Convicted former Delta State Governor, Chief James Ibori, hid some of his assets in an indigenous integrated oil company, Oando Plc, according to a British prosecutor.
The prosecutor was quoted by Reuters in a report on Monday as saying that the former governor, who is serving a 13-year jail term in the United Kingdom for fraud and money-laundering, hid some of his assets in the oil firm; adding that money passed from Oando’s accounts into Ibori’s Swiss accounts.
Ibori had in February 2012 pleaded guilty to 10 counts of fraud and money-laundering worth £50m.
Prosecutor Sasha Wass was quoted as telling the court that she would be presenting evidence that Ibori had “asserted ownership of a large part” of Oando, Nigeria’s biggest home-grown oil firm, which is listed in Lagos, Johannesburg and Toronto.
“The Crown will assert that Oando is a company where James Ibori has hidden assets,” Wass said, giving no further details.
One of the biggest embezzlement cases seen in Britain, the successful prosecution of Ibori was also a rare example of a senior Nigerian politician being held to account for the corruption that blights Africa’s most populous country.
At the time of Ibori’s sentencing in April 2012, Judge Anthony Pitts said the £50m that he had admitted to stealing might be a “ludicrously low” fraction of his total booty, which could be more than £200m.
The confiscation hearing will shed further light on the scale of Ibori’s wealth and determine whether he emerges from jail impoverished or still in possession of a large enough fortune to regain a position of influence in Nigeria.
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