An investigation by The Quest Times has revealed how the Chief Executive Officer (CEO) of the Nigerian Financial Intelligence Unit (NFIU), Hamman Tukur Modibbo, allegedly covered up an indicting report showing the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar's involvement in alleged money laundering activities.
It was reported that new documents obtained during the investigation showed that Modibbo purportedly suppressed an internal report that reportedly provided evidence linking Atiku - a former Vice President of Nigeria, to illicit financial activities.
The report contained detailed information regarding suspicious transactions and possible money laundering involving Atiku’s financial dealings.
Sources within the agency were said to have confirmed that an extensive report detailing the money laundering activities of Atiku had been prepared within the NFIU.
It was reported that on June 4, 2019, the Maltese government, through its Financial Intelligence Analysis Unit (FIAU), sent a 6-page Spontaneous Intelligence Report (SIR) to the NFIU, along with counterpart agencies in Italy, British Virgin Islands and Switzerland, indicting Atiku and his Italian-born Nigerian business associate, Gabriele Volpi, who works in the Nigerian oil industry.
The FIAU investigation showed that Mr. Volpi owns 67.74% of Orleans Invest Holding Ltd, while Atiku owns 17.2% and The Versailles Trust owns the remaining 15%.
Orleans Invest Holding is a company registered in the British Virgin Islands in 2004 under registration number 631238. Orleans was established in Malta in 2012 (RC: C58298), which is a major concessionaire in Nigeria’s oil industry and a key partner in Atiku’s Intels Nigeria Limited.
The FIAU report noted that Mr. Volpi was involved in “self-laundering, fictitious asset heading in Italy, tax evasion, and undeclared cash trafficking at Swiss customs.”
He was also accused of “sending USD 27,000,000 to the USA through” shell companies LetsGo Ltd and Sigma Holdings Ltd. He is allegedly being pursued by several governments, including Italy’s, alongside Gianpiero Fiorani, an Italian banker and manager who was involved in the Italian banking scandal known as “Bancopoli” in 2005.
Mr Volpi, according to FIAU’s investigations is “the second shareholder of the Italian bank Banca Carige and the partner of companies named Eataly and Moncier.”
The FIAU also discovered that the Maltese fund administrator, Orleans Invest Holdings Ltd, was instructed “not to submit the audited aggregated financial statement … to the Maltese Registry of Companies because the name Orleans Invest Holding Ltd would be disclosed as required under the International Financial Reporting Standards.”
The agency suspected that this troubling development was related to Atiku and Volpi’s alleged involvement in large-scale money laundering operations and violations of the Foreign Corrupt Practices Act.
This is because the FIAU found that Atiku was allegedly involved in authorizing the “withdrawal of USD 78,000,000 from the Bilateral Air Service Agreement’s bank account” in 2008.
However, Modibbo has been accused of breach of trust as he took no action on the SIR where Atiku was indicted, for an unknown reason.
NFIU Associate Director (Directorate of Intelligence, Investigations Support, and CTR Analysis), Mustapha Abdul-Rahaman, reportedly wrote to the Economic and Financial Crimes Commission (EFCC) and the former Inspector-General of Police on July 22, 2020, informing them of the Maltan government report on Atiku and Volpi and the actions both had taken in response to the report after more than a year had passed with no action on the SIR.
But Abdul-Rahaman’s appointment was terminated shortly after he sent the letter to the anti-graft agency and the police boss. Also terminated was the appointment of the Associate Director (Compliance & Analysis), Ms. Fehintola Salisu, who was also a whistleblower.
An NFIU source was quoted as saying, “Modibbo had no right to issue anyone in the agency a query. Neither the Director of Services nor HR [Human Resources Department] was aware of the inquiry. This man believes he is the CEO of Modibbo and Sons Ltd in the NFIU.”
“Imagine him querying legacy staff at NFIU because they sent request letters in their line of duty when he was equally guilty of sending query letters without the input of the Director of Services or HR?” the former NFIU worker asked angrily.
“He supports Atiku for president because they are both from the same state [Adamawa]. They are both Fulani. He thought Atiku would win the 2023 [presidential] election; that’s why he prevented any investigation that will expose him.”
Modibbo allegedly directed NFIU’s Head of Administration, Ephraim Ekeji, to send a memo via email titled COMPULSORY COPY OF OUTGOING LETTERS AND INTERNAL MEMOS TO DIRECTOR/CEO.
But when contacted, Ekeji reportedly declined to comment, saying, “I can’t answer random questions from the media.”
A source also said: “Modibbo has a few guys in the agency he trusts, and Ekeji is one of them. Without hesitation, Ekeji will follow Modibbo’s instructions.
“This is why he was appointed Head of Administration. He is carrying out the duties assigned to him. Only the Director of Services should have written such a memo, not Ekeji. All of these shenanigans are done solely to protect his paymaster’s interests.”
Modibbo allegedly chose to bury the report, preventing its exposure to the public eye, while an insider familiar with the matter reportedly claimed that the report underwent a rigorous vetting process to ensure its accuracy and reliability, adding that it was meticulously compiled, drawing upon extensive financial data, international cooperation, and thorough investigative work.
The findings were purportedly damning, providing a comprehensive account of Abubakar’s alleged money laundering activities and revealing the complex network of individuals involved.