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Nigerian court orders seizure of $110m in graft probe

Publish date: 20 February 2017
Issue Number: 715
Diary: IBA Legalbrief Africa
Category: General

A Nigerian court has handed the government more than $110m seized from bank accounts linked to a former Cabinet Minister. Legalbrief reports that it marks a significant breakthrough for the anti-corruption Economic and Financial Crimes Commission despite the face that the amount is a fraction of the $20bn in oil revenue that was allegedly siphoned from the state oil company while Diezani Alison-Madueke was oil Minister. Justice Muslim Hassan of the Federal High Court ordered the forfeiture of the funds which Alison-Madueke allegedly stole from the Nigerian National Petroleum Corporation and stashed in three different accounts. Business Day reports that the EFCC argued that Diezani conspired with Nnamdi Okonkwo, a former managing director of Fidelity Bank to transfer the funds. The judge said he was satisfied with the commission’s argument that the funds were the proceeds of illegal activity. A report on the News24 site notes that Alison-Madueke is living in London after fleeing soon after her party lost the 2015 elections. She claims she is being treated for cancer. She is the subject of a Scotland Yard investigation and has been briefly detained for questioning in London.

Alison-Madueke profile

Full Fin24 report

Full City Press report

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