Home Latest News Open Letter To President Buhari: Bar Jimoh Ibrahim, The Face Of Corruption In Nigeria

Open Letter To President Buhari: Bar Jimoh Ibrahim, The Face Of Corruption In Nigeria


On the 23rd of June 2015, Our President, vowed to recover within three months all the money looted from our treasury. For making such a vow, history and posterity will remember President Buhari. I recalled during the first week of June, 2015, I dreamt a dream, where some of my friends, who died fighting corruption, were celebrating in a cloud of a rainbow. I woke up, wondering, why this celebration in the heavenly realm. Three weeks later, President Buhari vowed to recover our stolen wealth, my joy is unlimited.

Dear President Buhari, I promised to fight corruption with the last breath in my life in 2012 and would like to mention that, Bar Jimoh Ibrahim represents corruption institutionalized at the highest level in Nigeria. The sale of the following Federal Government investments, which Jimoh was a front, namely Air Nigeria Development Ltd, Nicon Insurance Plc, Nigeria Re-insurance Corporation were all fraudulent sales.  Jimoh has been on asset stripping of these institutions, into NICON Investment Ltd, a company blacklisted by Central Bank of Nigeria during the era of Mallam Sanusi Lamido Sanusi, now the Emir of Kano.

Mr. President, I summarized below, how these institutions, which were partly owned by Federal Government were stripped of her assets by Jimoh.  No board meeting has been held for all these massive withdrawals by Jimoh and the effort that, I made in whistleblowing his activities with little emphasis on various assassination attempts on my life.


Virgin Nigeria was in debt of $237M (N35.5Billion) repayable over a period of 5 years when  Jimoh acting as a front for highly placed Federal Government official fraudulently acquired the National Carrier without paying a kobo. The debt of N35.5B was transferred to Nicon Group Account with UBA PLC. This transfer gave the Air line, a clean account, which was highly published.  Air Nigeria immediately took the Aviation Intervention Loan of N35.5Billion from Bank of Industry through United Bank for Africa. This loan was debited back to Air Nigeria account, and NICON Group of companies account was credited. This loan was diverted into the purchase of the land, where the largest oil well in the world is deposited in SAO TOME including acres of land for the building of a university by Jimoh. Part of this loan was used in the purchase of choice properties in Dubai, USA and UK. I wrote to the then, Nigeria Senate President, David Mark, who directed my petition to the Senate Committee on Aviation, then chairman by Senator Hope Uzodinma. This committee confirmed my petition and recommended in Senate Resolution dated 29th Nov 2014 that, Governor Sanusi Lamido Sanusi, now the Emir of Kano should recover this money from Jimoh. We all know, how the Emir of Kano exited from CBN and to date THIS FEDERAL GOVERNMENT INTERVENTION FUND HAS NOT BEEN RECOVERED (documents are at this moment attached)

The loan of N35.5B was repayable over a period of 5years to UBA PLC but Federal Government Aviation Intervention Fund, which the Bank of Industry approved for Air Nigeria was repayable over a period of 15years with lower interest rate, which resulted to an excess of N6Billion yearly cash inflow into the Airline account from 2009 to 2013.  This is the amount that Jimoh diverted to Nicon Investment Ltd, a company owned by his family, despite the fact, that there are many stakeholders in the airline, which includes the employee, the shareholders, the creditors, etc.  Also to my resignation, he sacked 790 staff on the pages of newspapers, and many are dead to date without any pension. Our suit No; NICN/LA/481/2012 still pending in court. Despite all, Jimoh, sold the Airline for N3Billion and pocketed the money. (Schedule of withdrawal is at this moment attached)


Nicon Insurance Plc, had 20million pounds in her special Foreign account in London ,  shares in Union bank valued at  N500Million,  millions of pounds in union bank London branch,   millions of dollars in American Express Bank, which were not disclosed at the time of acquisition.  The Nicon Insurance was under-valued by 90% based on Jimoh instruction that only the Naira valuation will be considered in the purchase. The Nicon Insurance was not in distress as at the time of acquisition by Jimoh. The naira valuation represents 10% of the total value of the company. Jimoh without following due process won the privatization bid on Nicon Insurance Plc. Like in all his acquisition, it was heavily published that Jimoh acquired Nicon Insurance Plc.

With fake building document deposited in bank for the acquisition, Jimoh appointed the Managing Director, Mr.Emmanuel Jegede, who signed the purchase agreement and before payment could be made to Federal Government, he travelled to London with Jegede, The EX-MD and EX-Company Secretary of NICON Insurance Plc, and clean the account of NICON in London, thereby recovering nine times the value of the company. To cover this fraud, Jimoh sacked all the NICON staff in the five-story London office, located at 21 Worship Street, London, EC2A 2BH.  When the auditor representing the Federal Government 30% shareholding started shouting internally in Nigeria, on the looting of Nicon Insurance Plc, Jimoh, invited him for a meeting and on his way back to his house, he was assassinated. Having assassinated the internal auditor, the following people namely: Mr. Emmanuel Akinmolu Jegede, the MD-  Nicon Insurance Plc, pledged his 100% loyalty, Ms Prisca Soares the Ex-MD/CEO of Nicon Insurance and the Ex-company secretary ran away from Jimoh for safety reasons. Dear President Buhari, let these people be interrogated under oath on this deal, with your assurance that they will not be assassinated by Jimoh.

In the last few years, the Accountant –General of Nigeria paid over N13Billion to Nicon Insurance Plc, for the purpose of paying pensioners. As usual, the money was laundered to the USA and out of this money; Jimoh bought the Challenger 625 jet with Reg No: NG605GF that he is currently flying around the world, while pensioners are dying every day. I reported this case to EFCC, and it was investigated. EFCC confirmed my petition that Jimoh diverted this money but refused to charge him to court saying that I am not an interested legal person. However, this money represents the fraudulent withdrawal from corporate institution owned by Federal Government, of which I am a Nigerian by birth. It should be noted that Federal Government still holds 30% of Nicon Insurance Plc shares. Please, President Buhari, help us to recover this loot.


The Federal Inland Revenue Services after thorough investigation of my petition on the N6.4Billion owed FIRS, made several efforts to recover this money despite the threat by the then Attorney- General  Bar Adoke.  Jimoh was arrested and charged to court. The first case was a criminal suit on tax clearance certificate forgeries in Abuja and the second suit was the recovery of the debt. I followed this up with several visits to FIRS office and various publications but  Jimoh  paid back only N150Million to FIRS, the balance of this money need to be recovered, for which  Jimoh  wrote an undertaking to pay in FIRS office. Also to the above, the criminal case in Abuja on tax certificate forgeries is now in the cooler.  Dear President Buhari, please help FIRS to recover this loot, which belongs to Federal Government.

The following companies namely ; Global fleet Oil & Gas Ltd, Nicon Insurance Plc, Nigeria  RE-insurance Corporation, Nicon Properties Ltd, Nicon Luxury Hotel Ltd Okitipupa, Abuja Nicon hotels Ltd,   Nicon hotels Ltd VGC,   Nicon hotels Ltd, PHC  and National Mirror Ltd, do not have current tax clearance certificate. All these companies do not pay corporate taxes to the Federal Inland Revenue Services in Nigeria. Even withholding taxes deducted from sales on behalf of Federal Government are not remitted. The last signed audited account of these companies were in 2009, and I have challenged Bar Jimoh Ibrahim to published in two national newspapers the tax clearance certificate of his conglomerate since 2012. This is a criminal offence in addition to recovery. Please, help us, sir.

In all the companies owned by jimoh, taxes are not remitted to the relevant tax authorities but were deducted from staff salaries. I am a victim, and I petition Jimoh to EFCC, listing as witness the 790 Ex-staff of Air Nigeria sacked on the pages of newspapers. The same EFCC charged to court Steve Judd, the MD of Ascot Flowlines Limited for tax deduction not remitted to the board and pension fund deducted not remitted on one staff named, Bar Austin Aguguo. However to date, EFCC has refused, to charge Jimoh to court for refusal to remit tax deduction from my salary and 790 Ex-Staff of Air Nigeria. Please, help us sir.

For this cause, I was arrested on a false allegation, charged to court and was discharged. The gallant FIRS officers that arrested Jimoh were transferred out at a point, shown red and green pen by the Attorney- General Bar Adoke, the IPO is EFCC was harassed and warned by OGA, in addition to various assassination attempts on my life. I at this moment appeal to our President to consider this open letter and ensure the loot is fully recovered.  Thank you, President Buhari.


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