by a local reader. The letter was sent to someone in Bermuda by a man calling himself Hassan Gambo, who gave his title as director of foreign remittances at the Central Bank of Nigeria.

The letter makes such interesting reading that we thought it was worth printing in full. It is indicative of the greed, forthrightness and lack of shame of the numerous senders of such letters to many businesses and individuals in Bermuda over the past few years.

Mr. Gumbo writes: "Your file and application for the payment of US35.8 million dollars has showed up in our accounting records.

Although approval has been given that the fund be paid to your bankers, actual payment has not yet been made. Already the payment schedule within which to remit the fund to your account has now elapsed.

However, the payment of the fund to your account was withheld for non-payment of the necessary federal government of Nigeria taxes and levies as required by the Central Bank of Nigeria in respect of foreign exchange. The position with your file now is that the whole fund will revert to the Government "pool'' account as unclaimed. Your company is the sole beneficiary of the fund as our file shows, thus it cannot be claimed by another person nor entity. That is why it is imperative to avoid the impending situation of the fund reverting back to the Government.

If you have been following the events in Nigeria, you will realise that the present ruling Government of which I am a member is handing over power to a new Government this year. So time is not in your favour. Since I will retire with this regime, I want to complete this transaction with you provided you will give me 15 percent of the total fund so that I can retire comfortably. If you agree, I will use my official position to waive the payment of Nigerian taxes and levies (foreign exchange) which amounts to five percent of the total amount to be transferred. Thus you will not have to pay any taxes until after the fund is transferred to your account. I can assure you that this fund with your total co-operation will be in your account within ten working days.

My proposition is the only way you can get your money. However to satisfy me that I am dealing with the correct person and bona-fide owner of the fund, you will have to send me again the details of your bank so that we cross-check it with the one in our files. If you are interested, please contact me immediately using my private tel/fax no. 234-1-885533/884073 or fax no.

885515.

Thanks for your co-operation, Yours faithfully, Hassan Gambo (Director of foreign remittances, Central Bank of Nigeria) '' Anyone who follows Nigerian affairs will already know that Mr. Gumbo's assertion that Nigeria's military dictatorship is to hand over power this year proved wildly optimistic.

In order to hang on to power, Nigeria's military dictatorship has annulled the elections that were to return the country to civilian rule, prompting a national strike in the country's capital, Lagos. * * * NJ MOST journalists hate admitting their wrong, but I must put my hand in the air and admit to making a mathematical error in last week's section when calculating the potential gain of a London conman who has been sending false invoices to Bermuda businesses in the hope of making a dishonest buck.

Diary reader Joe Logan called first thing Monday morning to point out that, on any good calculator, 20 percent of $500,000 amount to $100,000, not $50,000 as was stated in the article.