United Kingdom (UK) has agreed to pay the sum of £210,610 compensation within a month to Nigeria following a successful investigation by the UK’s Serious Fraud Office (SFO) relating to the use of corrupt agents in the oil and gas sector.
An agreement was signed between Nigerian and UK on Monday that will enable a compensation payment to be made to Nigeria. The agreement was signed between the minister for Africa, Vicky Ford and Nigeria’s minister of justice and the attorney general for Nigeria, Abubakar Malami.
The compensation payment from the UK to Nigeria was secured after a four-year corruption investigation led by the SFO in the United Kingdom.
The money was obtained through a Deferred Prosecution Agreement (DPA), which is when a prosecutor agrees to defer prosecution in exchange for the defendant agreeing to fulfil certain requirements such as accepting criminal liability for offences and paying the appropriate compensation.
Early in 2021, Britain returned to Nigeria the sum of £4.2 million, representing funds recovered from associates of the former Delta state governor, Chief James Ibori.
A statement issued by the British Commission yesterday evening said the Memorandum of Understanding (MOU) sets out the terms and understanding between the government of the UK and the federal government of Nigeria to make the compensation payment.
The statement said a certain Amec Foster Wheeler (AFWEL), a British firm, was investigated for the use of corrupt agents in the Nigerian oil and gas sector.
The statement said government of the UK will transfer the compensation amount in the sum of £210,610 (N118.4 million) within 28 days from the date of signing the MOU.
In both instances, the MoU confirmed that the Nigerian government has pledged to use the returned funds for projects that will benefit and improve the country.
Commenting about the signing of the MoU, minister Ford said, “The Security and Defence Dialogue held in February 2022 between our two countries reaffirmed both the UK and Nigeria’s commitment to work together to tackle illicit financial flows, bribery and corruption.
“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. In a global economy where international trade is vital it is more important than ever that companies operate with integrity and transparency.
“Illicit financial flows, bribery and corruption stifle economic growth, trade, stable governance and the security of both our countries.”
By Chibisi Ohakah, Abuja
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