₦airaland Forum

FLASHBACK: In 2006, EFCC 'Detained' Tinubu's Appointee Muhammed Babangida Over Globacom Ownership

On July 18, President Bola Tinubu appointed Muhammed Babangida, the son of Ibrahim Babangida, former military head of state of Nigeria, as the chairman of the Bank of Agriculture.

It was rumoured that the younger Babangida had rejected the president’s appointment.

On July 21, however, the chairman-designate officially accepted the appointment offered by Tinubu.

While accepting the offer, Babangida said rumours of the appointment rejection were false and the entities behind the “fake report” would be identified and held accountable.

Interestingly, it was once reported that the former military leader’s son was once detained by the Economic and Financial Crimes Commission (EFCC). Neither Babangida nor the EFCC addressed the incident or shared more details afterwards.

EFCC DETENTION OVER GLOBACOM SHARES

In August 2006, the EFCC detained Babangida over an allegation that he owned and controlled 24 per cent of Globacom, a telecommunications service provider in Nigeria.

At the time of Babangida’s reported arrest, Globacom was worth $1.5 billion.

Prior to the incident, Babangida had once been invited by the commission to explain how he came about the wealth used in purchasing the shares at Globacom, but he denied knowledge of such investments.

The commission later claimed it got to confirm Babangida indeed had such shares with the Nigerian telco through revelations made by Mike Adenuga, the founder of the company.

Babangida was later released by the commission. The commission gave no public update on the matter.

On Monday, FIJ emailed Dele Oyewale, the spokesperson of the EFCC. FIJ asked why the outcome of the investigation carried out by the commission on Babangida was never made public, but the email had received no response at press time.

TruthHurts1:
So, let's crunch some numbers:
Muhammed Babangida is 53 years old.

When the EFCC questioned him in 2006, he was 34 years old.

When Globacom was launched in 2003 with a share capital of $1.5 billion, the then 31 year old Muhammed Babangida was able to acquire 24% of its shares which amounts to $360,000,000.

Mike Adenuga confirmed to the EFCC that Muhammed Babangida owned 24% of Globacom shares.

So how was a 31 year old Muhammed able to raise $360, 000, 000 and why did the EFCC suddenly drop the case the case against him and refuse to investigate it any further?

TruthHurts1:
So, let's crunch some numbers:
Muhammed Babangida is 53 years old.

When the EFCC questioned him in 2006, he was 34 years old.

When Globacom was launched in 2003 with a share capital of $1.5 billion, the then 31 year old Muhammed Babangida was able to acquire 24% of its shares which amounts to $360,000,000.

Mike Adenuga confirmed to the EFCC that Muhammed Babangida owned 24% of Globacom shares.

So how was a 31 year old Muhammed able to raise $360, 000, 000 and why did the EFCC suddenly drop the case against him and refuse to investigate it any further?

Racoon:
Dey play! Everyone associated with a man whose entire life has been anything but all shade of any criminality must be a criminal by default. An apple does not always falls far from its tree.

TruthHurts1:
So, let's crunch some numbers:
Muhammed Babangida is 53 years old.

When the EFCC questioned him in 2006, he was 34 years old.

When Globacom was launched in 2003 with a share capital of $1.5 billion, the then 31 year old Muhammed Babangida was able to acquire 24% of its shares which amounts to $360,000,000.

Mike Adenuga confirmed to the EFCC that Muhammed Babangida owned 24% of Globacom shares.

So how was a 31 year old Muhammed able to raise $360, 000, 000 and why did the EFCC suddenly drop the case against him and refuse to investigate it any further?

TruthHurts1:
So, let's crunch some numbers:
Muhammed Babangida is 53 years old.

When the EFCC questioned him in 2006, he was 34 years old.

When Globacom was launched in 2003 with a share capital of $1.5 billion, the then 31 year old Muhammed Babangida was able to acquire 24% of its shares which amounts to $360,000,000.

Mike Adenuga confirmed to the EFCC that Muhammed Babangida owned 24% of Globacom shares.

So how was a 31 year old Muhammed able to raise $360, 000, 000 and why did the EFCC suddenly drop the case against him and refuse to investigate it any further?

TruthHurts1:
So, let's crunch some numbers:
Muhammed Babangida is 53 years old.

When the EFCC questioned him in 2006, he was 34 years old.

When Globacom was launched in 2003 with a share capital of $1.5 billion, the then 31 year old Muhammed Babangida was able to acquire 24% of its shares which amounts to $360,000,000.

Mike Adenuga confirmed to the EFCC that Muhammed Babangida owned 24% of Globacom shares.

So how was a 31 year old Muhammed able to raise $360, 000, 000 and why did the EFCC suddenly drop the case against him and refuse to investigate it any further?

ogaemma:
Such high profile cases usually do not see the light of the day with EFCC.
The EFCC are the real master's or corruption.
Their conviction is only against yahoo boy's and Chinese men.
One can imagine how such a case died a sudden death and was thrown under the carpet.
EFCC is useless.
Police is far better than EFCC.

Brenbentondiaz:
Lolz. These I.. bo..dients self. IBB son rejected Tinubu's appointment; they carried out drums praising him. He actually accepted the appointment: huh duh he's corrupt. EFCC, ICPC, FBI, Interpol arrested him in 1989 blah blah. These clones are comical beyond belief.

TruthHurts1:
https://fij.ng/article/flashback-in-2006-efcc-detained-tinubus-appointee-muhammed-babangida-over-globacom-ownership/

Amotolongbo:
Nepo Baby.
If you really know his father, you won’t ask the question.