ADVERTISEMENT
  • The Membership Club
  • #EndSARS Dashboard
  • PT Hausa
  • About Us
  • Advert Rates
  • Careers
  • Contact Us
Sunday, May 15, 2022
Premium Times Nigeria
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
  • Home
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Opinion
  • Health
    • COVID-19
    • News Reports
    • Special Reports and Investigations
    • Data and Infographics
    • Health Specials
    • Features and Interviews
    • Multimedia
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Special Reports/Investigations
    • Data and Infographics
    • Features and Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • Projects
    • #EndSARS Dashboard
    • Parliament Watch
    • Panama Papers
    • Paradise Papers
    • AGAHRIN
  • #PandoraPapers
  • AUN-PT Data Hub
Premium Times Nigeria
BUA Group Ad BUA Group Ad BUA Group Ad
ADVERTISEMENT
James Ibori and Abubakar Malami

James Ibori and Abubakar Malami

Nigeria receives £4.2m Ibori loot from U.K. – Malami

The attorney-general says the naira equivalent of the £ 4.2million was paid into Nigeria’s designated account on May 10.

byPremium Times
May 18, 2021
2 min read

The federal government has finally received from the United Kingdom the £4.2million recovered from former Governor of Delta State, James Ibori’s associates and family members, Nigeria’s Attorney-General of the Federation, Abubakar Malami, said on Tuesday.

This comes about two weeks after Mr Malami said the payment of the money to Nigeria was being delayed by documentation processes in foreign banks.

He however said in a statement on Tuesday that the “naira equivalent value” of the total £4,214,017.66 “has been credited into the designated Federal Government account” since May 10.

His spokesperson, Umar Gwandu, who issued the statement, did not disclose the actual naira equivalent paid into the Nigerian government’s account.

The calculation by PREMIMUM TIMES, however, puts the figure at about N2.4 billion at official exchange rate, and about N2.9billion at parallel market’s rate.

“Attorney-General of the Federation and Minister of Justice, Abubakar Malami, SAN, signed Memorandum of Understanding for the repatriation of the Ibori loot on behalf of the Federal Government of Nigeria.

“The development, according to Malami, was a demonstration of the recognition of reputation Nigeria earns through records of management of recovered stolen Nigerian stolen in the execution of public oriented projects,” Mr Gwandu’s statement read in part.

Agreement

PREMIUM TIMES reported that the representatives of both the U.K. and Nigerian governments signed the agreement for the return of the money, which translates to about N2.4 billion, to Nigeria in Abuja on March 9.

The signing of the agreement, which took place at the Federal Ministry of Justice, Abuja, was done under the auspices of the U.K.-Nigeria Memorandum of Understanding (MoU), which came into force in 2016.

The British High Commissioner, Catriona Laing, signed the agreement on behalf of the U.K. government while Mr Malami signed it on behalf of the Nigeria government.

1X Bet AD

Controversy

The arrival of the money in Nigeria is expected to reignite the ownership battle that first surfaced between the federal and Delta State governments when the agreement for the return of the money was announced in March.

While signing the agreement on behalf of the Nigerian government on March 9, the AGF said the fund would be ploughed into the construction of the Lagos-Ibadan Expressway, Abuja-Kano Road and the Second Niger Bridge.

He said the projects would boost economic growth and help alleviate poverty.

But the Delta State Government, in response, said the money should be returned to it as the victim of the looting perpetrated by Mr Ibori and his cronies.

The oil-rich state said it should be left to decide how to spend the money.

It recalled that the funds and assets recovered from former Governor of Bayelsa State, the late Diepreye Alamieyeseigha, who was equally convicted of corruption charges in July 2007, were returned to the state’s coffers, so the Ibori loot should not be treated differently.

Conviction

Mr Ibori pleaded guilty to money laundering, conspiracy to defraud, and forgery in a U.K. court in February 2012.

He was sentenced to a total of 13 years in prison.

Some of his associates and family also received sentences for similar offences and were similarly sent to prison.

Mr Ibori, a man who stole millions from the suffering people of oil-rich Delta State and laundered the proceeds in the U.K., had earlier been set free of the charges by a Nigerian federal court.

He was later arrested in the United Arab Emirate (UAE) and extradited to the U.K where he was eventually jailed for the aspects of the crimes committed in the U.K.

The ex-convict, who was believed to retain his political influence in Delta State while serving his jail term in the U.K., returned to Nigeria in February 2017 after completing his imprisonment.

  • WhatsApp
  • Tweet
  • Email
  • Print
  • Telegram
  • More
  • Share on Tumblr
  • Pocket

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.

Donate



TEXT AD: To place an advert here . Call Willie - +2348098788999


JOIN THE CONVERSATION

  • Disqus (7)
premiumtimes





PT Mag Campaign AD

Previous Post

The Rules of Investing: Riding the bull wisely

Next Post

Table Tennis: National Championships serves off in Lagos

Premium Times

Premium Times

More News

Nigeria Police officers on duty

Insecurity : 12 soldiers, 20 civilians killed by non-state actors last week

May 15, 2022
FILE PHOTO: Bandits [Picture credit: Voice of America (VOA)]

Train attack: Bandits release pregnant woman on compassionate ground

May 15, 2022
Minister of Labour and Productivity, Chris Ngige, Attorney-General of the Federation and Minister of Justice, Abubakar Malami, Senate President Ahmad Lawan, former President Goodluck Jonathan and Governor of Central Bank of Nigeria (CBN), Godwin Emefiele in a photo collage that shows the State of the Race.

State of the Race: Buhari’s ambush strategy as 40 presidential aspirants remain in APC, PDP

May 15, 2022
Charles Soludo and Nnamdi Kanu

Soludo visits Nnamdi Kanu, says IPOB leader sad over killings in Southeast

May 15, 2022
Adams Oshiomhole and Ganduje

Oshiomhole shows up for senatorial screening despite launching presidential campaign

May 15, 2022
FG, ASUU reconciliation meeting

Strike: Nigeria’s university unions to consider religious body’s appeal to resume work – Official

May 14, 2022
Next Post
Table Tennis: National Championships serves off in Lagos [Photos by Hassan Abdulsalam]

Table Tennis: National Championships serves off in Lagos

NLC, TUC protest at the National Assembly

Thugs attack NLC protesters in Kaduna

Read All Comment

Search

AUN-PT Ad





Transport-Technology


Stanbic Ad


Access Bank Ad





Glo Ad


Subscribe to News via Email

Enter your email address and receive notifications of news by email.

Join 1,835,933 other subscribers.

Advertisement






netherland biz school Advert



Zenith Advert

ADVERTISEMENT

Our Digital Network

  • PT Hausa
  • Election Centre
  • Human Trafficking Investigation
  • Centre for Investigative Journalism
  • National Conference
  • Press Attack Tracker
  • PT Academy
  • Dubawa
  • LeaksNG
  • Campus Reporter

Resources

  • Oil & Gas Facts
  • List of Universities in Nigeria
  • LIST: Federal Unity Colleges in Nigeria
  • NYSC Orientation Camps in Nigeria
  • Nigeria’s Federal/States’ Budgets since 2005
  • Malabu Scandal Thread
  • World Cup 2018
  • Panama Papers Game
  • Our Digital Network
  • About Us
  • Resources
  • Projects
  • Data & Infographics
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

No Result
View All Result
  • #PandoraPapers
  • Gender
  • News
    • Headline Stories
    • Top News
    • More News
    • Foreign
  • Investigations
  • Business
    • News Reports
    • Financial Inclusion
    • Analysis and Data
    • Business Specials
    • Opinion
    • Oil/Gas Reports
      • FAAC Reports
      • Revenue
  • Health
    • COVID-19
    • News Reports
    • Investigations
    • Data and Infographics
    • Health Specials
    • Features
    • Events
    • Primary Health Tracker
  • Agriculture
    • News Report
    • Research & Innovation
    • Data & Infographics
    • Special Reports/Investigations
    • Investigations
    • Interviews
    • Multimedia
  • Arts/Life
    • Arts/Books
    • Kannywood
    • Lifestyle
    • Music
    • Nollywood
    • Travel
  • Sports
    • Football
    • More Sports News
    • Sports Features
  • #EndSARS Dashboard
  • Projects
    • Panama Papers
    • Paradise Papers
    • Parliament Watch
    • AGAHRIN
  • AUN-PT Data Hub
  • Opinion
  • The Membership Club
  • Dubawa
  • DONATE

All content is Copyrighted © 2020 The Premium Times, Nigeria

Our website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
loading Cancel
Post was not sent - check your email addresses!
Email check failed, please try again
Sorry, your blog cannot share posts by email.