How former NNPC boss bought £890,000 UK home

A former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Abubakar Lawal Yar’Adua, bought a posh house worth £890,000 in London using a secret offshore company he registered in the British Virgin Island.

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Documents retrieved from the Mossack Fonseca and exclusively obtained by German newspaper, Süddeutsche Zeitung, and shared by the International Consortium of Investigative Journalists (ICIJ) with Premium Times and other media organisations around the world, indicated the offshore company to be Hydrocarbon Assets Investments Limited.

Yar’Adua bought the house in 2008, while serving as the Group Managing Director of NNPC. He became NNPC GMD in August 2007, and was removed from office in January 2009.

In April 2008, eight months after he became the GMD of NNPC, Mr. Yar’Adua used a London residence address at Beechwood Hall, Regents Park Road, London N3 3AT to register an offshore company, Hydrocarbon Assets Investments Limited in the British Virgin Island.

British Virgin Island is a tax haven favoured by corrupt public officials, money launderers, celebrities and businessmen dealing in illicit finance.

He allegedly prepared a corporate smokescreen by appointing two front companies to act as directors of Hydrocarbon Assets Investments Limited.

I didn’t know what I did was wrong.

When Mr. Yar’Adua was contacted, he initially claimed his lawyer registered the company on his behalf, but later admitted he incorporated the company to buy a house in London. He suggested that the Premium Times’ report on the matter was an attempt to embarrass him.

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14 Comments

  1. PMB ACT,ACT.This ur snail behavior is getting annoying.Start killing all these looter.Or is it that u are preparing a political post for them?That is if they agree to sponsor u come 2019? If that is the case u shall fail worfly.

  2. Group Managing Director , especially in NNPC is a license to steal , the buffoon director bought a house in London for 890,000 pound sterling , almost a million , how many Britons stole money from London and bring it to invest in Nigeria . It is time we open the brain of these pen robbers and put pepper inside

  3. My interest is how do we resale that property and get back the cash of which i know the gong price now will be far low compare to the price the rogue bought the house.

  4. Embarrass you! When you were looting you didn’t think of embarrassment. EFCC please embarrass the rogue and put him in chain hands and legs before going to prison.

  5. The question is not in his incorporating the company, but how he made over GB£890,000.00 to purchase the house or even to pay for the 20% if it was mortgaged. Oga, please, answer us!

  6. loll dis will bring EFCC down a lot oooo,cos dey raining now like obansanjo say ,fight corruption starting frm ur home

  7. EFCC arrest him and after trail let get our property back for the people of Nigeria. We have money why should we suffer.Sell all their property and put it back to work not to share again.

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