-President Olusegun Obasanjo created the Economic and Financial Crimes Commission (EFCC) to investigate and prosecute corruption. Nuhu Ribadu was appointed as the first EFCC chair and experienced significant success, including prosecutions of government officials and the recovery of over $5 billion in stolen assets.969 During one investigation of the Governor of the Niger Delta state, Mr. Ribadu was offered a $15 million dollar bribe, seized the money, and brought criminal charges against the Governor. 7 Mr. Ribadu was removed from his post soon thereafter, and experienced two attempts on his life. In a recent interview, Mr. Ribadu estimated that more than $380 billion had been lost to corruption in Nigeria since its

971

independence.

Until recently, Nigeria was considered non cooperative in the battle against money laundering. In 2001, the Financial Action Task Force on Money Laundering (FATF) identified Nigeria as non-cooperative in the fight against money laundering. The next year, in 2002, the U.S. Department of Treasury issued an advisory informing U.S. banks of the "serious deficiencies in the counter-money laundering systems of the Federal Republic of Nigeria" and warning that "banks and other financial institutions operating in the United States should carefully consider, when dealing with transactions (especially those involving large sums of money, whether in cash or by wire transfer), originating in or routed to or through Nigeria, or involving entities organized or domiciled, or persons maintaining accounts, in Nigeria, how the lack of adequate counter-money laundering controls in Nigeria affects the possibility that those transactions are being used for illegal purposes."973 In 2006, due to Nigeria's enactment of AML laws, FATF removed Nigeria from its list of non-cooperative countries. In May 2007, Treasury withdrew its advisory to U.S. financial systems.974

966 Id.

All these pastors na crazy dey worry them.

Please, my people help the poor around you, it is very important.
I always give to the poor, and local churches in the villages. I refused to
use my money to buy private Jets for pastors in all these mega-churches.

Christ told his people to sell their things and give it the poor and he never told them to  
give it to churches.

Blessings from a poor person will go a long way than that of a pastor

I Pad

Faeb:
Yeah, it is sponsored news. If you ain't stupeed, whats your source and why is it the only one?

The 2011 budget before the National Assembly
It is a fact, you must be one of them looting the country.
I do not understand how you will justified $160k for a scanner that cost only $200
$3.5m for feeding the fu-king VP for one year, you must be kidding me right.