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Oil and Gas

Nigeria: Court orders permanent forfeiture of $109 million linked to former oil minister

Friday, 17 February 2017 16:21

(Ecofin Agency) - A Nigerian Federal High Court has issued an order for the permanent forfeiture of a N34 billion ($109million) associated to former Minister of Petroleum Resources, Diezani Allison-Madueke (photo).

The judge of the High Court, Justice Muslim Hassan, gave the order on Thursday while passing judgement on a suit filed by the Economic and Financial Crimes Commission (EFCC), demanding for the forfeiture of the money which was alleged to have been diverted from the coffers of Nigerian National Petroleum Corporation (NNPC).

The Judge had initially issued a temporary order for the forfeiture of the money to the Federal Government after the EFCC applied for an ex parte. EFCC had traced the money to three commercial banks in the country.

Let’s recall that the former Minister is involved in several in corruption cases. In that framework, she was arrested in London in October 2015 as part of a UK investigation into suspicions of corruption and large-scale laundering.

Anita Fatunji

 
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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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