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How Billionaires Navigate Financial Scrutiny in the US

Published

4 months ago

January 14, 2024

Eric

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.

Featured

Sunil Taldar Named Airtel Africa CEO to Retire As Ogunsanya Retires

Published

6 hours ago

May 3, 2024

Eric

Airtel Africa Plc has named Sunil Taldar as the next Managing Director/CEO, disclosing the retirement of incumbent Chief Executive Officer, Olusegun “Segun” Ogunsanya, who is due to retire effective July 1, 2024.

Ogunsanya, who joined Airtel in 2012 and led the Nigeria Operations for nine years before becoming Group CEO in 2021, played a pivotal role in maintaining double-digit revenue growth and introducing innovative products across the African continent.

Building on his achievements as CEO, including the launch of the company’s first Sustainability Strategy, Ogunsanya will assume the role of the inaugural Chair of the Airtel Africa Charitable Foundation. The foundation, a separate legal entity independent of the Airtel Africa Group, will focus on digital inclusion, financial inclusion, access to education, and environmental protection.

Upon his retirement, Ogunsanya will provide advisory support to the Chairman, the Airtel Africa Board, and the CEO for a 12-month period. Simultaneously, Airtel Africa announced the appointment of Sunil Taldar as the Managing Director and Chief Executive Officer to succeed Ogunsanya. Taldar, who joined Airtel Africa in October 2023 as Director – Transformation, will begin the transition to the CEO role alongside Ogunsanya. Following a transition period, Taldar will be appointed to the Board as an Executive Director and assume the role of CEO on July 1, 2024. At that time, Ogunsanya will step down from the Board and retire from the Company.

“On behalf of the Board, I would like to thank Segun Ogansanya for his commitment and significant contribution to Airtel Africa plc as Chief Executive and before that as Managing Director and CEO of Nigeria, our largest market in Africa.

“I am pleased Segun has agreed, following his retirement, to assume the new role as Chair of the Airtel Africa Charitable Foundation, where he will bring his visionary leadership to this new philanthropic initiative to advance development and prosperity across Africa. Segun will retire from the Board with our very best wishes and sincere appreciation for everything he has achieved.

“The Board is delighted to appoint Sunil Taldar as the Group’s next Chief Executive Officer. His industry experience, strategic vision, constant customer focus and proven record of delivery will enable him to deliver our strategic objectives and to lead the Group in the next stages of its development.
In respect of the transition period, Segun continues to lead the business very effectively as seen in our financial results. Given that Sunil Taldar has already joined the Group, we are confident that we will have an orderly leadership transition and handover of responsibilities.

Sunil Bharti Mittal, Chairman, Airtel Africa plc

It has been a privilege to spend over 12 years of my career at Airtel Africa and I am proud of what we have delivered for customers across Africa.

We continue to transform lives. Now is the right time for me to handover to a new leader who can build on Airtel Africa’s strengths and deliver on the significant opportunities ahead as I pursue my renewed interest in the empowerment of Africans through digital and financial inclusion in a different capacity beyond the boundaries of for-profit organizations. This has been my ambition after a successful career spanning over 35 years in Banking, FMCG and Telecommunications”.

Featured

Midoil, Ikosi/Ejinrin Host Communities Set up Forum, Hold Inaugural Meeting

Published

7 hours ago

May 3, 2024

Eric

By Eric Elezuo

In a bid to actualise the setting up of a refinery to further enhance the production and distribution of petroleum in the country, and also facilitate the building of more affordable houses to bridge accommodation gap, Midoil Refining and Petrochemicals Company Limited, and its sister company, Serenecity, has inaugurated a forum with its host communities of Ejinrin, Sekungba, Arogbo, Ererufu, Mogo-Olowu, Lumodan, Ododugba, Agiden, and Jagirin.

The stakeholders, including Midoil and representatives of the host communities have since held their inaugural meeting at the Ererufu Community Townhall in Ikosi/Ejinrin Local Council Development Area, Lagos State, where matters of cordiality were raised and discussed.

Speaking to The Boss, the Executive Chairman of Midoil, Mrs. Elizabeth Omolara Akintonde (JP), said “The Forum was set up to promote cordial relationship between the management of Midoil Refining and Petrochemicals Company Limited and its host communities of Ejinrin, Sekungba, Arogbo, Ererufu, Mogo-Olowu, Lumodan, Ododugba, Agiden, and Jagirin.”

Addressing the communities, and other invited guests present, according to a statement by the Media and PR Consultant of Midoil, Mr. Gbenga Onayiga, and made available to The Boss, Chief (Mrs.) Akintonde noted that the Forum would provide a veritable platform for unfettered interaction with representatives of the communities and the company henceforth.

“This day, April 18, 2024, is quite remarkable for all of us as we hold our inaugural meeting to solidify our cordial relationship towards a common objective. This Forum will enable all concerned to deliberate on matters that will bring further developmental ideas and job creation to you, our Host Communities, Ikosi/Ejirin LCDA and Lagos State at large,” she said.

She reiterated the need for inclusivity in the planning and execution of the multi-billion Dollar project which would change the landscape of the area while appealing for the cooperation of all stakeholders.

According to Chief (Mrs.) Akintonde, “the Midoil 3 in 1 investments pursuant of its human capital development would provide massive employment and reduce poverty in Ikosi/Ejirin LCDA and Lagos State.

“In this light, we have directed contractors handling the Refinery and the Serenecity Construction Projects to patronize indigenes (in particular the women folks of the host communities) in the supply of basic building materials.”

The Midoil Chairman also promised to secure slots for youths from the host communities to pursue relevant technical courses at higher institutions of learning in Lagos State, to prepare them for absorption by the company when the Refinery commences production.

Introducing the contractors for the projects, Chief (Mrs.) Akintonde urged the community leaders to be good hosts to ensure a seamless and speedy execution of the landmark project.

The event also featured the inspection and familiarisation tour of the refinery location at Sekungba/Ejirin, with one of the stakeholders, UNILAG Consult, accompanied by security agencies and contractors that will be handling the fencing of the 364 hectares of land.

In attendance were Representatives of the major host communities led by their traditional rulers, including the Baale of Sekungba, Chief Solomon Omotayo; Baale of Arogbo, Chief Adesanya Oyenubi and Baale of Ererufu, Elder Gabriel Lawal.

The CEO of Gidi Real Estate Investment Limited, Mr Tobi Akerele, whose company is amongst the new investors in the Midoil 3 in 1 Investment Opportunities, other investors and stakeholders was also in attendance.

The company’s newly appointed Architect, CORNELIAN MELIRATE LIMITED led by its Senior Partner, Ms Jane O. Udoukpo, Midoil Legal Adviser, Harris-Isa, Omoloju & Co as well as the Legal Adviser of Ererufu, Arogbo and Sekungba communities, Barr T.A. Ogunlana were also present.

Others include friends of the company, Mrs Kofoworola Olowolagba and the Midoil Toastmaster, Mr Bennet Ogbeiwi.

Responding to the Chairman’s address, the communities’ youth leaders expressed confidence in the Midoil projects and the Board of Directors.

They pledged to give their utmost support to all consultants, contractors as well as keep the company in prayers at all times.

It would be recalled that on March 1, 2024, Midoil concluded the first phase of groundbreaking, involving Midoil Serenecity: A City Within a City.

Consequently, the 2nd Phase of Midoil 3 in 1 Investment, the Modular Refinery Ground Breaking & Foundation Laying ceremony for the fencing and Entrance Access of the Refinery Land will take place on July 12, 2024 at Ejinrin/Sekungba, Lagos State.

The purpose, according to Chief (Mrs.) Akintonde, is to stop the incessant sale and encroachment of the land by unscrupulous “Omo Onile.”

Incorporated in April, 2012, Midoil Refining and Petrochemicals Company Limited is poised to distinguish itself as a leading and reputable refining and petrochemicals company with the capacity of refining 100,000 barrels per day.

Featured

Adenuga: 71 Years of Unrivalled Philanthropy and Endless Empowerments

Published

24 hours ago

May 2, 2024

Eric

By Gabriel Oguntola

One of Africa’s richest men and Chairman of Nigeria’s telecommunications Company, Globacom Dr. Michael Adenuga Jr is 71 years old. Happy Birthday to the great philanthropist and entrepreneur par excellence.

The quiet billionaire learnt early from the famous saying of Walt Disney who posited that”The way to get started is to quit talking and begin doing”.

Adenuga from onset has always been reticent. He does his things quietly and runs his businesses without seeking attention. He transitioned from running family business, after schooling in the United States to starting his businesses and moving into the top league in Nigeria without noise.

He became a billionaire in his thirties to the consternation and surprise of Nigerians. Such is the style of the man that has come to be known for his smartness and ingenuity. He is always one step ahead, hence his success across all sectors of the economy.

Today, he plays in all the vital sectors of the nation’s economy. From Banking to Telecoms, Oil and Gas as well others that are not known to the public. He employed thousands of Nigerians, and he empowers many others through endless philanthropy.

We cannot count the number of Nigerians that has benefitted from Adenuga’s generosity. They are always done quietly, and most times beneficiaries are warned not talk about it.

Few years ago, he donated 500million to Baylesa State after the state was ravaged by flood, he donated N1.5 billion during Covid pandemic to Federal Government, 1 million dollars was also donated to Super Eagles after winning nations Cup in south Africa to mention a few.

By the age of 50, he founded Globacom while his other companies were founded between early thirties and 40. He became a billionaire at 35 and by his 51st birthday Dr. Adenuga was already sitting atop what is generally regarded as one of the continent’s largest business empires.

In each of these sectors, Dr. Adenuga has moulded his companies into major players. In the oil and gas sector, for instance, Conoil Producing, the upstream arm of the conglomerate, made history by becoming the first Nigerian company to strike oil and produce it in commercial quantity. Same was the case when he had two banks, Equatorial Trust Bank and Devcom Merchant Bank that were among top ones in the country.

In telecoms, Globacom remains the most innovative network in Nigeria, with many firsts since it rolled out services in 2003. His investment in real estate is said to be worth over billions of dollars. These companies provide direct employment to thousands of Nigerians and other nationalities.

His contribution to the business across the world and endless philanthropy has been recognized in different countries including Nigeria, where he holds the highest civilian honour of Grand Commander of the Order of the Niger (GCON) and in Ghana, he was awarded the highest civilian honour of Companion of the Star of Ghana (CSG).

French President, Emmanuel Macron also honoured him with the highest National honour of France, ‘Chavalier de la Legion d Honnuer”. Macron commended Adenuga for his promotion of the French culture in Nigeria where he single-handledly rebuilt the Allance Francaise, Lagos located at the Mike Adenuga Centre Ikoyi.

City People magazine, Nigeria’s King of soft –sell in 2022 captured Dr Adenuga lifestyle thus:

He works round the clock. He is always thinking of the next possible business deal. He is always looking for the next deal to close. He was one of the businessmen who saw the role Data was going to play in our lives and went for a Telecoms license earlier. Today, the rest is history. He is now the Grandmaster of Data.

Mike Adenuga is one of the Bigger Boys in the world of business. He knows the Game. He plays the game. He is adept at it. He knows the principle of winning. He has set his own rules. He has his own winning formula, which has worked for him over the last 40 years. Though he is from Ijebu Igbo, he was born and bred in Ibadan. He will always tell all who cares to listen that he is an Ibadan Boy. He is a product of Ibadan Grammar School. He has a breathtaking house in Ibadan. That is where he often stays when he needs to relax or unwind. Many often wonder whether he relaxes or not. Yes. He does.

City People can authoritatively reveal that though Mike Adenuga is a great Philanthropist and one of the biggest spenders when it comes to helping other people, he does not like the recipients of his largesse to tell the world whatever kind of help he has rendered. Once he touches your life, you are made forever. But the Golden rule for you to keep getting more support from him is for you to keep mum”.

Former President Buhari, few years ago while speaking about Dr. Adenuga on his Birthday said, “Apart from creating jobs through entrepreneurship, Adenuga’s contribution to the development of sports and the entertainment industry had remained remarkable. These sectors of the economy had continued to provide lifelines for many, and inspiring ingenuity and creativity. His exploration and encouragement of youth entrepreneurship in the country would always be remembered, while his penchant for helping the less privileged through scholarships and healthcare financing deserves more commendations”.

Happy 71st Birthday to Dr. Adenuga.