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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.
The Federal High Court in Abuja, on Wednesday, declined a request by the Department of State Services (DSS) to issue a bench warrant for the arrest of activist and publisher of Sahara Reporters, Omoyele Sowore, in his ongoing defamation trial.
Sowore is being prosecuted over comments made on social media in which he allegedly described President Bola Tinubu as a “criminal.”
The Federal government argues the statement contravenes provisions of the Cybercrimes (Prohibition, Prevention, etc.) Amendment Act, 2024, as well as sections of the Criminal Code, and is capable of inciting public disorder.
Director of Public Prosecutions, M. B. Abubakar, told the court that Sowore’s remarks amounted to cyber harassment and criminal defamation under Section 24(1)(b) of the Cybercrimes Act and Sections 59 and 375 of the Criminal Code.
He insisted the activist must be held accountable for using digital platforms to malign the President.
During proceedings, counsel to the DSS, Akinlolu Kehinde, SAN, urged the court to issue a bench warrant, arguing that Sowore had been duly served with the charge and hearing notice but failed to appear.
He described the absence as a clear disregard for judicial authority.
According to Kehinde, allowing such conduct to go unchallenged could undermine the court’s authority — particularly in politically sensitive matters involving state institutions.
He also dismissed a letter submitted by activist Deji Adeyanju seeking an adjournment on Sowore’s behalf, describing it as an attempt to delay the case.
However, presiding Judge, Justice Mohammed Umar, declined the request. He ruled that it would be premature to issue a bench warrant because the second defendant in the matter, X Corporation (formerly Twitter), had not been properly served with the charge sheet.
The judge held that due process in serving all defendants must be completed before any coercive orders can be considered.
Counsel to X Corporation, Christabel Ndiokwelo, confirmed that although her client received the hearing notice, the formal charges had not yet been served.
Counsel to META (Facebook), Tayo Oyetibo (SAN), was also in court.
He aligned with the government’s position, describing Sowore’s absence as deliberate. He also dismissed Sowore’s claims that social media companies were collaborating with the DSS to censor him as “baseless and diversionary.”
Justice Umar adjourned the case to December 2, 2025, for proper arraignment, and directed that fresh hearing notices and charge documents be served on all parties to prevent further delays.
Following US President Donald Trump’s designation of Nigeria as a Country of Particular Concern (CPC), US Senator Ted Cruz has declared that the next step is to hold Nigerian officials accountable.
Cruz is championing the Nigeria Religious Freedom Accountability Act of 2025, a bill designed to protect Christians and other religious minorities from widespread persecution in Nigeria.
After the CPC designation, Trump also warned of possible military action in Nigeria if its leaders failed to protect Christians in the country.
Reacting in a post on his official X handle on Tuesday, Senator Cruz said he has been pushing legislation to designate Nigeria as a CPC and to impose sanctions on Nigerian officials responsible for religious persecution.
He thanked President Trump for the designation and for “fighting to stop the murder of Christians in Nigeria.”
According to Cruz, the next step is to hold Nigerian officials accountable, promising to publicly identify them in the coming weeks.
His post reads: “I’ve been pushing legislation to designate Nigeria a CPC and to impose sanctions on the Nigerian officials responsible.
“Thank you to President Trump for his leadership in imposing the designation, and more broadly, for fighting to stop the murder of Christians in Nigeria.
“Now we should take the next step and hold Nigerian officials accountable. I intend to be very explicit about who they are in the coming days and weeks.”
Last weekend, Trump declared Nigeria a “Country of Particular Concern” over alleged killings of Christians.
In a statement posted on his social media platform Truth Social on Friday, Trump said Christianity faces an existential threat in Nigeria, describing the alleged killing as a “mass slaughter.”
“Christianity is facing an existential threat in Nigeria. Thousands of Christians are being killed. Radical Islamists are responsible for this mass slaughter,” he wrote.
The US president added that the United States “cannot stand by while such atrocities are happening” and directed Congressman Riley Moore and House Appropriations Chairman Tom Cole to investigate the matter.
The Nigerian government has repeatedly rejected claims of Christian genocide in the country.
In September, the Federal government described claims of a systematic genocide against Christians as “false, baseless, despicable, and divisive.”
The Minister of Information and National Orientation, Mohammed Idris, said portraying Nigeria’s insecurity as a religious conflict was a gross misrepresentation of reality.
“Portraying Nigeria’s security challenges as a targeted campaign against a single religious group is inaccurate and harmful.
“The federal government strongly condemns and categorically refutes recent allegations by certain international platforms and online influencers suggesting that terrorists operating in Nigeria are engaged in a systematic genocide against Christians,” he said.
Idris stressed that extremists have attacked citizens of all faiths, noting that Muslims, Christians, and even non-religious Nigerians have suffered alike.
Between May 2023 and February 2025, he said, security forces killed over 13,500 terrorists and rescued nearly 10,000 hostages.
He added that the recent capture of top Ansaru leaders and over 700 convictions of Boko Haram suspects reflected Nigeria’s progress in the fight against terrorism.
“These criminals target all who reject their murderous ideology, regardless of faith,” the minister stated.
The Oyo State High Court has granted the Peoples Democratic Party approval to proceed with its elective national convention scheduled for November 15–16, 2025, in Ibadan, the state capital.
The court also directed the Independent National Electoral Commission to attend and monitor the exercise, Channels TV reports.
Delivering the ruling, Justice A. L. Akintola issued an interim order permitting the party to continue its convention plans without obstruction.
The decision came after an ex-parte motion filed by Folahan Adelabi against the PDP, its Acting National Chairman, Umar Damagum; Governor Umaru Fintiri, who heads the National Convention Organising Committee; and the INEC.
In his ruling on Monday, Justice Akintola held that the claimant presented a compelling case that warranted immediate judicial intervention.
“The motion ex-parte has merit and succeeds as prayed,” the judge ruled, granting temporary reliefs that safeguard the party’s schedule and direct all parties to allow the convention to proceed as planned.
The judge subsequently adjourned the hearing of the substantive motion for an interlocutory injunction till November 10, 2025.
The interim order, issued on November 3, 2025, was sealed by the Oyo State High Court and endorsed by its Principal Registrar, S. O. Hammed.
