EXCLUSIVE: Untold Story of the N13billion recovered from Ikoyi, Lagos apartment

N13Billion Ikoyi money
N13Billion Ikoyi money

The $43,449,947, £27,800 and N23,218,000 recovered by the Economic and Financial Crimes Commission (EFCC) from an Ikoyi apartment in Lagos was a discreet allocation released to the National Intelligence Agency (NIA) for major but covert security projects, PREMIUM TIMES has learnt.

The total value of the money at the Central Bank of Nigeria official exchange rate is over N13 billion.

Presidency and security sources told this newspaper on Friday that former President Goodluck Jonathan approved the funds for the 30-year old secret service agency after its immediate past Director General, Olaniyi Oladeji, alerted him to the need for some “crucial and covert security projects”.

The funds were later released in cash directly from the Central Bank of Nigeria as a way of making its spending completely secret, this newspaper was told.

“The projects are scattered across the country, but there is a major one in Lagos being funded with the cash warehoused in the Ikoyi building,” one source said. “The spending on the projects cannot be subjected to the usual expenditure process, and that is why the funds are held in cash. If you like, you can call it illegal projects in the national interest.”

Our sources said only relevant top government officials and of the NIA are aware of the projects.

One official said when the incumbent Director General of the NIA, Ayodele Oke, was alerted that EFCC operatives had swooped on the apartment, being discreetly guarded by covert operatives, he rushed to the anti-graft agency’s headquarters in Abuja to advise its chairman, Ibrahim Magu, to withdraw his men as the funds belonged to government.

At the time, about 13 police officers and some soldiers, accompanied by photographers and videographers, had broken into the apartment, and were already dismantling the safes in which the funds were concealed, our sources said.

Mr. Magu however declined Mr. Oke’s request. Instead, he directed his men to proceed with the operation. those familiar with the matter said.

A frustrated Mr. Oke was said to have rushed to the National Security Adviser, Babagana Monguno, and Vice President Yemi Osinbajo to complain about Mr. Magu’s attitude, and the huge embarrassment he had caused his otherwise extremely quiet and secretive agency.

On Thursday, presidency sources said, Mr Oke met President Muhammadu Buhari in company with Attorney General Abubakar Malami to table the same complaints.

Those who saw the NIA DG before he was called in to see the president said he had two bulky envelopes believed to contain paper and audio-visual records of the security projects.

Officials said President Buhari has since directed Mr. Magu to forward to him detailed report on the operation. The EFCC boss was also directed to immediately deposit the funds with the CBN.

On his part, Mr. Oke was asked to properly document his complaints against Mr. Magu, and then reapply for the seized funds, our sources said.

A top presidency source said the President might ask Attorney General Malami to review reports submitted by the two officials, and then forward appropriate recommendations.

When contacted Friday, the Special Adviser to the President on Media and Publicity, Femi Adesina, said, “It’s a security issue, and not strictly a presidency issue.”

He directed further enquiries on the matter to the security agencies involved.

Mr. Oke of the NIA confirmed to PREMIUM TIMES that the money belongs to his agency, but declined further comments when asked what the funds were meant for.

“You don’t expect me to tell you that,” he said.

Contacted Friday, the spokesperson for the EFCC, Wilson Uwujaren, said he had not been briefed on the matter.

Attorney General Malami initially did not answer or return calls. But he later said his presence at the meeting Mr. Oke had with the president was coincidental.

“It was nothing planned,” Mr. Malami said. “I had a lot to do at the villa, and coincidentally he (Mr. Oke) too was there. I initially did not know why he was there until much later.”

The Attorney General said he had not been formally briefed to take any action on the matter.

The EFCC had on Wednesday recovered the huge cash from an Osborne Street, Ikoyi apartment in Lagos, believing it was looted.

The anti-graft agency said it acted following a tip from a whistle-blower.

In a ruling on Thursday, Justice Muslim Hassan ordered a temporary forfeiture of the money to the government.

He adjourned further proceedings to May 5 for anyone interested or wishing to claim the money or make a case why it should not be permanently forfeited to government.

EDITOR’S NOTE: This post has been updated with Attorney General Abubakar Malami’s comments. He initially did not answer or return calls.


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  • Ken

    You can see how Magu is embarrassing govt. He wants to prove that he is working meanwhile those on bourdillon street are going free. The grass cutter and the Mtn thief are all free. Shame of a country!

    • Green

      We can’t say for now. Question, why wasn’t the money stored in the NIA office where you have adequate security?

      • Victoria

        what about if someone steal the money and set fire on the house. which I think that will happen with time. The money suppose to be kept in the bank. This is a clear corruption and looting of Nigerians money. But as usual no one will be arrested as usual.

    • Bulus

      Shut up! Use your head even if its only once in your entire lifetime

    • ps

      Why can the NAI breif the President before now untill they bost their secret.

    • staaaaaaaaaaa

      shame of a system of looting set up by jonathan. how can an agency be warehousing money like that? it is rubbish. security for what? if they are that secretive why did a whistleblower blow their cover? this was the kind of nonsense that hakilu halilu and sergeant rogers were doing during abacha days. are we in military era that an inzteligence agency cant be known to exist? Magu thank you for all the job you are doing to free gthis nation from trash.

  • evidence

    Useless government.

  • emailofemi

    Yeeeeeeeee I don enter one chance..this is not the government I voted for.

  • adekenny

    Why is the new administration not aware of the secrete service! Is jonathan still the president? He should have let Buhari knows about it since! Thank GOD jonathan did not come back as president

    • Benny

      Typically of your ilk! What a whimp!

  • adekenny

    Magu you are doing a good job! Carry on! GOD is on your side

  • Afo

    This story serves as a cover up for the wickedness GEJ has done to our nation. Why can’t PMB shame this rogues GEJ who shipped Dollars to Lagos to bribe South West Obas and others to rig election for him. The money found in Ikoyi is part of that evil scheme and someone is painting intelligence theory to cover it up.There is no hiding place for GEJ and his evil collaborators who have ruined our nation by their brazen stealing. If this money does not belong to NIA, may those who concocted this story have no peace till they come up with the truth. God bless Nigeria.

    • Capt

      PMB is covering up for looting under his government. Is that too hard for you to see?

    • Factsay

      Amaechi has been fingered and government want to cover it up

      • Afo

        Ameachi cannot keep money in a house owned by former PDP chairman. Money is part of the looting by GEJ.

        • Fairgame

          The house is Amaechi’s house

        • Factsay

          Funny guy. What makes them different? Once u enter APC u become saint? U guys need deliverance

  • marc umeh

    Cork and bull story !!
    They want us to believe that—– secret project or secret thieves ? Hail Magu !!!

  • James Stone

    Chai! If this was true they can have a more secure facility anywhere in the state to stash such funds, but they r telling us here that they r using a civilian residential apartment to stash funds, risky the lives of everyone around there, i really do not know what to say i can see i am already typing nonsense let me end. i only weep uncontrollably for this country, but i know GOD Almighty will lift us up. In Jesus Mighty Name. AMEN ! ! ! (THE TRUTH IS THAT HE IS COVERING UP FOR THE TRUE CULPRIT, NOTHING MORE NOTHING LESS)

  • Curseless

    The reason for keeping money for covert operation in cash and stash in an apartment does not pass the smell test at all. Who owns the building, that allowed the property to be used for stashing that kind of money away. I’m not an undercover agent by any means but why stash money in different locations in the country for covert operation in a country where this money can develop wings and fly away. i’m just asking.

    • Broadway2

      If the building belongs to someone, what then is discreet about this so called secret project? Security took the lion share in Jonathan’s budget, and this is where it ended up!

  • realist

    Which secret spending, and secret project that cannot have the funds in the bank, and withdraw as at when due but put in a private home. Ah! Very ridiculous.

    • Julius

      Very, very ridiculous !!. This is way back to Jonathan…again ? lolz

  • www.electionoffenders.ng

    With due respects, I just dont buy this story. Please!

    The NIA could’nt find a secure vault in ANY of its highly fortified and secure locations nationwide.

    Instead, it rented/bought an expensive apartment in a luxury development and hid USD43M cash. ‘Just Like That’!!

    I dont buy this story and if Magu is half the man i hope he is then he should blow this story out of the water and expose the real owners of the money.

    Buhari is such a ‘hands-off’ leader that its so easy for his subordinates to run circles around him.

    This story is too amazing to digest without hesitation.

  • Factsay

    PMB and his group of pretending corruptionists are playing games with our brain.
    So, where and when did GEJ budget this money. I thought this government said GEJ govt stole all the funds.

    My own opinion is that this money is looted money by this present government officials in preparation of the next election

  • The Truth

    That building is a new project ,opened in 2015 during Buhari Era..so this money was put there recently. That means this money is from this present Government! why are they trying to drag Jonathans name into it. Magu has caught some APC big wigs hiding new money and they are trying to cover up from Presidency with NIA story. Corruption fight indeed. Deceiving everybody while they are hiding dollars.

    • Broadway2

      Which version is this your story? All the recoveries have not proven to you that Jonathan is an Anini with questionable PhD? Common!

  • www.electionoffenders.ng

    Premium Times,your reputation is valuable.

    Who gave you this story to publish? Did you investigate it thoroughly before publishing?

    As investigative journalists, does the story sound plausible to you ??. Does it sound logical and believable to your ears?

    Please guard your reputation Premium Times. Be careful who uses your platform to achieve evil and criminal ends. Please, Nigerians (like me) respect and rely on your platform. Be careful!

  • Bigtin

    Grand cover-up!

  • Nkem

    A classic portrayal of the massive racket called project Nigeria: Adamu Mua’zu, two-time governor of poverty ravaged Borno State located in the very impoverished Northeast Nigeria, moves desperately needed cash from the very desperately poor people of Bauchi State to build a sprawling edifice in the opulent neighborhood in Southwest Nigeria. Then, another very successful political entrepreneur of the Nigerian project, possibly Amaechi, another two-time governor of oil rich but serially exploited River State, moves desperately needed cash from his environmentally ravaged state to purchase one ex[pensive unit of this sprawling edifice. Then he rents it out to government who pays him for a property built with government money and and bought with government money. Then one ‘secret’ government agency, apart from taking government money to pay for the same property constructed and bought with government money, also moves government cash to hide in the building, with the cock and bull tale of a fictitious ‘secret’ operation. Indeed Nigeria has become a huge racket, and a very notorious secret cult.

  • factfinder

    As far as I am concerned, that money had been stolen, kept in a private home and for personal purpose , otherwise, the money should have been in a separate vault in the CBN. Is the house where the money is found government house? Is Buhari aware of the NIA secret project before now?

    Anyway, both NIA and the money belong to the government so no cause for alarm. Let the follow due process to finance their secret projects

  • persona

    This so called exclusive is hogwash.
    The relevant questions are these:
    1- Why will NIA put money in a high brow area and kept disguising as a woman thus putting money in a building till recently when the syndicate was smashed?
    2- Why will money that is larger than the ministry wherein same agency is be warehoused around the country to catch who exactly?
    3- Why will Money be given by CBN for the agency off books and yet same CBN provided counting machines for EFCC?
    4- Why will this story say that EFCC was directed to put the money in CBN recently when EFCC had put the money at CBN from the onset after the smash?
    5- Why will an agency not be on guard while EFCC moved on that scene at first before the seizure began?
    6- How come NIA is reporting to minister and VP when indeed the money was legitimately approved for the so called covert operations?
    7- I f that is the case, how come this story failed to account that all agencies had been told to put money in TSA and another was running an off the book operation when the country needed forex?
    This is looking like fake news. FG cant be warehousing cash anywhere to catch who exactly?

    • The Optimist

      Forgot about those slots! Thieves and liars. Money given since GEJ’s time being ferried in piece meal to a private place in Lagos! Thieve!

    • Höly Wähala

      You get dia time… the pivotal question not answered by this belated damage control media blitz is: Who rented or leased the apartment in which the loot was found. That would tell me the link between “covert operation” and a corrupt politician who leased or owns apartments 7a and 7d inside one of which the monies were found. Nor mind Premium Times jare, they’re gradually going the way of SaharaReporters… into partisan pockets. Nonsense!

      • persona

        How do you do investigative journalism and render a one sided report?
        My concern is simple, the angle hey have followed even makes it more dangerous for the so called agency.
        How were they operating and off the book operation in forex and to nab who?
        Why will they need a highbrow property to do whatever it is? The fact they had safes there means the access is limited and definitely intended to obfuscate access. So, this is an attempt to sway people. I know that NASS didn’t approve the money, I also know that the budget is bigger than what they are making it to be. Also, how then was the money not returned to TSA account, will that not constitute a breach? Why will money be used as bait when we need same? The report claimed EFCC was directed to put funds in CBN, when na CBN bring counting machines and EFCC had kept the monies there before the case supposedly went to presidency. Some of us cant be fooled by their so called alternative facts.

        • Höly Wähala

          Listen, this is what I think happened…
          The whistle-blower probably did not know the real owner of the money, may be one of the couriers shuffling with ghana-must-go bags from CBN-Ghost Woman… etc, Magu himself obviously didn’t know what he was about to walk into when they set out to find another heist. He made propaganda arrangement (videographers, tv-crew and paparrazzi news) so backing off was too late. Tief Magu definitely knows who rented that pad, he is also involved in a massive cover-up and I hope you now see why I was vehemently against his confirmation as Chairman of EFCC, he is not an honest man.

          The NIA in a SaharaReporters article have vehemently denied ownership of the funds so, all this sugar-coating a case gone awry for APC by PT is expired medicine after death. How can money meant covert operations allover Nigeria be bunked in only one part of Nigeria, Lagos, does that make sense that not even one agent from the NIA was living in that apartment as security for their covert operations’ money… such huge money left unguarded. Whoever wrote this silly excuse of an article for PT should be fired and banned from thinking. Nonsense!

          • persona

            I agree the PT thing na wash.
            However, I believe the place had been under surveillance by EFCC after the tip off. They had seen the MO of the way funds were kept in that location and they had asked questions from the guards because they had always helped the disguised lady ferry money up to that spot.
            Now, this is where everything went sideways, EFCC will never go to court to secure forfeiture if indeed it was government money and that is where I believe that Magu is on track. He wouldn’t have headed to court knowing NIA was remotely involved not after Buhari had told them to not lose cases again. Magu didn’t invite camera crew there, EFCC has a standing team that does recording so that staff never say account no balance or say money/ evidence loss. The fact will surface soon enough but the fact he went to court tells a story that he may not know who owned the apartment as at press time.

    • AryLoyds

      This Buharis Gov stinks with corruption, I expect nothing more from a president whose waec can be called into question. The federal government are hiding the truth and it appears the culprits way be buharis cabal

  • Broadway2

    Cock and bull stories…all lies.

  • persona

    Why will EFCC goto court to seek forfeiture of funds if it belongs to NIA?
    This report is all false and Nigerians should not be swayed.
    That they ran off book activities not approved and appropriated by NASS in itself makes this story hogwash.

  • emailofemi

    I have never seen a government lied to her citizens brazenly as this mumu led government .i regret voting in this wicked government, I hate blaming GEJ but he made me fall for the APC propagandas ; I feel betrayed, I feel cheated and deceived

    • Broadway2

      What are you saying? This money was released by Jonathan government.

      • emailofemi

        Jonathan? Abeg tell me something else.

        • isioku

          My dear, leave these people. I was doing a case where i saw N200M approved and released by a political party for “social media influencers”, “mobilisation on twitter and online blogs” and it dawned on me that over 40% of these guys here are paid agents. They have been paid and wired to stay the narrative, like robots. They come under several pseudonyms with one mission: propaganda & blame it on past administration. They are blind like bats and attack without conscience like wounded hyenas.

          • Ade

            U r right. I have noticed the hyenas

        • Broadway2

          Now, I hope you can confirm who approved the money. Read the latest discovery above and apologize for your comment.

        • emailofemi

          I’ll refrain from making further comment on this issue until the osinbajo led committee submit it report. Thank you for your understanding.

      • isioku

        Pls i would really like to know you. You reason in a very special way, in a way that a human shouldnt reason. I would really love to see how a person like looks like. “this money was released by Jonathan you say? For how many years now? And it hasnt been touched since Jona released it? The alleged projects in Lagos and other places havent taken off eh? So they have not spent a dime on the project out of monies released over 2 years ago? Oh God! We really do have “reasonable” people on this platform. People who cant reason beyond the lies they are told. Kontinu

        • Broadway2

          You are such a nuisance. Only those who supports your weird ideologies are the only “reasonable” and “humane”. Its a waste of time replying you but then, I summoned strength to do so, hoping that you can learn how to accommodate other views without being insultive.

    • Olaola

      Fraud , you didn’t vote for this govt. Stop lying to yourself. Those of us who did are still standing behind the govt. GEJ and his gang of thieves should be your worries not this govt. Lying SOB.

      • emailofemi

        I wished u knew all I went through and how much support I gave to Apc even from the formative stage to when it became the government of the day. this is not the change I voted for

        • WeeFree

          You are here claiming you voted for Buhari and yet on this same thread you are defending Jonathan Buhari’s opponent, do you have memory issues? Post the picture of your voters card lets see if you have any.

          • emailofemi

            There was no time I defended jonathan, jonathan’s cluelessness gave me out to the APC propaganda, abi how can a PhD holder not be in charge of his government?

      • The Optimist


      • Höly Wähala

        C’mon shut the heck up… whoever goes against this didinrin govt. of Buhari suddenly did not vote or support the APC, in what capacity are you making your first sentence to her… are you Jega, even if you are, do you know everyone who voted for Buhari? Can you reproduce any comments you left in support of APC and Buhari before and during the campaigns proper? Like her, I was with Buhari from the registration of APC to the final act by Orubebe to try and thwart the elections. You claim… “Those of us who did are still standing behind the govt.” Shioo! Read this… “I support President Buhari but I am not his sycophant” – Sen. Shehu. You are a sycophant foolishly suffering and smiling. Nigeria is in the 4th successive quaters of a recession after 30yrs yet, a moronic mugu like you is here marketing a failed govt. Ask around, Balarabe Musa, Emir Sanusi, Bishop Okojie, Fr. Mbaka… and millions of Nigerians who supported Buhari have all turned against his govt. for what Nigeria has become. Punk, if you don’t what to write, never attack a lady on behalf of a half-human Buhari. Nonsense!

        • Malik


    • Abdulkadir

      You never voted for this government, so keep shut your mischievous mouth.

    • Arabakpura

      How? Do you really think you can deceive all of us?

      • emailofemi

        Can any creature be more
        deceitful than this government?

    • Progress.B4.Politics

      Betrayed? Cheated? Deceived? Why do you guys always give away your identity. I wonder what you will say if eventually the owner is from your party. What is sickening is that some thieves had 16yrs to make a difference but they were busy looting and boasting that they will rule for 60yrs. Save us your deception, everyone knows that this government’s capital projects far exceeds that of the oil boom era. It is called management and you lot only know how to steal.

  • Ashibogu

    Bicycle Story!

  • new republic

    God will punish this apc for covering for ROTIMI Amech,then who is the owner of that appartment?this govt is a criminal govt

    • Broadway2

      When was this money released? Get the facts correct.

      • new republic


        • Arabakpura

          Amaechi has no house in Lagos!

    • blackdove

      I can see you are truly disappointed. Sorry, look for another smoking gun against Amaechi – not this one; and not this time.

  • Sword of Damocles

    This story is bewildering. So let me get this straight: former president GEJ approved unbudgeted monies some time in late 2014/ as late may 2015 for national security matters and the monies(CASH) were stashed in this high brow penthouse? So many issues that I know I will forget something. explain to me why the extra-budgetary allocation does not violate Jonathan’s own Money laundering Act that he signed in 2011. Even the country whose system we copied(USA), do not have constitutional provisions that enable the executive to spend monies not budgeted by the legislature, case in point, the yearly budgets for the CIA, NSA, DIA and all the super-secret agencies are discussed with the legislature for APPROVAL IN CAMERA(which means they are classified, but the Legislature STILL have to approve it. Did the Director General of the NIA, notified the incoming President of the STASHED monies soon after may 29th 2015, as he was duty bound? Are there other safe houses for stashed monies? Why did the allocation need to be in cash? Why was this specific location selected? This story does not pass ANY test. PT is now honor bound to investigate the real story. The whole thing smells like a Villa cabal smear job against their nemesis and apparent superstar Ibrahim Magu

    • The Optimist

      Don’t mind them sir. Thieves always have escape stories to put forward. It’s a left-over of their loot.

    • Issei

      My friend you don’t seem to understand, This money belongs to the Nigerian government.
      But because magu is eager to please some vested interests he decided to raid the
      The house in question.if I may remind you toward the end of Obama presidency he took
      Hundreds of millions of dollars and pay the money in cash to Iranian government
      Donalld trump then as a candidate started making it a campaign issue,but he was
      Quickly cautioned and he never mentioned it again in any campaign stops.
      I think magu is a saboteur to this government,but I think he’s going this time around.
      No matter the propaganda of the Apc government there are still some issues that are
      Classified only the C in C is in the know and NSA

      • Sword of Damocles

        Since I am your “friend”, let me correct you, NONE of us understands keeping government money in cash in a safe house to the tune of approx. $50million. I am not convinced even a little bit that the money belongs to the Nigerian Government. From your retort about “classified information”, you do not seem to understand what it means/entails.(only the CinC & NSA???? laughable) .lastly, classified items are required by OUR Constitution TO BE BUDGETTED by the legislature(fullstop as they say in Nigeria). Or do you want to go back to military Junta when everything was done by fiat/dicta????

        • Issei

          Thank you you very much my friend in today’s Nigeria budget there’s sub head
          Called General administration domicile in SGF office its from that subhead you
          Have what called below the line account,that account services the NSA office,Viz viz
          NIA DMI,for the sole purpose of in some cases covert operations e.g Nigeria involvement
          In Gambia and the rest so this is a standard practice world over,you don’t expose details
          Even to the legislature,e.g when Congress chair on national intelligence got a briefing
          From the white,democrats raise eye brows,what happened next,was the invitation
          Extended to the most ranking member who happens to be a democrat,the White House
          Didn’t invite all the committee members,this is how INTEL issues are handled.

          • Sword of Damocles

            So friend , tell us how much was budgeted for the NIA specifically in 2015 by the NASS, or is the amount classified also?”this is a standard practice world over” : this is not correct. I can speak for 2 nations that I have specific knowledge of : The US & Uk. The budgetary process is consultative, deliberate, and documented. Why? because of a simple premise that it is the people’s money. In the US, where I have lived for the last 34 years, when the budgetary process starts, the Super secret agencies are invited to testify before Congress in closed sessions where they lay out their projected expenses for the upcoming fiscal year and then Congress APROPRIATES the funds, and yes the specific line items are classified, but the amount for each agency is not. Your reference to Congressman Nunez ‘s White House briefing is bizarre at best, and naïve at worst. The man is known stooge of President Trump, so much so that he recently had to RECUSE himself as Chairman of the House Oversight committee on the investigation of Trump campaign collusion with the Rooskies(Russians). there is no comparison whatsoever between the discussion we are having (looted funds vs. national security spooks stuff) BTW, I am obsessed with all matters concerning the Trump/Russian Collusion, so any time you want to have a conversation about that, I am your huckleberry. Peace & hair grease…..

      • Ade

        The money Obama used for Iran was kept in a private home.

        Only animal believe this story

      • Karl Imom

        Nonsense! The money Obama paid to Iran was Iranian money that was frozen by the United States government in the 1970’s. The release was approved by the United States Congress, and the money was not released in cash. If there are some issues that only the C in C is in the know and NSA, then why was Buhari not in the know after two-years of taking office as C in C?

    • DanJ

      If this is what they are saying then GEJ should be impeached retrospectively so he looses any privilege attached to ex President’s. Though, I think this is a cock and bull story except of course the money belongs to GEJ and the president’s club are in top gear to protect one of their own. I hope this doesn’t have anything to do with the “Massive Heart Attack” someone fatally suffered from yesterday.

      • Sword of Damocles

        in all candor I really do not know what the heck is going on. But my political 6th sense tells me this story is going to hurt this administration, just like the DSS report on Magu. The President needs a new Chief of staff who can “herd cats”, cause his staff, is doing him a major disservice. I was talking to my Dad less than an hour ago on the phone, and he thinks we are not going to hear about this again. The usual “ruling elites shenanigans”

    • aweosome leo

      Let’s call a spade a spade, no matter what the money was intended for, if it is actually in the genuine interest of the nation, it ought to have been accounted for to the present administration by the out gone one during the handover. As much as we all know that every country has her own secret especially with spendings, the news would not have boomerang if there has been a proper hand over of the money. This is a day light robbery! (If we don’t fear men in our sentiments let’s fear God)

      • Sword of Damocles

        I think the most illuminating answer will be who owns that penthouse. from that point we can start putting the puzzle together. the fact that we still do not know for sure at this time is OMINOUS

    • amazing2012

      You budget for security but must of their spending are unbudget, because you can not predict crime or natural disasters. The money is surely budget but the spending undisclosed. Because the more the disclose the spending the more you expose the operstions.

      • Sword of Damocles

        true, however the monies were not budgeted. Look I have no issues with a sovereign nation having classified line item budget, however the amount is never not classified and is public knowledge as called for by the transparent nature of representative Democracies. But I think we are all jumping the gun, because my hunch tells me this is LOOTED MONIES we are speaking of

      • Malik

        Cowboy stories.

        Did you read what you wrote because it’s littered with contradictions.

        ”You budget for security but must of their spending are unbudget”

        What spending needs budgeting again if it’s been captured by security budget?

        “The money is surely budget but the spending undisclosed.”

        Now that is the accurate thing you were struggling to present in your post. But the “spending undisclosed” part is not entirely correct, it is disclosed as a single line funding with no specifics given.

        • amazing2012

          My brother let me start with the claim by Governor of Rivers that the money belong to his state. I am confused and devastated, if institutions will claim what does not belong to them. However the fact that the NIA claim first, one should consider them first.
          You dont disclose the “purpose of spending money on OPERATIONS”. Operations are not disclosed, the spending of such money for operations may lead to the leak of the operation and failure. For instance: if EFCC budgeted moeny to come to lagos for this IKOYI operations, but come out to tell you or others, then someone may alert the suspect to pack the money away.

  • Arabakpura

    Magu, just keep arresting monies, no matter who they belong to! You are sort of doing oversight functions as well!

  • laurie

    They just made up this cock and bull story to placate the irate Nigerian public. Even the FBI or Scotland Yard will never need to store $43 million in cash to carry out its projects. This stolen money must belong to one of the former government officials recently quizzed by EFCC, and he was pressured into letting them know where the loot was. But EFCC needed to protect the thief’s privacy, and make up this story.

    • amazing2012

      Depend on the operations.

  • Ifeanyi

    How does keeping this money in the bank prevent them from carrying out these security operations…?

    • Femi

      Good question!

    • amazing2012

      Record and transfer can be traced.

      • Ifeanyi

        Cash withdrawals not possible…?

  • The Optimist

    The money is for “Ilegal projects in the national interest.” Funny country! Even if it is to pay Boko Haram as ramsome for the Chibok girls, let the NIA come clean and tell us the illegal projects. Shameless looters!

  • moe

    This story doesn’t make sense. Was fani kayode right in saying these funds belong to amaechi? Is the government trying to avoid embarrassment by saying the funds belong to the NIA? IT just doesn’t add up

  • Deji

    The better one comments within the limit of his knowledge, the CIA, G15 and other secret national appartricks spends far more than 13#billion, including to topple and install leaders in other nations in furthering the interest of these powerful western nations. Nigeria isn’t just a mere nation right from independence, and internationally in the African context, we are a bloc to contend. So, I agree with Government account.

    • Mike udi

      And they keep their money in private building not govt building or operate account tru proxy.
      U must n a joker

      • El Patron

        Absolutely yes they do. CIA does ALOT of criminal things and launder money daily. Go and read up about CIA and Mexican drug cartels for a start

        • Ade

          Animal. Is a shame I belong to same country with this beast. Hope you are writing these comments from a zoo

          • El Patron

            Today is good Friday so I won’t insult you. I will advice you however to go and look for the source of your problems in life. Neither me nor premium times is responsible for your problems so quit coming here to rant garbage while exposing your lack of civility and decorum. While you are at it, get ye behind me satan!!!

          • amazing2012

            You are really the animal, who believed his country is zoo. It is you and your father that lived in Zoo.

        • amazing2012

          Please dont mind ignorance and daftness of our people. Is there any operation by the agencies like CIA that is open or not criminal? It is part of their job to protect their nation in whatever form.

        • Karl Imom

          Government is continuous. Whatever they do, the president of the incoming administration is briefed about everything. There is simply NO CIA project that is totally funded in Cash for a 30-year period. Your submission is completely false .

      • T Focker

        You are very ignorant.

    • Eat the rich

      Cheap blackmail Bros. Which African leader has Nigeria toppled before? Let them go try Mugabe. When the masses are poor, hungry, and “ready-to-eat the rich”, the rulers are busy looting. I pity them sha

  • Bishop

    Nigerians and their wahala! Just quick to comment. From what I can read here, this is NOT an official press release by Presidency,NIA,EFCC etc. Just premium times investigation, so why all the hate comments and accusations? And am so sure it’s all coming from ‘future leaders abi na masses’ sef, what will Nigeria be like in 30yrs? Maybe next generation of Saraki,GEJ,OBJ,IBB wi continue to rule because the masses brain has also been looted

    • DanJ

      I think it’s better Premium times and co inform us before the arrange stories for us. When people scream, they may realise it’s not sellable and back down by denying the story.
      Perhaps PT is helping them test the waters so we won’t be too shocked as they would have started releasing the story gradually in form of rumours first then confirmation by a spokesman.

  • Ohnigeria Godsavenigeria

    With buhari and his axis of evil still taking charge of Nigeria, citizens of this nation shall continue to be treated with these type of stories no matter how absurd it may be.
    Nigeria for lack of vigilance and because of hatred of Jonathan by the thieftunb band ,have entered a terrible one chance danfo that is heading into the Atlantic at a speed of light.only Gods mercy shall save Nigeria.
    A government that has no shame, suffering from integrity deficiency syndrome is a disaster and a terrible calamity.

    • wode

      You’re just in hurry. Why not wait till the true story comes out. We would like to hear your comments then.

    • Karl Imom

      This is President Jonathan’s loot. there is NO way around it. However you cry, your icon is revealed as a con-man who designed this bogus project. Bogus because it was NOT covered in the handover notes, and NOT handed over to the current National Security Adviser.

  • Ohnigeria Godsavenigeria

    With buhari and his axis of evil party apc still taking charge of Nigeria, citizens of this nation shall continue to be treated with these type of stories no matter how absurd it may be.
    Nigeria for lack of vigilance and because of hatred of Jonathan by the thieftunb band ,have entered a terrible one chance danfo that is heading into the Atlantic at a speed of light.only Gods mercy shall save Nigeria.
    A government that has no shame, suffering from integrity deficiency syndrome is a disaster and a terrible calamity.

    • Karl Imom

      Are you saying APC should have maintained vigilance when your PDP was in power? Did the NIA DG not say the money was released by President Jonathan? You must really be sick to the core. This is Goodluck Jonathan’s Loot, there is NO way around it.

      • Jedi

        Nope! I think Buhari stole the money for 2019 elections. Ameachi was the errand boy.

      • Dgreatest

        Have a second thought. If it was Jonathan’s loot, why would the former DG of NIA, who worked hand in hand with Jonathan to loot the money reveal the existence of such huge cash to the new DG of NIA.

        • Karl Imom

          If this was a real government project, why was it not covered in the handover notes? Why was the in-coming President NOT briefed of this project and its secrecy? The President of Nigeria is entitled under the constitution to be in-charge of all government projects including those under NIA, why did the Director General of NIA not personally reveal to the President that, a secret project was underway in his Agency before now? Why did the DG not reveal the project to the National Security Adviser before now? The DG is answerable to the President, why then did he keep the project secret to the President two-years after the fact? This is Goodluck Jonathan’s loot!!

          • Dgreatest

            Read through my post again and have a third thought.
            If the money is linked with Jonathan, why would the previous DG appointed and loyal to Jonathan reveal the existence of the money to the current DG appointed by PMB.
            Why didn’t Jona and his ally in the previous DG quietly keep the money to themselves.

  • concernednigerian

    Who owned the property in which the money was found?

    • Höly Wähala

      Property is owned by Mu’azu but the apartment is owned by a ghost known only to Ibrahim Magu…

      • Malik


  • wode

    PT shouldn’t have published this type of news. It meets no known logic whatsoever.


      If PT did not publish it, how would we have know the dirty and evil and massive corruption going on in the name of “covert secret security projects” and more so the skewed, illogical and no-brainer reasoning of your leaders. With leaders with this kind of brain containing animal dunes, Nigeria is dmomed. PT only exposed them. Simple.

      • wode

        The whole story is a dummy! Check SR for rebuttal from NIA official. Check Channelstv website for who lays claim to the money.

  • wode

    Now that Wike (ie. Rivers state Govt) has been reportedly claimed the ownership of the money, we now know where it’s coming from. However, it brings more confusion than solving it with this news. Which one do we believe? This money seems a GEJ loot!!!

    • Ade

      Animal. Is a shame I belong to same country with this beast. Hope you are writing these comments from the forest.

      • wode

        Time would define who a beast is. You’re surely behind the news. Go and sleep, when you wake up, get yourself updated and make another comment.

      • wode

        Mr Beast, is it not getting clearer to you now where we are coming from. Do you see what’s happening now as per the NIA DG’s suspension? Do you still think the DG could have owned all the money? Are you still in doubt as to my conclusion on the issue? I told you’re behind the news in terms of information, analysis and informed deduction. Stay tuned. More details would come out in a fortnight time.

    • Karl Imom

      Thank you. This is Goodluck Jonathan’s money. Even if the security projects were too discreet, they should have been covered in the handover notes. Did the Goodluck Administration ever mention this to the incoming administration of APC? The NIA DG has done a very poor job of convolution – just imagine, these are the people who have for decades ruled this country. Now he is in tears, totally taken aback and confused about what to say. There is simply NO government project that is too important and too discreet to be financed only in cash and outside the knowledge of the incumbent president.

  • Aremu Mathew Okikiolu

    Amazing responses from some gullible compatriots. Here is a country advocating a cashless society and they are keeping such stupendous and obscene amounts of money in a house, residential building. Last time I checked, monies of this nature must be in the TSA account. Who is the CIA deep throat that knows the combination lock of the Spy Agency’s vault?

  • Gary

    Whoever sold this story to PT has done more harm than good; if the intent was an official cover up or damage control.
    It simply beggars belief that any intelligence agency would be engaged in any operation outside the knowledge of the President of the Republic through the Office of the National Security Adviser. And the BS that the money was released under the previous government without the incoming regime or NSA Munguno being briefed about the the NIA operations and funding.

    The CBN also kept no record of the payments in cash to the NIA? Just like it did with the funds released to Dasuki? C’mon, this story does not pass the smell test. And a poor attempt at diverting attention from telling the Nigerian people the ownership of the recovered funds.

    For starters, we need to know the owner/s of the apartment where this unofficial branch of the CBN now claimed by the NIA was housed. The refusal of the EFCC to tell us who owns the apartment only raises more suspicion of a cover up for a bigwig in government.

  • DanJ

    Perhaps they are testing us.

    It’s time Buhari steps forward to address the nation.

    If he decides to remain in hiding while his associates and employees sell us such cock and bull stories inorder to hide sacred cows then it’s time he steps steps for another person.

    The people trying to provide cover now are worst than those who put the money there.

    PMB, for the love of God and people who have died due to bad leadership having been robbed blind by a few who know not about duty of care, for the sake of all of us left hanging on a very thin thread of hope, for the sake of our founding fathers and unborn generations who may only read about you in history books, for the sake of Magu and his men who continue to risk their lives daily in spite of your having failed them twice, for the sake of our officers who have died in the line of duty, be it in the hands of oil bunkerers, kidnappers, robbers, extremists, politicians, etc…. Do what is right by the common man. Do not dine with the devil as your integrity, which brought you all the way to the highest office in the land is being put to test.

  • aweosome leo


  • Ade

    She voted for good governance not to be given more money. She was deceived to vote for hypocrites that can and tell the truth because APC are involved


    This is Bullshit story. Very shameful indeed. What is secret about security project if it is for common good. The agency can keep the money in its bank account and withdraws cash for its so called secret projects with proper approvals obtained. How can there be accountability this way? If PMB supports this kind of brazen and illogical and senseless acts, then this government is finished and will be the last Nigeria will ever have. Nonsense. The impoverished masses are watching and their day of vengeance will soon come.

    • wode

      Calm down brother. Truth is unfolding. Things would get clearer in days to come. The story about NIA doesn’t sell.

      Read some of my comments below and you would have an idea.

    • Georgey

      What is your reason for disbelieving the story? Because it is not pointing to a Nigerian?

      • Quency Olajide Oyegoke

        The story is bunch of lies pls. They should think of a better and decent lie.

  • Opekete

    Somebody must have sold a dummy to premium Times.

    • duwdu

      You can say that again.


  • Mufu Ola

    This is a planted story. THISDAY carried it today as headlines almost word for word. The difference was that as usual THISDAY was adding more beefs in order to vilify Magu for doing his job,describing him as “over excited”. It’s hardly surprising that the paper will be d 1st point of call of those seeking to obliterate corruption war by quoting dubious sources to run down Magu.

    • duwdu

      Thank you. I’m highly disappointed with Premium Times carrying this hogwash and labelling it, “exclusive.”


  • MMM

    So Buahri has been using Nigeria’s money to personally invest in Ponzi scheme abi? Honestly I have been suspecting this for a long time now, it is very clear that APC government & Buhari are investing state funds in MMM too! Haba! my fifo! Which kind of Economics is this?

  • Bosede

    We have said lets break up Nigeria but the Yoruba people are too afraid. They are so accustomed to parasitic relationship!

    • Time up for Nigeria

      It will. Americans predicted but GEJ quarreled the prediction then. I’m sure he is a believer now.

    • tundemash

      Mor0n, you are even ahsmaed to use your real name. What has this story got to do with enthnicty ??

      • Fake

        stop exposing urself. How did u know that is not her real name?

        • tundemash

          Mor0n, it is inherent in the statement and that was you using another fake name now !

    • Olaiyatikitemi

      Don’t mind them. See how Mohammed Buhari has turned the Economy around beyond recognition. Dumb and daft should never be allowed to be president anywhere, not even in the Zoo.

  • Busi

    This story in itself is an insult to human intelligence ……. But then most Nigerians don’t have much intelligence.
    Which is why virtually every govt. In power since independence has carried out a brazen onslaught on the treasury without any fear of backlash from the people.
    Because they know the average Nigerian is dumb and can be easily pacified, even with ridiculous explanations such as this BS story.

  • OmoLasgidi

    Hmmm. So the NIA does not have an office where such stash can be kept? Does the FBI, CIA, KGB, MOSSAD etc keep such slush funds in apartments or personal houses? Why such a huge amount in one place?
    Now the whole thing is fast turning to the usual Nigerian Abra-ca-da-bra – the more you see, the less you know!

    • ijelejames

      Don’t mind the tricksters. God don catch them.

  • Maria Darego

    Fellow Nigerians! Please who owns the flat that the money was stored in? Please if the flat was indeed an NIA “black site”; did President Buhari and NSA Mungono sign off on the NIA operation? Did they initiate or did they inherit the operation? Does it mean there is no NIA liaison Staff at EFCC and Vice-versa and if so, is that the proper security architecture to operate? If the flat was indeed an NIA black site, why was it not “hardened” because it is standard procedure for such sites not to be easily breached ( you will need more than an EFCC team of lightly armed EFCC operatives and their accompanying Mobile Policemen with AK47s to breach a real black site!!!)? Please who exercises oversight over NIA and DSS operations? Who really audits their expenditure? Who is there to oversight and prevent them from going rogue? Finally, I was in the intelligence business in my former life and I can categorically state that this does not smell like an NIA operation at all!!!

  • ed

    Premium Times and other media house should stop insulting the intelligent of Nigerian. We deserve a little better credit.

  • Abdussalami Muhammad

    Nigeria, my dear country! This story is balderdash. Now, let the DG of the NIA produce the handing-over note he received from the former DG, in which this money was mentioned. And why should the NIA whare-house such huge amount of money in that place without security guarding the place? Another thing is, let us know if the house was rented by the NIA, perhaps, through it’s discreet agent. If true the money is for the NIA, then perhaps, the new DG is keeping it for anything other than security purposes.

  • Na lie mohammed give them this way out.. No one is this good in lying in Buhari’s government than Lie Mohammed… See Ojoro, chai..

  • T-Rex

    Dog don chop dog!

  • ijelejames

    Very long story. A bunch of lunatic rogues. Who are you fooling?

  • Harry

    After reading this ‘narrative’, I am compelled to believe the story that Amaechi owns that money. This is a shame to a nation.

  • AMAECHI’s Money

    Rotimi, Rotimi, RotimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiGo collect your money jare…remember that Imam Olodo budgeted more cash for Bros than any other Ministry to appease the crook. N299 billion was budgeted for Transportation sector and na some of the cash we dey see so. Live!

  • Lanre

    The money belongs to Buhari, unknown to Magu. NIA to the rescue. Nigeria is a joke!

  • Intrepid

    Denials, claims and counter claims, subterranean manoeuvrings, dog
    eat dog, and the rampant spreading of falsehood. The one and only
    GANGLAND government Nigeria has ever had, since independence. So many
    mushroom mafiosos in this inept government. God has foresaken her.

    YaribaI think una don hear am now? When yesterday the yariba reporters
    wildly, without any journalistic caution,carried the name of an Igbo
    woman, as the owner, all the yariba hippo- yawning mouths started
    gushing out their stinking vapour, against my great and BLESSED tribe.

    One Nigeria my A$$$$$$$$$$$!

  • Quency Olajide Oyegoke

    This is a totally fabricated defence by NBA for a cover up. What prevented the NBA from briefing the NBA or Mr. President about the existence of that money before now? Security money for whatever purposes is not kept and managed this way anywhere in the world.

    • Quency Olajide Oyegoke

      NIA and NSA

  • Sandra

    Unbelievable…these people really take Nigerians for fools…!!! Do these nut jobs really expect us to believe this cock and bull story…???

  • Bjay

    Look at them shame on you people how can one agency or person hide #13 billion and Nigerians are suffering of hunger.

    • Osakue

      Who owns the flat? Nobody is asking that question shay na NIA own the flat?

  • Major kaduna 2

    God is really wonderful !!! The headlines, was, ” it’s former PDP chairman Money, it’s stolen by PDP pigs, this PDP, that PDP ” the ACP Goverment has painted the PDP Government as Goverment of the devil, thank God now Nigerians has began to understand their evil thought.

  • Osakue

    If the flat belongs to NIA and they most show Nigerians proof that they own the flat. Otherwise this na big shame to this govt. we most ask questions this is our money

  • Osakue

    This again goes to show how useless our security agency are. I expected all the top heads of security agency should have been briefed about this funds if truly they are really serving the people

    • Karl Imom

      This money was NOT appropriated by the National Assembly. President Goodlick Jonathan had no constitutional authority to appropriate money for national projects. This is stolen money.

  • Omoba1

    My country, Nigeria, is in a sorry state.

  • emma

    this goes to show that agent of GEJ are still working in PMB government and at the same time working against PMB
    How come this NIA DG never told PMB about the money signed by GEJ and where it was kept since May 29,2015 that PMB took over.
    How serious secret can this be that this NIA DG have the mind to keep this away from the chief Security Officer of the Federation.
    in fact this NIA DG should not only be sacked but also he deserved to be jailed.

    • The facts

      The fact that the NIA DG went to brief Buhari doesn’t mean he hasn’t informed him of the project already. If this article is to be believed, my take is that the DG might have briefed the President before now but he may not have told him where the money is kept. All that he has to tell Buhari is that the money is kept in a safe house he doesn’t have to give the location. In any case, EFCC ought to have kept an eye on the flat to know who has access to it before taking this drastic action.

      • Karl Imom

        The story did not say he briefed the President before. It says he went there with files and videos to explain the project to him. If he had briefed him before, then he would have no reason to explain it to him now. By the way, why was this project NOT covered in the handover notes two-years ago? Why was the National Security Adviser not briefed of the project? Why was money for the project not appropriated by the National Assembly instead of Goodluck Jonathan who had no constitutional authority to appropriate money for national projects?

    • Infoezone Infoezone

      Have some sense please before its too late

    • smart

      If GEJ released that money, will he keep it in Amechi’s apartment?

  • Infoezone Infoezone

    There is no way you can fight corruption when u were sponsored by the same corrupt people. Buhari knows he is just decieving himself. He can cover up all he can for now. The day of reckoning is coming

  • Ebitari

    President Buhari, please do the needful by setting up a public commission of enquiry to unveil the true ownership of this cache of money found in the Ikoyi Apartment. This blatant looting of our commonwealth is getting out of hand and friving the country to a deep abyss. Nigerians arise and reclaim your country from this band of Ali Baba and the 40 thieves.

  • Anasieze Donatus

    The brain malaise in this country is all encompassing.
    The confirmation is all around and with us.
    Graduates everywhere with no common sense.
    I thought a university degree signifies a brain that is cured of idiocy.
    But Nigerian university just print papers and distribute.
    Magu heads an agency in this govt.
    NIA is an agency.
    DSS is an agency.
    So Ameachi owns the flats and the money.
    NIA owns the same money.
    But the money was released by Jonathan.
    Suddenly Ameachi is keeping it for 2019 elections.
    Muazu built the house with a loan from GTB.
    Ameachi bought 7a and b.
    Magu is trying to show that he is working so that Buhari can retain him.
    These are the narratives out here.
    Assume you are not a Nigerian.
    Make sense out of these.
    Conspiracy theorists everywhere.
    Anything to obfuscate the present gains of the war on sleaze. Just anything.
    And you think you are justified?
    This war will be sustained.
    This war will be won.
    You can keep conspiring with your oppressors all you want.
    But the war must go on.
    If you like say it is Buhari that gave it to Ameachi to keep.
    Say all you want, but the war must be fought on all tuff.

    • AbdulAziz

      wake up! Wake up!! Wake up!!!

      • Anasieze Donatus

        At the end of the day ,you may be the one in serious slumber

        • AbdulAziz

          The blind man and the seer are not equal!

          • Anasieze Donatus

            You are damn right because seers like me have spiritual back up while blind bats like you will always think the are seeing

  • ‘…only relevant top government officials and of the NIA are aware of the projects.’ Yet our president is just knowing of this ‘huge’ and ‘expensive’ project. Or is the President not one of Nigeria’s ‘relevant top government officials’?

    Seeing that this ‘project’ will definitely draw the EFCC’s attention given the money involved and the EFCC’s relevance to financial crimes situations, how come the EFCC boss, Magu wasn’t briefed in order to avoid this embarrassment? Or is Magu also not one of the ‘relevant top government officials’ the NIA is talking about?

    Can this NIA boss not see his story doesn’t make any sense even to the government he’s serving? Relevant officials, he said, but two people highly relevant in this situation (the President and the EFCC boss) weren’t even aware of the existence of the funds or the apartment.

  • Ben Ikari

    It means premium times didn’t do its job well, rather rushed to tell an incomplete story without indicating it’s developing hence more is to be expected. even if it did so the issue of untold story now told by same medium which told part without getting the other part or half is still there. therefore premium times should blame itself for now calling a story it already told untold.

  • Uzoma John

    This is just part of the campaign money mumu GEJ dolled out to buy votes which was not shared due to greed. Any twisted story on this is just to make it look palatable. GEJ and PDP raped this country. Why give cash to NIA for what purpose? NIA has several account numbers that could wharehouse this money. If NIA is laying claim that it is for a covet operation, why were the monies not marked? Big story to cover up a heist.

    • Manikomevwe Udjoh

      Your brain is sure on freeze. Dunce. How does this concern PDP and GEJ? Jonathan released money and hid in Amaechis apartment.

      • Uzoma John

        Shut up. Amaechi’s bone will choke all of you. Who said Amaechi owns the house talkless of the apartment. Has ownership of the house now turned from Muazu to Amaechi. Devil’s advocates. How did the money GEJ released for buying of votes to NIA becomes Amaechi’s money? How come PDP former Chairman’s house becomes that of Amaechi. Envy of Amaechi will kill all of you. Thieves busy distorting facts.

        • komentato

          Uzoma, the Mad Man!

  • eshe_70@yahoo.com

    NIA was just trying to cover up. This was stolen money. Government should fire NIA director. Why will they keep such funds in a private apartment in Lagos? Their claim to owning this money doesn’t add up. Good job EFCC