Derick Matsengarwodzi HARARE – Players in the ‘axis of evil’ often incorporate sophisticated methods to siphon state funds. ...
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Derick Matsengarwodzi
HARARE – Players in the ‘axis of
evil’ often incorporate sophisticated methods to siphon state funds.
As Masiyiwa
exclusively reveals more on this syndicate, Tinzwei brings you the sequence of events
on how clandestine organisations formulate methods to make illegal ‘profits’ using
state resources.
The axis of evil
“The state government of Akwa Ibom held 15% of
the equity in Econet Wireless Nigeria. After five years, the state governor decided
to sell its stake and had more than doubled. The governor, Victor Attah invited
me to London to find out if I was interested in exercising Econet’s right to
buy its shares.”
He pronounced
his offer saying: “I want to sell the shares to build an airport before I leave
office.” A British lawyer, Bhadresh Gohil accompanied him and was instructed to
handle the negotiations.
“A few days
later, I went to his office with a professional banker who advised me on such
transactions. He was confident and smooth-spoken as he explained how much we
were expected to pay.
He explained
that our money was to go to a “Special Purpose Vehicle” (SPV) before it was
transferred to Nigeria. It was a sophisticated structure and he showed me how it
would work. I wrote it all in my notebook.”
“Such entities
as SPVs can have legitimate purposes, but this one did not, adds Masiyiwa, “as
I quizzed him about why such an unusual structure was necessary, he changed
tact and tried to entice me with an offer I could not refuse.”
Partners in crime
“I'm also the advisor to the governor of Delta
State, Mr James Ibori and if you agree to pay for these shares using this
structure, we will offer you shares belonging to all the state governments. In
total, you can have more than 30% additional shares. It will be enough to take
control of the company. My clients just want out, and they are willing to give
you what you have always wanted,” the lawyer stated.
From the
onset, Masiyiwa knew that this setup was meant to siphon off money before it
reached state governments – probably $100 million.
Victor Attah
claimed ignorance on the Gohil proposal when he was quizzed. The two later ‘vanished’.
“A few
months later the shares were snapped by a Middle East entity. I was not privy
to how they did it except that they had violated my right to buy the shares,”
says Masiyiwa
Events then started
unfolding.
“Three years
later, our lawyers in London called me to meet with the Proceeds of Corruption
Unit of the London Metropolitan Police – a special unit launched by the British
to investigate corruption by foreign government officials who try to launder
stolen money to the U.S. and the UK.
The officers
asked me everything I knew about the sale of V-Mobile shares to Celtel (later
Zain) in addition to my meetings with the governor of Akwa Ibom, and Mr Gohil. Later
on, I gave them my diary in which I had recorded the details of my meeting that
day with Mr Gohil,” reveals the philanthropist in details obtained by Tinzwei.
A
“Witness to the Crown”
“Not long
after my meeting with the Proceeds of Corruption Unit, Mr Gohil was arrested
together with his partners. I later learned that when the Middle Eastern
company bought the shares, some of the proceeds had been diverted using the
Gohil structure. Some of the money was sent to a bank in London – alerting the
British authorities of money laundering.”
Investigations
pointed towards Gohil and his associates. His offices were raided – and stashes
of documents, including details of the SPV structures were retrieved. The governor
of Akwa Ibom refused to clear his name – and all extradition requests were
squashed by government officials.
Masiyiwa subsequently turned a
“Witness to the Crown” on behalf of Nigerians.
“It would be the first time that ‘someone
big’ went to jail (in a foreign country) for stealing money from Africans,” he
wrote. – Tinzwei
• This text cannot be reproduced without prior consultation with the
author. Derick Matsengarwodzi is a communication consultant, author – and
founder of The Aloe Media. Let’s interact on: Facebook or derickmats@gmail.com. Follow me on: http://tinzwei.blogspot.com or http://thehealthoracle.blogspot.com
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