Jeniffer Douglas Abubakar, a United States of America citizen, is the fourth wife of Atiku Abubakar, a former Vice President of Nigeria and the standard bearer of the People’s Democratic Party for the 2023 Presidential election. This case history examines how from the year 2000 to the year 2008 , Mrs Atiku helped her husband brought over $40m suspect funds into the United States, including at least $1.7m in bribe payments from Siemens AG, a German Corporation, and $38m from little known Offshore Corporations, primarily Letsgo Ltd. Inc., Guernsey Trust Company Nigeria Ltd and Sima Holding Ltd.
Over half of the suspect funds, nearly $25m, were wire transferred by the offshore corporations into U. S bank accounts opened by Ms Douglas. For most of the time period examined, the U. S banks with those accounts were unaware of Ms Douglas PEP status, and allowed multiple large wire transfers into her accounts. Mrs Atiku indicated that all of the funds came from her husband and professed little familiarity with the offshore corporations actually sending her money.
Bank records indicate that Mrs Atiku used most of the funds placed into her accounts to support a lavish lifestyle in the United States, paying credit card bills and household expenses in the range of $10,000 to $90,000 per month, including substantial legal and accounting bills. She also transferred funds to accounts she opened for the Federal Foundation, a non profit Corporation she established in 2002, and the American University of Nigeria (AUN), a university that Mr Abubakar founded 2003 , and whose name reflects it association with American University in the United States.
An additional $14m of the suspect funds were wire transferred by two of the offshore corporations. LetsGo and the Guernsey Trust Company, to pay for consulting fee related to AUN. American University officials told subcommittee that they understood the funds came from Mrs Abubakar and never inquired why the wire transfers were sent by unfamiliar offshore corporations. At least another $2.1m
was wire transferred by the Guernsey Trust Corporations to accounts controlled by Edward weidenfeld, a U. S lawyer, who provided legal services to Ms Douglas, Mr Abubakar And AUN. Mr Weidenfeld explained that the funds paid for the Abubakar’s legal expenses and the account set up for the AUN, and that he had assumed the funds came from Mr Abubakar.
Over the years, question have been asked about the the source of Mr Abubakar’s wealth. He spent twenty years in the Nigerian Custom Service, then worked in the private sector for ten years, before serving as Vice President of Nigeria from 1999 to 2007. While Vice President, Mr Abubakar was a subject of corruption allegations relating to Nigerian Petroleum Technology Development Fund. In December, 2008, the U. S Security and Exchange Commission alleged in a formal complaint against Siemens AG, a German company, that, among other actions, in 2001 and 2022, Siemens wire transferred $2.8m in bribe payments to a U. S bank account belonging to Ms. Douglas as part of a scheme to bribe Nigerian officials. In response to this and other legal actions , Siemens admitted to engaging in widespread bribery payments, pled guilty to criminal violations and settled civil violations of the U. S Foreign Corrupt Practices Act, and agreed to pay over $1.6billion in civil criminal fines. Ms Douglas has denied any wrongdoing, but the subcommittee has obtained financial records showing the transfer of over $2m from Siemens AG to Ms. Douglas account at Citibank.
Mr Abubakar has attributed his substantial wealth to fortunate investments. His wealth is attributable in part to a 16% ownership interest he held in lntegrated Logistics Services lnc(lNTELS), an oil services company formed in the 1980’s,which has now become one of the largest Nigerian companies in the oil industry in Africa. Instead of selecting lndependent trustee from a financial firm. However, Mr Abubakar appointed as trustee of the Blind Trust Orleans lnvest Holding Ltd, a Panamanian corporation that is active in the oil industry in Africa, is closely associated with INTELS, and owned in part by Gabriele Volpi, Mr Abubakar’s trusted friend and business partner. Orleans served as trustee of the Abubakar Blind Trust from 1999 to 2003, when the trustees exchanged the INTELS shares for shares in Orleans, thereby making the trust part owner of its own trustee. Orleans then resigned from the Abubakar Blind Trust and was replaced by Guernsey Trust Company., a Nigerian Shell Company that was formed the day before the appointment. Mr. Billi is one of three trustees of the Guernsey Trust Company, where sole activities managing the Abubakar Blind Trust.
From 2003 to 2008, the Guernsey Trust Company wire transferred over $10m into the U. S, including about $7m into Douglas and AUN accounts, $2.1m into the Weidenfield law firm and AUN accounts, $900,000 into American University accounts. Two other offshore corporations, LetsGo and Simas Holdings Ltd, both of which are private corporations beneficially owned by Mr Collins and his family members, wire transferred nearly $27m into the U. S, including about $8m into Ms. Douglas’ account, $5.5m into AUN accounts and $13.1m into American University accounts. Mr. Volpi told the subcommittee that LetsGo and Simas Holdings sent millions of dollars to Ms. Douglas in connection with Mr. Abubakar’s ownership interest in INTELS and a line of credit that LetsGo had extended to the Blind Trust.
