Featured Nigeria

The Abacha Case: How AML Procedures Should Have Flagged $267m Earlier

The news this week that the Bailiwick of Jersey had recovered more than $267 million linked to former Nigerian President Sani Abacha puts a spotlight on the banking sector’s vulnerability to money laundering. The funds, which were purportedly derived from corruption, had first been laundered through the US banking system… Read More

Ex-Nigerian Dictator’s $267 Million Seized by Jersey Authorities

Over $267 million has been seized from an account maintained for former Nigerian head-of-state Sani Abacha, according to the Bailiwick of Jersey. The funds, which have been transferred to Jersey’s Civil Asset Recovery Fund, were derived from corruption and laundered through the US banking system with aid of Abacha’s son… Read More

Nigeria says ex-president and his oil minister took bribes: court filing

The Nigerian government has accused former President Goodluck Jonathan and his then oil minister of accepting bribes and breaking the country’s laws to broker a $1.3 billion oil deal eight years ago, a London court filing shows. The deal, in which Anglo-Dutch company Royal Dutch Shell and Italian peer Eni… Read More
26th April 2019
Glencore Plc said on Thursday that the U.S Commodity Futures Trading Commission (CFTC) is investigating whether the miner and its units may have violated certain regulations through “corrupt practices”. The company said the investigations are at an early stage and have a similar scope in terms of subject matter as… Read More
21st April 2019
The rapid development of mobile money is creating unprecedented opportunities for poor people in developing countries to more actively participate in the economy. For millions of underserved individuals around the world, a mobile phone represents more than just a tool for communication; it has become a payment terminal in the… Read More
The rapid development of mobile money is creating unprecedented opportunities for poor people in developing countries to more actively participate in the economy. For millions of underserved individuals around the world, a mobile phone represents more than just a tool for communication; it’s a payment terminal in the pocket. Every… Read More
13th February 2019
AP — The widow of a Nigerian activist executed by their country’s government more than two decades ago accused oil giant Shell of complicity in his death at a civil case in a Dutch court Tuesday. “Shell came into my life to make me a poverty-stricken… Read More
Anti-money laundering author Ehi Eric Esoimeme devles into the issues surrounding pension fraud in Nigeria. Of interest is a revised approach to the processing of death benefits in one of Africa’s most populous states. Will the new measures prove effective, or can more be done?… Read More
16th January 2019
AP — British lawmakers overwhelmingly rejected Prime Minister Theresa May’s divorce deal with the European Union on Tuesday, plunging the Brexit process into chaos and triggering a no-confidence vote that could topple her government. The defeat was widely expected, but the scale of the House of… Read More
18th December 2018
An Italian judge said on Monday oil majors Eni (ENI.MI) and Royal Dutch Shell (RDSa.L) were fully aware their 2011 purchase of a Nigerian oilfield would result in corrupt payments to Nigerian politicians and officials. Italy’s Eni and Shell bought the OPL 245 offshore field for about $1.3 billion (1.03… Read More
10th December 2018
Nigeria’s main opposition party said authorities had frozen the bank accounts of its vice presidential candidate in the run-up to elections next February. The People’s Democratic Party (PDP) said late on Saturday accounts belonging to Peter Obi, its vice presidential candidate, his wife, family members and their businesses had been… Read More
5th November 2018
HSBC (HSBA.L) and UBS (UBSG.S) have closed their offices in Nigeria, the country’s central bank said in a report on Friday as it revealed foreign investment had fallen sharply from a year ago. The bank said foreign direct investment in Nigeria fell to 379.84 billion naira ($1.2 billion) in the… Read More
30th October 2018
Two Afren executives have been sentenced to a total of 30 years for a scheme which saw them profit from business deals the firm made with its Nigerian oil partners, without the knowledge of its board of directors. According to the Serious Fraud Office (SFO), former Afren CEO Osman Shahenshah… Read More