The pioneer Director/CEO of the Nigeria Financial Intelligence Unit (NFIU), Hamman Tukur Modibbo buried a critical report from Malta’s Financial Intelligence Analysis Unit (FIAU) that allegedly indicted former Nigerian Vice President Atiku Abubakar and his associate, Gabriele Volpi, for money laundering, according to a QUEST TIMES investigation.
The revelation is one that is expected to send shockwaves through the Nigerian political landscape, and possibly hamper President Bola Tinubu’s aggressive drive for Foreign Direct Investment.
The President’s firm determination to change the narrative of the country, especially regarding foreign investment saw him deciding on a FDI trip as his first outside the country attending the Global Financing Pact summit currently in Paris.
The mess and embarrassment the NFIU’s boss questionable conduct is raising might throw spanners in the works for the new administration as well as raise concerns about the country’s financial institutions’ transparency, accountability, and integrity.
THE QUEST TIMES can confirm that, despite the Malta government informing the NFIU on June 4, 2019, Modibbo allegedly concealed the indicting report.
Sources say Modibbo, the CEO of NFIU, deliberately suppressed the report and prevented its dissemination to the appropriate authorities for further investigation. The reasons for Modibbo’s alleged actions are unknown, and speculations about potential political motivations have begun to surface.
Observers add that money laundering endangers the Nigerian economy and democratic processes. It enables corrupt politicians and criminals to legitimize illicit funds, undermining the rule of law and impeding economic development. It is more confounding that the same NFIU is expected to play a critical role in uncovering and prosecuting such financial crimes.
According to NFIU sources, burying such a report undermines Nigeria’s fight against corruption and perpetuates a culture of impunity among Politically Exposed Persons (PEPs). Former agency employees have also suggested that “an immediate investigation into the allegations against Modibbo is required because the integrity and reputation of the Unit is at stake in terms of fighting corruption.”
THE QUEST TIMES previously reported on how the Nigerian Code of Conduct Bureau (CCB) launched a thorough investigation into Modibbo’s alleged involvement in fraudulent financial schemes involving proxy, phony companies, and false (non)declaration of assets, including his attempts to conceal the Bureau’s indicting report through the use of his trusted PEPs.
According to NFIU sources, the Malta FIU report was subjected to a rigorous vetting process to ensure its accuracy and reliability. THE QUEST TIMES was told by one of the agency’s sources “This [Malta FIU] report was painstakingly compiled, drawing on extensive financial data, international cooperation, and thorough investigative work.” The findings were allegedly damning, providing a comprehensive account of Abubakar’s money laundering activities and revealing the complex network of individuals involved.”
According to another source, “By attempting to suppress the report, Modibbo’s actions is at best suspicious and questionable. It has the capacity to discredit the public confidence in the NFIU’s work.”