How Ex-Accountant-General Nwabuoku Used Four Companies to Divert N1.96 Billion in Public Funds

How Ex-Accountant-General Nwabuoku Used Four Companies to Divert N1.96 Billion in Public Funds

In a complex case of money laundering that has rocked Nigeria’s public sector, the former acting Accountant-General of the Federation (AGF), Anamekwe Nwabuoku, faces serious charges of diverting nearly N1.96 billion from government coffers. Alongside Nwabuoku, Felix Nweke, a former Deputy Director in the Ministry of Defence, has been implicated in the elaborate scheme to siphon public funds through a web of four companies.

The case, which has unfolded over several months, has exposed how government officials, using their positions of trust, managed to transfer large sums of money into personal accounts, masking the illicit nature of the funds through a series of shell companies.

The Web of Deception: Four Companies at the Center of the Scheme

According to the Economic and Financial Crimes Commission (EFCC), the accused individuals orchestrated the diversion of the funds between September 2019 and October 2020, utilizing four companies as conduits for their illicit activities. These companies—Temeeo Synergy Concept Limited, Turge Global Investment Limited, Laptev Bridge Limited, and Arafura Transnational Afro Limited—were used to conceal the true nature of the funds and facilitate their transfer into private hands.

Each of these companies, while appearing legitimate on the surface, played a critical role in laundering the money. The charges point to the deliberate use of these entities to shield the flow of funds from any scrutiny. The EFCC alleges that these companies received funds that were initially allocated for government projects and services but were rerouted for personal use by the defendants.

How the Scheme Worked: The Details of the Money Laundering Operation

The EFCC has outlined a series of charges that detail the movement of these funds. For example, between September 2019 and October 2020, Nwabuoku and Nweke are accused of laundering N262,602,897.27 by converting it into Temeeo Synergy Concept Limited’s Zenith Bank account. This amount was transferred despite both individuals knowing the money was the product of criminal activity.

As the investigation unfolded, it became clear that this was not an isolated instance. The charges against Nwabuoku and Nweke stretch across several counts, each revealing the use of different companies to launder additional sums. In total, the amount involved in this operation has been estimated at around N1.96 billion—funds that were supposed to benefit the Nigerian people but instead ended up lining the pockets of a few individuals.

Legal Proceedings and the Fight for Justice

The legal process began in earnest in July 2024, when Nwabuoku and Nweke sought an adjournment, claiming they were in the process of refunding the stolen funds. Their lawyers told the court that a substantial portion of the diverted money had already been returned, and they requested more time to complete the refund process. However, the EFCC’s counsel dismissed these claims, stressing that no formal settlement had been reached.

This dispute led to the formal arraignment of the defendants in January 2025. At the arraignment, the charges were read out in court, and Nwabuoku faced nine counts of money laundering. The court granted him bail in the sum of N500 million, but with stringent conditions, including the requirement to present two sureties who each own property in Abuja valued at no less than N250 million.

The ongoing trial highlights significant flaws in Nigeria's public financial management systems. It serves as a harsh reminder of the vulnerabilities within government structures that can be exploited by individuals in positions of power. The diversion of nearly two billion Naira is just one of many such cases, and it underscores the urgent need for robust mechanisms to ensure transparency and accountability in government financial dealings.

As the EFCC continues to investigate, the focus remains on uncovering the full extent of the fraud and holding those responsible to account. The trial is expected to set a precedent for future cases of corruption in public offices, and it sends a clear message that such abuses of power will no longer be tolerated.

This scandal has also sparked conversations about the role of financial institutions and regulatory bodies in preventing the misuse of public funds. It’s a crucial reminder that accountability doesn’t end with government officials but extends to all entities involved in the management of public resources, including banks and corporate entities.

As the case progresses, Nigeria’s citizens are watching closely. The outcome of this trial will not only determine the fate of Nwabuoku and Nweke but also shed light on the broader systemic issues that have allowed corruption to thrive within the public sector. With the EFCC committed to its mandate, there is hope that justice will be served, and the Nigerian public will see the recovery of stolen funds that rightfully belong to them.

This scandal is far from over, and as it unfolds, it serves as a chilling reminder of the dangers of unchecked power and the importance of continued vigilance in the fight against corruption.