#EGISTZ How former Edo Governor, Igbinedion, lost N3.3billion to Venezuelan conmen #TEAMJIZZY (SHARE)

Mr. Igbinedion, who stole his
state blind while he was governor,
has now been scammed of billions
by Venezuelan fraudsters in a
classic 419 deal
Nemesis may have finally caught
up with ex-convict and former
Governor of Edo State, Lucky
Igbinedion, as he has lost over
N3.3 billion to Venezuelan
fraudsters, in a deal that bears
all the marks of a classic 419
scam, Premium Times can
authoritatively reveal.
Court documents seen by Premium
Times also suggest that Mr.
Igbinedion may be insolvent, as
two US-based law firms have
walked away from a $600 million
lawsuit he instituted against the
alleged mastermind and the
Venezuelan state owned oil
company, Petroleos De Venezuela
S.A (PDVSA), over his inability to
pay retainer as low as
N627,000.00 ($3,800.00).
Mr. Igbinedion plundered Edo State
treasury for the eight years he was
governor. He escaped jail after he
reached a controversial plea bargain
agreement with the Farida Waziri-
led Economic and Financial Crimes
Commission, EFCC, which dropped all
but one of the 191 charges of
corruption and money laundering
against him.
In 2008, a Federal High Court in
Enugu sentenced him to six months
in prison with the option of a N3.5
million fine. The controversial plea
bargain agreement he reached with
the EFCC also required that he
return N500 million and three of
the houses he acquired with stolen
public funds to the Federal
Government.
But it’s not yet Uhuru for Mr.
Igbinedion as the Court of Appeal in
Benin ruled on April 9, 2014 that he
has a case to answer over a fresh
66-count money laundering and
financial impropriety suit brought
against him by the EFCC. A Federal
High Court had ruled in 2011 that it
would amount to double jeopardy
and abuse of court process to try
him again after the plea bargain he
entered with the EFCC.
He has been accused of stealing
over N3 billion from Edo State’s
treasury.
Classic 419-scam
In 2006, looking to cash in on the
lucrative but fraud-tainted fuel
importation business, the ex-
governor’s front and Managing
Director of Skanga Energy and
Marine Limited, a company formed
by Mr. Igbinedion and his brother,
Bright, in 1992, Christian
Imoukhuede, approached the then
Venezuelan Trade Consul to Nigeria,
Enrique Arrundell, about the
prospect of importing petrol,
aviation fuel, and diesel from the
South American country.
According to documents filed with a
US District Court in New York, Mr.
Arrundell advised Mr. Imoukhuede
that the best way to get fuel was
to go through a PDVSA approved
agent.
Mr. Arrundell then introduced Mr.
Imoukhuede to Arevenca, a
fraudulent firm owned by alleged
notorious Venezuelan conman,
Francisco Gonzalez.
That meeting with Mr Gonzalez
marked the beginning of Mr
Igbinedion’s woes.
Mr. Igbinedion and his front, Mr.
Imoukhuede claimed in court that
they did due diligence checks on
Arevenca through the Venezuelan
embassy in Abuja. They claim that
embassy officials confirmed
Arevenca as a reputable Venezuelan
business concern and validated
documents provided by Arevenca
that supposedly showed a
relationship with PDVSA.
But it has since turned out that
Arevenca might be a complete
fraud. PDVSA has since said in
court that it has no records of any
relationship with Arevenca.
Arevenca is a registered
corporation under Venezuelan law
but was most recently
headquartered in Aruba. Its
subsidiaries are: Arevenca AKTM,
registered in British Virgin Islands;
Arevenca SL, registered in Spain;
and Arevenca Aruba Holding NV.
Others are Arevenca Bank,
Arevenca Foundation, Fly Aruba
Suriname, Arevenca Mining and
Arevenca Petroleum Company
registered in offshore tax haven,
Suriname. There is Arevenca
Finances Holding registered in
Switzerland and Arevenca Ivory
Coast.
Many of these subsidiaries are shell
companies or exist only in names.
A Canadian-based freelance
journalist, Steven Bodzin, who
worked as an energy reporter in
Venezuela and has written a number
of exposés on Arevenca, revealed
that Arevenca’s website is a
repository of mind-numbing lies
meant to hoodwink mostly
unsuspecting international investors.
For instance, on its website,
Arevenca claims to have a global
refining capacity of 2.5 million
barrels per day and plans to build a
two million barrel per day refinery
in Ivory Coast.
It also claims to have a fleet of 72
ships.
However, the company with the
highest refining capacity in the
world as at September 2013,
Reliance Jamnagar Refinery, India,
has a refining capacity of only 1.24
million barrels per day.

for more #egistz follow @Team_jizzy https://facebook.com/JizzyEntertainment

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s