The bankruptcy of an F1 team and scamming a NASCAR driver: The legacy of a Nigerian “Prince”
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Malik Ado Ibrahim
Of all the scams and malpractice developed over the centuries, one that has stood out in the modern era of tech is the Nigerian prince scam. In case you aren’t aware of it, let us tell you. It’s where you receive a request to transfer funds into an account in exchange for a hill of money, but once you’ve sent the funds, it’s gone, and nothing comes back.
Who fell for the scam in F1?
Now, something on these lines happened with the Arrows F1 team back in 1999. The only difference is that they didn’t transfer the cash but marketed a brand instead. A brand that didn’t exist! For the members of an ex-F1 team, T-Minus isn’t just a term used while launching rockets but a painful memory.
Malik Ado Ibrahim, a businessman from Nigeria, claimed himself to be a prince. He planned to launch a brand called “T-Minus” from the stage of F1. The brand had nothing to show for except for its name but had massive plans to launch energy drinks, motorbikes, and rebranded Lamborghinis. Yes, it is as shady as it sounds.
In exchange for the sponsorship and branding on half of the Arrows livery in the 1999 season, Malik promised $125 million. It was all in air and dreams. After defaulting payments and grabbing attention for most of the year, Malik and his brand disappeared.
Later, due to poor performances and a lawsuit from its shareholder, the Arrows team was declared bankrupt and exited from motorsport: falling victim to a well-thought-out strategy by its sponsor.
For a few years, the “Prince” stayed low. He wasn’t to be seen anywhere near any motorsport. But as the fate of a young and upcoming NASCAR driver would have it, he reappeared in the 2000s.
The NASCAR and Robert Richardson Jr. episode
Robert Richardson Jr. was an upcoming NASCAR driver who accused Malik of stealing $750,000, which was supposed to be used for his development. Malik was also found guilty of making false statements before the trial, which led him to be fined.
The problems for Malik multiplied when an arrest warrant was issued in his name, following another scam. He was also called “a manipulator of men and a manipulator of the desires of men’s hearts“ by the prosecuting attorney. Later, Malik moved back to Nigeria and has now shown his intent to run for the presidency of Nigeria in 2023.
However, despite all the legal troubles, Richardson wasn’t affected much and raced for the last time in 2016.
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Manan Goel
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