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HOW TOP GOVT OFFICIALS LOOTED N70TRILLION HIDDEN IN 29 BANK ACCOUNTS

written by Our Reporter

December 15, 2022

Report fingers top CBN, Zenith Bank, First Bank officials.

Court adjourns case till 6th of March 2023

Attorney-General of the Federation and Minister for Justice grows cold feet

Honourable Justice Peter Odo Lifu of Federal High Court, Ikoyi, Lagos has adjourned till 6th of March 2023 the suit seeking for the Recovery and Forfeiture of over N70 trillion of looted funds in the hands of few Nigerians.

The revered Justice presided over the suit marked No: Fhc/L/Cs/968/2021 on the 7th of March 2022 and adjourned to the 31st of March 2022 for ruling before the last adjournment till March next year.

The money said to be stashed away in 29 bank accounts mainly in Zenith and First banks is enough to fund Nigeria’s budget for three years with some change to keep. The proposed budget for 2023 is N20.5 trillion, meaning that the N70 trillion hidden by some Nigerians could effectively finance the national budget for three years.

Attempts by Muhammad T. Ismail (a private investigator) and his team to recover the N70 trillion through the office of Ndarani (SAN) & Co (Solace Law Chambers) have met a brick wall as some vested interests in high places have moved in to frustrate the case.

The investigator lamented that all efforts to recover the said loot were being frustrated by some vested interests in the Presidency, Central Bank Nigeria, Zenith Bank and First Bank.

Below is the full deposition made by the investigator:

BRIEF ON THE RECOVERY AND FORFEITUURE OF OVER N70 TRILLION NAIRA OF LOOTED FUNDS IN THE HANDS OF FEW NIGERIANS IN SUIT NO: FHC/L/CS/968/2021.

1. Muhammad T. Ismail (a private investigator) and his team were able to identify fraudulent bank accounts where trillions of illicit funds belonging to the Federal Government of Nigeria were domiciled. Mohammad T. Ismail needed a legal instrument to recover these illicit funds to the Federal Government of Nigeria.

2. Muhammad T. Ismail therefore approached Ndarani (SAN) & Co (Solace Law Chambers) and instructed him to write and request for a letter of mandate/instruction from the Attorney-General of the Federation and Minister for Justice, and also from the Minister of Finance, Budget and Economic Planning of the Federal Republic of Nigeria on his behalf, for the recovery of the illicit funds hidden in some secret bank accounts in Nigeria. These funds belong to the Federal Government of Nigeria. This letter from Muhammad T. Ismail was received and acknowledged on the 6th of January 2021 by the Head of Department of Civil Litigation in the Ndarani (SAN) & Co (Solace Law Chambers), Barr. Saidu Alfa Bala.

3. Muhammad T. Ismail also swore to an Affidavits on the same date of 6th of January 2021 in support of the instruction given to Ndarani (SAN) & Co (Solace Law Chambers).

4. As instructed and being convinced of the facts available, Ndarani (SAN) & Co (Solace Law Chambers) wrote to the Attorney-General of the Federation and Minister of Justice, the Minister of Finance, Budget and Economic Planning and also to the Accountant General of the Federation. Ndarani (SAN) & Co (Solace Law Chambers) requested for a mandate and instruction to recover Federal Government looted and hidden funds on behalf of his client who is Muhammad T. Ismail. (Copies of all these letters and correspondences will be made available to you on request).

5. The Office of the Attorney-General of the Federation and Minister of Justice responded on the 14th of January 2021 by way of inviting Ndarani (SAN) & Co (Solace Law Chambers) for a meeting scheduled for the 19th of January 2021 to discuss details and procedures for the recovery with the Asset Recovery Unit in the Office of the Attorney-General of the Federation and Minister of Justice. Twenty Nine (29) bank accounts where a combined sum of over seventy trillion naira (N70 Trillion) belonging to the Federal Government was hidden were identified.

6. On the 21st of June 2021, The Office of the Attorney-General of the Federation and Minister of Justice approved and issued the letter of instruction to recover illicit funds traced to specified accounts of individuals to Ndarani (SAN) & Co (Solace Law Chambers). The letter of instruction also listed the twenty nine (29) bank accounts. The twenty nine (29) bank accounts are in seventeen (17) banks in Nigeria.

7. As expected, Ndarani (SAN) & Co (Solace Law Chambers) ran to the Federal High Court 9, Ikoyi Lagos where most of the Bank Head Quarters are domiciled. The case was between (1) The Federal Republic of Nigeria (2). The Attorney-General of the Federation and Minister of Justice as Claimants/Applicants against the seventeen banks as Defendants.

8. On the 9th of August, 2021, Hon. Justice T. G. Ringim gave several orders including an Interim Order of Forfeiture. All the Banks were served accordingly. The Banks were also to provide Ndarani (SAN) & Co (Solace Law Chambers) all documents and information relating to the listed accounts.

9. Shockingly, the Banks could not provide information regarding the ownership of twenty six (27) out of the twenty nine (29) accounts. That automatically meant that all the funds in the twenty seven (27) accounts should be forfeited to the Federal Government of Nigeria even as no one has come to claim ownership of the accounts. But this has not happened till date. The hands of the courts have been tired down.

10. Three (3) accounts stand out. The affected banks were able to provide documents relating to the three (3) accounts;

1. Zenith Bank Plc.

Account Name: NNPC (REM ACC/PRIVATE)

Account No: 1012280444

Account Bal. N32 Billion Naira

Currency Type: Naira

2. First Bank Plc.

Account Name: NNPC/ NAOC IPP SECURITY

Account No: 2006367288

Account Bal. N147B Naira

Currency Type: Naira

3. First Bank Plc.

Account Name: NNPC/NAOC IPP SECURITY

Account No: 2005942905

Account Bal. $299,613. 72 USD

Currency Type: DOLLAR USD.

11. This is the interesting part; Zenith Bank Plc., suddenly woke up from sleep and said that the N32B in Account No. 1012280444 with Account Name NNPC (REM ACC/PRIVATE) has been swept into NNPC Remittance Account (Coastal PRD Sales) Account No. 1010654418 from where it was eventually transferred to CBN/TSA Account No. 3000004989 with the CBN on the 7th of January 2016. This is not true.

12. Recall that the CBN directives for all balances/receipts due to the Federal Government or its Agencies to be paid into the Treasury Single Account (TSA) ended on or before September 15, 2015. Zenith Bank Plc. has not been able to give explanation as to the reason Account Nos. 1012280444 and 1010654418 were still operational after September 15, 2015.

13. Another shocking revelation is that Account No. 1012280444 with Zenith Bank Plc. has five (5) BVNs as follows: 22173355534, 22376914983, 22193440291, 22367697055, and 22235680190. Zenith Bank Plc. has not been able to supply statement of accounts for Account Nos 1012280444 and 1010654418 from inception to date. They cannot provide photograph pictures of the five (5) BVN owners.

14. Zenith Bank Plc. stated that Account No. 1012280441 (another account being investigated with N32B lodgement) belongs to Mrs Okoro Comfort with cellular number 08130734041. However, Mrs Okoro Comfort, through her counsel denied any knowledge of the said account or any other account with Zenith Bank Plc. Mrs Okoro Comfort admitted that her cellular number is 08130734041 and her BVN is 222417%%%49 different from the BVN 2236767055 attached to the account number 1012280441.

15. BVN 2236767055 belongs to Mr Okam Eze Ezenna who receives transaction alerts from Account No. 1012280441 with two (2) cellular numbers 08139383487 and 08130734041 which belongs to Mrs Okoro Comfort. Account Number 1012280441 with Zenith Bank Plc. has Thirty two million naira (N32m) with no identifiable owner coming to claim it.

16. The question in the mouth of every concerned person is, what is holding back the hand of justice to declare total forfeiture of all these stolen funds to the Federal Government of Nigeria.

17. It is expected that Muhammad T. Ismail and Ndarani (SAN) & Co (Solace Law Chambers) should have a Memorandum of Understanding (MoU). At the beginning of the assignment, Ndarani (SAN) & Co (Solace Law Chambers) allotted a space to Muhammad T. Ismail and his team in his office to do the leg work and provide the needed information for Ndarani (SAN) & Co (Solace Law Chambers) to do the needful. Surprisingly, Ndarani (SAN) & Co (Solace Law Chambers) has not shown any interest in signing the MoU with his client, Muhammad T. Ismail.

18. On the 7th of September, 2021 Ndarani (SAN) & Co (Solace Law Chambers) wrote to the Office of the Attorney-General of the Federation and Minister for Justice to provide Bank Account details to receive recovered funds to the tune of one hundred and seventy nine billion naira (N179B) and $299,613.72 USD from three (3) out of the twenty nine (29) accounts.

19. On the 8th of September, 2021 Ndarani (SAN) & Co (Solace Law Chambers) also wrote to the Central Bank of Nigeria, complaining against the uncooperative attitude and disobedience of court orders by First Bank Plc. and Zenith Bank Plc. Proof of service of the court orders was attached to the letters to the CBN.

20. It was after the request for bank details was sent to the Office of the Attorney-General of the Federation and Minister for Justice and a complaint against First Bank Plc. and Zenith Bank Plc. was sent to CBN that trouble started. Some persons who are in position to drive the process for the recovery of the illicit funds became threatened and they had to act fast to stop the process.

21. In their response on the 27th of September 2021, CBN stated that they cannot act because they were not served any court order and that necessary steps should be taken to effect service on the CBN to enable them respond to the request. The Office of the Attorney-General of the Federation and Minister for Justice, although received the letter of request for account details to receive recovered funds, never responded and the request not met.

22. In March 2022, Ndarani (SAN) & Co (Solace Law Chambers) invited Mohammad T. Ismail and told him that the Attorney-General of the Federation and Minister for Justice had terminated the recovery exercise but he could not show any document or correspondence from the Attorney-G eneral of the Federation and Minister for Justice to that effect. To make matters worse, Mohammad T. Ismail and his team were stopped from accessing the office and prevented from retrieving details of information in the office.

23. On one hand, Ndarani (SAN) & Co (Solace Law Chambers) claimed that the Attorney-General of the Federation and Minister for Justice had seized from pursuing the recovery of the trillions of naira for the Federal Government of Nigeria. However, he sent another SAN to represent him in court on the 7thof March 2022 in respect of the same matter that he told Muhammad T. Ismail that the Attorney-General of the Federation and Minister for Justice had seized to pursue.

24. Hon. Justice P. O. Lifu of FHC, Ikoyi Lagos presided on the 7th of March 2022 and adjourned to the 31st of March 2022 for ruling. Since then, it has been adjournment upon adjournment with the next adjournment scheduled for 6th of March 2023.

25. Ndarani (SAN) & Co (Solace Law Chambers) is now foot-dragging in pursuing the case as it should be. Mohammad T. Ismail is also not enjoying the cooperation of the Attorney-General of the Federation and Minister for Justice as it was in the beginning. The Judge only announces long adjournment to frustrate the case. The Banks too are acting above the law. CBN is not worried that trillions of naira which can service our national debt was being stolen.

26. Several correspondence had been sent to Ndarani (SAN) & Co (Solace Law Chambers) to release copies of all the correspondence relating to the recovery exercise but he hasn’t obliged. He has also refused to sign the MoU with his client, Muhammad T. Ismail who owns the recovery exercise and hired him to work for him. He is no longer showing seriousness in the recovery pursuit.

27. It can only be concluded that some persons are congregating to share over N70 trillion belonging to the Federal Government of Nigeria. We have a responsibility and a sacred duty to let the world know the truth and those who are sabotaging this nation and causing everyone to crawl while they ride on horseback.

Obaofaba:
Can you imagine

I think it's about time our judicial system stopped disgracing us. For crying out, this man is not immune to arrest. If find wanting should be arrested and prosecuted.

Apart from his corrupt dealings, his policies are anti people. I'm yet to see any real reform he championed to the banking sector that's really worth it. I only blame the president for allowing him to serve two terms.

First, he introduced ATM service charge when you withdraw from another bank. As if that is not enough, you can withdraw upto 40k with your bank's ATM at a time but only 10k at a time with other bank's ATM. Why?

Food importation ban yet inflation keep rocking the country and dollars which was around 400 before the ban is now 750 plus, why not reverse it because things are getting out of hands.

20k withdrawal limit when we are know that we ain't matured for that shit yet.

A card carrying member of the APC and still retained his position.

Trying and error CBN governor.

Yes truly his policies are stupid most times bt not this naira redesign n limit even though i bliev d limit should be more.

TheTWM:

Understood.

Yes sir
Quite understood

To some of you siding this man thinking he is fighting vote buying, your eyes will clear when he finally destroyed Nigeria economy.

How on earth will you introduce this wicked policy in a society that almost all her entire citizens transacts physically.

Make 1000 and 500 a scarce commodity, let the highest denominations depense by ATMs be 200 notes or less. Impose high taxes and charges on heavy withdrawal and deposits. Encourage zero charges on all electronics transfers.

This will gradually discourage people from holding cash and opt for electronics transactions.

Not everything is political. Where were you when he was partisan and even eyed the presidential seat while he is a serving CBN governor. He needs to answer questions. Let the Security Services do their job.

noble71:

I knew that the new naira redesign by Emiefele would be fought by high ranking politicians cus they already have campaign funds in the old Naira.


Vote Peter Obi for President.


Meanwhile at a good rate sell your Pi to us.

Bola BATstard Tribulation is a thief of the highest order. He is the one sponsoring Igboho in the night and APC in the day. DSS, please, go after him

The Lootocrats are fighting back, especially the man that thinks it's his turn.

Flysinglemom:
They don't have any issues arresting poor people. But once the cash cows are involved, court injunctions start to fly out


This is really heartbreaking, I pray God touches a kind hearted person to help you dear. It is well.

hi what ur location are you...lag or i.b

Emmyxclusive:
Nothing like tinubu handwork, dude got all the stamp duties and other charges for over how many years running in trillions in his pocket. The evidence against him is enormous and some have been made public already.

what those 50 50 naira stamp duty from my account goes to emeifile

Didijiji:
Something fishy is going on

It’s complicated

It’s huge

I keep thinking why the sudden fight between the DSS and Emefiele…

Stamp duty issues, The purported brekete family radio interview , the coalition that had a press conference today.

IT IS ALL CONFUSING

After seeing this footage
https://www.youtube.com/watch?v=bvZ_ZYaFcwE I wonder if this the true reason the naira was redesigned.

https://www.youtube.com/watch?v=bvZ_ZYaFcwE

After seeing this footage I wonder if this is the true reason the naira was redesigned.

abokimallam:
Just want to know.....
If police or DSS want to arrest me ,a poor Nigerian,for a crime or interrogation, must they apply to court for permission to do their job?? Or they will arrest me first before applying to court whether to extend my detention?
You can see that in Nigeria, some people are above the LAW. Not ready to fight corruption yet.

boo it cos he holds a high ranking and sensitive position

God's finger at work,God is really shaking this country for those who worship money.

Obaofaba:
Can you imagine

I think it's about time our judicial system stopped disgracing us. For crying out, this man is not immune to arrest. If find wanting should be arrested and prosecuted.

Apart from his corrupt dealings, his policies are anti people. I'm yet to see any real reform he championed to the banking sector that's really worth it. I only blame the president for allowing him to serve two terms.

First, he introduced ATM service charge when you withdraw from another bank. As if that is not enough, you can withdraw upto 40k with your bank's ATM at a time but only 10k at a time with other bank's ATM. Why?

Food importation ban yet inflation keep rocking the country and dollars which was around 400 before the ban is now 750 plus, why not reverse it because things are getting out of hands.

20k withdrawal limit when we are know that we ain't matured for that shit yet.

A card carrying member of the APC and still retained his position.

Trying and error CBN governor.

All you Tinubu supporters make me laugh. You suddenly hate Emefiele!

Nice one it's a great welcome development

U are not wise if u think obi has any kind of power in this APC government.
We all know who is behind it and why

Roboto11:


Many are waiting to hear "Tinubu" or "Obi" before they decode of they should support or oppose him.

The names of terrorist financial released by dubai government is still there.

This government of double standard.

Obaofaba:
Can you imagine

I think it's about time our judicial system stopped disgracing us. For crying out, this man is not immune to arrest. If find wanting should be arrested and prosecuted.

Apart from his corrupt dealings, his policies are anti people. I'm yet to see any real reform he championed to the banking sector that's really worth it. I only blame the president for allowing him to serve two terms.

First, he introduced ATM service charge when you withdraw from another bank. As if that is not enough, you can withdraw upto 40k with your bank's ATM at a time but only 10k at a time with other bank's ATM. Why?

Food importation ban yet inflation keep rocking the country and dollars which was around 400 before the ban is now 750 plus, why not reverse it because things are getting out of hands.

20k withdrawal limit when we are know that we ain't matured for that shit yet.

A card carrying member of the APC and still retained his position.

Trying and error CBN governor.

You voted for Buhari and you are also protecting Buhari from his foolish appointment.

You see how foolish most of you useless APC supporters sounds?

Olodo presidential candidate with block head supporters.

yemmit90:
To some of you siding this man thinking he is fighting vote buying, your eyes will clear when he finally destroyed Nigeria economy.

How on earth will you introduce this wicked policy in a society that almost all her entire citizens transacts physically.

Make 1000 and 500 a scarce commodity, let the highest denominations depense by ATMs be 200 notes or less. Impose high taxes and charges on heavy withdrawal and deposits. Encourage zero charges on all electronics transfers.

This will gradually discourage people from holding cash and opt for electronics transactions.

Isn't this what he has done?

noble71:

I knew that the new naira redesign by Emiefele would be fought by high ranking politicians cus they already have campaign funds in the old Naira.


Vote Peter Obi for President.


Meanwhile at a good rate sell your Pi to us.

Hold your pi, don't sell your destiny

Slawomirr:
Damnnn niggar
See them tinubu hand work

Him don redisgn naira note

To curb vote buying

Them want arrest am

Tinubu don't know what he has put his hand into

Tinubu has failed in this. Let him arrest Buhari ; Nigeria is truly an open mafia state.

Emmyxclusive:
U think they will go against him without evidence? Don't be deceived, the DSS is sophisticated.

Sophisticated my foot. They're just robots, moved by powers that be. I've never liked the CBN governor for his daft policies. Even before he contested for presidency, he has committed several impeachable offences. Yet nobody did anything.

All of a sudden, he designed the currency and limits withdrawals, against the wish of the people who has held this country to ransom, and all hell is been let loosed.

Who told you they didn't know all the while that the CBN governor was corrupt?

The president is now in dilemma. They're only bringing the charge against Amaefule now after he stood by him in attempt to fight corruption and rid the country of these sharks only few days ago.

It is only now that they are affected that they want to fight. Selfish bunch of old fools playing with our future.


Pls, somebody should dash me 500k to revive my business. I'm tired of this country.

yemmit90:
To some of you siding this man thinking he is fighting vote buying, your eyes will clear when he finally destroyed Nigeria economy.

How on earth will you introduce this wicked policy in a society that almost all her entire citizens transacts physically.

Make 1000 and 500 a scarce commodity, let the highest denominations depense by ATMs be 200 notes or less. Impose high taxes and charges on heavy withdrawal and deposits. Encourage zero charges on all electronics transfers.

This will gradually discourage people from holding cash and opt for electronics transactions.

Go and update urself before ignorant destroy you ok.

Nicerazor:
Not everything is political. Where were you when he was partisan and even eyed the presidential seat while he is a serving CBN governor. He needs to answer questions. Let the Security Services do their job.

I biliv u re the APC officer that register Emefile name in APC register in his ward.

i want dss to know dat am not happy...
how could an highly regarded govt agent act in such a manner going to a judge without sufficient evidence on subject matter.
if insinuations of fulstrating the recent cbn are right. it means that the state they claim to protect is indeed in a trouble and no further hope of being saner clime.

They have showed him his future.

Slawomirr:
Damnnn niggar
See them tinubu hand work

Him don redisgn naira note

To curb vote buying

Them want arrest am

Tinubu don't know what he has put his hand into

I hope they don't end up printing fake notes to buy votes. The Agbado man is extremely desperate.

dyera:
Emefiele should be arrested. Four days after the release of the new Naira notes by CBN, banks ATM have not started dispensing cash. Is this part of their plan, it's almost Christmas, when will banks ATM start dispensing cash.

See them.
Is the old number t valid?

yemmit90:
To some of you siding this man thinking he is fighting vote buying, your eyes will clear when he finally destroyed Nigeria economy.

How on earth will you introduce this wicked policy in a society that almost all her entire citizens transacts physically.

Make 1000 and 500 a scarce commodity, let the highest denominations depense by ATMs be 200 notes or less. Impose high taxes and charges on heavy withdrawal and deposits. Encourage zero charges on all electronics transfers.

This will gradually discourage people from holding cash and opt for electronics transactions.

They are in their 60's but have never operated a business in their lives.
Even an individual that is traveling would need more 20k to eat and little tip. So I would be putting my card to buy blackmarket fuel (when the government wouldn't give me fuel at filling station?).

Flysinglemom:
They don't have any issues arresting poor people. But once the cash cows are involved, court injunctions start to fly out


This is really heartbreaking, I pray God touches a kind hearted person to help you dear. It is well.

do you even know the meaning of cash cows? You guys will just be using words out of context

Flysinglemom:
They don't have any issues arresting poor people. But once the cash cows are involved, court injunctions start to fly out


This is really heartbreaking, I pray God touches a kind hearted person to help you dear. It is well.

Don't assume people are fools, ok.

What is the difference between "Flysinglemom" and "Flew"?

It seems "flysinglemom" registered a new handle as "flew" to beg for money.

What kind of stupidity our judiciary is instigating you can't stop other organization from carryout their job.