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How Billionaires Navigate Financial Scrutiny in the US

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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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Ex-Oyo Governor, Victor Olunloyo, Dies at 90

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A former governor of Oyo State, Dr. Victor Olunloyo, is dead.

According to a statement by his family on Sunday, he died a few days before his 90th birthday.

The statement titled ‘Victor Olunloyo goes home’ was signed by Oladapo Ogunwusi on behalf of the family.

It read, “With a heavy heart but gratitude to the Almighty, we announce the passing into glory of Dr. Victor Omololu Olunloyo, former governor of Oyo State, mathematician and engineer and renowned technocrat, a few days before his 90th birthday.

“The Balogun of Oyo and Otun Bobasewa of Ife, Dr. Olunloyo was first Rector, Ibadan polytechnic and first Rector, Kwara State Polytechnic among other notable appointments.

“His long record of service to the nation and humanity is a source of pride to his family and associates even as we come to grip with this devastating event.

“The Olunloyo family will appreciate the understanding of the press and the public as they commence efforts to give him a befitting burial.

“Even from everlasting to everlasting, He is God.”

About a year ago in April 2024, the rumour of the death of the elder statesman was reported by some news platforms.

But speaking with The PUNCH correspondent who visited his Molete residence in Ibadan, the state capital, he debunked the rumour, saying he was hale and hearty.

“I’m still here, not yet gone,” he declared then.

He also expressed worry over the rumour and asked who would live forever, stressing, “Those breaking death news and the person presumed dead will all die one day.

“I’ve been lucky. My father died at 42, while my mother died at 102. I’m 89. I’ve crossed the expected life age.”

The elder statesman also illustrated how the rumour of his death hit several news platforms on June 7, 2022.

He noted that the rumour mongers claimed that he died at the University College Hospital, Ibadan.

A few days later, the family issued a statement, declaring that he was not dead but suffering from old age ailment and asked Nigerians to pray for him to survive the health complications.

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Umahi Apologises to Tinubu, Lagosians, Denies Knowledge of Bridge Closure

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The Minister of Works, Senator Dave Umahi on Thursday, said the closure of Independence Bridge in Lagos for urgent rehabilitation of the collapsed retaining wall was made without his knowledge or authorization.

Umahi said this while apologising to Lagos residents and President Bola Tinubu for the disruption caused by the sudden closure of the bridge on Wednesday.

Umahi who spoke when he toured the bridge in Lagos said: ” Unfortunately, when the bridge was to be closed, I was not informed. It is very unfortunate because for a bridge to be closed, especially in Lagos, as has been the tradition, I should be informed as the minister.

“We should also have studied the implication of it even in an emergency situation. We would have deployed emergency evaluation of the implication of closing the bridge.”

Umahi warned that controllers of works and engineers would face disciplinary action if such an incident would happen again.

“I use the opportunity to warn all controllers and engineers all over the country. Never you close a road or close any bridge without running through the permanent secretary, who will seek for permission from the honourable minister of works,” he said.

The minister acknowledged the efforts of Lagos State Government in managing traffic flow during the closure.

He also took responsibility for the error, saying: “I take responsibility for it, even though I did not order it, but every action by any staff of the ministry of works, I take responsibility for it.”

Umahi said that the closure, which caused significant traffic congestion, was avoidable.

He said: “If we were to do this properly, there would have been a different kind of method deployed and it wouldn’t have necessitated the total closure.”

According to him, even if closure was necessary, it would have been done in a way that it would take three days: Friday, Saturday, Sunday, and necessary remedial work would have been put in place.

“What we are doing now is to restore the bridge temporarily within the next three days. By Sunday, this place will be totally open.”

He added that a permanent solution would be implemented after a two-week assessment.

“Then, after two weeks, we will look at the settlements, and then we will take out three days to put the permanent structure. That is what we are going to do,” he said.

The minister emphasised the competence of the contractor handling the project, Build Well.

“Build Well is a reputable company, and they have been restoring a lot of failures on our bridges in Lagos, some of them 53 years old.

“Some bridges’ spans have been lifted, especially Eko Bridge, Marina Bridge, and even the Lagos-Ibadan Bridge. They are also intervening in all of them,” he added.

The minister also said that the design of the bridge would be varied to address the emergency situation.

He said: ” The design will be varied according to the emergency situation we have on ground, and the contractor is going to cooperate with us.”

He pledged to personally oversee the restoration efforts, saying, “I am not going until the bridge is fully restored by Sunday, we will work day and night to restore it, and then we will evaluate it.”

The bridge was initially closed on April 1 for essential maintenance and rehabilitation works, with the government planning to complete the repairs by May.

NAN

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Communal Clashes: Adeleke Threatens Royal Fathers with Dethronement

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Osun State Governor, Senator Ademola Adeleke, has threatened stern state action against traditional rulers of Ifon, Erin Osun and Ilobu communities if they fail to sustain current peace, and de-escalate the crisis in their communities.

The Governor issued the warning against the backdrop of online reports that some faceless groups across the conflict areas are planning another round of attacks.

“In the midst of sallah celebrations, I got reports of some people planning another round of conflict around Ifon, Ilobu and Erin Osun towns. The security agencies have tightened surveillance to ensure no attacks take place.

“The security agencies are also speeding up the interrogation of key chieftains and actors in the conflict. I will remind top leaders of the towns that the peace undertaking they are signing are not for joke. They will be held accountable. There will be accountability before the law.

“The curfew we relaxed was on humanitarian grounds. As a compassionate government, we know many innocent people are suffering because of the evil agenda of a few elements across the conflict areas. Any attempt to exploit the adjustment of the curfew for renewed violence will be met with full re-imposition of the 24-hour curfew.

“Additionally, I will remove from office, any traditional ruler where violence recurs. This card is on the table. Royal fathers of each town must call their subjects to order. I will wield the big stick. Enough is enough”, the Governor was quoted as saying in the statement.

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