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How Billionaires Navigate Financial Scrutiny in the US
By Eric Elezuo
Many billionaires the world over, especially of Nigerian origin has cried out following one level of scrutiny they undergo in the hands of the authorities of the United States of America while they go about their legitimate businesses. These scrutinies sometimes are unwarranted, according to reports.
They noted that these investigations are mostly a consequence of businesses thriving and additional specks of success.
In the recent past, the United States authorities froze about $14.2 million in bank accounts linked to companies registered by the chairman of Air Peace Limited, Allen Onyema.
Onyema and his head of finance and administration, Ejiroghene Eghagha were supposedly indicted for alleged money laundering and bank fraud in the United States.
The men, however, strongly deny the allegations and said they looked forward to proving their innocence in court.
The charges were made public by the United States Department of Justice.
According to a full details of the Indictment charge as obtained by Premium Times, Onyema used several companies he set up in the U.S. to launder funds and commit bank fraud through issuance of counterfeit letters of credit.
Some of the companies’ bank accounts in the U.S. and Canada were frozen with their substantial balances as part of the investigation, court documents showed.
The documents showed that $4,017,852.51 was seized from JP Morgan Chase Bank account number ending in 5512 held in the name of Springfield Aviation Company, LLC.
Another $4,593,842.05 held in Bank of Montreal with account number ending 7523 in the name of Springfield Aviation Inc. was also seized.
American government also traced and seized $5,634,842.04 held in Bank of Montreal with account number ending in 515 in the name of Bluestream Aero Services, Inc.
American law enforcement authorities indicated in the charge document that efforts had commenced to secure final forfeitures of the funds.
In a statement afterwards, Onyema maintained that he was innocent, suggesting that the US authorities were chasing an offence where there’s none
He said: “As the press statement clearly stated, these are indictment that only contains charges.
“I am innocent of all charges and the US government will find no dirt on me because I have never conducted business with any illegalities.
“Be rest assured that I also have my lawyers on this and these mere allegations will be refuted. I never laundered money in my life, neither have I committed bank fraud anywhere in the world. Every Kobo I transferred to the US for aircraft purchase went through the Central Bank of Nigeria LC regime and all were used for the same purpose.
“The American companies that received the funds are still in business. I never took a penny from any US bank or Nigerian bank. I am willing to defend my innocence in the US courts.”
His defence made one wonder where the authorities in America, especially the Department of Justice, got their facts from. But the American Federal Bureau of Investigation has insisted that its Investigations are thorough, and reveals only the facts.
Another Nigerian, who has come under severe scrutiny by the American authorities, is the Founder, Tingo Group, Dozy Mmobuosi.
Tingo is an Agri-Fintech company reputed in the fields of Agriculture, real estate and education.
Insider source informed The Boss that as the company gained prominence, especially with the Founder’s expressed desire to purchase one of the premier league club sides, Sheffield United, scrutiny became the order of the day, with the Hunderberg first laying a claim, and then, more recently, the US authorities.
A report noted a certain “Damian Williams, the United States Attorney for the Southern District of New York, and James Smith, the Assistant Director in Charge of the New York Field Office of the Federal Bureau of Investigation (“FBI”), announced the unsealing of an Indictment charging ODOGWU BANYE MMOBUOSI, a/k/a “Dozy Mmobuosi,” with securities fraud, making false filings with the Securities and Exchange Commission (“SEC”), and conspiracy charges.
The announcement also accused the Tingo Founder of being at large.
According to the US Attorney, “Dozy Mmobuosi allegedly orchestrated a massive scheme to inflate Tingo Group’s financial statements and make it appear as though the cellular and agriculture companies he founded were profitable and cash rich companies when, in fact, they were not. With this Indictment, Mmobuosi’s alleged deceitful scheme comes to an end.”
Additionally, the FBI Assistant Director in Charge, said: “Mmobuosi’s alleged fraud is an unseemly display of greed and corruption of our financial markets. Securities schemes like this can be devastating for victim investors. That’s why the FBI is committed to bringing financial fraud to light and perpetrators like Mmobuosi to justice.”
The US however, observed that the charges contained in the Indictment are merely accusations, and the defendant is presumed innocent unless and until proven guilty.
As the introductory phrase signifies, “the entirety of the text of the Indictment and the description of the Indictment set forth herein constitute only allegations, and every fact described should be treated as an allegation.”
In his response, the 45 year old business man said, “They claim we had just $50 at a time, how have we sustained staff and projects? I will stand by what I have said before. I will cooperate with investigators, and we shall get to the root of this. We always knew that we needed to improve our internal controls and governance. And had started working on all of that since the merger started. Just to be very clear again, this merger is still not complete. And I hope this isn’t a conspiracy to take the business away from us or to stop the merger. I want to point out that those who heard Darren Mercer talk about the Tingo story bought into it and those who heard me speak passionately must have also loved the story. I have never gone on any road show to raise capital anywhere as people claim in false statements. I challenge anyone anywhere in the world who says that I Dozy Mmobuosi raised money for Tingo, let that person speak publicly with proof. I will address all allegations through the legal system across various jurisdictions.”
He further added, “Our works speak for us, speak with the All Farmers Association of Nigeria, and visit our offices. I also want to use this medium to let the world know that the food processing facility being built is not a Tingo project. It has been my ambition to build a food processing facility where foods from farms across Africa can be processed and value added. This project is being built on my family land and I am building with my resources, the banks I approached through my agents declined support, so I decided to build without support. You are invited to see how real it is.”
Mmobuosi insists on his innocence, concluding that he is now busy fighting back and writing a book that tells his side of the story. He also urged his supporters to keep fighting.
It is also worthy of note that late Nigerian business man, Harry Akande, better known as Chicago Boss, also faced investigations by the U.S authorities during his hay days. Akande died in 2020 at the age of 77.
However, more fact have emerged that investigations of billionaires by US authorities are not limited to Nigerians alone. It is on record that the likes of one time world’s richest man, Bill Gates, co-founder of Microsoft, was also investigated.
Also, Founder of Facebook, Mark Zuckerberg, who runs the conglomerate, Meta, was also a victim of US investigation.
According to a report by Reuters, Facebook confirmed that Zuckerberg was interviewed at a Federal Trade Commission (FTC) investigative hearing as part of the government’s antitrust probe into the social media company.
The social media stated thus: “We are committed to cooperating with the U.S. Federal Trade Commission’s inquiry and answering the questions the agency may have.”
The FTC told Facebook in June 2019 it was probing whether the company has engaged in unlawful monopolistic practices.
Facebook faced similar probes by the Justice Department and by state attorneys general and has said the investigations are looking at prior acquisitions and business practices involving “social networking or social media services, digital advertising, and/or mobile or online applications.”
While Nigerian billionaires are not aversed to every financial or security agency from carrying out their legitimate duties through scrutinizing the legitimacy of their businesses, they have insisted that due diligence is required before allegations are made. They also called on the government of Nigeria to be more protective of its citizens so that international embarrassment of Nigerians will brought to the barest minimum, and consequently eliminated.
From the accusations leveled against the likes of Onyema and Mmobuosi, most businesses and transactions are brought to abrupt halt, affecting families and livelihoods in the bargain.
However, the men have continued to navigate through the muddy waters of the scrutiny, promising to keep pushing until their innocence is established.
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Rivers Elders Prevail on Wike to Apologise to Odili
A group, the Concerned Elders of Rivers State, has asked Minister of the Federal Capital Territory (FCT), Nyesom Wike, to tender an unreserved apology to Dr. Peter Odili over his recent insult on the person of the former governor of the State.
The elders’ demand was conveyed through a statement signed by prominent leaders of the State, including former Governor Celestine Omehia, Prince Uche Secondus, former Deputy Governor, Tele Ikuru, former Deputy Speaker, House of Representatives, Hon. Austin Opara, Senator Ngoji Denton West, former Minister of Transport, Dr. Abiye Sekibo, and Senator Lee Maeba.
Other signatories included Dr Dam Sam Jaja, Alabo David Briggs, High Chief Dr Shedrack Akolokwu, Dr Reginald Okeya, Ambassador Oji Ngofa, Hon Emma Okah, Alabao Senator Adawari Pepple, Chief Ambrose Nwuzi, and Chief Emeh Glory Emeh.
The elders expressed disappointment over the abuses Wike poured on Odili, his family and his medical institution: PAMO University of Medical Sciences during an event at a Church in Ororgwe.
They noted that such behaviour is not only unbecoming but also stands in contrast with the time-honoured traditions of mutual respect, especially respect for elders and deference to wisdom and experience that Rivers State holds dear.
Odili said last week that Governor Siminalayi Fubara stopped Wike from turning Rivers State into his private estate. This statement infuriated Wike, who has been at loggerheads with Fubara over the control of the State’s political structure.
On Wike’s accusations that Odili “chickened out” of the presidential race, the concerned elders explained that Odili merely yielded to the directive of the then President Olusegun Obasanjo, who asked him to step down in the interest of the party.
They noted that what Wike’s statement meant was that, he (Wike) would disobey President Bola Tinubu if he was told to step down from any race the way Obasanjo directed Odili to do in 2006.
“Dr Peter Odili did not chicken out. In retrospect, we commend the loyalty of Dr Peter Odili who obeyed the call by the PDP to step down for the late President Musa Yar’Adua as the PDP presidential candidate in the 2007 presidential election to ensure North-South balancing.
“As a party man and team player, Dr Peter Odili courageously obeyed without pulling down the house or insulting other Nigerians even though it was certain he would have won the primaries. When Dr Peter Odili was also not chosen as the vice presidential candidate, he accepted his fate and rolled out the drums for his brother from the Niger Delta, Dr Goodluck Jonathan who emerged as the vice presidential candidate and later President of Nigeria without firing a bullet.
“It was the Niger Delta’s gain which Dr Odili represented at that time. This is the measure of a statesman and team player that is alien to Nyesom Wike. Therefore, it was not all about Dr Odili but about the directive of his Party for the stability of the nation,” they elders noted.
According to the elders, Wike’s behaviour is an affront to the values of respect and unity that have long characterised the State.
They emphasised that as a former governor and national statesman, Wike should act as a role model, especially when it comes to respecting elders and maintaining decorum in public discourse.
The statement read: “We stand against the unfortunate remarks made by Chief Nyesom Wike, and his continuous disrespect towards dignified individuals, including former governors, traditional rulers, and clergymen.
“Such behaviour is unbecoming of someone who has held high public office. It must be noted that as an elder and founder of the 1998 Restoration Team which groomed almost all the current politicians in Rivers State, Dr Peter Odili has the right as a political father to call anyone of his erring political children including Nyesom Wike to order.
“Aside from being a governor for eight years, Odili is an accomplished medical practitioner with a thriving medical practice even before he became governor. Today, he is the Founder of the first private Medical University in Nigeria. Such a man does not need any “resurrection like Lazarus” by anybody.
“At 76 years of age and having left office over seventeen years ago as Governor of Rivers State, Dr. Peter Odili with a high spirit of self-contentment, does not need any patronage from anyone given his accomplishments as a family man, successful professional, great politician and a distinguished national statesman.
“Elders are custodians of our heritage, wisdom and values, and any affront to their dignity is an injury to the entire community. This is why we stand tall against the unfortunate remarks of Nyesom Wike and his penchant to throw caution and decency to the wind by insulting dignified persons and institutions including respected traditional rulers and clergymen whenever he pleases.
“Otherwise, how would anyone justify the current disrespect to the Odilis or would we forget so soon how he denigrated Sir Celestine Omehia, a former Governor of Rivers; some or the other leaders including Prince Uche Secondus or the King of Eberi Omuma Barr Onyekachi Amaonwu JP?
“As elders, we do not want to condescend to the low level of Nyesom Wike. As a person who holds a high public office, he is expected to be a peacemaker and role model who is supposed to be a leader by virtue of his status as a former Governor, holder of the national honour of the Commander of the Order of The Niger, Life Bencher and a serving Minister of the Federal Republic of Nigeria. We are deeply surprised that all these elevations mean nothing to him and that is why it is important.”
The elders further outlined the events leading to the tension between Wike and Dr. Odili.
According to them, the face off began when Odili advised Wike against an alleged plot to impeach Fubara.
They added that Wike’s refusal to heed the counsel and his continued attempts to destabilise the government reportedly led Odili to support the current administration in the interest of the State.
The statement also addressed specific allegations made by Wike against Odili and his family, rejecting them as baseless. The elders clarified that Odili, a respected medical professional and statesman, has no need for “resurrection” or patronage, as claimed by Wike.
On the issue of Wike’s claim that he built a house for Odili, the elders set the record straight, stressing that the house was a legal entitlement for former governors and not a personal favour from Wike.
They also addressed other points raised by Wike, including the appointment of Justice Mary Odili as the Pro-Chancellor of Rivers State University, stating that it was a well-deserved position for a distinguished legal expert.
Moreover, the statement defended the appointment of Dr. Adaeze Oreh, Odili’s daughter as the Commissioner for Health in the State, highlighting her impressive qualifications and accomplishments in public health.
The elders condemned Wike’s attempt to discredit her appointment, stating that his criticism was politically motivated and baseless.
In conclusion, the concerned elders called on Wike to tender a public apology to Odili, his family, and the people of Rivers State for the embarrassment caused by his tirade.
The statement concluded with a demand for Wike to show respect for the state’s elders, emphasising that such behaviour is detrimental to the peace and unity of the State.
“We expect Chief Nyesom Wike to apologise for the disrespect and insults he has directed towards Dr. Peter Odili and his family, as well as to the people of Rivers State,” the statement added.
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Olukoyede Issues Stern Warning to Bribe-Taking EFCC Operatives
The Chairman, Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has admitted that some of the commission’s investigators are in the habit of demanding bribes from crime suspects, thus eroding the integrity of the agency.
Olukoyode warned the erring anti-graft agency’s investigators that they would be dealt with if they failed to retrace their steps with the policy’s guidelines, which are erected on responsibility, accountability, and transparency.
The EFCC issued the warning during his New Year address at the Headquarters in Abuja.
President Bola Tinubu appointed Olukoyede as the EFCC helmsman in October 2023, following the suspension of Abdulrasheed Bawa in July, over infractions while in office.
He told the agency staff that the public views about their operations are not friendly, saying, “At this point, I need to strongly reiterate the issue of discipline, integrity and sense of responsibility in the way we do our work. Public opinions about the conduct of some of our investigators are adverse. The craze and quest for gratification, bribes and other compromises by some of our investigators are becoming too embarrassing and this must not continue.
“Let me sound a note of warning in this regard. I will not hesitate to wield the big stick against any form of infraction by any staff of the Commission. The Department of Internal Affairs has been directed to be more ardent in its work and monitor every staff in all their engagements. The image of the Commission is too important to be placed on the line by any corrupt officer.”
Earlier in his address, the anti-graft agency’s boss urged the staff to be up and doing, as he added that the development of the country depends on the competence of the Commission in dealing with corruption.
Olukoyede said: “As you would recall, our new policy drive is premised on a three-pronged agenda and blueprint. The first plank of the agenda is properly focusing on the mandate of the EFCC. All over the world, the major objective of the war against corruption and financial crimes is to drive economic development and create wealth and job opportunities for the populace. We need to come to these realities and operate by them. Our nation is in dire straits. We need to continue to do everything possible to stimulate the revenue profile of Nigeria.
“There is no agency of government as crucial to the nation’s quest for growth and development as the EFCC. We have all it takes to bring up the profile and developmental index of our nation. I urge all of you to be steadfast and committed to this clarion.”
He urged the staff to adhere to the rule of law, and strife to promote the image of the agency and protect the reputation of the country, in order to attract foreign investors, with the direct aim of boosting the economy of Nigeria.
“The second plank of our policy direction is putting modalities in place for running the administration and governance of the nation at various levels in a most responsible, accountable and transparent manner as well as building and promoting the international image and reputation of Nigeria in the eye of the world as a country that is worthy of attracting foreign direct investments. To achieve all these, preventive mechanisms against corruption, adherence to the rule of law and engagement of diverse publics in the nation in the fight, are imperative,” he stated.
“I equally talk about the overarching need for a transactional credit system as a potent means of keeping corruption at bay. We need to encourage this and motivate Nigerians in this area. I want to particularly harp on the preventive modality which is the centerpiece of our new engagement. We are already building strength in this area through the restructuring of the layers of the Commission. I want every staff to be in tune with the new arrangement.”
Speaking about the arrest and bail guidelines, the EFCC boss said, “Let me also talk about the review of the arrest and bail guidelines which I expect everyone to be familiar with by now. The review is informed by the need for us to conform with international best practices in law enforcement.
“We are a civilised anti-graft agency. Arrest and bail would henceforth be done in line with the rule of law. Our investigators should particularly take note of this. It is important for us to understand the dynamics of the world in the area of law enforcement. Change is the most permanent fact of life. We should not be seen to be resisting changes in our work.
“We are mindful of the increasing need for the welfare of staff and steps are being taken in this regard. I may not talk about specifics. However, the new year promises to bring smiles on the faces of staff across all the Commands. We will continue to do our best to put all of you at your best. However, to whom much is given, much is expected.
“Lastly, I have always said that we are all privileged to be staff of the EFCC. There is this Latin phrase that says, noblesse oblige, meaning, nobility demands responsibility. This is the crux of the matter. We should dignify the privilege of being EFCC staff with proportionate responsibility. It is both a duty and an obligation. I wish you all the best in the New Year.”
The Legal Attache of the United States’ Federal Bureau of Investigation (FBI), Jack Smith, hailed the appointment of Olukoyede as the EFCC boss, when he paid him a courtesy visit, in November last year, praising him that “the rebranding and other positive initiatives are good.”
EFCC is currently investigating the alleged N37.1 billion fraud under the former Minister of Humanitarian Affairs, Disaster Management and Social Development, Saddiya Umar Faruq.
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Gov Adeleke Presents Staff of Office to Oba Haastrup, New Owa Obokun of Ijeshaland
Osun State Governor, Senator Ademola Adeleke has on Sunday presented Staff of Office to the new Owa Obokun of Ijeshaland, Oba Clement Adesuyi Haastrup.
While presenting the Staff of Office in Ilesa, the Governor admonished the new Deputy Chairman of Osun State Council of Obas that the time of competition is over and he should assume the position of father of all.
He thereafter rolled up his achievement in Ijeshaland in the last two years of his administration while calling for further support from all and sundry for his administration.
“It is with a sense of immense pride and responsibility that I stand before the good people of Ijeshaland this afternoon. In this great hall and in this historic city, we are set for the presentation of the staff of office and instrument of appointment to the new Owa Obokun of Ijeshaland, Oba Clement Adesuyi Haastrup.
“I congratulate all distinguished sons and daughters of Ijeshaland both at home and abroad who are witnessing this historic moment.
“Such an event took place over forty years ago when our revered departed father, Oba Gabriel Adekunle Aromolaran was presented his instrument of appointment and staff of office. His reign was long, eventful, peaceful and full of massive developments in Ijeshaland.
“I pray the same for our new Owa, Ade a pe lori, Bata a pe lese. E o pe lori ite awon baba yin.
“Kabiyesi, now that the time of competition is over and you have become the father of all, I urge you to rally round all citizens of Ijeshaland for the development of the area and the State at large.
“I urge you to deploy your wealth of experience garnered over the years and your contacts within and outside the country for the development of Ijeshaland. There is much work to be done and the Government alone cannot be saddled with the responsibility. It calls for the concerted efforts of all and sundry.
“I want to seize this opportunity to call on all Ijesha sons and daughters to continue the development of the fatherland. Our administration is intensifying developmental efforts across the state including Ijeshaland. We need your continued cooperation and collaboration to further speed up the growth process.
“In the last two years of my administration, we have made tremendous impact in the massive infrastructural development of the State, Ijeshaland inclusive. For the first time in the history of Ilesa, my administration is constructing a dual carriageway in the ancient town. This is in addition to several other infrastructural developments in Ilesa and Ijeshaland in general.
“I therefore urge all and sundry to continue to support this administration as we take developments to every corner of the state. I promise not to relent on our efforts to transform our dear State. We have been doing this and we will continue to do more in the new year”, the Governor noted.
Responding, the new Owa Obokun of Ijesaland, Oba Clement Adesuyi Hastrup accepted to serve as the 41st Owa Obokun Adimula and the paramount ruler of Ijeshaland, while promising to rule with wisdom, justice, divine guidance and compassion.
“I accept this noble position of Owa Obokun of Ijeshaland with gratitude and reverence, knowing that it is not by might, but divine arrangement. I am humbled, privileged and honoured by the trust you have collectively placed in me.
“I make a solemn promise to rule with wisdom, justice, divine guidance and compassion. I vow to protect our land, to defend our traditions and values, and to promote peace, prosperity, and happiness for all. I shall leverage on my healthy interpersonal relationships, wide social networks and global business interests cultivated over the years to bring enviable development to Ijeshaland.
“I recognize that the progress of our land is built on the strength, harmony and empowerment of our people. I pledge to listen to your voices, to hear your concerns, and by the grace of Almighty God, work tirelessly to address them”, Oba Haastrup pledged.
Meanwhile, the new Owa Obokun has appointed industrialist, Lateef Bakare as the new Ajiroba of Ijeshaland while Deputy Inspector General of Police, Taiwo Lakanu (Rtd.) was appointed the new Gbobaniyi of Ijeshaland.
The new monarch made the announcements at his installation and presentation of staff of office.
Lateef Bakare is an alumnus of Yaba College of Technology and Brookes University, United Kingdom. He is a member of Chartered Association of Certified Accountants (ACCA) UK and a member of Institute of Chartered Accountants of Nigeria (ICAN), member Associate of the Chartered Institute of Taxation of Nigeria
Top royal fathers and dignitaries at the event were Ooni of Ife, Oba Enitan Adeyeye Ogunwusi, Ojaja II; Oluwo of Iwoland, Oba Abdulrasheed Adewale Akanbi, Telu I; the Ataoja of Osogbo, Oba Jimoh Oyetunji; The Orangun of Ila, Oba Abdulwahab Oyedotun; Hon. Sunday Busy, Osun PDP Chairman; members of the state executive council and other illustrious sons and daughters of Ijesaland and other well meaning Nigerians.
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