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Finding Ghana’s most protected fraudster Adewoye Adetunji

In the run-up to the 2016 Ghanaian Presidential elections, Odun Odunfa met Adewoye Adetunji at the behest of Alaba Adebajo at his Bourbon House coffee shop in East Legon, Ghana.

The meeting focused on Adetunji’s request that Odunfa uses his bank (First Atlantic Bank) for a multi-million cedi transaction which would give Odunfa a return post-election. The request was involvement in counterfeiting but why couldn’t Adebajo use his own bank?

Adebajo was then CEO of his own bank in Nigeria but in the United Kingdom had been the subject of 5 counts of fraud and fined GH 1.1m Cedi following sanctions from the Financial Conduct Authority of 2011. In Nigeria and Ghana, Adebajo would need his Agent, Adetunji to conduct his activities.

Adetunji, Adebajo, and Odunfa would go on to be implicated in defrauding a government contract and counterfeiting alongside a Presidential family member and gold dealer. This would lead to the exposure of procurement kickbacks, how middlemen operate for multinational companies in Africa, and multiple police cover-ups. This is the case of Ghana CID Case S.197/V2, The Silenced Case.

The Banker

In 2002 Alaba Adewale Adebajo born 31st Mar 1971 operated from 137 Cherry Orchard Road, CR0 6BF, and established Whitehouse Estate Agents & Financial Services Ltd in the UK. Adebajo would go on to create numerous property investment and foundations. In 2010 The Financial Services Authority wrote Adebajo that he was not “a fit or proper person to perform the function of Director” and prohibiting him from performing “any function in relation to any regulated activity”.

Adebajo was forced to close Whitehouse following 5 counts of fraud and a 1.1m GH fraud charge. Undeterred Adebajo incepted Crusader Estates & Financial Services Ltd (2013-17) buying and selling real estate but omitting his full name replacing it with Adewale Adebajo and using his residential address of 14 Crusader Gardens, Croydon, CRO 5UJ to avoid identification by the UK financial regulators and media who identified him in 2002 (BBC).

In the following year, Crusader Estates & Financial Services Ltd partnered with Adebajo Nigerian based UT Financial Services. Adebajo omitted the full business name in the UK opting to identify partnerships only with Crusader Financial Services (UK), a company that doesn’t exist in that name. 25th April 2017 Adebajo dissolved Crusader in the UK and established Springfield Global Properties Ltd buying and selling property. Adebajo’s UT Financial Services is part of UT Holding Ltd, owned by UT Bank Ghana. UT Bank licence was revoked on 1st Aug 2017 in Ghana following the arrest of CEO and Adebajo partner Prince Kofi Amoabeng for willful deceit.

In 2017 and 2018 Nana Appiah Mensah (NAM1) established Menzgold England Ltd and Zylophon Media Ltd, offshoots of his established Menzgold Ghana. NAM1 would use Adebajo as a personal accountant for his businesses. The address 14 Crusader Gardens would be used by Adewoye Adetunji a wanted money launderer and Adebajo’s wife Oluwafunke Adebajo. Adebajo would diversify into Cafés and restaurants across Ghana and Nigeria.

Adebajo would operate as an accountant for Zylophon Media, Menzgold England, and one Adewoye Olorunfemi Adetunji, a wanted money launderer in Nigeria who would remain hidden until he received a call from Ghana Economic Organised Crime boss K.K. Amoah in Jan 2020 asking, he hands himself in following an Interpol and Dubai police arrest Dec 2019 of NAM1.

Menzgold On 22nd Sep 2017 the Securities and Exchange Commission Ghana suspended commodities dealer Menzgold Ghana Ltd. Whilst in operation since 2014, Menzgold offered customers a 7-10% return per month as a Gold, diamond, and other precious stones and metal dealership. In 2018 Menzgold CEO conducted a $39-51m deal with Dubai-based Horizon Royal Diamonds DMCC (license DMCC-075147) owned by Danny (Daniel) Joude for the export of gold bullion.

During negotiations between Menzgold and Horizon Adetunji and his company, Just Gold Ltd acted as middlemen to assist with the transaction via his joint bank account with NAM1 but instead of assisting he went missing with Horizon Royal Diamonds monies.

The result of Adetunji disappearance culminated on 4th Dec 2018 with NAM1 arrest by Interpol. What ensued are protests against both the Ghana government handling of the case and Menzgold owner NAM. NAM1 associate Adetunji in May 2017-present continued to establish companies around the world with help from Nigerian Banker Alaba Adewale Adebajo.

Adetunji continued to buy properties in Ghana and evades arrest for FOREX crimes dating back to 2012. Nigeria’s Economic Crime Commission (EFCC) would issue warrants for arrest in May 2019 and Adetunji would on Jan 2020 hand himself in following a personal call from sacked (Feb 2019) Ghana Economic Organised Crime boss K.K. Amoah. Amoah’s hand in proceedings indicated EOCO remained under his influence especially when his successor would tell EFCC to simply release Adetunji. A cover-up was underway.

Links Adebajo (Banker) – Menzgold (NAM1) – Adetunji (Mon

Now Adetunji warrant days before Menzgold trial 3rd Oct 2020, Accra, Ghana has been removed. This removal has been brought to the Office of President of Nigeria’s attention via Philip Obin a man who appears of utmost integrity.

In Nigeria, the ongoing EndSARS movement has gathered momentum pressuring President Buhari to act, but is SARS the tip of the ice-berg? President Buhari established a panel to assess the last EFCC Chairman Ibrahim Magu on corruption charges in Jul 2020. Magu was a close associate of Amoah which assisted the ease of releasing Adetunji.

Approaches to the Coalition of Aggrieved Customers of Menzgold and Martin Amidu at the Special Prosecutors The office has been ignored. The truth about finding and investigating the people behind Menzgold appears to no one’s priority. This leaves a void of misinformation about who is or isn’t repaying the monies and the case facts.

John Mahama himself states he would refund the monies and some Menzgold customers state this would also sway their voting in the December elections away from President Nana Akufo-Addo but its likely John Mahama and the public are unaware of the man behind Menzgold and defrauding the country are one and the same (Adetunji), and he works with Ibrahim Mahama.

The Money Launderer

Adewoye Olorunfemi Adetunji, born 12th Jan 1976 / 1st Dec 1980 has reported nationalities as Ghanaian, Nigerian, and Andorran. Alongside aliases (Ogumtomole Yinka), Adetunji has run a Central Bank (Investments CU Ltd) and currently a real estate business (Bryce Properties Ltd) from the United Kingdom. Bryce Properties was run from Adebajo, the banker’s own home at 14 Crusader Gardens up until Jul 2016 in the months after the meeting at the Bourbon House Cafe when Adetunji sought to pressure Odunfa into counterfeiting at the behest of Adebajo.

Adetunji went on to establish Just Gold Ltd at 2nd Boundary Road, East Legon, Accra, Ghana, making payments via collapsed Unibank Ghana. Adetunji was already using Just Gold Ltd to operate alongside commodities NAM1 was arrested by Interpol in Dubai 2019.

Adetunji is a joint bank account holder alongside NAM1 and was reportedly able to move between Menzgold and client Horizon in Dubai to defraud them of GH 5.4 billion. This tactic was also indicated in use by Adetunji in the gas & oil industry highlighting his ability to ingratiate and co-opt multiple persons into his crimes. NAM1 and Adetunji held joint bank accounts indicating complicit actions in relation to Menzgold.

In 2019 an investigation from EOCO and CID was actioned, which led to requests to EFCC, Nigeria for the detention of Adetunji. In 9 years since Adetunji first documented actions defrauding Sterling Bank Nigeria and other corporations, he avoided police yet in Jan 2020 sacked EOCO boss K.K. Amoah made the personal request he hands himself in to EFCC after which EOCO requested he is released.

Interactions with the British National Fraud intelligence Bureau indicated due to no requests by either country that “it has not been possible to identify a line of inquiry which law enforcement in the United Kingdom could pursue”. Ghana security services repeatedly use Interpol Red Notices to accost persons identified as possible criminals yet In the case of Adetunji no one has looked to the United Kingdom and asked how Adetunji remains active as an “Andorran Entrepreneur” and “Nigerian Businessman” despite the $51m Menzgold trial due 4th Nov 2020.

The Meeting

Following on from the Bourbon House Café meeting with Odunfa, Adetunji would visit No.4 Lumumba Street, Accra, Ghana. The property is home to Ibrahim Mahama, brother of then-President John Dramani Mahama. Adetunji placed a call to Ibrahim Mahama asking them to meet at No.4 alongside Koreans from state money printer KOMSCOto discuss supplanting British-based DelaRue as the country’s currency printer. Ibrahim Mahama would later meet Eric Kelly his cousin at No.4. alongside Bank of Ghana Governor Nashiru Issahaku, ensuring it was after his official work for the government finished work.

At the meeting, the intent in Ibrahim Mahama words was someone to get a procurement fee as agents of KOMSCO. Ibrahim’s brother, Sam Mahama would later be accused alongside John Mahama for similar meetings and their roles in procurement kickbacks for 3 Airbus C295 military transport aircraft. The British Serious Fraud Office due to the ongoing Investigation declined to comment if the names mentioned in this report match those involved in the Airbus Scandal.

The Investigation

John Dramani Mahama would lose the elections in December 2016 resulting in a new government taking office as time information relating to Adetunji began to surface. Links were established between Adetunji, Adebajo, Odunfa, and Ibrahim Mahama. A police report named S.197/V2 was produced in October 2017 for Ghana CID alongside hundreds of pages of evidence.

The investigation report would sit in Ghana CID under Chief Tiwaa Addo-Danquah (2017-2019) and K.K Amoah (EOCO) who oversaw S.197/V2 and Menzgold Scandal, both involving Adetunji. Despite holding Adetunji business partner Charles Opoku-Darko and the reports on S.197/V2 Chief Tiwaa stated a lack of evidence to progress either case to fruition.

In the same period Nigeria, 12th Nov 2018 CEO of First Atlantic Bank, Odun Odunfa would be called in by the Nigeria Bureau of National Investigations and Ghana CID to discuss what has transpired during his meeting with Adetunji to confirm the evidential trail. Odunfa confirmed Adebajo had contacted him and asked him to meet Adetunji. Adetunji then went on to discuss illegal money FOREX ventures which Odunfa would reportedly reject.

Dubai, 7th Dec 2018 Interpol would detain NAM1 on charges of defrauding Dubai based business partners (Horizon Diamonds). Horizon claimed Mensah alongside business partner Adetunji had taken deposits without licence, defrauded by false pretenses, and been involved in money laundering. The case would result in thousands of customers who invested in Mensah’s gold derivative business from losing their monies.

A point John Mahama during his 2020 election campaign would highlight as a failure of the existing government and seek to repay. It was noted a simplistic remedy to Menzgold & KOMSCO scandal would be the return of monies to avoid the fallout which indicates police corruption, incompetence, and lack of investigation skills or desire.

Ghana 15th March 2019 Ibrahim Mahama would be called in to discuss the meeting with KOMSCO. Unknown to Ibrahim the evidence was held in Ghana CID and his remarks were inciteful into how ‘Agents’ are used to win contracts but also incriminating in terms of the conspiracy to defraud a government contract.

Due to the nature of the accusations and eventual admission of conspiring with intent to take a procurement fee Ibrahim and accomplices would be bailed by Ghana CID for GH 500’000 ($87’000).

The threat of prosecution under a conspiracy to defraud a government contract however was unlikely to bring down one of Africa’s richest businessmen. Even when the body of evidence was sufficient to indicate the Koreans arrived at either print illegal money or secure a contract using Ibrahim and Adetunji as ‘Agent’ with associated agent fee.

In the week following Ibrahim’s questioning and admission events in Ghana CID would culminate in over 100 pages of evidence being removed by Chief Tiwaa Addo-Danquah and threats being raised against journalists making inquiries into case S.197/V2. Media houses locally know of the kickback case but also how journalists like Ahmed Hussein-Suale was killed when exposing mass corruption in Ghana only months
previously.

Lifting the lid on S.197/V2 and knowledge of the police cover-up in 2 countries already resulted in Chief Tiwaa Addo-Danquah removal from office.

US-based media outlets started circulating information on Mensah and Adetunji. Loud Silence Media indicated Adetunji himself was known to Chief Tiwaa Addo-Danquah but that evidence has not yet been identified. When this body of evidence was brought to Loud Silence Media again like CACM and Martin Amidu there was no response, just silence. Many sources indicated allegiance to the NDC party would stop Loud Silence Media from bringing any negative evidence connected with the party. Whilst currently true they did highlight (without evidence) K.K Amoah and Chief Addo-Danquah were known to Adetunji at a personal level. Bias or fear appeared to be Adetunji had avoided Ghana CID twice and was linked with a fraudster in England/ Nigeria (Adebajo), a fraud in Dubai (Menzgold) and all the while close enough to our Presidential family to get a seat at the table of one of the most lucrative procurement contracts, possibly even ahead of the 3 Airbus C295 military transport aircraft which also remains hidden from public scrutiny.

The information above is freely available online to the public and from evidence inside CID file S.197/V2 which includes police statements, imagery, bail bonds, audio files, and imagery. Whilst Menzgold is likely to be used as a political pawn the only winner is Adetunji. Removed from investigations Adetunji and those around him such as Adebajo, Charles Opoku-Darko, Ibrahim Mahama, K.K. Amoah, Nashiru Issahaku, and Chief Tiwaa Addo-Danquah all stand to continue disingenuous actions without consequences. Our media cannot use evidence or facts due to fear of legal cases against them as stated in correspondence.

The evidence in S.197/V2 is built on the image of a meeting, the accused audio admitting intent to get a fee (kickback) in cooperation with a wanted money launderer. The same money launderer at the centre of the Menzgold Scandal and the man protected by a UK / Nigerian banker (Adebajo) who has already been caught
defrauding financial systems abroad.

There is no libel case that can be mounted by the accused in any of the above as it is built from official records from Ghana police, Nigeria police, UK police, Dubai police, Interpol, The Serious Fraud Office, BBC, and Financial Services Authority (Financial Conduct Authority). What can be mounted are attempts to cover-up major corruption in Nigerian and Ghana, and strike fear into the media.

I would personally like to thank any publisher brave enough to shine a light on this corruption but especially Africa At Random News,@SolomonKarori2, and Miss Nigeria (you know who you are), who have kept keep the sources protected and mindset that the truth must come out.

To those media outlets, I visited and wrote to those who refused I am understanding because what I have learned is there is no real freedom of the press here. There is disinformation aligned with political agendas and personal egos that come before the truth both inside and outside our borders (you know who you are).

If your takeaway is NAM1 or Ibrahim Mahama is guilty you aren’t understanding, they are innocent until proven guilty but that requires police not corrupted by Adetunji to managed the case and OSP, CID, and EOCO all corrupted by present or historic staff.

If your takeaway is Adebajo, Opoku-Darko, Amoah knows how to find Adetunji that’s for the police to investigate but must be done openly now the evidence here is provided. If your takeaway is we can’t change corruption in Nigeria and Ghana Police your wrong, see #EndSARS. If your takeaway is Adetunji is at the centre of Nigeria and Ghana corruption your right, but who’s looking?

Esther Kamara

Written by Esther Kamara

Esther Kamara is a reporter at African Stand, covering the West African region with stories on politics and how it intersects with business, innovation, startups, and culture. She graduated from Kwame Nkrumah University with a Bachelor of Science in Information Technology.

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