Global Witness calls for a thorough investigation into HSBC, Barclays, Citibank and Abbey National (now owned by Santander) for their roles in the laundering of millions of pounds by James Ibori, former governor of Nigeria’s oil-rich Delta State. Ibori pleaded guilty to ten counts of money laundering and fraud in relation to an estimated $250 million of stolen state assets on 27 February; today was the first day of his sentencing hearing.
“By doing business with Ibori and his associates, these banks facilitated his corrupt behaviour and allowed him to spend diverted state assets on a luxury lifestyle, including a private jet and expensive London houses, while many Nigerians continue to live in poverty,” said Robert Palmer, a campaigner with Global Witness.
Today, the prosecution provided an overview of Ibori’s crimes, and in particular any aggravating factors. The details of how Ibori and his accomplices stole government funds and moved them into the UK are only coming out now, as a reporting restriction was in place until his guilty plea. His wife, sister and mistress have already been convicted of money laundering as have a string of professional intermediaries including a lawyer, a fiduciary agent and a corporate financier.
Ibori, who was governor of Delta State from 1999 to 2007, inflated government contracts, accepted kickbacks and even directly stole funds from state coffers.
His official salary was £4,000 a year and his formal asset declaration stated that he had no cash or bank accounts outside of Nigeria. Despite this he managed to buy several houses around the world, including one in the UK valued at £2.2 million, luxury cars (a Bentley, Range Rover and Maybach) and a $20 million Challenger private jet.
Detailed report from GlobalWitness.Org: here