In a shocking turn of events, new documents obtained by THE QUEST TIMES reveal how the Chief Executive Officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), Hamman Tukur Modibbo, allegedly covered up an indicting report showing former Vice President Atiku Abubakar’s involvement in alleged money laundering activities.
These revelations have raised serious concerns about transparency and accountability within Nigeria’s anti-corruption agencies.
This exposé sheds light on the contents of the concealed report, the implications it holds, and the potential consequences for those involved.
The NFIU, established as a crucial institution to combat money laundering and terrorism financing, holds the responsibility of ensuring transparency and accountability within Nigeria’s financial transactions. However, the alleged actions of Modibbo have called into question the agency’s commitment to its mandate.
The Concealed Report
According to the recently unearthed documents, obtained by THE QUEST TIMES Modibbo purportedly suppressed an internal report that reportedly provided evidence linking Atiku Abubakar, a prominent Nigerian politician, to illicit financial activities.
The report allegedly contained detailed information regarding suspicious transactions and possible money laundering schemes involving Abubakar’s financial dealings. It is essential to note that these claims are yet to be substantiated, and all individuals involved should be afforded the presumption of innocence until proven otherwise.
According to well-placed sources, an extensive report detailing the money laundering activities of former Vice President Atiku Abubakar had been prepared within the NFIU.
On June 4, 2019, the Maltese government, through its Financial Intelligence Analysis Unit (FIAU), sent a 6-page Spontaneous Intelligence Report (SIR) to the NFIU, along with counterpart agencies in Italy, British Virgin Islands, and Switzerland, indicting Atiku and his Italian-born Nigerian business associate, Gabriele Volpi, who works in the Nigerian oil industry.
According to the FIAU investigation, Mr. Volpi owns 67.74% of Orleans Invest Holding Ltd, while Atiku owns 17.2% and The Versailles Trust owns the remaining 15%. Orleans Invest Holding is a company registered in the British Virgin Islands in 2004 under registration number 631238. Orleans was established in Malta in 2012 (RC: C58298).
Orleans Invest Holding Ltd is a major concessionaire in Nigeria’s oil industry and a key partner in Atiku’s Intels Nigeria Limited.
Mr. Volpi was involved in “self-laundering, fictitious asset heading in Italy, tax evasion, and undeclared cash trafficking at Swiss customs,” according to the report. He was also accused of “sending USD 27,000,000 to the USA through” shell companies LetsGo Ltd and Sigma Holdings Ltd, the FIAU report noted. He is allegedly being pursued by several governments, including Italy’s, alongside Gianpiero Fiorani. Mr. Fiorani is an Italian banker and manager who was involved in the Italian banking scandal known as “Bancopoli” in 2005. Mr Volpi, according to FIAU’s investigations is “the second shareholder of the Italian bank Banca Carige and the partner of companies named Eataly and Moncier.”
The FIAU also discovered that the Maltese fund administrator, Orleans Invest Holdings Ltd, was instructed: “not to submit the audited aggregated financial statement … to the Maltese Registry of Companies because the name Orleans Invest Holding Ltd would be disclosed as required under the International Financial Reporting Standards.” The agency suspected that this troubling development was related to Atiku and Volpi’s alleged involvement in large-scale money laundering operations and violations of the Foreign Corrupt Practices Act. This is because the FIAU found that Atiku was allegedly involved in authorizing the “withdrawal of USD 78,000,000 from the Bilateral Air Service Agreement’s bank account” in 2008.
Modibbo’s alleged cover-up
Mr. Modibbo, as The CEO of NFIU, is entrusted with upholding the integrity and independence of Nigeria’s financial intelligence agency. The NFIU plays a vital role in combating money laundering, terrorist financing, and other financial crimes. However, the allegations against Modibbo suggest a breach of trust and raise questions about his impartiality and commitment to his role. If proven true, such actions could severely undermine the effectiveness and credibility of the NFIU and the fight against financial crimes in Nigeria.
The Maltese government’s intelligence report sent shockwaves throughout the NFIU. As a result, the organization had to make a decision. The involvement of a major politically exposed person (PEP) like Atiku reportedly put Modibbo in a difficult position at the time. Modibbo took no action on the SIR for an unknown reason.
NFIU Associate Director (Directorate of Intelligence, Investigations Support, and CTR Analysis), Mr. Mustapha Abdul-Rahaman, wrote to the Economic and Financial Crimes Commission (EFCC) and the Inspector-General of Police on July 22, 2020, informing them of the Maltan government report on Atiku and Volpi and the actions both have taken in response to the report after more than a year had passed with no action on the SIR. Abdul-Rahaman’s appointment was terminated shortly after, as well as that of Ms. Fehintola Salisu, Associate Director (Compliance & Analysis) [another whistleblower].
According to an NFIU source, “Modibbo had no right to issue anyone in the agency a query. Neither the Director of Services nor HR [Human Resources Department] was aware of the inquiry. This man believes he is the CEO of Modibbo and Sons Ltd in the NFIU.”
“Imagine him querying legacy staff at NFIU because they sent request letters in their line of duty when he was equally guilty of sending query letters without the input of the Director of Services or HR?” the former NFIU staff asked angrily.
“He supports Atiku for president because they are both from the same state [Adamawa]. They are both Fulani. He thought Atiku would win the 2023 [presidential] election that’s why he prevented any investigation that will expose him,” the source added further.
To further strengthen his grip on all ongoing investigations and protect his favourite politically exposed persons (PEPs), he directed Ephraim Ekeji, NFIU’s Head of Administration, to send a MEMO via email titled COMPULSORY COPY OF OUTGOING LETTERS AND INTERNAL MEMOS TO DIRECTOR/CEO. THE QUEST TIMES contacted Mr Ekeji, who declined to comment, stating that “I can’t answer random questions from the media.” He made no further comment.
THE QUEST TIMES was curious to know why Mr. Modibbo had given Ekeji such a strange order. According to our source, “Modibbo has a few guys in the agency he trusts, and Ekeji is one of them. Without hesitation, Ekeji will follow Modibbo’s instructions. This is why he was appointed Head of Administration. He is carrying out the duties assigned to him. Only the Director of Services should have written such a memo, not Ekeji. All of these shenanigans are done solely to protect his paymaster’s interests.”
However, shockingly, it is alleged that Modibbo chose to bury the report, preventing its exposure to the public eye. The motives behind this alleged cover-up remain unclear, with speculations ranging from personal gain to political pressure or a combination of both.
Insiders familiar with the matter have claimed that the report underwent a rigorous vetting process to ensure its accuracy and reliability. It was meticulously compiled, drawing upon extensive financial data, international cooperation, and thorough investigative work. The findings were purportedly damning, providing a comprehensive account of Abubakar’s money laundering activities and revealing the complex network of individuals involved.
By suppressing the report, Modibbo’s actions, if proven true, not only tarnish his reputation but also raise concerns about the effectiveness and impartiality of the NFIU as an institution. As the CEO, Modibbo holds a position of immense responsibility, entrusted with safeguarding the integrity of Nigeria’s financial system. Any substantiated allegations of a cover-up represent a grave breach of that responsibility and a betrayal of the Nigerian people, who deserve transparency, accountability, and a fair justice system.
Implications and Concerns
The concealment of a report with potential evidence of money laundering by a high-profile politician is a matter of grave concern for Nigeria’s justice system and the public. It raises doubts about the integrity of the regulatory bodies responsible for combating financial crimes and sends a troubling message about the prevalence of corruption within the country. The transparency and accountability of Nigeria’s financial institutions are crucial for maintaining public trust and attracting domestic and international investments.
A thorough investigation must be conducted into these allegations to determine the veracity of the claims and establish accountability. If the accusations are proven true, it will be a significant blow to the credibility of the NFIU and will necessitate swift action to restore public confidence in the agency.
Moreover, this incident highlights the urgent need for comprehensive reforms within Nigeria’s financial regulatory bodies. It is imperative to establish safeguards that ensure the independence and integrity of these institutions, mitigating the risk of undue influence or manipulation that could compromise their effectiveness.
The exposure of this alleged cover-up serves as a stark reminder of the pervasive corruption that continues to plague Nigeria. It demands a collective response from all stakeholders, including the government, civil society, and the international community, to join forces in tackling this deep-rooted issue. Only through concerted efforts and unwavering commitment can Nigeria strive toward a future built on transparency, accountability, and justice for all.
Potential Consequences
If Hamman Tukur Modibbo is found guilty of concealing the report and obstructing justice, the repercussions must be commensurate with the severity of the offense. Legal actions should be taken against Modibbo, ensuring that he faces appropriate consequences for his alleged actions. Furthermore, an internal review of the NFIU’s procedures and safeguards should be conducted to identify any systemic weaknesses that may have allowed such misconduct to occur.
It is crucial to emphasize that these allegations remain unproven, and due process should be followed to ascertain the truth. All parties involved should be allowed to present their cases and provide the necessary evidence. Only then can a fair judgment be reached, ensuring justice prevails and reinforcing public trust in Nigeria’s institutions.
To restore faith in Nigeria’s anti-graft bodies, the government must demonstrate a commitment to transparency, accountability, and the rule of law. A thorough investigation should be conducted by an independent body to shed light on the allegations against Modibbo and anyone else involved. Simultaneously, reforms should be implemented within the NFIU and other relevant agencies to strengthen their governance structures and prevent similar incidents from happening in the future.
The unveiling of documents indicating that the NFIU’s CEO, Hamman Tukur Modibbo, concealed an indicting report on Atiku Abubakar’s alleged money laundering activities has sent shockwaves through Nigeria’s financial and political spheres. The potential consequences of such an alleged cover-up are significant, necessitating immediate action to ensure accountability and public trust. It is critical that the Nigerian government takes this matter seriously, conducts a thorough investigation, and implements necessary reforms to protect the integrity and effectiveness of its financial regulatory agencies.