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)
Fruitful partners with Elsewedy unit to launch processing project in Egypt New facility wil...
In Africa, the transformation of food systems has become an urgent issue in the face of rapid popula...
Airtel Africa signed a partnership with SpaceX to launch Starlink Direct-to-Cell satellite connect...
Fitch upgrades Côte d’Ivoire to BB, saying political uncertainty has lifted and the country has mo...
WAEMU foreign exchange reserves rose to about $33 billion by end-October 2025. Import cover ...
Revised lease introduces sliding-scale royalties linked to lithium prices Royalty rate falls to 5% at current spodumene price levels Parliamentary...
Robex pours first gold at Kiniero, ahead of commercial production in 2026 Mine targets average output of 139,000 ounces a year over nine years Guinea...
Invictus Energy secures production-sharing agreement approval Project targets pilot gas production and power generation Mukuyu field holds an...
New framework targets small traders along the shared border Deal aims to formalize local trade and cut non-tariff barriers Bilateral goods...
Algiers is a coastal capital of around four million inhabitants, located in north-central Algeria. Its urban structure, heritage, and social practices...
Palm Hills Developments signs agreement with Marriott International to introduce the St. Regis brand in West Cairo. Project to include a luxury...