Did Abacha Steal More Than Babangida?

Could the late dictator, Sani Abacha, have stolen more than his predecessor and partner in crime, Ibrahim Babangida? Depends on who is counting. The EFCC has revealed that Abacha was the number one public looter in the world, but Babangida appears far richer than Abacha. A closer look at how Babangida conducted business shows a more calculating and fatter looter.

Last week, the Chairman of the Economic and Financial Crimes Commission, Mr. Nuhu Ribadu, told the Senate that he had the information that a Nigerian had been adjudged the world’s most corrupt man. He, however, refused to disclose the name of this ‘prestigious’ Nigerian despite being pressurised to do so.

But Ribadu, at a forum in Abuja, has revealed that late General Sani Abacha, who ruled Nigeria from 1993 to 1998, was actually the world’s most corrupt man.

The EFCC did not, however, provide the parameters for the rating. Going by the looter's list of the World Bank, Babangida is still by far richer than any other public official in Nigeria, although he accumulated his wealth over a longer period than Abacha, and was more skillful in stashing money away. Abacha, on the other hand, was a What You See Is What You Get dictator, who was unpolished, brutal and less tactical. See the Looters' List

Babangida was tricky, slippery and is known to have used many fronts, including his son, Mohammed, who was just questioned for unaccounted wealth by the same EFCC.

These are some of the ways in which he conducted his illegal businesses:

Ibrahim Babangida brought SPIBAT into Nigeria to win several important contracts, but the company melted away quietly after stashing his proceeds in France in private accounts

He formed and serviced PW Nigeria Ltd., with several contracts during his regime. The first Chairman of PW was the late Mohammed King, who is an in-law and father of Gen. M. Garba Duba. Today the General is the PW Chairman. In fact, he introduced PW to President J. J. Rawlings and as you arrive the Accra Airport you will be welcomed by PW right nearby. PW received a multitude of contracts during the Evil Genius' tenure, He craftly selected its board of directors.

In the same way, Babangida gave life to Dantata and Sawoe construction company to create his version of Julius Berger. This company is solely owned by him but he carefully made many close friends board members, none of whom can convincingly say how he got on board at Dantata and Sawoe. IBB waited until after his regime before dipping his hands fully into this business. He has now brought in his son, Mohammed Babangida, to formally take his seat as a board member.

First City Merchant Bank Ltd ( Now First City Monument Bank Ltd/Plc.) was foated by IBB and fronted by the late Alhaji Bawa Bwari. Babangida still controls substantial shares in this bank, as well as InterCity Bank, first floated by the Niger State Government. He systematically, through proxies, bought the entire Bank and along the process replaced one of his fronts with another as Managing Director. He made Lamis Dikko as its MD.

The assets of GMP (General Metals Products) have recently been sold to some wealthy Indians at over N300Million, and we have reliably been informed that IBB collected the payments directly. He owned GMP long before he became a very senior military officer. A former Minister of Finance and a close loyalist of IBB, Alh. Ahmed Abubakar Muye, was the Chairman of GMP.

BOUGES- a French construction company now doing business in Nigeria - was brought into Nigeria by IBB. During his tenure, this company was awarded several contracts, first with school projects in Niger State, his home state, and subsequently in Abuja.

IBB has a friend who is the owner of Ferrostall of Germany and a substantial owner of Julius Berger, through whom all his shares in Julius Berger are being held in trust and all his requirements serviced through. IBB does not write cheques but he orders payments to be made. CIA has a special Intelligence file on this deal.

The company Bulet, was developed as conduit to distribute "Keep Quiet" Money around Nigeria, with Mustapha Aliyu's as facilitator. General Mamman Kontagora fully supported J. Bulet under pressure then as Minister of Works. This company was to become a facilitating body just like Julius Berger, to help Babangida do various deals for the perpetuation of his regime, which failed woefully. Bulet is today in trouble because Samaila Isah seem to be romancing with the Obasanjo administration.

At MTN, Babangida acted through proxies such as Aminu Dantata to acquire sizeable proportion of shares unknown in details to even Aminu Dantata. He is now waiting to lay an ambush for MTN when it goes public so that he can neutralize other shareholders by purchasing huge quantities of shares again through proxies.

Shady business deals with Mike Adenuga in Globacom, Equatorial Trust Bank and other hidden ventures has now become public knowledge. IBB is substantially invested using Mike Adenuga as a front. Adenuga has been dealing for IBB longer than anyone could imagine, from the 1970s, selling cars accessories and cars s security equipment. It has just been revealed through EFCC investigations that 38% of Glo is owned through Mohammed Babangida. The Babangidas have disclaimed the shares, and Adenuga is on the run. The government now plans to take over the ownership of the "unknown owner" shares, but Babangida may be willing to part with millions of dollars to save his face, since any investment in one company is just peanuts to him.

AMNI International Petroleum Development Company Limited (AMNI) was incorporated on the 23rd of June, 1993 as an oil and gas exploration and production company. It is known to be a front for Babangida's money. The company currently operates two concessions in the Offshore Niger Delta.

Babangida gave his proxy companies, including Pan Ocean Oil, Amni Intl. Petroleum Dev. Corporation, juicy crude lifting and prospecting licences during his tenure.

In fact, IBB networked his wealth creation strategy long before becoming head of state, a fact he reluctantly acknowledged in a sneaky interview he granted Elendureports.com recently.

Abacha was envious of Babangida's staggering loot, a motivating factor for his rush to overtake IBB as the richest Nigerian. In this sense, Abacha carelessly stole in his rush to get richer than Babangida, and got noticed by the world, but he never nearly had as much money as his predecessor.

The looters list has never been contested by the Federal Government, which lists Babangida as having billions of dollars stashed away in foreign banks. The list was made public by the Financial Times of London, which reported that the World Bank compiled the names of Nigerians with the most wealth abroad and gave to the Obasanjo administration to help it fish out and prosecute the treasury looters.

Sadly, just like the Okigbo Panel Report, the current administration just sat on the important documents.

Abacha was followed closely, according to Ribadu, by the former dictator of Zaire (now Democratic Republic of Congo), Mobutu Sese Seko.

“The world record holder on looting is Abacha followed by Mobutu Sese Seko”, Mallam Ribadu told participants at the “Fix Nigeria” project seminar organised by the EFCC in Abuja.