Ibori Returns N1 Billion To Delta State

James Ibori

Detained former Governor of Delta State, Nigeria, Chief James Onanefe Ibori has started refunding part of the N9.1 Billion (approximately $95 Million) allegedly stolen from public treasury. There is a confirmation that Chief Ibori has returned N1 Billion (approximately $10 Million) to the coffers of Delta State being part of the N2.77 state funds he allegedly spent in purchasing a 16% Afribank Shares for himself.

Pointblanknews.com reliably gathered that the N1 Billion refund was one of the steps to restitute shortly before he was arrested in December and charged for monumental theft before the Federal High Court sitting in Kaduna State.

A Delta State Government official who did not want to be named told pointblanknews.com that “I can confirm that Chief Ibori refunded N1 Billion from the Afribank Shares to Delta State before he was arrested.”

Prosecutors had alleged before the Kaduna Federal High Court that Ibori used N280 Million being funds originally stolen from Delta State to acquire shares in Afribank for fictitious persons. That principal (N280) had yielded interest and that was what Ibori hurriedly paid back to Delta State when the noose was tightening on him after realizing that there was no hiding place for him anymore.

Sources preferring anonymity explained that Ibori had actually returned the money shortly after handing over the reigns of governance to his successor, Dr. Emmanuel Eweta Uduaghan, realizing that disturbing petition were being raised concerning the finances of the state especially. The shares at Afribank were forming a pivotal part of the various allegations. The signs for the future were ominous enough. Ibori therefore paid the N1 Billion representing the principal and interest dubiously invested at Afribank.

But Governor Uduaghan, a political rookie was said to have told Ibori to keep the money. A State official when contacted could not confirm this but rather said “I don’t think such ever happened. It cannot be true.”

The pounding of Ibori’s record of shame was sustained by his critics especially the Council of Delta Elders led Chief Edwin Clark, a former Minister of Information.

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Invariably, Ibori took back the money. The Economic and Financial Crimes Commission, EFCC decided to investigate the various allegations of impropriety flying around concerning the years of Ibori in the Government House Asaba . The embattled Ex-Governor did everything possible to sabotage the Investigations but EFCC was not deterred. Knowing that the game was up, Ibori decided to begin process of atonement-returned the stolen fund and for the second time paid the N1 Billion to the State Government.

Ibori who is currently at the Kaduna Prison was said to have defrauded the Delta State government of N9.1 billion, N2.77 billion of which was allegedly spent to purchase shares of Afribank Nigeria Plc with names of about 15 fictitious persons and companies.

Some of the “fictitious companies” used to acquire the Afribank shares included; Global Heritage International, Fortress Construction co., Sandton Nigeria Limited, Ogan Global Nigeria Limited, Azani Nigeria Ltd, Zaragoza Nigeria Ltd and Jakpan Nigeria Limited. Others are Limpop Nigeria Ltd, Kent International Ltd. Mombasa Nigeria Ltd, Lugba Nigeria Ltd, Abajin Nigeria Ltd, Arusha Nigeria Ltd and Double Dip Nigeria Ltd.