Niger’s Gold Gamble: Military Junta Enlists Notorious Goldenberg Mastermind to ‘Unlock Mineral Wealth’ — Economic Catastrophe Looms

In a shocking development that threatens to devastate Niger’s already fragile economy, the military junta that seized power in July 2023 has turned to one of Africa’s most notorious financial criminals to manage the country’s precious mineral resources.

Kamlesh Pattni, the architect of Kenya’s catastrophic Goldenberg scandal that siphoned away nearly 10% of the nation’s GDP in the 1990s, has now descended on Niger with promises of “unlocking mineral wealth” for the sanctions-hit West African nation.

Images recently surfaced showing Pattni—who has been sanctioned by both the US and UK for alleged gold smuggling and money laundering—signing a minerals deal with Niger’s military government.

Pattni Inks deal with Niger military government.

The agreement puts Pattni in position to control the country’s uranium and gold exports, despite his history of massive financial crimes.

“It is a structural revolution because, from now on, Niger’s gold will no longer just be extracted, it will be processed here for the benefit of Nigeriens,” declared Col. Ousmane Abarchi, Niger’s minister in charge of minerals, seemingly oblivious to Pattni’s destructive history.

A PATTERN OF PREDATION

Security experts familiar with Pattni’s operations describe a chilling pattern: identify vulnerable nations in crisis, exploit their desperation, and vanish with billions in stolen wealth. The FBI reportedly describes him as a “virus that infects economies and mutates to survive.”

Pattni’s Goldenberg scheme in Kenya was no small-time fraud.

The scheme exploited government export compensation schemes with non-existent gold and diamond exports, ultimately stealing an estimated 158 billion Kenyan shillings (then $1.5 billion)—funds that fueled hyperinflation and economic collapse.

The Justice Samuel Bosire Commission that investigated the scandal branded Pattni “a thief and a cheat.”

Yet, he escaped serious punishment and continued his operations in Zimbabwe, where he allegedly orchestrated another gold smuggling operation under the guise of religious exports.

THE DESPERATION EQUATION

Niger’s military rulers, desperate to circumvent sanctions imposed by ECOWAS and Western powers, appear to be following the same self-destructive path as previous Pattni victims.

“The junta is part of a textbook Pattni operation,” said a West African financial intelligence source.

“When governments find themselves isolated and desperate for funds, Pattni appears with promises of quick riches—but his only true skill is extraction of wealth for himself.”

The similarities to Kenya’s situation in 1992 are striking.

Then, President Daniel arap Moi faced intense pressure as Kenya transitioned to multi-party democracy.

Needing funds to maintain power, Moi’s government embraced Pattni’s schemes—with devastating consequences for ordinary Kenyans.

INTERNATIONAL FUGITIVE

While Niger’s junta celebrates their new partnership, international law enforcement agencies tell a different story.

Pattni remains under Interpol’s red notice as a “high-risk financial operative” with substantial hidden assets in the UAE and Switzerland.

Both the FBI and British authorities list him as a fugitive wanted for fraud, money laundering, and conspiracy.

The US Federal Bureau of Investigations’ 2024 transnational crime alert specifically warns that Pattni’s operations “exploit vulnerable states for personal gain.”

COUNTDOWN TO CATASTROPHE?

For Niger, the consequences could be catastrophic. Minerals represent the country’s most valuable resources, particularly its uranium deposits, which are among the world’s largest.

“Niger’s junta has essentially handed the keys to their treasury to a man who has repeatedly proven he will steal everything not bolted down—and then come back with tools for the rest,” said an international financial crimes expert who has tracked Pattni’s operations.

As Pattni positions himself as a “financial consultant” to help the sanctions-hit nation, history suggests the only person likely to be enriched is Pattni himself.

For a country already facing insurgencies and international isolation, the economic devastation that follows could push Niger to the breaking point.

With Western powers and ECOWAS watching closely, Niger’s deal with a known financial predator may have sealed its economic fate before the ink on the agreement has even dried.