{"id":86668,"date":"2021-10-05T15:44:16","date_gmt":"2021-10-05T14:44:16","guid":{"rendered":"http:\/\/pointblanknews.com\/pbn\/?p=86668"},"modified":"2021-10-05T15:44:16","modified_gmt":"2021-10-05T14:44:16","slug":"report-how-atiku-bagudu-hid-billions-amassed-through-abacha","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/report-how-atiku-bagudu-hid-billions-amassed-through-abacha\/","title":{"rendered":"Report: How Atiku Bagudu Hid Billions Amassed Through Abacha"},"content":{"rendered":"<div id=\"m#msg-f:1712790445537659712\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">Governor Abubakar Bagudu of Kebbi State is currently in the eye of the storm over the controversial wealth he allegedly got through General Sani Abacha, a former Head of State.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">\n<div dir=\"auto\">\nThere have been reports on how Bagudu used phoney companies to siphon and move funds allegedly stolen by Abacha but the governor has denied the stories.<\/div>\n<div dir=\"auto\">\nIn a fresh controversy, Pandora Papers, one of the biggest leaks of financial documents in the world, has uncovered how Bagudu dispatched a delegation to Singapore in search of a new haven to shelter which is a target of ongoing forfeiture proceedings by the United States Department of Justice.<\/p>\n<p>Pandora Papers investigation \u2013 led by the International Consortium of Investigative Journalists, including more than 600 journalists, reported that huge funds, warehoused offshore, is part of billions of dollars Bagudu helped the Sani Abacha family to steal from Nigeria in the 1990s.<\/p>\n<p>\u201cReferred by Farrer and Co., a prestigious centuries-old London law firm that has represented the British royal family, Bagudu\u2019s choice of secrecy provider in Singapore was Asiaciti Trust, an entity notorious for helping clients hide behind opaque offshore trusts to launder dirty money across borders.<\/p>\n<p>\u201cThe Monetary Authority of Singapore, MAS, imposed a fine of one million and a hundred thousand dollars on Asiaciti in July 2020 for \u201cserious breaches\u201d of Anti-Money Laundering and Countering Financing of Terrorism (AML\/CFT) regulations between 2007 and 2018.<\/p>\n<p>Bagudu\u2019s brother fingered in \u2018dirty wealth\u2019<\/p>\n<p>\u201cWhen on February 23, 2010, Mr Bagudu\u2019s delegation \u2013 comprising his brother, Ibrahim Bagudu, and London lawyer, Ben Davies, from Byrne and Partners, now a part of PCB Byrne \u2013 met with Asiaciti\u2019s officials, they registered his preference for a new structure of secrecy to oil the flow of his dirty wealth for the benefits of himself and his family.<br \/>\n\ufffc<br \/>\nLate Head of State, Gen. Sani Abacha<\/p>\n<p>\u201cIn 1997, some 13 years earlier, Mr Bagudu had structured offshore holdings Ridley Trust and Ridley Group in notorious tax and secrecy havens, Guernsey and the British Virgin Islands, positioning himself as the unseen but ultimate beneficiary. But in 2010, he wanted to terminate the Ridley structure and transfer his assets into another structure, hence the need for Asiaciti\u2019s service in Singapore.<\/p>\n<p>\u201cThe reason, according to a 2010 Asiaciti memo, was control. As noted in the memo, Ibrahim told the February 2010 meeting that his brother, Mr Bagudu \u2013 \u201cthe client\u201d \u2013 had become \u201cdisillusioned\u201d with institutional and independent trustees (of the Ridley Trust) as they (he and his brother) had no control over their action or inaction and suggested they feared they could lose the hidden assets.<\/p>\n<p>\u201cHe then insisted that any new trustee arrangements to be erected in Singapore \u201cmust ensure that the family cannot lose \u2018control\u2019 of the assets.&#8221;<\/p>\n<p>\u2018Millions in cash transferred abroad\u2019<\/p>\n<p>The report added in months that followed, 99 million euros in cash and securities was then transferred from Ridley to a new structure enabled by Asiaciti, which brushed aside red flags about Bagudu\u2019s controversial background and source of his wealth.<\/p>\n<p>\u201cAsiaciti acted with advice from Farrer and Co. and Byrne and Partners, now a part of PCB\u00a0 Byrne, documents showed,\u201d the report read.<\/p>\n<p>The Bagudu Blue structure<\/p>\n<p>Documents showed that Asiaciti helped Bagudu to set up a multi-layered structure with footprints in at least three countries, namely Singapore, Cook Islands, and the United Kingdom.<\/p>\n<p>At the head of the structure is Blue Holdings Trust, registered in Cooks Island as a \u201cpurpose trust\u201d to \u201cwholly\u201d own a Singapore-incorporated private trust company, Blue PTC Pte Ltd., with Bagudu\u2019s brother, Ibrahim, and an Asiaciti nominee as directors.<\/p>\n<p>The Blue PTC Pte Ltd is in turn the trustee of two family trusts \u2013 Blue Family Trust (1) and Blue Family Trust (2). Under each trust, then, is a Singapore family-owned investment holding company, FHIC, Blue Holdings (1) Pte Limited, and Blue Holdings (2) Pte Limited, respectively.<\/p>\n<p>Each of the FHIC has an investment account with Waverton Investment Management, formerly JO Hambro Investment Management, and James Hambro and Partners, both London-based firms. Assets kept with the two firms are now frozen, according to U.S. court documents. America has been at the forefront of helping Nigeria recover the Abacha loot, saying that hundreds of millions of dollars stolen were laundered through banks under its jurisdiction.<\/p>\n<p>The beneficiaries of each of the family trusts and the corresponding investments domiciled in London were Bagudu, his wife, seven children, and his brother, Ibrahim.<\/p>\n<p>\u201cIn September 2010, according to minutes of some meetings we reviewed, a sum of 99 million euros was moved from Ridley through the Blue PTC in Singapore to the investment accounts in London and distributed as follows:<\/p>\n<p>\u201cBlue Holdings (1) (17,007,016 euros): Waverton \u2013 seven million euros; James Hambro \u2013 10,007,016 euros.<\/p>\n<p>\u201cBlue Holdings (2) (81,841,163 euros): Waverton \u2013 23 million euros; James Hambro \u2013 58,841,163 euros,\u201d the report read.<\/p>\n<p>Bagudu was reportedly involved with all the offshore front companies and bank accounts \u2013 from the British Virgin Islands to Ireland, Switzerland, England, Guernsey, and Jersey \u2013 used to steal and launder billions of dollars belonging to Nigeria under the Abacha regime as a director, signatory on accounts or prime beneficiary, according to U.S. court documents and incorporation filings from the Pandora Papers leaks.<\/p>\n<p>In another scheme, the conspirators were also said to have defrauded Nigeria of more than 282 million U.S. dollars by causing the government to repurchase Nigeria\u2019s own debt from one of their companies for more than double what Nigeria would have paid to repurchase the debt in the open market.<\/p>\n<p>According to American investigators, the initial funding of Bagudu\u2019s Ridley\u2019s account at Credit Agricole Indosuez, London, to the tune of 90 million U.S. dollars in 1998 was from the Par bonds and the debt-buy-back fraud.<\/p>\n<p>The Ridley assets were later transferred to the Blue structure facilitated by Asiaciti and are the outstanding defendant assets being targeted for forfeiture by the United States, court documents showed.<\/p>\n<p>The U.S. filed its forfeiture litigation in 2014. It said, then, the assets held by the Blue holdings, traceable to the old Ridley structure, and domiciled in London investment portfolios held with Waverton and James Hambro, were last valued at a total of 96 million euros.<\/p>\n<p>Bagudu\u2019s brother, Ibrahim, continues to claim the assets, seeking to prevent their forfeiture to Nigeria, court documents showed.<\/p>\n<p>Bagudu\u2019s lawyers respond<\/p>\n<p>Responding to questions from investigators, Nicola Boulton of PCB Byrne, Mr Bagudu\u2019s lawyers, said \u201call monies held by the Blue Trusts are lawfully held,\u201d citing a 2003 settlement between Mr Bagudu and the Nigerian government under then-President Olusegun Obasanjo.<\/p><\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Governor Abubakar Bagudu of Kebbi State is currently in the eye of the storm over the controversial wealth he allegedly got through General Sani Abacha, a former Head of State.&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":82421,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-86668","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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