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Wikileaks articles from leaks from the US cables in 2006 describe how prominent suspect businessman and front for former president Ibrahim Babangida, Mike Adenuga helped presidential aspirant and former Vice president Abubakar Atiku loot millions of dollars.
The leaks explain that former president Olusegun Obasanjo “under pressure from the United States” dispatched the Nigerian Economic and financial crimes commission to arrest Mike Adenuga in attempt to catch Vice president Atiku who was using the former’s bank, Equatorial Trust Bank to siphon millions of dollars from the nation’s Petroleum Technology Development Fund account which Atiku was chair of. A fund that had no oversight and was created by the Obasanjo_Atiku administration as a looting channel to steal the money of Nigeria’s poor masses.
The cable is titled “EFCC ARRESTS PROMINENT BUSINESSMAN MIKE ADENUGA Canonical ID:06LAGOS1023_a” and dated 2006 July 24, 15:22 (Monday)
Article link: https://wikileaks.org/plusd/cables/06LAGOS1023_a.html
EFCC ARRESTS PROMINENT BUSINESSMAN MIKE ADENUGA
1. (C) Summary. On July 9, Nigeria’s Economic and Financial
Crimes Commission (EFCC) arrested Mike Adenuga, Chairman of
Globacom Limited and indigenous oil company Conoil, and key
financial partner of presidential candidate Ibrahim Babangida
(IBB) on allegations of financial impropriety. Adenuga also
has business relations with Obasanjo’s political bete noire,
Vice President Atiku. The EFCC released Adenuga on July 11,
but continues to keep reins on him. Political commentators
said the EFCC is selectively pursuing key businessmen and
politicians to choke the money supply of politicians Obasanjo
wants to corral so that he can maximize his influence on the
2007 election. End summary.
2. (C) EFCC General Secretary Emmanuel Akomaye told Econoff
Mike Adenugu’s arrest was not a simple ‘routine’
investigation, and they will continue to monitor Adenuga’s
activities. Adenuga is reportedly required to check in with
the EFCC weekly. Adenuga had hoped a personal appeal to the
President might put an end to his embarrassing predicament.
His hopes were dashed when he visited the Presidential Aso
Villa July 13, but was directed to leave without seeing the
President after waiting six fruitless hours. Apparently,
Adenuga was fortunate even to be able to be shown the exit at
Aso Rock. Reportedly, it required a call from IBB to
convince Obasanjo to release Adenuga from detention. The
same day, the EFCC released a press statement on the Adenuga
case, saying the investigation has “certain international
dimensions that EFCC may not be in a position to make public
at this stage.” This appears to be a reference to alleged
connections between Adenuga, Vice-President Atiku Abubakar,
and U.S. Congressman Jefferson, under investigation by the
FBI.
3. (C) Part of the EFCC investigation concerns the Petroleum
Technology Development Fund (PTDF), a fund set up by the GON
to develop the indigenous oil sector by training Nigerian
professionals abroad and acquiring sophisticated technology.
Industry watchers admit the Fund was not closely monitored
and likely money has been siphoned. Vice-President Atiku
Abubakar is a former Chair of the PTDF, and the Equatorial
Trust Bank (ETB), chaired by Adenuga, reportedly held some
PTDF funds. An IBB insider told us that millions of dollars
passed through the Fund, via ETB, to other accounts owned by
Atiku.
4. (C) Comment: The detention of Adenuga is another link in
a concatenation intended to shackle those who Obasanjo feel
are most capable of contesting his ability to impose his will
on the 2007 electoral process. If this is the case, Adenuga
is a prime choice as his detention will send shocks through
the financial structures of IBB and Atiku, the two most
financially endowed of the top northern presidential
candidates (former Head of State Buhari is penurious by
comparison). What a difference four years makes. In 2003,
Adenuga reportedly was one of the top contributors to
Obasanjo’s political campaign. Now he has been brought
closer than is comfortable to exchanging his businessman’s
pinstripes for a striped suit of a different nature, that of
an inmate. End comment.
BROWNE
END
Buhari, Atiku, Adenuga, Obasanjo Are All One Cabal
Nigerians are currently stuck in choosing between two friends, all friends of Mike Adenuga, Muhammadu Buhari or his pal, Abubakar Atiku. Other new generation candidates are however presenting other options for the desperate nation.
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