Former President Olusegun Obasanjo has recounted how a probe by the Economic and Financial Crimes Commission into former Delta State Governor James Ibori led to the recovery effort that eventually culminated in Ibori’s imprisonment in the United Kingdom.
Obasanjo said the Obasanjo Ibori EFCC probe uncovered about $200 million in funds allegedly misappropriated during Ibori’s tenure as governor.
Speaking in a recent interview, the former president said the EFCC presented its findings to him and that he subsequently confronted Ibori over the money.
“EFCC investigated Ibori, and they found Ibori has misappropriated about $200m,” Obasanjo said.
He said he told Ibori that, assuming $50 million of the money had already been spent, he should return the remaining $150 million.
According to Obasanjo, Ibori subsequently asked where the money should be paid, prompting him to direct that it be returned to Delta State through an account with the Central Bank of Nigeria.
Obasanjo said Ibori later suggested that similar arrangements should be made for other states, which he agreed to.
The former president also recalled that Ibori subsequently brought $15 million in cash to then EFCC Chairman Nuhu Ribadu. The circumstances surrounding the $15 million have historically been disputed, with accounts describing the payment differently. A 2012 report confirmed that the money was eventually held by the Central Bank following the controversy surrounding the transaction.
Obasanjo said the investigation nevertheless continued after the payment and eventually followed Ibori to the United Kingdom.
“So it was pursued up to London, where he went to prison,” he said.
Ibori was later prosecuted in the UK and pleaded guilty in 2012 to 10 counts relating to fraud and money laundering involving funds from Delta State. He was sentenced to 13 years in prison by Southwark Crown Court.
British authorities had estimated that Ibori had embezzled about $250 million in Nigerian public funds, while the UK court noted that the full amount involved could have been higher. Ibori admitted to fraud totalling more than $79 million as part of the wider case.
Ibori was arrested in Dubai in 2010 following an international investigation and was later extradited to the UK in 2011 to face the charges.
The former Delta governor has continued to feature in discussions about the recovery of assets linked to corruption cases. In 2021, the British government announced the return of £4.2 million to Nigeria, describing the funds as money recovered from Ibori’s associates and family.
AbdulBasit Saba is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
