Excerpts By SaharaReporters, New York
Has troubled Nigerian businessman, Jimoh Ibrahim,
moved from criminal to magician?
The controversial magnate is scheduled to be a guest
speaker next week at an event organized by the Nigerian
police and the UK Metropolitan Police in collaboration
with the Central Bank of Nigeria and the Asset
Management Corporation of Nigeria. In effect, he will
be speaking to some of the very people who, in theory,
are examining his nefarious activities.
The choice of Mr. Ibrahim, who is currently under
investigation for fraud by the Economic and Financial
Crimes Commission (EFCC) and the Federal Inland
Revenue Service (FIRS) for tax evasion, has set tongues
wagging. Just a month ago in New York, Mr. Ibrahim
was dragged to court by Aersale Inc., an aircraft leasing
company, over nearly $8million he owes in leasing fees,
interest, costs, and attorneys’ fees.
Mr. Ibrahim entered into an agreement with the
company as a guarantor to lease two Boeing 737-300
airplanes for his airline, Air Nigeria, which has since
A former staff member of Mr. Ibrahim’s company
described him as a man who has embezzled, defrauded
and killed many companies in Nigeria. He said, “Mr.
Ibrahim killed NICON Airways, killed NICON Insurance,
killed Energy Oil, buried Air Nigeria – Nigeria’s Flag carrier
and best customer airline, buried Newswatch
Recently Saharareporters investigations revealed that
Mr. Ibrahim embezzled N36 billion from a federal
aviation bailout fund administered by the Central Bank
of Nigeria. The money had been provided to shore up
the airlines. The FIRS also accuses Ibrahim of failing to
pay taxes worth N3.5 billion and of embezzling
employees’ cooperative funds, pension funds, tax
deductions and tax revenues accruing to the Nigerian
The Commissioner of Police in charge of the Special
Fraud unit, Tunde Ogunshakin who is believed to be a
close friend of Mr. Ibrahim, is responsible for putting
together the weeklong “Corporate Fraud” conference
from July 1-5, 2013. It is unclear if Mr. Ibrahim has
magically done a deal to educate police bodies about
how to prevent such fraud, including across borders.
So far, he continues to be investigated for fraudulent
activities relating to corporate fraud in several courts
and policing agencies in Nigeria.
UhMm, we can only keep our fingers crossed.