Ibori’s Hidden Wealth Traced To Oando

Jailed former Nigerian Delta state governor, James Onanefe Ibori, hid some of his assets in the oil firm Oando and money passed from the company’s accounts to Ibori’s Swiss accounts, a British prosecutor told a court on Monday.

Ibori, who governed Delta State from 1999 to 2007 and influenced national politics, was jailed for 13 years in Britain after pleading guilty in February 2012 to 10 counts of fraud and money-laundering worth 50 million pounds ($79 million).

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.



A three-week confiscation hearing began at London’s Southwark Crown Court on Monday during which prosecutors will present evidence of Ibori’s assets and seek court orders to have them seized. Defense lawyers will dispute the prosecution case, reported Reuters.

Prosecutor Sasha Wass told the court 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.

The matter was raised briefly as part of an initial discussion of various aspects of the confiscation hearing. Details are expected to be disclosed later in the proceedings.

Oando is not a party to the case, although a British lawyer was in court representing the company’s interests.

At the time of Ibori’s sentencing in April 2012, Judge Anthony Pitts said the 50 million pounds that he had admitted to stealing may be a “ludicrously low” fraction of his total booty, which could be more than 200 million pounds.

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.

Ibori could be released as early as 2016 because he spent two years in custody before his sentencing and because he will be eligible for parole halfway through his prison term.

He was not in court on Monday and his lawyer Ivan Krolick said Ibori did not wish to attend the confiscation hearing although he would come to court to give evidence if necessary.

In May, the Court of Appeal had rejected Ibori’s appeal against the length of his sentence.

During his sentencing hearing, the court heard Ibori had acquired six foreign properties worth 6.9 million pounds, a fleet of luxury cars including a Bentley and a Maybach 62, and that he had tried to buy a $20-million private jet. His three daughters were attending a private school in rural England.

British authorities hope Ibori’s case may stop corrupt Nigerian politicians looking to Britain, Nigeria’s former colonial ruler, as a place to spend money on houses, luxury goods or private education for their children. ($1 = 0.6303 British pounds

Posted: at 17-09-2013 08:48 AM (10 years ago) | Gistmaniac

     Why you dey laugh    I dey Laugh becos, the man put him brother to continue milk the state for eight years Delta State is finished.  Ibori made money from the state 14 years and he will make it for 16 years  Festus Keyamo where you dey Pls come bail your state out

Posted: at 17-09-2013 11:48 AM (10 years ago) | Gistmaniac

No b evry bone wae u chop dae pass thru throat o,dis 1 don hook ibori well well 4 neck,hope he learnt his lessons wen he comot 4 dis Gobe.wae my guy sholebo abeg gve me weed mke i reason joor

Posted: at 17-09-2013 12:23 PM (10 years ago) | Hero

after  goodluck jonathan will say nigeria is not as rich as kuwait or uae, that is why we are suffering. pls america should come and imo state to our formal governor achike udenwa he's a criminal too like ibori

Posted: at 17-09-2013 01:16 PM (10 years ago) | Upcoming

There are people worse than or equivalent still enjoying their loot because they have fed EFCC with stipends to allow them go scot-free. If a bank can make $1billion a month from 0.5% of funds transfer in a month for Nigerians,imagine what makes up the 99.5% worth of money for the month multiply by 12months and by 8yrs of rule.

I think Nigerians as a whole are ignorant people expecting God to come down from heaven to turn  things around. Edmund Burke said Evil only triumphs when good men watch and do nothing. PDP is a plague,everybody in every state should try and get rid of them for us to see the light,the kitchen is in the house and not the house in the kitchen. PDP is not bigger than Nigeria and Nigerians,they have no policies,no agendas,no manifesto but only devices to loot and settle their opponents. The revolution is eradicating PDP from the tap root. It doesn't matter who comes into power,let's take away sentiments and rid PDP.

Posted: at 17-09-2013 02:01 PM (10 years ago) | Newbie

one day all this political looters will all give account

Posted: at 17-09-2013 02:11 PM (10 years ago) | Hero

 

Posted: at 17-09-2013 03:27 PM (10 years ago) | Addicted Hero

As long as we keep watching them and do nothing,  no miracle will fall. I just hope one day all Nigerians will see beyond their tribes and religious, so that we can fight against our common enemies.

Posted: at 17-09-2013 03:53 PM (10 years ago) | Newbie

Ibori stole mony,bt he truly worked in Delta state...itz a case of "chop I chop"...d present governor is just there stealing mony, no positive development...I'm sure he's gona spend d rest of  his life in jail...OBJ d fada of all thieves...God is kumin 4 u...

Posted: at 17-09-2013 04:04 PM (10 years ago) | Gistmaniac

hmmmmmmmmmmmmmmmmmmmmmm

Posted: at 17-09-2013 04:22 PM (10 years ago) | Upcoming