Alleged Financial Irregularities
In June 2003 Ibrahim Turaki said Jigawa had entered into agreements with American companies to start processing and exporting high-grade gum arabic to the United States, replacing imports from the Sudan. An article in the Los Angeles Times in 2 March 2004 described an arrangement with Rosa Whitaker, a US Trade Representative for Africa, with whom he formed a Trade and Investment Foundation for Africa to attract Foreign Direct Investment for gum arabic production.
In 2004 the Niger Republic, which was due to host a summit of Francophone countries in Niamey gave Wallong Camco Nigeria, a company in which Turaki had an interest, free land in exchange for building 86 housing units to accommodate visiting foreign dignitaries. In November 2008 Turaki was involved in a dispute over contract terms for sale of these units.
A 2006 report said he was involved in acquiring companies in Nigeria’s insurance industry for president Olusegun Obasanjo.
In July 2007 the Economic and Financial Crimes Commission (EFCC) arrested Saminu Turaki over allegations of corruption and money laundering. Turaki faced a 32-count charge of money laundering, and was said to have laundered about N36 billion of public funds into private accounts. He was released on bail with stringent conditions.
Read more about this topic: Ibrahim Saminu Turaki
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