-Saharareporters, New York
Officials of the Economic and Financial Crimes Commission (EFCC) yesterday arrested a businessman connected with former President Obasanjo's elaborate import duty waiver scam. Sam Iwuajoku, owner of Unigate Investments and co-owner of Gibraltar-based Seaside View Management Limited, was picked up in Lagos.
The shadowy Iwuajuoku, who has little or no public profile, is a known associate of Emmanuel Andy Uba, Obasanjo's former senior assistant for domestic affairs. Our source said Iwuajuoku’s elaborate import duty waiver scams provide a good example of the way the former president abused the import waiver system by authorizing them for close allies and fronts—and without regard to any economic benefits for the
country.
So far, investigators have discovered Mr. Sam Iwuajoku received an import waiver from Obasanjo in 2003 under the pretext of engaging in construction work in the Niger Delta. Instead, Iwuajoku used the waiver to import iron rods and rice, raking in more than 100 billion naira in personal gains. In one instance, according to our source, he imported three shipments of rice and paid nothing in duties to the Federal Government.
As part of its investigations, the EFCC has obtained an order freezing an account at the Guaranty Trust Bank (GTB) Iwuajoku used for laundering money on behalf of his associates who worked under Obasanjo or were close to the former president.
alone in the spirit of the new administration'su003cbr />respect for the rule of law. He premised his letter onu003cbr />the ground that, since his client had approached theu003cbr />courts to ask for the protection of his rights, theu003cbr />EFCC should stay any action.u003cbr />Unimpressed by Agbakoba’s reasoning, operatives of theu003cbr />EFCC yesterday raided Mr. Iwuajoku's residence whereu003cbr />they reportedly found four high caliber weapons, twou003cbr />pump action AK-47 rifles and two pistols as well asu003cbr />many unused rounds of ammunitions. Only one of theu003cbr />guns had a license, but it had expired in 2006. Theu003cbr />EFCC arrested Mr. Iwuajoku.u003cbr />Our sources disclosed that Mr. Iwuajoku hasu003cbr />volunteered a lot of information, confessing tou003cbr />bribing senior customs officials as well asu003cbr />collaborating with powerful businessmen and politicalu003cbr />leaders in the import waiver scam.u003cbr />The regime of Umar Yar'adua recently canceled allu003cbr />previously issued import waivers to forestall further abuse.u003cbr />u003c/div>",1] ); //--> When anti-corruption officials first invited Mr. Iwuajoku last week, he ignored their invitation. Instead, he hired Olisa Agbakoba, the President of the Nigerian Bar Association, who approached a High Court in Lagos to obtain an order restraining the EFCC from arresting Mr. Iwuajoku. When the court refused to grant the order, Mr. Agbakoba, who is a Senior Advocate of Nigeria, then wrote to the EFCC onSeptember 17, 2007 to ask that his client be left alone in the spirit of the new administration's respect for the rule of law. He premised his letter on the ground that, since his client had approached the courts to ask for the protection of his rights, the EFCC should stay any action.
Unimpressed by Agbakoba’s reasoning, operatives of the EFCC yesterday raided Mr. Iwuajoku's residence where they reportedly found four high caliber weapons, two pump action AK-47 rifles and two pistols as well as many unused rounds of ammunitions. Only one of the guns had a license, but it had expired in 2006. The EFCC arrested Mr. Iwuajoku.
Our sources disclosed that Mr. Iwuajoku has volunteered a lot of information, confessing to bribing senior customs officials as well as collaborating with powerful businessmen and political leaders in the import waiver scam. He is expected to be charged to court as early as tomorrow in Lagos.
The regime of Umar Yar'adua recently canceled all previously issued import waivers to forestall further abuse.
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