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Nigerian anti-graft agency recovers $153 million from former petroleum minister

An additional 80 homes valued at $80 million have been recovered from ex-Minister Diezani Allison-Madueke.

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Former Nigerian Petroleum Minister Diezani Allison-Madueke.

The Nigerian anti-graft agency has recovered $153 million from former Petroleum Minister Diezani Allison-Madueke. According to Economic and Financial Crimes Commission (EFCC) Chairman Abdulrasheed Bawa, an additional 80 homes valued at $80 million have been recovered from the ex-minister, who served under former President Goodluck Jonathan, Channels TV reported.

Bawa, who gave details surrounding the recovery of the assets, said Allison-Madueke is the subject of several criminal cases. One includes a $115-million INEC bribery case that is still under investigation. He added that the EFCC hopes to bring Allison-Madueke from the United Kingdom to Nigeria to review the matters on the ground.

Earlier, the EFCC accused the former minister of fleeing the country to evade allegations of bribery and money laundering. Allison-Madueke has been in the United Kingdom since her exit from public office, where she is allegedly undergoing medical treatment. Allison-Madueke ran the Petroleum Ministry, which coordinates the activities of the Nigerian National Petroleum Corporation, from 2010 to 2015.

Since her exit from office in 2015, luxurious properties and assets said to have been purchased and acquired by her have been forfeited on grounds that they were accrued illegally with public funds.

An EFCC investigation in 2017 revealed that $487.5 million had been traced to the former minister. The commission reported that less than 6 percent of the illegal funds have been forfeited.


In 2019, the Federal High Court in Ikoyi, Lagos, ordered the permanent forfeiture of $40 million worth of jewelry and customized gold iPhones belonging to Allison-Madueke, as they were reasonably suspected to have been acquired with looted funds.

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Nigerian billionaire Abdul Samad Rabiu unveils $23.8-million security support fund

It is the single largest donation to a philanthropic cause made by a Nigerian businessman.

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Abdul Samad Rabiu. ©Billionaires.Africa

Nigerian billionaire businessman Abdul Samad Rabiu has announced the creation of the N10-billion ($23.8 million) Nigeria Security Support Fund through his philanthropic organization, the Abdul Samad Rabiu Africa Initiative (ASR Africa). He unveiled the project during a meeting with Nigerian President Muhammadu Buhari at the Aso Rock presidential residence in Abuja.

Rabiu launched the initiative to provide security equipment and medical and other supplies to the families of soldiers fighting terrorists in Nigeria’s northeast, and to strengthen local infrastructure.

The contribution marks the single largest donation to a philanthropic cause made by a Nigerian businessman, and follows the $3-million development initiative that Rabiu launched in Niger three weeks ago through ASR Africa. Last week, Rabiu received the Commander of the Order of Merit of Niger Award in recognition of his contributions to the country of Niger and its people.

Rabiu also praised Buhari for creating an enabling environment for businesses to thrive. He cited policies implemented by his administration, which, he said, aided the growth of his manufacturing conglomerate, BUA Group, which is one of the continent’s fastest-growing commercial groups.

He also promised to support the administration’s efforts in industrial development and security.

Rabiu established ASR Africa in April 2021 to promote long-term, impact-driven solutions to developmental issues affecting health, educational, and social development across Africa.

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Mike Adenuga beats out Abdul Samad Rabiu to reemerge as Nigeria’s second-richest billionaire

His net worth has dropped by more than $400 million this year as Globacom’s share price sank.

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Mike Adenuga. ©Billionaires.Africa

Telecom mogul Mike Adenuga has reemerged as Nigeria’s second-richest man after three weeks in the third position. Now, he trails only Africa’s richest man Aliko Dangote, who tops the list of Nigeria’s wealthiest people, with a net worth of $19.8 billion.

The leading businessman, who is the founder of Nigeria’s second-largest telecom services provider Globacom, has surpassed billionaire industrialist Abdul Samad Rabiu, whose net worth has fallen from more than $7 billion to $5.8 billion in less than three months.

Adenuga’s reemergence as Africa’s second-richest man comes nearly two months after an exclusive report by Billionaires.Africa confirmed that Rabiu had surpassed the telecom and oil mogul to become the country’s second-wealthiest billionaire.

According to Forbes, Adenuga, who derives the majority of his fortune from his mobile phone network, Globacom, and his oil exploration company, Conoil Plc, has surpassed Rabiu as Nigeria’s richest man, with a net worth of $6.3 billion, compared to Rabiu’s $5.8 billion.

Adenuga, like Rabiu, has recorded a significant decline in his net worth in recent months. However, his the drop in his wealth has been less severe than Rabiu’s, who has lost more than $1.2 billion of his fortune over the past two months.

The revaluation of his interest in Globacom has caused his net worth to fall by more than $400 million since the start of the year, from $6.7 billion to $6.3 billion at the time of writing.

Nearly two weeks ago, Conoil reported a double-digit percent increase in earnings in the first half of 2022 despite a significant decrease in top-line performance during the period under review.

Despite a double-digit decline in revenue, profit increased by 70.5 percent to N1.81 billion ($4.35 million) in the first half of 2022 from N1.06 billion ($2.55 million) in the first half of 2021, according to the company’s half-year financial report.

The group’s cost-cutting strategies, which reduced sales-related, administrative, and distribution costs, can be attributed to its double-digit increase in earnings as management continued to create value for shareholders.

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Billionaire Gbenga Agboola’s Flutterwave faces allegations of financial impropriety amid IPO plans

Despite the allegations, the firm is continuing to prepare for its IPO.

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Olugbenga Agboola.

Flutterwave is under fire and facing allegations of financial misdeeds, including money laundering, insider trading, fraud, and perjury.

The news comes as the company prepares to list its shares in an IPO, which will allow investors to purchase shares of the company on the open market.

Agboola, a well-known tech entrepreneur and billionaire, is the CEO of Flutterwave, a technology firm with offices in San Francisco and Nigeria. In just one year, the six-year-old tech firm’s valuation has surged to $3 billion under his leadership.

According to sources familiar with the situation, the tech firm has begun searching for investors for its planned IPO in the United States and possibly Nigeria. However, because the talks are still in the early stages, it has not yet mandated financial advisers.

The preparations for the startup’s IPO come amid allegations of financial impropriety. Recently, more than $52.5 million in cash deposits were frozen across 62 bank accounts owned by the startup and four Kenyans on suspicion of being the proceeds of card fraud and money laundering.

Patrick Njoroge, the governor of the Central Bank of Kenya, stated nearly two weeks ago that Agboola’s Flutterwave is providing remittance services and operating payment businesses in Kenya without the necessary licenses.

The statement has been characterized as a regulatory setback that may have an impact on the operations of the fintech behemoth and the expansion of the African fintech ecosystem. Njoroge named Chipper Cash, another African fintech heavyweight, as one company that is not permitted to operate remittance businesses, or to provide payment services to merchants in Kenya.

Despite the allegations, Flutterwave CFO Oneal Bhambani, who joined the company in June, stated that preparations for the firm’s IPO are continuing.

“Operationally, we are putting in place all aspects of controls, processes, and infrastructure to prepare for an IPO subject to market conditions,” he said. “Given Flutterwave’s market position and strong balance sheet, the company has a significant growth opportunity over the next few years.” 

Experts believe that waiting until at least next year to address the allegations will benefit Flutterwave, and that its valuation will be higher if investors are given sufficient time to rebalance, as all attention is presently focused on the global market downturn.

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