Tuesday, July 5, 2022
MARKET UPDATE
Advertisement

TheCable

Fraud: Nigeria, UK sign MoU on transfer of £210k compensation from energy company

Fraud: Nigeria, UK sign MoU on transfer of £210k compensation from energy company
February 21
20:45 2022

The United Kingdom has signed a memorandum of understanding (MoU) with Nigeria on the transfer of £210,610 compensation from a UK energy company. 

Vicky Ford, UK minister for Africa, announced the development on Monday.

In 2021, a judgment by the UK’s serious fraud office (SFO) found Amec Foster Wheeler Energy Limited (AFWEL) guilty of using corrupt agents in the oil and gas sector from 1996 to 2014 in Nigeria, Saudi Arabia, Malaysia, India and Brazil.

In the process, the SFO awarded the payment of £210,610 compensation to Nigeria by AFWEL.

Advertisement

Speaking on the MoU, Ford said the UK has “zero tolerance for corruption” and is committed to helping Nigeria tackle illicit financial flows, bribery and corruption.

“The federal government will now use this money to help fund three infrastructural projects that will help benefit the people of Nigeria,” she said.

“The UK has a zero tolerance policy to corruption and we hope that today’s signing sends a clear statement about our commitment to this.”

Advertisement

Speaking on the development, Abubakar Malami, attorney-general of the federation, said he hopes the UK and Nigeria will continue the bilateral engagements in assets return and improving the justice system of both countries.

Malami who was represented by Benjamin Okolo, acting permanent secretary and solicitor-general of the federation, expressed the appreciation of the federal government to the UK.

“We are grateful that you deemed it necessary to return these funds even though Nigeria did not participate in its negotiations,” he said.

“It shows the UK’s commitment to the global effort to tackle illicit financial flows and prohibit bribery in international businesses.

Advertisement

“Nigeria also looks forward to the conclusion of other ongoing negotiations among Nigeria, UK and USA that would lead to substantial return of stolen assets.”

According to a statement by the UK, the compensation amount will be transferred within the next four weeks.

“The Government of the United Kingdom will transfer the Compensation Amount in the sum of £210,610 within twenty-eight (28) days from the date of signing this MOU,” the statement reads.

“The Federal Government of Nigeria will ensure that the Compensation Amount is transferred to an account designated by the NSIA (the “NSIA Designated Account”) within twenty-eight days of receipt of the Compensation Amounts from the United Kingdom.

Advertisement

“The Compensation Amount will be utilised by the Federal Government of Nigeria exclusively for the purpose of financing segments of the following infrastructure projects (as set out in Schedule 1) that were approved by the Nigerian National Assembly under the 2020 Appropriation Act, and procured and approved by the Nigerian Federal Executive Council in accordance with Nigeria’s Bureau for Public Procurement Act, 2007 (“the Projects”): The Lagos to Ibadan Expressway; the Abuja to Kano Road; the Second Niger Bridge.”

Advertisement

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment