Connect with us

Uncategorized

HSBC Fingers Garuba, Agom in $182m Halliburton Bribery Scandal

Published

on

Kindly share this post

Leaked records from HSBC, a huge global bank based in London, has indicted chief of staff to former military Head of State, General Abdulsalami Abubakar, now retired Major General Chris Garuba, and a former board member of the ruling Peoples Democratic Party (PDP), the late Andrew Agom, in the $182 million Halliburton bribery scandal.

The leaked files, obtained by the French newspaper, Le Monde and the International Consortium of Investigative Journalists (ICIJ), revealed that Garuba, a former governor of Bauchi State, is now chairman of Obekpa Petroleum, a Nigerian oil company.

Agom, a senior government official, was killed in an attack on his motorcade years back. The files also revealed new details about the HSBC’s role as a conduit for the bribes and new details about how indicted British lawyer Jeffrey Tesler’s operated.

The indictment of the high-ranking Nigerians not previously named publicly in connection with the scandal, according to the French newspaper, raised the possibility of renewed questions about Nigeria’s handling of the affair.

A network of secretive banks and offshore tax havens was used to funnel $182 million in bribes to Nigerian officials in exchange for $6 billion in engineering and construction work for an international consortium of companies that included the then Halliburton subsidiary.

Before his death, Agom was a board member of the PDP, which controlled the government when the scandal unfolded.

In 2010, Nigeria indicted former United States Vice- President Dick Cheney, who was CEO of Halliburton before he was elected, only to later clear him when Halliburton worked out a $35 million settlement.

Agom was, according to the Le Monde, the beneficial owner of an HSBC account linked to a Gibraltar- based company, Hemisphere Services Limited, which held a maximum amount of $797,377 at one point between 2006 and 2007.

Africa Confidential magazine previously named a company, Hemisphere Services (Nigeria), as a “recipient of largesse” from Tesler after viewing documents disclosed to the magazine during a French corruption investigation.

Agom’s account was opened in 1991, on the same day that an account was opened in the name of former Nigerian Air Force Chief, Abdullahi Dominic Bello. A Nigerian government investigator has previously described Swiss accounts held by Bello as a conduit for “slush funds”. The investigator did not specifically mention HSBC.

The HSBC files identified Garuba and his wife, Rita, as HSBC clients; their names are listed along with Tesler’s in an account named Bridlington Enterprises Limited, for which Tesler acted as an attorney.

“The files show that the account was opened the year before Tesler sent his first bribe payment to Switzerland, although the files do not show that Tesler transferred money into the Bridlington account, which held as much as $367,547 in 2006 or 2007,” the newspaper reported. Chris and Rita Garuba did not respond to ICIJ’s requests for comment.

In Nigeria, anti-corruption campaigners continue to call on authorities to identify and prosecute Nigerian citizens involved in the scandal. While never publicly released, a 2010 Nigerian government document reportedly included three Nigerian presidents, a vice-president, a minister, intelligence chiefs and corporate titans in a list of bribery beneficiaries. The report did not name Garuba or Agom.

“In terms of the personalities and the amount of money involved it is probably the biggest scandal in Nigeria’s history,” Dauda Garuba, Nigeria coordinator at the Natural Resource Governance Institute, said in an interview with ICIJ. Garuba has no connection to the Garuba family in HSBC’s files.

“Although we’ve seen the indictment and conviction of foreign companies and their top executives in Europe and America, Nigeria’s own government has not taken action in the very country in which the corruption took place,” Garuba said.

Tesler was sentenced to 21 months in prison and he forfeited $149 million from his Swiss accounts to the US government for serving as the go-between for bribes paid to secure contracts for KBR, the former Halliburton subsidiary, and the other consortium members, the Japanese firm JGC Corporation, Paris-based Technip, as well as Italy’s ENI S.p.A. and its Dutch subsidiary Snamprogetti Netherlands B.V.

The Halliburton Bribery Scandal dates to 1994 when the Nigerian government launched ambitious plans to build the Bonny Island Natural Liquefied Gas Project. Tesler began planning the bribe payments in 1994 and transferred small amounts of money through Switzerland in July 1996.

But by 2003, his role had escalated. In one brazen episode in Abuja, Tesler directed the drop-off of a travel bag stuffed with $1million in $100 bills in the foyer of a luxury hotel where the pernight cost of a suite can exceed the nation’s average annual income of $3,000. It was one of at least 20 money transfers that Tesler made or directed.

The cash was destined for PDP via the Nigerian National Petroleum Corporation (NNPC), according to an official Nigerian report.

The files obtained by Le Monde and ICIJ show that nine people, including members of the Tesler family and Nigerian nationals, held a variety of roles with accounts at HSBC Private Bank (Suisse) between 1990 and 2003 — months before the completion of the gas plant.

Nine of the 12 accounts instructed HSBC to keep all correspondence under lock and key in a bank safe. In response to ICIJ’s questions, an HSBC spokesman said the bank does not comment on specific clients.

Bank staff also responded to a request from Agom’s widow to unfreeze her husband’s account, whose post was sent to Tesler’s North London law firm and which was marked as subject to criminal investigations into Tesler.

The files do not indicate whether or not the account was ultimately unfrozen.

Tesler did not respond to ICIJ’s requests for comment.


Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

Uncategorized

Uche Ikejimba Secures Sixth Consecutive AMVCA Nomination With Best Unscripted M-Net Original Nod

Published

on

Kindly share this post

Uche Ikejimba, Award-winning producer, has secured her sixth consecutive Africa Magic Viewers Choice Award nod. The organizers made the nomination announcements on Sunday, March 24, 2024, across all Africa Magic channels. It saw Ikejimba clinch a nom in the ‘Best Unscripted M-Net Original’ category for What Will People Say.

In 2022, Ikejimba received two nominations for ‘Best Africa Magic Original Drama Series’ for Unmarried and Dilemma. She secured two other nominations in 2023 in ‘Best Unscripted Original’ for Come Play Naija and ‘Best Original Drama Series’ category for Unmarried.

Speaking about her latest nomination, Ikejimba said, “I’m very humbled and beyond grateful to be receiving my sixth consecutive AMVCA nomination. Anyone who knows me will acknowledge that I often put my blood, sweat and tears into the shows I produce. After Truth won its nomination in 2020, I’ve been holding on patiently for a second win and I hope this is the year. So, here’s my hearty congratulations to my fellow nominees and a huge thank you to the AMVCAs organisers for honoring me.”

Ikejimba is one of Africa’s most-sought after serial producers, and has earned herself the title, ‘Reality TV Series Savant’, with work on 100% Naija, Vodafone Icons, Naija Sings, Calabar Festival Diaries, Big Brother Reunion, Shoot Your Shot, What Will People Say, Come Play Naija, and the more recently airing Husband Material and Overall Best.

She came into the world of Television production as an associate producer on Moments with Mo, the first and only syndicated daily talk show in Africa at the time. However, she has also proven that her talents go beyond producing reality shows or unscripted serials, and she can run with the best in producing original drama series.

In 2016, she landed her first commissioned project with Africa Magic titled Hustle. The series about a young man’s first time in Lagos became an instant hit and ran for three seasons, with 360 episodes. She created, wrote and produced Blink’s original 26-episode drama series titled Truth. The show won an AMVCA for ‘Best TV Series’ in 2020. That same year, she produced and wrote the hit series, Unmarried. The show ran for four seasons and ended on a high.

Off the success of these drama series, she produced Africa Magic’s Dilemma, a 260-episode telenovela. She produced Shallow and the recent Africa Magic fanfavourite original, Manfriend. The show follows the women of the King family and their dysfunctional relationship with the men in their lives. She also produced Showmax’s first original law limited series, AGU in 2023. Her first feature length film, Phantom is a co-production and is also nominated for several awards such as the Toronto International Nollywood Film Festival (TINFF).

Uche Ikejimba has beaten many odds to become a producer and remained steadfast in her commitment to producing the best shows Africa has ever seen. As the continent prepares for the milestone 10th AMVCA, the Reality TV Series Savant and producer extraordinaire is content to celebrate her sixth consecutive nomination. Find out if she clinches her second AMVCA win when the awards air live across all Africa Magic channels on May 11, 2024.


Kindly share this post
Continue Reading

Uncategorized

Banks Close 2m Accounts over BVN, NIN, Others

Published

on

Kindly share this post

Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number (NIN).

Banks Close 2m Accounts over BVN, NIN, Others

This is contained in a report by the Nigerian Interbank Settlement System (NIBSS), which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number (BVN), and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

 

Credit: Vanguard

 

 


Kindly share this post
Continue Reading

Uncategorized

Dubai-Based Citizenship Firm Imperial Citizenship Expands to Lagos, Targets Africa’s Growing Wealth

Published

on

Kindly share this post

Imperial Citizenship, a Dubai-based firm specialising in Citizenship and Residency by Investment (CRBI) solutions, has set its sights on Africa’s burgeoning wealth with the launch of a new office in Lagos, Nigeria.

This strategic move positions Imperial Citizenship to capitalise on the continent’s growing population of high net worth individuals (HNWIs) seeking international investment and mobility options.

Imperial Citizenship boasts a proven track record of success, having secured over 2,000 approvals for clients seeking alternative citizenship and residency pathways. Their partnerships with over 15 governments worldwide provide a diverse portfolio of investment opportunities that adhere to strict international regulations.

With its Lagos launch, Imperial Citizenship begins its foray into Africa. The continent boasts a burgeoning HNWI population, according to PwC, presenting a lucrative market for investment firms like Imperial Citizenship.

According to the World Bank, African economies are projected to grow by 3.4 % in 2024 as the African Development Bank Africa has reported that Africa will account for eleven of the world’s 20 fastest-growing economies in 2024. Highlighting the market’s potential, Mr. Zaid Al Hindi, Founder and CEO of Imperial Citizenship, says, “our expansion into Lagos allows us to directly cater to this affluent segment, offering them strategic solutions for global asset diversification, optimised investment opportunities, and enhanced global mobility.”

“At Imperial Citizenship, we do not operate through intermediaries, as we differentiate ourselves through direct government partnerships. This ensures transparency, legality, and efficiency throughout the application process, providing peace of mind for investment-minded clients” Zaid stated during the launch event in Lagos.

Speaking on the company’s approach to CRBI, Zaid mentioned, “At Imperial Citizenship, we prioritise a client-centric approach. We go beyond simply offering programs; we provide dedicated advisors who understand the unique needs and aspirations of each client. This personalised service ensures clients receive tailored investment options that align with their financial goals and risk tolerance”.

The launch of the Lagos office underscores Imperial Citizenship’s commitment to global expansion. With physical offices in Dubai and now Nigeria as well as operational representatives in Mexico, Algeria, and Turkey, Imperial Citizenship demonstrates its ability to cater to a geographically diverse clientele.

Looking ahead, Zaid highlighted that Imperial Citizenship plans to broaden its service offerings and expand its reach into new markets. By strategically targeting Africa’s rising wealth, Imperial Citizenship is well-positioned to solidify its role as a leading player in the CRBI industry, offering investors a gateway to global opportunities.


Kindly share this post
Continue Reading

Trending