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Nigerian Elites Beware As Illicit Overseas Assets Take Centre Stage in Russia/Ukraine War
By Joel Popoola
No Nigerian can fail to have been moved by the scenes of carnage coming out of Ukraine following the cruel and cowardly Russian invasion.
But there are lessons our nation must learn from this horrific situation too.
The international response to Russian aggression has by and large not been military, but economic.
Russia has been hit by severe sanctions designed not to attack her army, but hobble her economy – an indication future wars may be fought not on the battlefields but on the international finance markets.
And while Russia seemingly holds a military advantage over Ukraine – despite the heroism of the Ukrainian people – it is getting destroyed economically.
An international alliance has cut off some Russian banks from the SWIFT messaging system, used to facilitate trillions of dollars’ worth of international financial transactions every day, in what has been called “the nuclear option” of sanctioning.
They also promised to prevent Russia from accessing some of its foreign reserves. To put that in layman’s terms, Russian has gone to the bank and found its saving account empty.
When the stock market opened for the first time after the penalties were imposed, the value of Russia’s major banks halved almost instantly and the Rouble lost 30% of its value, making it much more expensive for Russian to trade – if indeed they can find anyone to trade with.
To combat inflation, the Russian Central Bank doubled its key interest rate to 20%. That’s higher than America’s equivalent rate has been in all of its history.
But what does this have to do with Nigeria?
A British parliamentary inquiry reported in 2018 that “despite the strong rhetoric, President Putin and his allies have been able to continue ‘business as usual’ by hiding and laundering their corrupt assets in London”
Hiding illicit assets overseas you say?
This may sound very familiar to Nigerians.
As part of the international response to Russia’s aggression, Russian elites have seen their overseas assets targeted too – which may be why Roman Abramovich suddenly seems so keen to sell Chelsea.
The message is clear. If you try to hide dishonestly or illegally gained money overseas, there is no place to hide. And if your country finds itself in embroiled in an international dispute, you may find yourself a target.
Russian is far from alone in seeing its very wealthy hide their wealth as far from home as possible.
In recent days, leaks from the Credit Suisse Bank have shown how comfortable the Swiss Bank was in having Eduard Seidel as a client.
The German was convicted of bribery in 2008 after overseeing a campaign of industrial-scale bribery to secure lucrative clients for his employer by shovelling cash to corrupt Nigerian politicians.
That leak follows last-year’s so called Pandora Papers leak, which pointed the finger at a number of high profile Nigerians – including current and former state governors, past and present lawmakers, and even a senior judge –for setting up shadowy shell companies in notorious tax havens to hide their wealth. That leak suggested that powerful Nigerians have bought UK property valued at £350m using 166 offshore companies.
The Ukraine situation has highlighted this issue. Soon there may be no hiding place for those who hide their wealth overseas. And if not in the national interest, our elites need to consider acting in their own self-interest when it comes to transparency and accountability.
But politicians need to take the same steps towards transparency and accountability too.
At the digital democracy campaign I lead, we have been trying to give them the tools to build back the trust and both their reputations and that of our entire political system, and to make all their financial interests publically accessible
We have created an free mobile app called Rate Your Leader, which was designed to reconnect electors and the elected, opening direct channels of communication between people and to their elected officials – giving local people the kind of access previously only enjoyed by funders.
Rate Your Leader encourages politicians to explain the decisions they have made and the reasons for making them directly to the people they affect. If the voters don’t like the answer they get, they can rate their politicians badly.
In the UK, a new Economic Crime Bill developed in response to Russian’s invasion of Ukraine will include a new register that will mean foreign owners of UK property must declare and verify their identities with the state.
That register will include Nigerians too.
This week the UK also signed another agreement relating to compensation for corruption in the Nigerian Energy sector.
The net is closing in on international corruption, and current international events are just making that net tighter. We now need to do our bit at home.
Joel Popoola is a Nigerian tech entrepreneur, digital democracy campaigner and creator of the Rate Your Leader app.
Minister of the Federal Capital Territory (FCT), Nyesom Wike, has sent a veiled message to Rivers State governor, Siminalayi Fubara, saying support for President Bola Tinubu alone will not guarantee any election ticket.
Wike made the statement on Sunday during a public outing in Emohua Local Government Area of Rivers State.
His remarks were widely seen as directed at Governor Fubara, amid lingering political crisis in the State.
The former Governor of Rivers State said political loyalty must be tested during difficult times, not after power has been secured.
He mocked those he described as late supporters of President Tinubu, insisting that sudden alignment would not earn political rewards.
He said: “So the issue is not whether you are supporting Tinubu. That one, we have taken too long, long… Yes, oh. So Tinubu’s issue is not an issue again. Yes. Do you understand me? Yes. Tinubu’s issue is that nobody should be coming here to tell a day. We are for Tinubu; I am against you. Who is for Tinubu University? (laughs) That cannot give you any ticket oh! (laughs again) Direct, direct. It will not. Direction. Direction.”
Wike stressed that his political camp stood with Tinubu when the decision was unpopular. He said that support given under pressure carries more weight than alignment after victory.
He also recalled how the Rivers State House of Assembly openly backed Tinubu early, long before the election outcome was certain.
According to him, some of those now making public declarations were absent during the critical period.
“The same people now who came to declare, put them to God… But they should declare they are saying it for a candidate. Yes. Don’t you see characters? (laughs) So I send the sword far ahead of them.”
Wike further spoke on governance and continuity. He defended projects and agreements initiated during his tenure as governor. He said it is often difficult for successors to acknowledge past efforts, even though government is a continuous process.
His comments come weeks after Governor Fubara formally aligned with the All Progressives Congress (APC), the party of President Tinubu.
The move followed months of political crisis in Rivers State, which led to federal intervention and a declaration of emergency rule.
Political watchers believe Wike’s remarks constitute a direct response to Fubara’s recent positioning as a key Tinubu ally in Rivers politics. Critics argue that Fubara’s support surfaced only after the political storm had settled.
Wike, who remains a dominant force in Rivers State politics despite serving in Abuja, appears to have drawn a clear line ahead of the 2027 elections.
He suggested that political tickets would be decided by proven loyalty, not convenience.
Videos from the event in Rumuche, Emohua, spread rapidly on social media. Many users described the speech as a coded warning to the governor.
As of press time, neither the Rivers State Government nor Wike’s media team had issued an official clarification.
The comments, however, suggest that the political rift between both camps is still active, despite earlier peace moves brokered at the national level.
The opposition African Democratic Congress and the Labour Party on Sunday criticized President Bola Tinubu for departing Nigeria for Europe on holiday at a time the country is grappling with rising insecurity, including foreign military interventions in the North.
The Presidency announced on Sunday that Tinubu left Lagos for Europe for his end-of-year holiday ahead of an official visit to Abu Dhabi, United Arab Emirates, where he is scheduled to attend the 2026 edition of the Abu Dhabi Sustainability Week Summit.
President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, explained that the trip was by invitation from His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to participate in the summit, which gathers global leaders from government, business, and civil society to advance sustainable development strategies.
“His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates, has invited President Tinubu to participate in the 2026 edition of Abu Dhabi Sustainability Week Summit, which will take place in the emirate early in January,” the statement read.
Reacting to Tinubu’s departure, the ADC, in a statement by its National Publicity Secretary, Bola Abdullahi, faulted the timing as inappropriate given the security challenges facing the country.
The ADC noted the deadly terrorist bomb blast in Zamfara and the ongoing foreign military involvement, calling the President’s move insensitive.
“President Bola Ahmed Tinubu’s lack of care is alarming. In the wake of another deadly bomb blast in Zamfara, and following an unprecedented foreign military attack on Nigerian soil, the nation is waiting for reassurance from its leader. Instead, we learn the President has gone on holiday. What a President!” Abdullahi said.
Similarly, LP’s acting National Chairman, Senator Nenadi Usman, described the trip as “insensitive and devoid of empathy” for Nigerians facing violent attacks and humanitarian crises.
Speaking through her Senior Special Adviser on Media, Ken Asogwa, she stressed that the President should have remained in the country to coordinate security responses.
“This is the most inauspicious time for the President to leave the country. Even the Christmas holiday in Lagos seems ill-timed, given that a bomb exploded in Zamfara today, killing nine people,” Usman said.
She further alleged that Nigeria was under external attack and accused the government of downplaying the severity of the situation.
“Nigeria is under attack by a foreign nation. No matter how the government tries to frame this, it is a violation of our sovereignty. This is the time for the commander-in-chief to coordinate the response, not embark on a holiday,” Usman said.
She added that the President had not convened critical security meetings since the U.S.-led bombardment of terrorist camps in Kwara and Sokoto States and condemned the perceived lack of engagement with military leadership.
The President’s trip comes amid heightened security concerns. On Thursday, U.S. President Donald Trump authorised AFRICOM to conduct airstrikes on terrorist camps in Sokoto State, hours before Nigeria’s Ministry of Foreign Affairs acknowledged the operation. A deadly bomb blast in Zamfara on Friday claimed several lives.
The 17th edition of Abu Dhabi Sustainability Week will run from January 11 to 15 at the Abu Dhabi National Exhibition Centre under the theme “The Nexus of Next: All Systems Go.”
The event aims to connect innovation, finance, and people to advance sustainable development.
Onanuga confirmed that Tinubu would return to Nigeria after the summit.
Hosted by Masdar, the UAE’s clean energy company, the summit will feature the invitation-only ADSW Summit, the World Future Energy Summit, the Zayed Sustainability Prize Awards Ceremony, and specialised sessions on hydrogen, climate finance, water security, and utilities in the Global South. Organisers expect more than 50,000 participants from over 170 countries, featuring over 700 global brands and exhibitions of emerging clean technologies.
The UAE Minister of Industry and Advanced Technology, Dr Sultan Al Jaber, noted that ADSW 2026 builds on two decades of the UAE’s leadership in renewable energy.
Tinubu previously attended the Abu Dhabi Sustainability Week in January 2025, where he held meetings with Gulf investors and officials on trade, energy cooperation, and climate finance.
Since assuming office on May 29, 2023, Tinubu has undertaken at least 46 foreign trips, spending an estimated 192 days abroad as of October 2025. In 2025 alone, he travelled internationally no fewer than 15 times to countries including Ghana, the UAE, Tanzania, France, Italy, Saint Lucia, Japan, and Brazil for summits, bilateral engagements, and holidays.
By Henry Ukazu
Dear Destiny Friends,
Ever wondered how one sleeps and wakes up? Ever wondered where the spirit goes while we sleep? The answer is hidden in mysteries because life, and by extension, existence, is full of mysteries.
On a personal note, I do believe that whenever we sleep, we are basically practicing how to die because no one knows the whereabouts of the spirit and souls. All we know is that we wake at the break of dawn, or when there’s a stirring, either naturally or artificial. That is a mystery!
Have you also ever imagined how a man will have sexual intercourse with a lady and a child is born? Have you also ever wondered about the mystery surrounding death? Have you also imagined how human beings fall in love with the opposite sex despite various variables. Again, each time I fly in the air, I begin to wonder about the invention surrounding the aeroplane. So many questions begging for answers. The mysteries surrounding life is inexhaustible.
For the benefit of hindsight, life is indeed a mystery. Sometimes, we think we understand it, and other times, it humbles us with its complexities. Life can be likened to a woman; the more you try to understand them, the more confused you become.
I had to give this introductory analysis to buttress the significance surrounding the mysteries of life. Why do I say this? Nothing is permanent in life, and as such anyone can be great and successful tomorrow. In my native Igbo (Nigerian) language, we have a saying that “nobody knows the stomach that will birth a king tomorrow”, and “tomorrow is pregnant”. These are evidence of the mysterious nature of life.
In my journey through life, I have met angels and devils in human form, who have played different roles in shaping my thoughts and outlook towards life. While I thought certain people will bring smiles to my life, they turned around to make me question their intentions and mindset. But the people I had some reservations with turned out to be some of the best things that have happened to me. For instance, I have a dear friend turned brother, whom I hold in high esteem. His name is Sodeeq Sulyman. He is the Chief Operating Officer of my company.
As a matter of fact, today is his birthday. He met me on X and reached out to me to be his mentor. I was literally humbled because that was the first time someone was making a firm request of me. I gladly accepted the request, and today our friendship, brotherhood and relationship has truly blossomed. This young man is literally one of the best things that has happened to my life. If I was told he will change the outlook of my life, business and life generally, I wouldn’t have believed it.
But as my late mother would always say, when you meet people just take the good part and leave the bad part. In all sincerity, I strongly believe our meeting was predestined, and mysterious if the circumstance of our meeting is x-rayed.
Here is the message, never look down on anyone except you are helping them to do something or pick something. Another message is don’t give up on anyone because you don’t know what tomorrow will unfold. Even the Bible book of life states in Proverbs 118:22, “the stone which the people rejected has become the cornerstone”. So, it’s instructive for one to be kind, courteous and humble in relationship with human beings because nobody knows what life will unfold tomorrow.
Imagine, if I had not treated this young man very well or even accepted him, I would probably have met other minds, who would have given me an experience of a lifetime I wouldn’t forget in a hurry.
The mystery of life can be seen in wealth creation. A man of means today can become a beggar tomorrow if the wealth is not properly managed, and the child of a certified pauper can become a man of means tomorrow. There have been stories of wealthy men whose children mismanaged their parents’ and became hungry, while slaves of wealthy men became stupendously wealthy. What does that tell you? Nothing is guaranteed in life. I often wonder how people take life very seriously thinking everything is about them. They don’t even know they can sleep and not wake up the next morning, nor are they aware of the fact that pride and ego are the two greatest enemies that can fast track the downfall of a man, while humility can jump-start their elevation.
As human beings sometimes, we wonder where our next meal will come from. Where would our next business, money, spouse, opportunity come from are some of the questions that bug our minds? One might have a business that has little or no hope of succeeding, but with determination and favour from God, the business will turn around for good.
On a personal note, I have been in a scenario where I lost hope of succeeding or moving to the next round, but I was surprised when the universe came through in ways and manners I couldn’t comprehend. I believe we all have one story or another to share as it relates to the mysteries of life. I can vividly recall when my late dad was very sick in the hospital. As a matter of fact, he was adjudged to be the sickest patient in the hospital. The doctor who was treating him said, he lost his mother to the exact sickness my late dad was facing. But with prayer, my late dad was able to survive to the amazement of everyone. He was later adjudged to be a miracle patient because he was given a slim opportunity to survive.
I don’t know what your storyline might be nor do I know what you are experiencing in your academic, business, health, career, or family life. One message I have for you is that nothing lasts forever. If you give it time, one day you’ll laugh and thank God for the experience and lessons life has offered you because life is a mystery one may not understand. It unfolds as it chooses.
Henry Ukazu writes from New York. He works with the New York City Department of Correction as the Legal Coordinator. He’s the founder of Gloemi. He’s a Transformative Human Capacity and Mindset coach. He is also a public speaker, youth advocate, creative writer and author of Design Your Destiny Design and Unleash Your Destiny . He can be reached via info@gloemi.com
