Panama papers reveal how ex-governor Ibori reportedly stole Delta state money

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– Panama papers allegedly reveals evidence that ex-governor James Ibori looted Delta state fund

– Ibori reportedly hid his loot by working through a Swiss asset management firm, Clamorgan S.A. in Geneva, to established several offshore companiefrom Delta state through several offshore companies.

The leaked Panama papers allegedly linked Stanhope Investments, Julex Foundation, Financial Advisory Group Ltd. and Hunglevest Corporation as the four companies owned by Ibori in tax havens.

ZENITHBLOG.com gathered that other companies such as Borel and Barbey, a Swiss law firm, The Hopes Trust and Howard LLP in London also had links to Mr Ibori

Mr. Ibori’s ordeal began in April 2005 when the U.K. authorities uncovered his fraudulent activities. It was revealed that Ibori obtained and transferred funds from accounts held or controlled by fraudulent individuals, Premium Times reports.

Ibori returned to Nigeria on February 4, after serving 13 year jail term in United Kingdom.

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During their investigation, U.K. authorities unearthed companies acting as fronts for Ibori through Mossack Fonseca in Seychelles. He had requested that Stanhope Ltd. be moved from Niue to Seychelles in 2004.

Seychelles attorney-general’s office notified Mossack Fonseca that a criminal investigation had

been launched into the activities of Ibori in the U.K. and demanded that all documents relating to Stanhope be forwarded to his office.

ZENITHBLOG.com recalls that Ibori was recently released from UK jail after spending thirteen years jail term for money laundering and fraud. He returned to Nigeria on Saturday, February 4.

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Meanwhile, Documents have revealed how All Progressives Congress senator representing Niger East senatorial district, David Umaru’s secret companies laundered billions for former dictator General Sani Abacha.

Mr Umar was an unwavering critic of former governor of Niger state, Babangida Aliyu and he later gained the reputation of a whistleblower after be published series of advertorials in national newspapers exposing alleged corrupt practices by the Mu’azu Babangida administration.

The leaked database of now infamous Panamanian law firm, Mossack Fonseca, revealed that Mr Umaru incorporated two shell companies in the BVI, a notorious offshore tax haven, and in tiny South Pacific Ocean country, Niue Island.

In this ZENITHBLOG.com video, a former NNPC GMD Andrew Yakubu appears in court over fraud allegation, watch it:

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