137

June 20, 2026 || London, United Kingdom

Fresh public concern is mounting following the circulation of financial intelligence documents and alleged bank records linked to AJAP Financial Services Limited, revealing transaction volumes estimated at over ₦1.7 trillion between January 2024 and March 2026.

The documents, reviewed by this publication allege a pattern of massive inflows, rapid fund movements, FAAC-linked transfers, political donations, and high-value transactions involving multiple private companies and politically exposed individuals.

According to the documents, AJAP Financial Services Limited allegedly processed approximately ₦1.72 trillion in credits and ₦1.76 trillion in debits within the review period, with analysts describing the transaction profile as unusually large for a private corporate account.

Financial crime analysts say such transaction volumes would ordinarily trigger enhanced scrutiny under Nigeria’s anti-money laundering laws, including the Money Laundering (Prevention and Prohibition) Act 2022, CBN AML/CFT Regulations, BOFIA 2020, and Nigerian Financial Intelligence Unit (NFIU) reporting requirements.

Among the most controversial entries are alleged inflows carrying narrations such as “FAAC Withheld Escrow,” “Federation Account,” and “Mediation Cost on Refund of 13 Percent Derivation on NLNG Divi.” The records allegedly show transactions ranging from ₦20 billion to over ₦81 billion between 2023 and 2025.

One entry dated March 28, 2025 allegedly reflects a transfer of ₦44.88 billion linked to mediation relating to NLNG derivation refunds — a politically sensitive issue involving oil revenue allocation among states.

Analysts reviewing the documents say the timing of several transactions appears to correspond with periods surrounding Federation Account Allocation Committee (FAAC) meetings, where revenue allocations to federal, state, and local governments are finalized.

The documents further allege that the same account later received approximately ₦2.73 billion in transactions bearing narrations directly referencing former Zamfara State Governor and current Senator representing Zamfara West, Senator Abdulaziz Yari. Some entries reportedly carried descriptions such as “Financial Support Frm Sen Abdulaziz Yari Abubakar” and “Donation By Sen. Abdul’Aziz Yari Abubakar.”

Financial compliance experts say the alleged mixing of political donations, consultancy-related payments, and government-linked inflows within the same corporate account could raise serious regulatory concerns if verified.

The document, titled “Macro-Scale Inflow Patterns and Source Identification,” outlines a sequence of high-value credits allegedly deposited into an account associated with AJAP Financial Services through the Central Bank of Nigeria (CBN) clearing systems and lodged in a United Bank for Africa (UBA) account.

According to the document, the inflows occurred periodically between February 2023 and March 2025, with individual transactions ranging from approximately ₦10.9 billion to over ₦81.1 billion.

Among the transactions listed are:

₦20 billion credited on February 14, 2023, described as an “Initial Large Credit.”

₦32.1 billion allegedly received on June 8, 2023, under the narration “FAAC Withheld Escrow.”

₦41 billion reportedly credited on April 26, 2024.

₦81.1 billion allegedly received on May 24, 2024.

₦78 billion reportedly deposited on June 14, 2024.

₦80.7 billion allegedly credited on December 20, 2024.

₦54.7 billion reportedly received on March 3, 2025.

Particularly notable is an entry dated March 28, 2025, which allegedly records a transfer of ₦44.88 billion with the narration:

Mediation Cost on Refund of 13 Percent Derivation on NLNG Divi.”

The document claims this transaction identifies AJAP Financial Services as a beneficiary connected to mediation arrangements involving the controversial 13 percent derivation refunds tied to Nigeria LNG (NLNG) revenues — an issue that has historically generated political and legal disputes among oil-producing states and federal authorities.

The reports also identify former Zamfara State Commissioner of Finance, Muktar Shehu Idris, as a Director linked to AJAP Financial Services Limited, while former Commissioner for Water Resources and former Chief of Staff, Abdullahi Abdulkarim Tsafe, is identified as Managing Director and Chief Executive Officer. This is in addition to the question of awarding the consultancy contract by the Nigeria Governors’ Forum to a firm allegedly owned Yari when he was serving as the Chairman of the Nigeria Governors’ Forum which contradicted the Nigeria ICPC laws.

Another major concern raised by the documents involves the alleged rapid redistribution of funds to multiple companies shortly after large inflows were received.

Among the entities reportedly involved in repeated high-value transactions are:

Yarinya and Co Farms Ltd

Polygon Premium Concept Ltd

Giant Infrastructure

Galaltix Nigeria Ltd

Yanware Express Ventures

Flawless Domestic

Gas Supplies Ltd

Analysts describe the pattern as consistent with what anti-money laundering investigators commonly examine as possible “layering” activity — a process associated with rapid movement of funds across multiple entities to reduce traceability and obscure beneficial ownership.

The documents also reference several large round-figure transactions, including alleged transfers of:

₦25 billion

₦45 billion

₦50 billion

₦1.61 billion

₦1.05 billion

Financial crime specialists note that repetitive round-figure transfers, immediate outward movement of funds, investment reversals, and unusually high transaction velocity are internationally recognized AML risk indicators that typically attract regulatory review.

Particularly notable are alleged entries labeled “Deposit for Shares” and “Investment” involving tens of billions of naira, followed by reversal transactions shortly afterward.

Analysts say such patterns may raise questions relating to artificial capital inflation, temporary balance window dressing, or unexplained wealth movement.

The records also allegedly show a closing balance of approximately negative ₦36.8 billion, a development some banking analysts describe as unusual for an ordinary commercial account and potentially requiring clarification regarding overdraft arrangements, reconciliation procedures, or banking exposures.

The allegations emerge against the backdrop of previous investigations reportedly involving Senator Yari by the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) concerning alleged public fund diversion and financial misconduct.

Civil society organisations, transparency advocates, and public finance observers are now calling on the Central Bank of Nigeria (CBN), EFCC, ICPC, NFIU, Bureau of Public Procurement (BPP), Federal Inland Revenue Service (FIRS), and the Office of the Accountant-General of the Federation to independently investigate the alleged massive financial fraud to determine

any financial, procurement, or anti-money laundering regulations were breached.

Legal experts say Nigerians are entitled to know:

The legal basis for the alleged transactions;

Whether procurement and due process procedures were followed;

Whether consultancy agreements existed and what services were rendered;

Whether public funds were routed through private entities lawfully;

Whether anti-money laundering reporting obligations were complied with;

And whether political donations and consultancy funds were properly separated under Nigerian law.

As of the time of publication, AJAP Financial Services Limited, Senator Abdulaziz Yari, the Nigeria Governors’ Forum, and the federal agencies referenced in the documents had not publicly responded to the specific allegations contained in the leaked materials.

KEY POINTS FROM THE DOCUMENT ARE:

1. Pattern described:

Periodic injections of 29 billion to 81 billion Naira per transaction.

Credits processed through CBN clearing systems.

Timing aligns with monthly Federation Account Allocation Committee [FAAC] meetings, when national revenue is distributed to states and LGAs.

2. TRANSACTION LISTED:

Credit- Date -Source Entity/Narration

Amount (NGN)

14-Feb-2023

ABPRTG0000957470 (Initial Large Credit) 20,000,000,000.00

08-Jun-2023

001FT23158Y9MCV/FAAC Withheld Escrow    32,139,564,098.98

07-Feb-2024

001FT24037KH2WS/FAAC Withheld Escrow    10,930,232,558.14

26-Apr-2024

001FT24117R37YD/FAAC Withheld Escrow    41,009,552,656.94

24-May-2024

001FT241449C8BN/FAAC Withheld Escrow    81,134,883,720.93

14-Jun-2024

001FT241664TJQG/FAAC Withheld Escrow    78,011,695,899.26

16-Oct-2024

001FT24290ZCK32/Federation Account  78,081,836,829.71

20-Dec-2024

001FT24354DCB9S/FAAC Withheld Escrow    80,790,697,674.41

03-Mar-2025 001FT25058MZRJM/FAAC Withheld Escrow 54,758,139,534.88

28-Mar-2025

001FT25085HVGDS/Mediation Cost NLNG Divi    44,883,720,930.23

3. NOTABLE DETAIL:

The 28-Mar-2025 entry says “Mediation cost on refund of 13 percent derivation on NLNG Divi”. The text below the table notes this identifies AJAP Financial Services as the beneficiary of a mediation contract related to the 13% derivation principle.

Total shown in table: ~₦522.7 billion across 10 transactions from Feb 2023 to Mar 2025.

Details are also ready for publication, including bank records.