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)
The BoxCommerce–Mastercard Partnership introduces prepaid cards, giving SMEs instant access to e...
Circular migration is based on structured, value-added mobility between countries of origin and host...
Except for Tunisia entering the Top 10 at Libya’s expense, and Morocco moving up to sixth ahead of A...
BRVM listed the bonds of the FCTC Sonabhy 8.1% 2025–2031, marking Burkina Faso’s first securitiz...
President Tinubu approved incentives limited to the Bonga South West oil project. The project tar...
Africa shifted from a net recipient of Chinese financing to a net payer over the past decade. Debt repayments to China now exceed new lending...
Morocco’s legal cannabis sector continues to expand five years after legalization, supported by rising private investment. Family-owned Cannablanca...
Orezone agreed to acquire Hecla Quebec for up to C$593 million to diversify away from Burkina Faso. The deal gives Orezone full ownership of the Casa...
Moniepoint, Opay, Kuda, and others gain national status with tighter oversight A naira 5 billion minimum capital requirement now applies to national...
The Khomani Cultural Landscape is a cultural site located in northern South Africa, in the Northern Cape province, near the Kgalagadi Transfrontier Park....
Three African productions secured places among the 22 films competing for the Golden Bear at the 76th Berlin International Film Festival. Berlinale...