Nigeria In One Minute
$24bn crude swap: Ex-PPMC boss to forfeit nine Dubai properties
The Economic and Financial Crimes Commission has begun fresh moves to seize nine Dubai properties worth about N1.6bn, traced to a former Managing Director of the Petroleum Products Marketing Company, Mr. Haruna Momoh.
Already, the EFCC has obtained an interim forfeiture order from a Federal High Court in Lagos to seize Momoh’s properties
The commission, it was learnt, had started talks with the United Arab Emirates with a view to seizing the properties believed to be worth between $450,000 and $700,000 each or about N1.6bn in total.
The properties, which are located in highbrow areas of Marina, Sheikh Zayed Road, Tecom, and Sports City, are homes to some of the richest personalities in the world.
Momoh has also been linked to several illicit transactions allegedly perpetrated by a former Minister of Petroleum Resources, Diezani Alison-Madueke.
Both Momoh and Diezani are the subjects of an ongoing House of Representatives investigation wherein it was alleged that they gave dubious contracts to the tune of $24bn to some oil firms under the controversial crude oil swap arrangement.
RipplesNigeria… without borders, without fears
Click here to join the Ripples Nigeria WhatsApp group for latest updates.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...