The UK has signed an agreement that will enable a compensation payment of £210,610 to be made to Nigeria, following a successful investigation by the UK’s Serious Fraud Office relating to the use of corrupt agents in the oil and gas sector.
UK and Nigeria sign MoU as both countries commit to continue the fight against corruption in a joint commitment to continue the fight against corruption.
The Memorandum of Understanding, which was signed between the Minister for Africa, Vicky Ford and the Attorney General for Nigeria the Abubakar Malami, sets out the terms and understanding between the Government of the United Kingdom and the Federal Government of Nigeria to make this compensation payment.
During the signing of the MoU, the UK Minister for Africa, Latin America and the Caribbean, Vicky 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.”
“The compensation payment from the UK to Nigeria was secured after a four-year corruption investigation led by the Serious Fraud Office (SFO) in the UK.”
“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.”
“In this case, the DPA was agreed with Amec Foster Wheeler (AFWEL), relating to the use of corrupt agents in the oil and gas sector.”
“This compensation payment from the UK to Nigeria demonstrates that when such acts of crime are identified, the UK Serious Fraud Office (SFO) will investigate these companies and where evidence is found will ensure that they face appropriate sanctions.”
“Last year March, the UK Government returned £4.2 million to Nigeria from funds recovered from associates of the former Delta State Governor, James Ibori. On this occasion, the Government of the United Kingdom will transfer the compensation amount in the sum of £210,610 (118.4 million Naira) within twenty-eight (28) days from the date of signing this MOU. In both instances, the MoU’s confirm that the Nigerian government has pledged to use the returned of funds for projects that will benefit and improve the country.”
“The UK will remain committed to returning all illegal assets, no matter the amount, as per the United Nations Convention Against Corruption (UNCAC).”
The Director of the Serious Fraud Office, Lisa Osofsky, said the UK have a zero-tolerance approach to companies who think they can bribe their way to financial success.
“Bribery and corruption not only stifle real economic growth and free trade, but they also damage democracy and therefore risk the security of all our countries.”
“I am of course delighted that the tenacity of my SFO colleagues has resulted in the people of Nigeria being compensated in a way that will truly benefit them.”
Represented by the Permanent Secretary, Peter Oko, the Minister of Justice and Attorney General of the Federation, Abubakar Malami, said the signing of the MoU is a signal that the UK anti-graft act will lead to a sustainable return of illegally acquired profits by businesses in developing countries.
“We are grateful that you deemed it necessary to return these funds even though Nigeria did not participate in negotiations. Nigeria also looks forward to the conclusion to other ongoing negotiations among Nigeria, UK and the USA that will lead to substantial returns of stolen assets.” He stated.
The compensation amount will be utilized by the Federal Government of Nigeria exclusively for the purpose of financing segments of the following infrastructure projects: The Lagos to Ibadan Expressway, The Abuja to Kano Road, The Second Niger Bridge, (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’).
