The assets seized from the vice president of Equatorial Guinea, Teodoro Nguema Obiang Mangue (pictured), will be redirected to the fight against Covid-19 in the country. The decision was announced on September 20 by the U.S. Department of Justice.
Of the $26 million, $19.25 million will be made available to the United Nations for the "purchase and distribution of vaccines against covid-19" and the remaining $6.35 million will go to Medical Care Development International (MCDI) “for the purchase and distribution of medicines and medical supplies.”
The U.S. justice system accused Teodoro Nguema Obiang Mangue of acquiring $300 million in assets through corruption and money laundering in 2011. He did so by using his "position and influence" while he was Minister of Agriculture and Forestry. Some of these funds were allegedly used by the vice president to purchase property in the United States, including a $30 million mansion and various items that belonged to artist Michael Jackson.
Teodoro Nguema Obiang Mangue is no stranger to legal troubles. In 2016, the Swiss justice seized 11 luxury cars from him. The vehicles were then sold at auction and part of the money was used in social projects in Equatorial Guinea. A year later, France sentenced him to three years in prison suspended with a €30 million fine, and seized some of his assets, including a $120 million property.
In 2018, Brazilian customs seized about $1.5 million in cash and luxury watches valued at more than $15 million from his luggage at the Viracaspos airport. This year, the 53-year-old's assets were frozen in the UK as part of anti-corruption sanctions announced by London.
Jean-Marc Gogbeu (intern)
Operator explores renewable energy partnership with Italy’s Ascot Energy Move aims to stabilize p...
A $147M Novastar Ventures fund backed by major Japanese firms offers co-investment rights int...
First investor town hall since 2021 signals renewed engagement with markets Authorities hi...
Arise IIP plans to invest more than $3 billion in Kenya over five years The company wi...
Efforts to reinforce health systems are gaining pace across Africa, with this week’s developments fo...
Africa’s sports economy could expand from $12bn to $30-35bn over the next decade Tourism contributes up to 8% of GDP across the continent,...
A two-year partnership will support women entrepreneurs with finance and training The initiative targets underserved and refugee-hosting...
Chevron has taken a final investment decision on the Aseng Gas Monetisation project. The project targets 550 billion cubic feet of gas with an...
Burkina Faso recorded a $1.6 billion trade surplus in Q4 2025, up sharply from the previous quarter. Gold accounted for 96.8% of total...
The Bijagos Archipelago, located off the coast of Guinea-Bissau, stands as one of West Africa’s most extraordinary island systems. Made up of around forty...
RFI confirmed the end of “Couleurs Tropicales” following Claudy Siar’s departure after 31 years. The move follows a series of high-profile exits...