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<nettime> Somebody Answered Mama Abacha
Michael Gurstein on Tue, 23 Mar 2004 00:56:39 +0100 (CET)


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<nettime> Somebody Answered Mama Abacha


Bank scam trial reopens in Nigeria
 
By Anna Borzello 
BBC correspondent in Abuja  
http://news.bbc.co.uk/1/hi/business/3556785.stm


The trial of five people charged in connection with defrauding a
Brazilian bank of $242m is due to resume in the Nigerian capital, Abuja.
 
The bank at the centre of the alleged fraud collapsed in 2001 
The Banco Noroeste of Sao Paulo collapsed in 2001 after an employee
transferred the money into foreign accounts believing he would receive a
massive kickback on a building contract. 

Five Nigerians face 86 charges in connection with defrauding the bank. 

They include two lawyers charged with bribery after reportedly offering
cash to Nigeria's economic and financial crimes commission on behalf of
their clients.

The accused, who were last month refused bail, have all pleaded not
guilty.

Pay back promise

This is the largest known fraud case of its kind in Nigeria's history.

The money was transferred from the Brazilian bank between 1995 and 1998 by
an employee who believed he would receive a massive cut on a contract to
build a new international airport in the Nigerian capital, Abuja.

The crime was only discovered when the bank collapsed in 2001.

This type of fraud is well-known in Nigeria where it is referred to as
"419", after the relevant section in the country's criminal code.

Victims are drawn in with the offer of huge sums of money, but once hooked
they are persuaded that to access the funds they need to pay advance fees.

The US secret service estimates that each year hundreds of millions of
dollars are lost to "419" fraudsters.

Nigeria's president, Olusegun Obasanjo, has pledged to crack down on the
crime and hopes the trial will prove his government is serious about
tackling the problem.

 

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