Fresh public concern has emerged following the circulation of alleged financial intelligence documents and bank records linked to AJAP Financial Services Limited, revealing transaction volumes estimated at more than ₦1.7 trillion between January 2024 and March 2026.
The documents, reviewed by this publication, allege a pattern of massive inflows, rapid movement of funds, FAAC-linked transfers, political donations and high-value transactions involving multiple private companies and politically exposed persons.
According to the records, AJAP Financial Services Limited allegedly processed approximately ₦1.72 trillion in credits and ₦1.76 trillion in debits within the review period. Financial analysts describe the transaction profile as unusually large for a private corporate account, raising questions about the nature and source of the funds.
Experts note that transaction volumes of this magnitude would ordinarily attract enhanced regulatory scrutiny under the Money Laundering (Prevention and Prohibition) Act 2022, CBN Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Regulations, the Banks and Other Financial Institutions Act (BOFIA) 2020, and the reporting framework of the Nigerian Financial Intelligence Unit (NFIU).
Among the most contentious entries are alleged inflows bearing narrations such as “FAAC Withheld Escrow,” “Federation Account,” and “Mediation Cost on Refund of 13 Percent Derivation on NLNG Divi.” The documents indicate that several transactions ranging from ₦20 billion to over ₦81 billion were recorded between 2023 and 2025.
One of the most significant entries, dated March 28, 2025, allegedly shows a transfer of ₦44.88 billion with the narration “Mediation Cost on Refund of 13 Percent Derivation on NLNG Divi,” suggesting the funds were connected to mediation over the controversial refund of 13 percent derivation from Nigeria LNG (NLNG) revenues.
Analysts reviewing the documents further observed that the timing of several large inflows appears to coincide with periods surrounding Federation Account Allocation Committee (FAAC) meetings, when revenues are distributed among the federal, state and local governments.
The leaked records also allege that the account later received approximately ₦2.73 billion through transactions bearing narrations referencing former Zamfara State Governor and Senator representing Zamfara West, Senator Abdulaziz Yari, including descriptions such as “Financial Support Frm Sen Abdulaziz Yari Abubakar” and “Donation By Sen. Abdul’Aziz Yari Abubakar.”
Financial compliance experts say that if verified, the alleged commingling of political donations, consultancy payments and government-linked inflows within the same corporate account could raise serious regulatory and compliance concerns.
The document, titled “Macro-Scale Inflow Patterns and Source Identification,” outlines multiple high-value credits allegedly routed through the Central Bank of Nigeria (CBN) clearing system into a United Bank for Africa (UBA) account associated with AJAP Financial Services Limited.
Among the major transactions listed are:
– ₦20 billion credited on February 14, 2023.
– ₦32.14 billion received on June 8, 2023, with the narration “FAAC Withheld Escrow.”
– ₦41.01 billion credited on April 26, 2024.
– ₦81.13 billion received on May 24, 2024.
– ₦78.01 billion deposited on June 14, 2024.
– ₦78.08 billion credited on October 16, 2024, under “Federation Account.”
– ₦80.79 billion received on December 20, 2024.
– ₦54.76 billion credited on March 3, 2025.
– ₦44.88 billion received on March 28, 2025, linked to the alleged NLNG derivation mediation payment.
The records estimate that these ten transactions alone amount to approximately ₦522.7 billion.
The documents further identify former Zamfara State Commissioner for Finance, Muktar Shehu Idris, as a director of AJAP Financial Services Limited, while former Commissioner for Water Resources and former Chief of Staff, Abdullahi Abdulkarim Tsafe, is listed as the company’s Managing Director and Chief Executive Officer.
They also raise questions over the award of a consultancy contract by the Nigeria Governors’ Forum (NGF) to a company allegedly linked to Senator Yari during his tenure as Chairman of the Forum, with claims that such an arrangement could conflict with provisions of Nigeria’s anti-corruption laws if established.
Another major issue highlighted in the documents is the alleged rapid redistribution of funds shortly after large inflows were received.
Companies reportedly involved in repeated high-value transactions include:
– Yarinya and Co Farms Ltd
– Polygon Premium Concept Ltd
– Giant Infrastructure
– Galaltix Nigeria Ltd
– Yanware Express Ventures
– Flawless Domestic Gas Supplies Ltd
According to financial crime analysts, the pattern resembles what anti-money laundering investigators commonly examine as possible “layering”—the rapid movement of funds through multiple entities to reduce traceability and obscure beneficial ownership.
The records also reference several large round-figure transfers, including alleged payments of ₦25 billion, ₦45 billion, ₦50 billion, ₦1.61 billion and ₦1.05 billion, as well as entries labelled “Deposit for Shares” and “Investment”, followed by reversal transactions involving tens of billions of naira.
Analysts say such patterns may warrant regulatory scrutiny, as they can sometimes indicate artificial capital inflation, temporary balance window dressing or unexplained movement of funds.
The documents additionally indicate a reported closing balance of approximately negative ₦36.8 billion, a figure banking analysts say may require clarification regarding overdraft facilities, reconciliation processes or banking exposures.
The allegations come against the backdrop of previous investigations reportedly involving Senator Abdulaziz Yari by the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and Other Related Offences Commission (ICPC) over alleged public fund diversion and financial misconduct.
Civil society groups, transparency advocates and public finance experts have called 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 allegations and determine whether any financial, procurement or anti-money laundering laws were breached.
Legal experts say the public deserves answers on the legal basis for the alleged transactions, whether due process and procurement rules were followed, whether consultancy agreements existed and the services rendered, whether public funds were lawfully routed through private entities, whether anti-money laundering reporting obligations were complied with, and whether political donations were appropriately separated from consultancy-related funds.
As of the time of publication, AJAP Financial Services Limited, Senator Abdulaziz Yari, the Nigeria Governors’ Forum and the government agencies mentioned in the documents had not publicly responded to the specific allegations. The allegations contained in the leaked materials remain unproven, and no court has made findings establishing wrongdoing.
