UK to pay Nigeria N118m compensation for fr#ud in oil and gas sector
The United Kingdom has agreed to pay Nigeria the sum of £210,610 (N118.4 million) as compensation after a British firm was found guilty of using corr#pt agents in the Nigerian oil and gas sector.
The firm, Amec Foster Wheeler (AFWEL), was investigated by the UK’s Serious Fr#ud Office (SFO) in 2021 and found guilty of using corr#pt agents in the oil and gas sector from 1996 to 2014 in Nigeria, Saudi Arabia, Malaysia, India and Brazil.
UK minister for Africa, Vicky Ford and Abubakar Malami, Minister of Justice and the Attorney General for Nigeria, signed a memorandum of understanding (MoU) on Monday, February 21, in Abuja.
The MoU sets out the terms and understanding between the Government of the UK and the Federal Government of Nigeria to make the compensation payment. According to the MoU, the Government of the UK will transfer the compensation amount within 28 days from the date of signing the MOU.
The MoU confirmed that the Nigerian government has pledged to use the returned funds for projects that will benefit and improve the country.
Speaking during the signing of the MoU, Minister Ford said, “The Security and Defence Dialogue held in February 2022 between our two countries reaffirmed both the UK and Nigeria’s commitment to work together to tackle illicit financial flows, bribery and corr#ption.
The UK has a zero-tolerance policy to corr#ption and we hope that today’s signing sends a clear statement about our commitment to this. In a global economy where international trade is vital it is more important than ever that companies operate with integrity and transparency. Illicit financial flows, bribery and corr#ption stifle economic growth, trade, stable governance and the security of both our countries.”
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