The sum of 210,610 pounds (about N120 million) will be paid by the United Kingdom (UK) as fraud compensation to the government of Nigeria on Monday.

This is following a four-year corruption investigation led by the UK’s Serious Fraud Office relating to the use of corrupt agents in the oil and gas sector by Amec Foster Wheeler Energy Limited.

The government of the UK represented by Ms Ford and the Nigerian government represented by Benjamin Okolo, solicitor-general of the federation, signed a memorandum of understanding on the utilisation of the money.

Mr Okolo said the signing of the MoU is a signal that the UK anti-bribery act will lead to a substantial return of illegally acquired profits, by businesses, to developing countries.

“We are grateful that you deemed it necessary to return this fund even though Nigeria did not participate in its negotiation. It shows the UK’s commitment to the global effort to tackle illicit financial flow and prohibit bribery in international business,” he added.

Ms Ford in turn noted that the security and defence dialogue held earlier this month between both countries reaffirmed their commitment to work together to tackle illicit financial flows, bribery and corruption.

“The UK has a zero-tolerance policy to corruption and we hope that today’s signing sends a clear statement about our commitment to this,” she said.

Juliet Ibekaku-Nwagwu, special assistant to the Nigerian president on justice reforms and international relations, said the funds will be invested in the Second Niger Bridge, Lagos-Ibadan expressway and Abuja-Kaduna expressway projects.

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