Nigeria: Nwoko Refutes Allegation of Money Laundering

A firm of Solicitors based in London, Ned Nwoko Solicitors, has reacted to the impeachment notice served on Governor Boni Haruna of Adamawa State by the state House of Assembly where it accused the governor of using Prince Ned Nwoko to effect the transfer of fund.

A statement by its Principal, Hon. Ned Nwoko, said the allegations are not only spurious and unfounded, but are malicious, unwarranted and a deliberate attempt to malign his person and the Law firm.

Following the allegations of "gross misconduct and unconstitutional acts" levelled against Governor Haruna, the state House of Assembly had accused the governor of using one Prince Ned Nwoko, a London-based legal practitioner, of engaging in money laundering offences, saying that the governor effected transfer of fund through a private account No. 1000180955 at the defunct National Bank of Nigeria Plc, Central Business District, Abuja to divert the state government's fund into his private bank account in London, alleging that Nwoko was paid over $6million in legal fees up-front without undertaking any government brief.

Nwoko who expressed shock that his name and the Law firm were mentioned in the internal politics of the state, said the Law firm was retained in 2005 in connection with the Foreign Debt profile of Adamawa State.
He disclosed that contrary to reports, his firm has never been paid in dollars and received less than half of the agreed legal fees.

"Our work is a serious verification and litigation exercise which has unearthed an unending and embarrassing cover-ups in the manner and style that the foreign debts have hitherto been managed by the Federal Government.

It was so embarrassing that the British government threatened to withdraw from the Paris club settlements negotiation unless there was a stay of proceeding in the pending London high court litigation. The committee has Debt Management Office (DMO), Revenue Mobilisation and Fiscal Commission, CBN, Accountant General's Office, Solicitors, representatives from Adamawa and Taraba states as members"

Nwoko disclosed that eight members of the Adamawa House of Assembly were present at least on three occasions at conferences held in London with all experts present before the commencement of the London litigation against the creditors. adding that members of the Assembly were also briefed during the budget presentations of his firm's work and finding.

Describing the statement credited to the House to effect that his firm has been paid without doing any work as mischievous, Nwoko noted that the work of his firm is thorough and credible and supported by data and documentations and involves various experts including a Nigerian law firm, chartered Accountants, forensic Accountants, inquiry agents, lawyers in Geneva and Paris as well as a senior barrister (QC) and a junior.
"Through painstaking research and inquiries, including litigatiions in London, we were able to established that there is an unaccounted deductions at source from allocation due to the state totalling $367milliom, which invariably means that there is a refund due to the state from the federal government of $109million. I must also add that there is abundant evidence that the federal government over the years mismanaged most of the deductions from the state which never applied towards the repayment of the loans. One can safely say that the recent repayment to Paris Club were debts owed by the federal government and not the state. Indeed

Adamawa State's debt ought to have been settled since 1992", he said.
He added that the firm also has similar briefs from other state and has been discharging its obligations in that respect, adding that there is a pending case a the High Court of Justice in London against some of the creditors.

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