FG recovered $170.8m crime proceeds in 2010 – AGF

Posted by admin Headlines, Latest Politics Wednesday, December 22nd, 2010

The Federal Government has within this outgoing 2010 recovered the sum of $170.8 million as crime proceeds from various multinational companies and individuals indicted in the course of the year.

The Attorney-General of the Federation (AGF) and Minister of Justice, Mr Bello Adoke (SAN), disclosed this, on Wednesday, during the annual ministerial press briefing of the Federal Ministry of Justice in Abuja.

According to the AGF, “We commenced the prosecution of individuals and multinational companies indicted in the infamous Halliburton bribery scandal. As a result of government’s resolve to prosecute those indicted, Messrs Julius Berger, Siemens Plc., Saipem, Technip and Halliburton Inc. were charged to court. To avert prosecution, these companies approached us with various settlement options for consideration.

“In resolving these cases, the ministry took due cognisance of the weaknesses of our penal provisions dealing with corporate criminal liability, as well as the need to ensure their early resolution in the greater national interest.

“The ministry, therefore, adopted international best practices as being practised in other jurisdictions such as the United States of America by emphasising on ‘restitution’ that would ensure direct benefit to the Nigerian government as the ‘victim state’.

“As a result of the adoption of this practice to the aforementioned cases, the affected companies and individuals were made to disgorge the proceeds of crime and to pay appropriate penal fines. Accordingly, a total of $170.8 million has been paid as penal fines to the Federal Government of Nigeria.”

Mr Adoke further stated that within the year under review, the Economic and Financial Crimes Commission (EFCC) in collaboration with the ministry successfully recovered money and assets worth N191 billion from Mrs Cecilia Ibru and her associated companies.wp_posts