Did one of Nigeria’s oil giants, OandO Plc, have any treacherous deal with a former Delta State Governor, Chief James Ibori, who is serving a 13-year jail term in the United Kingdom, in the process of storing away the money he allegedly looted?
That, on Monday. became the issue in the Ibori saga as a prosecutor, Sasha Wass, at a confiscation hearing in London, revealed that Ibori hid some of his assets in OandO Plc, with the company helping to move it through its accounts into Ibori’s accounts in Switzerland.
Wass said: “Ibori asserts ownership of a large part of Oando.
“The Crown will assert that Oando is a company where James Ibori has hidden assets.”
The hearing is to determine whether, after his release from jail in 2016, Ibori will still be wealthy enough to influence happenings in Nigeria.
When he was sentenced in 2012, he admitted stealing about £50 million.
Ibori was not in court on Monday.
His lawyer said he may not attend the confiscation hearing “but may come to give evidence if necessary”.
OandO, however, denied on Monday having aided Ibori in moving his loot out of Nigeria.
OandO said the former Delta State governor does not own the company but has insignificant shares, which is just 443 out of a total issued and paid up share capital of 6.8 billion ordinary shares.
In a statement on Monday, the company said although unknown at the time, it transacted business with Ibori’s company.
The total amount of the transaction was put at $2.7 million.
And this came in three separate transactions over a period of about seven months.
OandO however said this was insignificant, considering the company’s turnover of about $800 million as at 2004.
The company therefore denied claims that Ibori has hidden assets with it, regretting that it had been dragged into the proceedings of the British Court.
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