Money-Laundering Reveals Holes in Regulations

A new Senate investigation alleges top African politicians and their families have evaded anti-money-laundering laws to bring hundreds of millions of dollars into the country.

The Senate's permanent subcommittee on investigations, in a 330-page report detailing the transfer of funds suspected of being tainted by corruption, calls for tighter anti-money-laundering restrictions on banks and the expansion of the law to cover lawyers and financial professionals such as realtors.

The committee will hold a hearing Thursday to seek responses from Treasury, State Department and immigration and customs-enforcement officials, as well as anti-money-laundering officials from Bank of America Corp. and the U.S. unit of HSBC Holdings PLC. The committee will present findings from a two-year probe involving officials from Nigeria, Angola, Gabon and Equatorial Guinea -- from presidents to central bankers.

Lawyers representing some of the African politicians, and alleged by the committee to have assisted in suspect fund transfers, also have been subpoenaed to testify.

"It's a long-standing goal of ours to try to see if we can keep corrupt money out of this country so we don't aid and abet people who pay this money," Committee Chairman Sen. Carl Levin (D., Mich.) told reporters at a briefing.

"Particularly now, when we're focusing so much on the threat of terrorism ... we've got to take strong steps here to make sure that we do not aid and abet dirty money," he said.

The bipartisan committee, with an eye toward the regulatory overhaul effort underway, wants legislation to strengthen bank controls related to accounts held by top foreign officials.

US: Atiku Abubakar in $40million money-laundering accusation with wife, Jennifer

A United States Senate report has accused Atiku Abubakar, Nigeria’s former Vice-President, of laundering over $40 million in suspicious funds into the United States between 2000 and 2008. And his partner in the lucrative effort was Jennifer Douglas, his fourth wife. Ms. Douglas is sometimes known as Lady Jamilah Jennifer, or Douglas E, or Jennifer Iwenjora, the name by which she was known in the 1980s when she was a reporter with the Nigeria Television Authority in Lagos. According to the report, which was written by the Senate Subcommittee on Investigations, most of the funds were through wire transfers sent by offshore corporations to U.S. bank accounts. Of the $40 million identified in the US investigation, $25 million was reportedly wire-transferred by offshore corporations into more than 30 U.S. bank accounts opened by Ms. Douglas, primarily by Guernsey Trust Company Nigeria Ltd., LetsGo Ltd. Inc., and Sima Holding Ltd. “In a 2008 civil complaint, the U.S. Securities and Exchange Commission alleged that Ms. Douglas received over $2 million in bribe payments in 2001 and 2002, from Siemens AG, a major German corporation,” the report says. “While Ms. Douglas denies wrongdoing, Siemens has already pled (pleaded) guilty to U.S. criminal charges and settled civil charges related to bribery and told the Subcommittee that it sent the payments to one of her U.S. accounts.

How Ohakim loots Imo State-National Daily

EFCC begins probe • Gov.’s Aides, top contractor panic • Petitioner alleges threat to life. WHAT is the true identity of Governor Godson Ikedi Ohakim of Imo State? Take one: New Face of Imo State? No. Take Two: New Rogue of Imo State? Addendum: Only the Economic and Financial Crime Commission (EFCC) and the court of law can establish whether Ohakim is a saint or devil. Indeed only the Law court can judge between Ohakim and his traducers who have accused him of monumental fraud even as he bestrides the South-East chest-thumping his achievement as an action governor across the Niger.
This curious question is also knocking from all corners; Is Ohakim guilty or innocent of crunching the bone hung on his neck by unbridled looting of Imo State treasury? No matter what Ohakim's defense may be, the document on his alleged misdeed available to National Daily is damnable. National Daily influence revealed that Governor Ikedi Ohakim is today a subject of investigation by the EFCC following series of petitions forwarded to the commission's office in Abuja accusing him of offenses bothering on contract inflation and money laundering. Ohakim is said to have bilked Imo State of monies amounting to Billions of naira. For instance Ohakim was accused of perpetuating fraud in the award off the N8 billion dredging of Nworie River. The contract was said to have been awarded to Ruodo Nigeria Limited owned by Chief Tony Chukwu. He aligned with the Ohakim government to defraud Imo State of colossal sums through inflated contracts. The Ohakim-Chukwu dubious partnership was said to have started over two years ago and climaxed in the N8 billion Nworie River dredging contract awarded in March, 2009. It was learned that over 50 per cent of the contract sum has already been paid to Tony Chukwu as “mobilization”.

Akwa Ibom State: $3.1 million “Etuk money” spills bad blood within government

The report of the $3.1 million money laundering involving the Akwa Ibom State Governor, Chief Godswill Akpabio, has created sharp division and suspicion within the state cabinet. Mrs. Emem Etuk, a Deputy General Manager, Victoria Island Branch (3) of Platinum Habib Bank (BankPHB) was arrested on 11 November 2009 by security operatives at the General Aviation Terminal of the Murtala Muhammed Airport, Lagos with $3.1 million suspected to belong to the Akwa Ibom State Governor.

Mrs. Etuk’s inability to offer a plausible explanation as to how she came about such a huge amount, or her mission, led to the escalation of the case to the Police Force headquarters in Abuja after she had been detained in Lagos for two weeks. Details of the financial scandal were unknown until SaharaReporters’ revelation earlier this week. Following our exposé, the governor’s agent, one "Centre for Media and Development" has issued a statement defending the governor and dismissing the link between the scam and the governor. Assuming the role of the police and the court, the Magnus Eze-led group submitted that their own investigations had exonerated the governor and that the money was meant for 2009 hajj pilgrims. SaharaReporters can reveal however that whereas the airlift of pilgrims started on 25 October, by 11 November when Mrs. Etuk was arrested, most pilgrims had departed and all travel plans had been concluded. Sources in Government House, Uyo, revealed that the Governor, who became disturbed about how the matter broke in the media after he had successfully suppressed the incident for four weeks following its occurrence, has ordered a secret investigation to unravel those who leaked the information to the press.

Petition to the National Judicial Council against Justice Ibrahim N. Buba in relation to Peter Odili

Petition to the National Judicial Council against Hon Justice Ibrahim N. Buba in relation to the Illegal Perpetual Injunctions he granted to Dr Peter Odili: Gross Incompetence and Flagrant Abuse of Powers amounting to Judicial Misconduct and Violations of the Code of Conduct for Judicial Officers.
Honourable Justice Idris L. Kutigi, GCON
Chief Justice of Nigeria & Chairman of the National Judicial Council
Supreme Court Complex
Three Arms Zone
PMB 308
Garki
Abuja
Nigeria

Your Lordship

THE PERPETUAL INJUNCTIONS RESTRAINING THE EFCC FROM CARRYING OUT ITS STATUTORY FUNCTIONS IN RELATION TO THE ALLEGED LOOTING OF THE RIVERS STATE TREASURY BY DR PETER ODILI: GROSS INCOMPETENCE AND FLAGRANT ABUSE OF POWERS AMOUNTING TO JUDICIAL MISCONDUCT AND BREACHES OF THE CODE OF CONDUCT FOR JUDICIAL OFFICERS BY HON JUSTICE IBRAHIM NYAURE BUBA

INTRODUCTION

1. In January 2007 the Economic and Financial Crimes Commission (hereafter referred to as “the EFCC” or “the Commission”), in the exercise of its statutory powers under the Economic and Financial Crimes Commission (Establishment) Act 2004 (hereafter referred to as “the EFCC Act”), issued a report of its investigation into the finances of the Rivers State government under the then outgoing Governor Peter Odili. The “Interim Report of the EFCC on Governor Peter Odili” disclosed that “over 100 billion Naira of Rivers State funds have been diverted by the Governor, Dr. Odili” and contained serious allegations of fraud, conspiracy, conversion of public funds, foreign exchange malpractice, money laundering, stealing and abuse of oath of office against Dr Odili.

Ibori's London trial resumes: Southwark Crown Court adjourns again till November 24(Part2)

Contrary to a report by The Guardian on Sunday of yesterday, November 8, erroneously stating that the trial in London of the three women associated with James Ibori had been postponed till November 16, 2009, the trial recommenced as scheduled today in London before Judge Christopher Hardy of the Southwark Crown Court.Last month, the case was adjourned to enable the Federal High Court in Asaba dispense of the application before it asking the court to quash the money laundering charges against Ibori, the former Delta State governor. The judge also deferred to the expected ruling from Asaba in adjourning the case today. On Sunday, the Nigeria Liberty Forum (NLF) had asked Nigerians in London to ignore the Guardian report and attend today's trial, describing the misleading report as a calculated attempt to confuse the public about the status of the trial today. Last Friday, the federal judge in Asaba, Justice Mercel Awokulehin, buckled under pressure from the public as it came to light that he had entered into a $5 million deal to quash 170-count charge against Ibori.

EFCC Discovers £10 Million in Akingbola's Foreign Accounts

Operatives of the Economic and Financial Crimes Commission (EFCC) have traced about 10 million pounds allegedly laundered by former Group Chief Executive Officer (CEO) of Intercontinental Bank Erastus Akingbola to some of his personal foreign accounts. Daily Trust reports that EFCC started probing the foreign accounts of the five former bank chiefs sacked by the Central Bank of Nigeria (CBN)
following discoveries that they may have engaged in money laundering.
senior official who did not want to be named said the latest discovery on Akingbola's case is the reason why the anti-graft agency is pushing for his repatriation.
The official also said a prima facie case has been established against the former bank chief and the legal department of the commission are in the process of preparing his charge sheet.
According to the source, once EFCC charges Akingbola to court it will inform the government of the country where the monies have been lodged to freeze his accounts.
CBN sacked the former bank chief alongside former Managing Directors of Union Bank Bartholomew Ebong, Afribank Sebastian Adigwe, Finbank Okey Nwosu and Oceanic International Bank Mrs. Cecilia Ibru on August 14 for issuing non-performing loans worth N740billion.