Investing.com - Financial Markets Worldwide
Get 40% Off
Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

UK to return $5.8 mln to Nigeria from jailed politician's stolen assets

Published 09/03/2021, 17:24
Updated 09/03/2021, 17:30
© Reuters.

ABUJA, March 9 (Reuters) - Britain has agreed to send to
Nigeria 4.2 million pounds ($5.84 million) recovered from a
former state governor who was jailed for laundering money in
Britain, the two countries said on Tuesday.
James Ibori, who was governor of southern oil-producing
Delta State from 1999 to 2007, pleaded guilty at London's
Southwark Crown Court in 2012 to 10 counts of fraud and
money-laundering. He received a 13-year sentence.
The 4.2 million pounds was stolen by Ibori and his
associates but retrieved through operations led by British law
enforcement agencies, who identified assets bought in Britain
with illicit funds, the Foreign Office said in a statement.
Nigeria's attorney general, Abubakar Malami, said the funds
would be used to help complete a number of infrastructure
projects, including a road connecting the capital Abuja and
northern commercial hub Kano.
"I am confident that both the Nigerian and British
governments remain committed to all affirmative actions to
combat corruption... (and) illicit financial flows," Malami said
at a ceremony at which officials from the two countries signed
an agreement on the return of the funds.
The agreement builds on a 2016 memorandum of understanding
that provides a framework for the return of stolen assets to
Nigeria.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.