Shocking revelations have emerged surrounding the mysterious disappearance and eventual recovery of $10 million allegedly linked to Vice Admiral Ibok-Ete Ibas (retd.), the former Chief of Naval Staff and current Sole Administrator of Rivers State.
In 2016, under the administration of then-President Muhammadu Buhari, the enormous sum vanished from Ibas’ residence located in the upscale Bourdillon area of Ikoyi, Lagos. The incident, kept far from public scrutiny until now, triggered a discreet but intensive internal investigation by military intelligence.
Multiple naval personnel serving in domestic roles at the residence were immediately arrested and subjected to extensive interrogation. The investigation was spearheaded by Commodore Aminu Saleh, then Military Attaché and now Chief of Staff to Ibas. Saleh, a long-trusted aide, was tasked with tracking the funds and ensuring its recovery.
After weeks of covert inquiries, sources reveal the money was traced to some of the naval domestic aides. While the cash was eventually recovered, the implicated personnel were quietly discharged from service — without public prosecution or formal charges.
Military insiders allege that the funds may be connected to “operational funds” — large, unretired dollar allocations routinely handed to top service chiefs for sensitive military missions. Others hint at links to oil bunkering operations, a long-suspected but rarely proven racket within the armed forces.
“This was swept under the carpet. It never saw daylight because of the people involved. But everyone in the Navy knew what happened,” a senior officer told Akelicious under anonymity.
The incident raises serious questions about transparency, accountability, and the shadowy handling of military funds in Nigeria — particularly during a period marked by escalating security challenges and economic hardship.
As of press time, neither Vice Admiral Ibas nor the Nigerian Navy has issued any statement on the matter.
Who gave the Rivers Sole Administrator that $10 million — and for what? The nation deserves answers.
