Convicted Delta State governor, James Ibori, is facing another crisis as the British police have discovered that he hid some of his assets in one of Nigeria’s top private oil companies, a prosecutor told a court yesterday.
Ibori, who governed from 1999 to 2007 and influential, was jailed for 13 years in Britain after pleading guilty in February last year to 10 counts of fraud and money-laundering worth 50 million pounds.
One of the biggest embezzlement cases seen in the UK, the successful prosecution of Ibori was also a rare example of a senior Nigerian politician being held to account for corruption.
A three-week confiscation hearing began at London’s Southwark Crown Court yesterday during which prosecutors will present evidence of Ibori’s assets and seek court orders to have them seized. Defence lawyers will dispute the prosecution case.
Prosecutor Sasha Wass told the court she would be presenting evidence that Ibori had “asserted ownership of a large part” of the oil firm, which is listed in Lagos, Johannesburg and Toronto Stock Exchanges.
“The Crown will assert that it is a company where James Ibori has hidden assets,” Wass said, giving no further details. The matter was raised briefly as part of an initial discussion of various aspects of the confiscation hearing. Details are expected to be disclosed later in the proceedings.
The oil company is not a party to the case, although a British lawyer was in court representing the company’s interests. At the time of Ibori’s sentencing in April 2012, Judge Anthony Pitts said the 50 million pounds that he had admitted to stealing may be a “ludicrously low” fraction of his total booty, which could be more than 200 million pounds.
The confiscation hearing will shed further light on the scale of Ibori’s wealth and determine whether he emerges from jail impoverished or still in possession of a large enough fortune to regain a position of influence in Nigeria.
Ibori could be released as early as 2016 because he spent two years in custody before his sentencing and because he will be eligible for parole halfway through his prison term.
He was not in court yesterday and his lawyer, Ivan Krolick, said Ibori did not wish to attend the confiscation hearing although he would come to court to give evidence if necessary. In May, the Court of Appeal had rejected Ibori’s appeal against the length of his sentence.
During his sentencing hearing, the court heard Ibori had acquired six foreign properties worth 6.9 million pounds, a fleet of luxury cars including a Bentley and a Maybach 62, and that he had tried to buy a $20 million private jet. His three daughters were attending a private school in rural England.
British authorities hope Ibori’s case may stop corrupt Nigerian politicians looking to the UK, Nigeria’s former colonial ruler, as a place to spend money on houses, luxury goods or private education for their children.
culled from Sunnews
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