PUNCH NEWS

An American assets recovery firm, Forensic Assets Investigation and Recovery Services LLC, has traced  $69bn  (about N28.3tn) to different Texas bank accounts accrued from illegal oil deals by the Nigerian National Petroleum Corporation.

The money was believed to have been siphoned from undeclared crude oil sales under the Goodluck Jonathan administration allegedly by the NNPC officials and their collaborators in the Central Bank of Nigeria.

Out of the stash, $9bn was traced to a Texas bank account allegedly belonging to a former National Security Adviser, General Andrew Azazi.

Azazi died in a helicopter crash in Okoroba, Nembe Local Government Area of Bayelsa State,  in December 2012, alongside the Governor of Kaduna State, Patrick Yakowa, Warrant Officer Kamal Mohammed; a prominent politician from Kaduna, Dauda Psokho; the pilot, identified as Commander Muritala  Daba; and co-pilot, Lt Col. Adeyemi Sowole.

The assets recovery firm in a confidential memo to the Special Presidential Investigation Panel said it could recover the money if engaged and its expenses and compensation paid.

The former SPIP Chairman, Okon Obono-Obla had yet to conclude the recovery process before the President, Major General Muhammadu Buhari (retd.), removed him from the panel and directed the Solicitor-General of the Federation and Permanent Secretary, Federal Ministry of Justice, Dayo Apata, to take over the affairs of the SPIP.

Findings by The PUNCH indicate that the American company, FAIR, is a specialist in anti-corruption asset recovery working independently to trace and help repatriate money stashed away in foreign bank accounts and loot converted to real estate, luxury items, yachts and the money markets.

The firm, founded by a lawyer, Gary Riebschlager, comprises investigators, forensic accountants, bankers, and cyber experts who utilise Mutual Legal Agreements and global Financial Intelligence Units, Camden Assets Recovery Inter-Agency Network, Global Focus Point Network in Asset Recovery (Interpol), and the Stolen Asset Recovery Initiative of the World Bank.

In a letter to the President on the matter dated March 18, 2019, the SPIP explained that the assets recovery firm had assured that the $9bn belonging to Azazi could be recovered within three to five months, if engaged and the necessary fee paid while its charges and compensation would be paid upon recovery.

However, two years after the SPIP notified the President about the loot, the Federal Government has not taken concrete steps to recover the money.

Our correspondent had reported that over 400 criminal and graft cases retrieved from the SPIP by the office of the Attorney-General and Minister of Justice had been abandoned.

The SPIP letter with reference number SPIP/SH/2019/VOL.1/1 titled, ‘American assets investigation and recovery company has traced a definite $9bn funds linked to late Gen. Azazi,’ was signed by the then chairman of the panel, Okoi Obono-Obla.

It read in part, “In January 2019, an American assets recovery company, Forensic Assets Investigation and Recovery Services LLC sent a confidential memo to us stating the discovery of a definite total amount of $9bn in the State of Texas linked to late General Azazi (former NSA), plus additional huge amount in excess of $60bn from multiple sources of illegal sales of crude oil from Nigeria into the entire United States of America.

“Mr President, the confidential memo to us prompted our agency to seriously engage the US company to determine the veracity of the information, which resulted in an official invitation to them that they may visit us to further discuss and agree on steps needed to recover and return the funds to the Nigerian government.”

“Follow-up information from the Americans indicate that the definite $9bn can be recovered and returned to Nigeria within 3 to 5 months, if engaged and expense fee is provided, while compensation and charges shall be paid upon recovery. They also informed us that the major funds were stolen via the NNPC and the Central Bank of Nigeria,” the letter to the President further stated.

Following the overwhelming evidence provided by the assets recovery company regarding the $9bn and their capacity to recover and return the fund,  the SPIP explained that it decided to engage with the American forensic experts on a face-to-face meeting scheduled for March 29, 2019.

The panel also attached a copy of the firm’s acceptance letter to its memo to the President and sought Buhari’s approval for the planned meeting with the American company.