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

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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.


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PalmPay Young Star Awardee Hopes to Become a Governor

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As part of its Children’s Day celebration, PalmPay, through its Young Stars initiative, has rewarded 60 outstanding students, inspiring young learners across public schools.

The initiative goes beyond rewarding high-performing students, it is also about building confidence, widening ambition, and reminding children that their future can be bigger than their present circumstances.

For Mohammed Jubril, one of the beneficiaries, the recognition has already changed how he thinks about what is possible.

Inspired by the support he has received, Mohammed shares a bold dream for the future: “I want to become a governor one day so I can help more children like me get access to education and opportunities.”

His words capture the deeper impact of the Young Stars programme. For many of the children recognised. The award is not just a reward for past performance. It is a signal that their efforts matter, their dreams are valid, and their future is worth investing in.

During the engagement sessions at the event, the pupils also excitedly shared their aspirations, speaking with enthusiasm about the careers they hope to pursue in the future. From doctors and teachers to engineers, pilots, and entrepreneurs, the children expressed big dreams and a strong sense of purpose, reflecting how early encouragement and recognition can help shape ambition and confidence.

For many students in public schools, access to educational support often determines not just academic outcomes, but how far they allow themselves to dream. Through the Young Stars Initiative, PalmPay is helping to change that narrative by affirming that excellence deserves recognition, and potential deserves investment.

For Mohammed’s family, the impact is both practical and deeply emotional. His father describes the recognition as a moment of renewed confidence for his son and a reminder that hard work can open doors to real opportunity.

As the initiative continues to reach more pupils across Lagos public schools, it leaves behind a powerful message; when children are supported, they don’t just perform better, they dream bigger.


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CNN’s Connecting Africa Visits the Afri-Caribbean Investment Summit

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As part of Connecting Africa, CNN’s Victoria Rubadiri meets companies making deals to expand intra-regional trade. She also sits down with Sanya Alleyne the Adviser to the Organization of Eastern Caribbean States (OECS) Business Council to get a sense of the current landscape of South-South trade.

At the Afri-Caribbean Investment Summit in Abuja, Nigeria, Rubadiri meets Aisha Maina, the brains behind the summit who believes providing the opportunity to meet face to face is the pathway to creating a tangible trade link. She explains why this is her belief, “When you go to the Caribbean and you go anywhere in the world, they talk about African drums, they have the African dances, but because they’re so far away from Africa, it’s what has been handed down. And I wanted them to see the real thing, what we have […] it has become a flourishing relationship, and that’s why I keep saying that the bridge is built. Because they have connected.”

From agriculture to financial services, businesses leaders have said that no sector should be overlooked if new partnerships are to be formed. Alleyne delves into how this looks for trade with the Caribbean, “The Caribbean has a longstanding history in being able to attract foreign direct investment. And the same goes for the continent of Africa. It is just about being able now to drill down into the weeds of it and being able to flesh out a framework that we can be able to facilitate, create a trade.”

For Alleyne, the next ten years are hoping to hold, “Regular commercial flights between the continent and the region. I think success would be being able to trade in our indigenous currencies to settle payments. And I also believe success would be the ability of our peoples to understand each other, become closer, and see ourselves as one.”

 


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NATEP Advances Policy Reform and Expanded International Partnerships A Year After Relaunch

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L-r: CEO, Itana, Luqman Edu; Founder & Group CEO, Rendeavour, Stephen Jennings; Honourable Minister of Industry, Trade & Investment, Dr. Jumoke Oduwole; National Cordinator, National Talent Export Programme (NATEP), Teju Abisoye; Co-Founder, Itana, Iyin Aboyeji; and CEO, Alaro City & Chairman West Africa, Rendeavour, Yomi Ademola, at the MoU signing and official relaunch of NATEP held recently in Lagos.
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The National Talent Export Programme (NATEP) marks one year since its strategic relaunch with significant institutional progress, policy milestones, and international partnerships that have repositioned Nigeria as a major talent hub in the global services export economy.

The most decisive of those milestones came in November 2025, when the Federal Executive Council (FEC) approved the establishment of the National Coordination Mechanism for Services Exports (NCMSE), creating a formal governance framework to strengthen inter-agency coordination, align national policy with global digital trade, and accelerate the growth of Nigeria’s services export sector.

Since its approval, the NCMSE has provided the institutional architecture for bringing together previously disconnected programmes, agencies, and stakeholders under a common services export agenda. By fostering greater alignment among key institutions—including National Information Technology Development Agency (NITDA), Outsource To Nigeria Initiative (OTNI), and flagship talent initiatives such as 3MTT—the mechanism is helping to improve policy coherence, streamline implementation, and position talent development as a strategic driver of Nigeria’s services export competitiveness.

Building on this foundation, the Nigeria Talent Accelerator Network (NTAN) was officially launched in Lagos, in partnership with the World Economic Forum (WEF). It is co-chaired by the Federal Ministry of Industry, Trade and Investment and the Ministry of Education, along with private-sector leaders from Africa Finance Corporation (AFC) and Flour Mills of Nigeria. This formally enters Nigeria into the WEF Global Accelerators Network, uniting public, private, and development sectors behind a unified workforce roadmap.

“We are witnessing a shift in the global economy, where greater value and the competitive advantage will be determined by a nation’s ability to cultivate talent, harness deep knowledge-based industries, and participate in high-value services markets built seamlessly across borders. As Africa becomes a more integrated marketplace, the continent has a unique opportunity to emerge as the leading contributor to the world’s talent economy.

“NATEP is laying the foundation for Nigeria to lead this transition by unlocking the full potential of our human capital, strengthening international partnerships, and positioning Nigerian talent at the centre of the next era of global services trade.” — Honourable Minister of Industry, Trade, and Investment; Dr. Jumoke Oduwole, MFR

NATEP also intensified efforts to deepen international partnerships that support Nigeria’s services export ambitions. Under the World Economic Forum’s Future of Jobs Survey, a country-partner mandate was activated to mobilise senior business leaders and ensure Nigeria’s labour market realities are reflected in global workforce assessments and benchmarking exercises.

Concurrently, NATEP has commenced the development of an innovative financing framework to support talent development and export-led growth. The proposed four-layer capital stack combines catalytic public investment with outcomes-linked private capital, adapting global financing models to Nigeria’s economic realities and workforce priorities.

NATEP working with the Nigeria Outsourcing Association also partnered with the Global Business Services sector to streamline the Association in line with global best practice, further strengthening Nigeria’s credentials as a premier hub for international services outsourcing.

These partnerships have been matched by equally significant progress on the domestic policy front. In March 2026, a zero draft of Nigeria’s National Outsourcing Policy was forwarded to the Federal Ministry of Industry, Trade and Investment for interministerial review, establishing the foundational architecture for a sector with transformative economic potential.

Across the programme’s Technical Working Groups (Demand, Supply, and Enabling Environment), implementation plans have been formalised, workstream leadership structures established, and talent development pathways validated, helping to consolidate a coherent national framework for talent supply, workforce readiness, and export competitiveness.

The Enabling Environment Technical Working Group has adopted WTO/GATS taxonomy standards and mapped five priority digital export sectors- Software/SaaS, Data and AI, Cybersecurity, Fintech, and BPO/ITES- equipping Nigeria to compete aggressively in the highest-growth segments of global digital trade.

“Our mandate at NATEP is to position Nigeria as a premier global talent hub by building an enabling ecosystem through policy, platforms, promotion, and partnerships,” said Teju Abisoye, National Coordinator of NATEP. “The progress achieved over the past year brings us closer to our strategic objectives of enabling one million direct export-linked jobs, supporting millions more indirect jobs, attracting significant investment into the sector, and equipping Nigerians with globally recognised skills and certifications. Nigeria is not only preparing for the future of work; it is helping build the policy and institutional foundations required to compete and lead in it.”

As NATEP enters its next phase, the programme’s focus shifts decisively toward implementation at scale: operationalising the Private Sector-backed financing framework, advancing the National Outsourcing Policy through the policy approval process, and mobilising the full capabilities of NTAN to deliver workforce outcomes that strengthen Nigeria’s position in the global services export economy.


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