Anyone who’s ever owned or ran a business in Nigeria knows how hard things get in our clime. There are hurdles and booby traps where they ought not to be and resistance from circles that normally ought to guarantee the ease of doing business. Govt agencies are competitors.
A country where most people in regulatory positions have links to ruthless folks whose purpose in life is to cut corners & grease the palms of gate keepers. With the obstacles deliberately positioned to frustrate businesses, to obtain FX, the black market may be your only hope.
Just before the news of indictment make you conclude on your fellow countryman, think for a bit and realize that what we deem normal even in government circles in Nigeria are aberrations abroad. The operations of our bankers are fraudulent activities abroad if vetted.
We receive cases daily. There are times when seeking FX that your banks will help you source from their BDC, who connects you with someone willing to trade. These are sources you may not be able to verify but you trust your account officers & bank. Time is also not your friend.
Critical Thinking may be difficult and time consuming thus the need to chart territories already conquered. This is why we trust allies and influencers we consider experts in such fields. This is why we hire our weaknesses. This is why we seek counsel to win time.
If most of the daily transactions in the FX market to foreign banks are traced, everyone involved would most definitely be indicted. The banking officers filling those documents to beat time & make the wishes of parties come through are not perfect. Most are even careless.
CEOs are not bankers. They are held accountable by the way for the transactions are in their names as beneficiaries. Even those ones that may have been deemed sealed and concluded for years. Ask your Oil and Gas mogul & industrialists engaging in import logistics.
Anyone thus indicted in my opinion on these grounds should present documentation to the embassies and lawyer up. Show me any thriving business in Nigeria with foreign transaction and you will find them all guilty of unsung these same route to make things happen.
Over 70% of Capital intensive transactions in Nigeria remain in the informal sector. One that is strengthened by the formal sector because of the fringe benefits. Whether you are talking real estate, FX or trade. Politicians are benefitting immensely from these gaps.
The question basically should be: Who will be left standing if the probe is extended? At this rate the CBN will be indicted should it be found that funds were remitted via them. This will expose the chain of such transactions that have become a normative culture.
This is not the time to demonize anyone or use the same mouth you deployed to praise someone you called hero, (for rescuing NIGERIANs running away from Xenophobia in South Africa) a fraud. No one will die if we wait to hear out his side of the story. We will learn from this.
However, the rubbish we do here with corporate account as merged with activities of Foundations (merging business with non-profit funds) is money laundering abroad. For America to use the term indicted, they must have been monitoring for a while. They are not like our EFCC.
Most of our religious organizations will be next. Corporate Governance is essential and building organizational culture based on global best practices is essential. There is a limit to the defense of innocent omission. Thing may get uglier.
The admonition will not be complete if we don’t address our Lawyer’s approach to legal matters outside the shores of our culture of aberration in Nigeria. When dealing with an authority of repute you don’t sound combative thus the need to say less in public.
Everything you say becomes evidence that may and will be used against you in the court of law. Letters worded like this can be used to the disadvantage of the case for instance. Issues that need to be de-escalated need not be inflamed. Use “enquiries” instead of “investigation”.. 
Instead of saying “in court” use “co-operation.” You don’t know how much they know and have on you. Every material person in this case by now should be debriefed by professional counsels who are not mechanical & too used to the practice in Nigeria. This is why we are different.
It works better if you state:
“The attention of Air Peace Ltd and its named officers, (the 2 names) has been drawn to media publications by (the USA agency)
The company & its officers have at all times, complied with all statutory & declaratory provisions within...
“The attention of Air Peace Ltd and its named officers, (the 2 names) has been drawn to media publications by (the USA agency)
The company & its officers have at all times, complied with all statutory & declaratory provisions within...
...the jurisdiction of the laws of the Federal Republic of Nigeria, where it is headquartered, and availed itself of expert counsel regarding all corporate activity in Nigeria and abroad.
With regard to the published enquiry from the US Dept of Justice, the Mgt of Air Peace Ltd & its officers, assure all concerned, that we’re proceeding through formal channels towards prompt & full cooperation with the US Dept of Justice in satisfaction of all enquiries.”
