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Stolen $2bn: Report exposes Abacha looting machinery, strategies

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  • FG drags UK to court over £150m loot

Fresh facts have emerged on the modus operandi used by a former Head of State, late Gen. Sani Abacha, to steal humongous amount from Nigeria’s treasury and stashed the funds running into two billions of dollars away in secret foreign accounts.

This is coming as the Nigerian government has sued Britain’s National Crime Agency (NCA) over €180 million (£150 million) reportedly stashed abroad by the late dictator, asking that the funds be returned to the country (Nigeria).

In a new report by the Telegraph of the UK, Abachi was said to have executed the looting after seizing power in a 1993 coup, using his position as Nigeria’s head of state to place himself above the law and skim vast sums of money from the oil-rich nation.

For instance, the report stated that he would tell advisers to make spurious requests to him for money to deal with national “emergencies”, according to the US court documents.

Signed letters would then be sent to the CBN, which would provide cash, travellers’ cheques or arrange a wire transfer.

The report added, “Money was stuffed into boxes or bags and transported to Abacha’s house, before associates arranged for it to be sent abroad.

“At least $2 billion is thought to have been stolen this way, using more than 60 letters to the central bank.

“Abacha also arranged for the government to sell bonds to a company controlled by his allies before buying them back at vastly inflated prices, generating an illicit windfall of $282 million.”

Separately, the report stated that Abacha and his associates extorted French engineering firm, Dumez Group, of $97 million and used his spoils to live a luxurious lifestyle.

“Inside his many sprawling homes, he kept piles of glittering jewellery, including gold necklaces and rings, and at one stage as much as $100 million in cash,” the report noted.

However, the money Abacha and his associates plundered became the subject of an international search after the dictator’s sudden death in 1998 at the age of 54.

The report stated that weeks after his death, Abacha’s widow was caught trying to flee the country with 38 suitcases packed with money and his family later forfeited nearly $1 billion.

“Yet the only clues hinting at where other stashes of money could be found were a few details of secret offshore bank accounts discovered by authorities,” it said.

“Since then, the Nigerians have sought foreign help to recover as much as possible, with more than $1 billion eventually returned from Switzerland alone,” it added.

Efforts to recover the stolen funds have reportedly been hampered by the sheer complexity of Abacha’s dealings as well as marathon legal battles that have dragged on for years, some involving former associates.

The latest is that the Nigerian government has sued Britain’s National Crime Agency (NCA) over control of €180 million (£150 million) stashed abroad by former Head of State, late Gen. Sani Abacha.

According to the UK Telegraph, the case is expected to spark fresh questions about dirty money flowing through the City of London.

Nigeria is asking the NCA to release funds (about N84.5 billion) that it froze at the request of the US authorities.

In just one example of the web of transactions crisscrossing the globe, some US prosecutors outlined in court filings how money was laundered by Abacha and his associates through bank accounts in Lagos, London, New York, Paris, Zurich, and Geneva.

The assets were stashed in banks, including Deutsche Bank, HSBC, and Banque SBA, according to the lawsuit, although there was no suggestion that the banks were involved in any wrongdoing.

The Telegraph stated, “This legal action eventually resulted in a 2020 deal to repatriate about $321 million, which had been laundered through the US banking system and then held in accounts in Jersey under the name of Doraville Properties Corporation, a British Virgin Islands company, and Abacha’s son, Mohammed.”

The new development comes as Britain fights claims that it has been very tolerant of dirty money flowing through the City of London.

US officials said last month that they were concerned that deep links between the UK and several Russian oligarchs meant that sanctions issued against Moscow if it invades Ukraine could be rendered ineffective.

Last Sunday, Briish Labour MP David Lammy accused ministers of doing too little to deal with corruption in Britain.

Lammy said, “We have to fix the dirty money problem we have, this huge problem of money laundering in London, of corruption and fraud.

“There’s so much that (ministers) are not doing. Joe Biden knows it and he’s concerned.”

But simultaneously, another court tussle in the UK is happening in parallel. At stake is more than €90 million, some of which came from Abacha’s security votes fraud, according to a High Court judgement issued in 2014.

The money is said to be controlled by a Singapore-based trust set up for the benefit of the family of Abubakar Bagudu, the serving governor of Kebbi State, who is accused of playing an “instrumental role” in many of Abacha’s corrupt schemes by the US prosecutors.

Bagudu has always denied any wrongdoing. His office did not respond to a request for comment, the report said.

His brother, Ibrahim, is a director of two companies known as Blue Holdings owned by the Singapore trust.

According to the Pandora Papers, a leaked cache of documents obtained by the International Consortium of Investigative Journalists last year, the Bagudu brothers enlisted Farrer & Co, an elite London law firm that has advised the Queen, to help them set up these businesses.

They moved €98 million from a British Virgin Islands trust to a new structure spanning Singapore and the Cook Islands.

Farrer & Co said it carried out “extensive due diligence” on Bagudu and that it obtained approval from the Serious Organised Crime Agency (SOCA), the precursor to the NCA, to move the funds.

The amount reportedly controlled by the Singapore trust may now have grown to as much as €180 million and kept in accounts at Waverton Investment Management and James Hambro & Partners, both in London.

The NCA has been working with American authorities in a bid to confiscate the funds and return them to “the people of Nigeria,” the report stated.

However, the Nigerian government wants them to be returned directly to the country and the parties, including lawyers for Bagudu, have been holding negotiations about a possible settlement, court filings in the US show.

Bagudu struck a deal with the Nigerian government in 2003, in which he agreed to return a sum of money but made no admission of wrongdoing, and the agreement was reaffirmed by President Muhammadu Buhari in 2018.

This is interpreted to mean almost 70 per cent of the UK money could be handed to Bagudu if returned.

Court filings showed the Nigerian government subsequently sought to unlock the funds and repatriate them in legal action against the NCA – a move that was opposed by the UK and the US.

The country hired Kingsley Napley, the London law firm famed for representing a host of celebrities, including Rebekah Vardy, to represent it.

The report quoted Spotlight on Corruption, a non-profit campaign group, as saying that the case raises questions about whether, “law enforcement is being paid and resourced enough to get its act together”.

 

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INEC Heads to Appeal Court on 9 Grounds – Seeks to Void Judgment Nullifying 2027 Timetable

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INEC Heads to Appeal Court on 9 Grounds – Seeks to Void Judgment Nullifying 2027 Timetable

INEC Heads to Appeal Court on 9 Grounds – Seeks to Void Judgment Nullifying 2027 Timetable

The Independent National Electoral Commission (INEC) has formally petitioned the Abuja Court of Appeal to overturn the verdict that nullified the dates it provided for the 2027 general elections, while also requesting a stay of execution of the judgment pending the resolution of its appeal. In a legal move that has thrown the 2027 election calendar into uncertainty, INEC filed a notice of appeal on May 25, 2026, through its team of attorneys led by Dr. Alex Izinyon, SAN. The commission raised nine grounds of appeal urging the appellate court to consider and vacate the May 20 ruling of the Federal High Court in Abuja. The judgment, delivered by Justice Mohammed Umar, had nullified key aspects of INEC’s timetable, including deadlines for party primaries, submission of candidates’ particulars, withdrawal and substitution of candidates, publication of final candidate lists, and campaign schedules. The lower court held that INEC lacked the statutory power to “fix or prescribe the timeframe within which political parties may conduct their primary elections for the purpose of nominating candidates for the 2027 general elections.”

In its appeal, INEC contended that the high court erred in law by failing to resolve a jurisdictional question it raised before the substantive hearing. The commission argued that the legal action initiated by the Youth Party (YP) against it was not only hypothetical but also academic in nature. INEC maintained that the trial court’s reluctance to make pronouncements on the jurisdictional issues denied the appellant a fair hearing. The commission further argued that the trial court erred in law when it interpreted Sections 29(1), 82, and 84 of the Electoral Act, 2026 in a manner that contradicted the clear wording of the statute.

INEC provided its own interpretation of the relevant sections of the Electoral Act, 2026, arguing that the lower court got it wrong. According to the commission, Section 29(1) of the Electoral Act, 2026 mandates political parties to submit the names of candidates in prescribed forms – of candidates who emerged from their valid primaries – not later than 120 days before the date of the general election. Furthermore, INEC argued that what is actually required of political parties under the Electoral Act, 2026, is to notify the commission 21 days before holding their primaries, congresses, or conventions – whether for the election of executive committees, other governing bodies, or for nominating candidates. “The Defendant is not mandated to impose a timeframe for political parties to conduct their primaries, provided that it will be done and submitted not later than the 120 days provided by the Electoral Act, 2026. See Section 82(1) of the Electoral Act, 2026,” INEC stated in its appeal. The commission insisted that the verdict of the trial court was against the weight of evidence that was placed before it by the parties. Consequently, INEC urged the appellate court to grant the appeal and set aside the judgment in its entirety.

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Beyond the substantive issues, INEC also attacked the legal standing (locus standi) of the Youth Party (YP) to initiate and maintain the action. The commission described the suit as “purely academic” and argued that the YP lacked the requisite legal right to bring the complaint in the first place. INEC urged the Court of Appeal to dismiss YP’s complaint on this ground, arguing that only parties with a direct stake in the electoral process should be allowed to challenge the commission’s constitutionally derived powers to organize and supervise elections.

The Federal High Court’s judgment, which INEC is now appealing, made several key declarations that shook the electoral landscape. The court declared that INEC does not possess the statutory power to publish the final list of candidates for the 2027 general election before the 60-day minimum period prescribed by law. It also ruled that INEC cannot fix campaign activities to end two days before the election, as this is inconsistent with Section 98 of the Electoral Act, 2026. Additionally, the court held that the timeframe prescribed by INEC for submission of membership registers for the conduct of primary elections is not applicable to primary elections conducted for the purpose of replacing withdrawn candidates. The court effectively ruled that INEC had exceeded its statutory mandate by imposing restrictive timelines that abridged periods expressly guaranteed under the Electoral Act, 2026.

As part of its appeal, INEC has also filed a motion for stay of execution of the lower court’s judgment. The commission argues that allowing the judgment to stand while the appeal is pending would disrupt the carefully planned sequence of electoral activities and potentially throw the 2027 general elections into confusion. If granted, the stay of execution would suspend the lower court’s ruling, effectively restoring INEC’s original timetable pending the final determination of the appeal by the Court of Appeal.

The appeal has placed opposition parties in a difficult position. However, the African Democratic Congress (ADC) – which recently admitted it was unprepared for INEC-level logistics in conducting nationwide primaries – says it anticipated the commission’s legal move. Speaking with The Guardian, ADC National Publicity Secretary Bolaji Abdullahi revealed that the party deliberately chose not to act on the lower court’s judgment because they regarded it as a “booby trap”. “We expected it, and that was the reason we did not shift our primaries. We regarded the judgment as a booby trap in the first instance,” Abdullahi said. “However, our disposition to that judgment does not prejudice the fact that INEC is not doing the right thing. We will do everything possible to ensure that Nigerians have a strong alternative government of their choice next year, one that will reshape the country.”

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The Social Democratic Party (SDP) also reacted to INEC’s appeal, with its National Secretary, Olu Agunloye, stating that while the commission has the constitutional right to appeal, “it will meet the whole of Nigeria in court.” Agunloye added that it had become obvious that INEC was “working not for Nigerians, but in the interest of one individual” – an apparent reference to the ruling All Progressives Congress (APC) and President Bola Ahmed Tinubu.

However, Rotimi Oyekanmi, the immediate past spokesman of former INEC Chairman, defended the commission’s decision to challenge the judgment. He argued that the ruling questioned INEC’s constitutional powers to organize and supervise elections. “The first function is to organise, undertake and supervise all elections into the offices of President, Vice President, Governor, Deputy Governor, as well as membership of the Senate, House of Representatives and state Houses of Assembly,” Oyekanmi said. He explained that extensive planning and consultations with political parties and stakeholders usually precede the release of any election timetable by the commission. “Therefore, any attempt to compel the commission to alter timelines of activities in the 2027 election timetable should not be taken lightly because of the constitutional and electoral implications involved,” he added.

With INEC’s appeal now pending before the Court of Appeal, the electoral calendar for the 2027 general elections remains uncertain. The commission’s motion for stay of execution, if granted, would suspend the lower court’s ruling while the appeal is being heard. For opposition parties like the ADC, which are already grappling with leadership crises and the logistical nightmare of conducting nationwide primaries, the legal battle adds another layer of uncertainty to an already turbulent political season. Legal analysts suggest that the Court of Appeal may expedite hearing of the matter given the time-sensitive nature of electoral timelines. A quick resolution is expected, as any prolonged uncertainty could disrupt party primaries and other pre-election activities.

INEC Heads to Appeal Court on 9 Grounds – Seeks to Void Judgment Nullifying 2027 Timetable

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Release Abducted Children, Teachers Before Eid, Oyo Grand Chief Imam Begs Captors

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Grand Chief Imam of Oyo Land, Sheikh Al-Imam Barrister Bilal Husayn Akinola Akeugberu

Release Abducted Children, Teachers Before Eid, Oyo Grand Chief Imam Begs Captors

 

IBADAN – The Grand Chief Imam of Oyo Land, Sheikh Al-Imam Barrister Bilal Husayn Akinola Akeugberu, has issued an emotional appeal to those holding innocent children and their teachers in captivity, begging them to release the victims in the fear of Almighty Allah as the Muslim community prepares for the Eid al-Adha celebrations.

In a press release issued on Monday, the revered Islamic leader called on the abductors to reflect upon the boundless forgiveness and mercy of Allah, reminding them that no sin is beyond divine pardon when accompanied by sincere repentance.

Sheikh Akeugberu, whose message was steeped in compassion and the teachings of Islam, quoted extensively from the Glorious Qur’an to drive home his plea. He cited Surah Az-Zumar Verse 53, which reads: “Say: O My servants who have transgressed against their own souls, do not despair of the mercy of Allah. Indeed, Allah forgives all sins. Truly, He is the Oft-Forgiving, the Most Merciful.”

The Grand Chief Imam also referenced Surah An-Nisa Verse 110: “And whoever does evil or wrongs himself but afterwards seeks Allah’s forgiveness will find Allah Oft-Forgiving, Most Merciful.”

The respected Islamic scholar explained that these sacred verses serve as eternal reminders of Allah’s open door of mercy and forgiveness for every soul willing to return to righteousness.

“I hereby beg you in the mightiest name of Allah سبحانه وتعالى to release these innocent children and their teachers still under your custody,” the statement quoted the Grand Chief Imam as saying. “Let compassion prevail over cruelty, and let humanity triumph over pain and sorrow.”

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The cleric further emphasized the emotional trauma currently being experienced by the families of the victims, pleading that the abducted children and their teachers be allowed to reunite with their loved ones in time to observe the forthcoming Eid al-Adha celebrations.

“Please, please and please, let them celebrate Eid al-Adha with their families and with us,” the Grand Chief Imam passionately appealed.

Sheikh Akeugberu concluded his message with prayers for Allah’s mercy upon all humanity, asking Almighty Allah to forgive sins, overlook shortcomings, and keep everyone steadfast upon faith.

The identities and location of the abducted children and teachers were not disclosed in the press release. However, the appeal comes amid growing concern over a wave of abductions targeting schools and communities across parts of Nigeria, with many victims spending weeks or months in captivity before ransom payments or rescue operations secure their release.

The Eid al-Adha, also known as the Festival of Sacrifice, is one of the two most important holidays in the Islamic calendar. It commemorates the willingness of Prophet Ibrahim (Abraham) to sacrifice his son as an act of obedience to Allah’s command. The celebration is expected to take place in the coming days, subject to the sighting of the moon.

The Grand Chief Imam’s appeal adds his voice to a growing chorus of religious leaders, civil society organizations, and government officials calling for an end to the recurring abductions that have plagued the nation in recent years.

As at the time of filing this report, there had been no official response from the abductors or security agencies regarding the Imam’s appeal.

 

Release Abducted Children, Teachers Before Eid, Oyo Grand Chief Imam Begs Captors

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Osogbo United Youth Forum Lauds FEDPOFFA for Employing Outstanding Indigene as Lecturer

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Osogbo United Youth Forum Lauds FEDPOFFA for Employing Outstanding Indigene as Lecturer

 

OSOGBO – The Osogbo United Youth Forum (OUYF) has publicly commended the leadership of the Federal Polytechnic, Offa, Kwara State, for offering a lecturing position to a distinguished Osogbo-born legal practitioner, Barrister Isola Shakirat Taiwo (Esq.).

 

The group described the appointment as a recognition of true excellence and merit, urging other leaders to prioritize impactful empowerment over what they termed “insignificant handouts.”

 

In a statement issued by the group’s Publicity and Media Unit, the Secretary General of OUYF, Comrade Adeagbo Suraj Ademola, expressed profound gratitude on behalf of the organization. He specifically thanked the polytechnic’s management for considering Barrister Taiwo, a brilliant and newly called-to-bar lawyer who graduated with an impressive Cumulative Grade Point Average (CGPA) of 4.41 out of a possible 5.00, earning a Second Class Upper Division in her Law degree from Osun State University.

 

“This recognition of excellence and merit is highly commendable and worthy of emulation,” Ademola stated. He assured the leadership of the Federal Polytechnic, Offa, that the good people and youths of Osogbo will always remember and reciprocate this remarkable gesture whenever the need arises.

 

Expanding his message to Osogbo indigenes in positions of authority across various agencies and political offices, Ademola advised that the forum would continually assess and appreciate leaders based on tangible impact.

 

“The youths of Osogbo will continually assess and appreciate leaders based on the number of lives they positively impact through meaningful empowerment, employment opportunities, and sustainable development,” he said. “This is far more valuable than the distribution of insignificant handouts that cannot provide long-term value.”

 

The forum praised the appointment as a model for other institutions and public officeholders to follow, emphasizing that rewarding hard work and academic brilliance is the surest path to communal and national development.

 

Signed:

Publicity and Media Unit

Osogbo United Youth Forum (OUYF)

 

 

Osogbo United Youth Forum Lauds FEDPOFFA for Employing Outstanding Indigene as Lecturer

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