At last! After a long time trying, the Business Diary has finally managed to interview one of the Nigerians who have been flooding Bermuda with letters offering locals business deals of a lifetime.

Live by telephone from his offices in the Nigerian capital, Lagos, Dr. Moses Williams explained why he had offered by letter to transfer US$26 million into the bank account of a complete stranger in Bermuda.

The letter, passed to the The Royal Gazette , is typical of hundreds of others which have been arriving at businesses and the homes of private individuals on the Island over the past few years.

Written in awful pidgin English, it mumbles about a Government contract gone wrong and how, due to a spot of financial dexterity, millions of dollars have magically become available to siphon out of the country as quickly and discreetly as possible.

In order to receive a 30 percent share of the US$26 million, all the receiver apparently has to do is send four copies of blank letter-headed paper, signed, of course, to Dr. Williams, along with a bank account number and address, telephone, fax and telex numbers of the bank.

At the beginning of the letter, as in all the others, Dr. Moses claims that he has been assured of the receiver's honesty and reliability, even though the letters, which all start `Dear Sir', are addressed to no-one in particular at any one address.

When telephoned, Dr. Williams appeared anxious to secure a deal with the writer of the Business Diary although, when it dawned on him that a story would be appearing in the newspaper, he said: "You can't. This deal is very confidential. You had better not tell anyone.'' Dr. Williams said he was a civil servant but would not reveal which department he worked for.

"Was everything legal?'' asked the Diary.

"Yes,'' said Dr. Williams. "How do you know I'm honest and reliable, as stated in your letter, when you've never met me,'' said the Diary. "I could run off with your 26 million American dollars as soon as it's put into my account and you might never see me again.'' "If you tell me you're honest and reliable, I believe you,'' said Dr.

Williams, undeterred. "I have confidence in what you tell me.'' "Who in their right mind would sign blank sheets of letter-headed paper and send it to you with details of their bank account. Why do you need this information?'' asked the Diary.

"It's will enable us to write a letter of claim and job description for the release of the fund by the appropriate authorities,'' replied Dr. Williams.

"Don't you really want to transfer money out of my account, rather than put any in, Dr. Williams?'' "No, no. How is it possible to do such a thing?'' It is perfectly possible, though, according to the Bank of Bermuda's corporate legal counsel, Mr. James Macdonald.

And the Business Diary has heard of at least one person on the Island who claims to have lost a considerable amount of money to Nigerian fraudsters, although she is too embarrassed to talk about it.

Mr. Macdonald said it was possible for the scheme to work if someone was foolish enough to send all the requested documentation and bank account details to a total stranger in a country as dubious as Nigeria.

"That's a real problem if someone does that,'' said Mr. Macdonald. "I wouldn't do that. That's just nuts to sign any blank piece of paper, whether your letter-head is on it or not.

"I can certainly see circumstances in which they could take money out of someone's account.'' And, if a person's bank account is bled of money as a result, it is no use crying to the Bank.

"The Bank would defend its decision that it had paid out on your authority, i.e. your signature,'' said Mr. Macdonald.