United Kingdom and Nigeria have signed an agreement that will enable compensation by the UK’s serious Fraud office relating to the use of corrupt agents in the oil and gas sector.
The United Kingdom is also providing ten million pounds of concessional aid to reduce the risk for Pension and Insurance Funds to invest in energy access and support Nigeria’s commitments to renewable energy at COP26.
The agreement was signed between the UK’s Minister for Africa, Latin America, and Caribbean Vicky Ford, and the Minister of State for Power Mr. Goddy Geddy Agba in Abuja.
The visit of the UK’s minister for Africa, Latin America, and the Caribbean, Vicky Ford follows the UK – Nigeria Security and Defence Dialogue in London earlier this month.
Vicky Ford explained that the compensation from the UK to Nigeria was secured after a four-year corruption investigation led by the serious Fraud office in the UK.
She explained that the payment from the UK to Nigeria had demonstrated that when such acts of crime were identified, the UK Serious Fraud Office would investigate companies involved and appropriate sanctions on erring ones.
The Minister of Justice Mr. Abubakar Malami represented by the acting solicitor general of the federation Mr. Benjamin Okolo said Nigeria was looking forward to the conclusion of ongoing negotiation among Nigeria, the UK, and the USA that would lead to a substantial return of stolen assets.
In another development, the visiting UK Minister for Africa who announced a ten million pounds concessional financing to mobilize pension and insurance investments expressed the commitment of the UK government towards increasing both renewable energy and energy access in Nigeria
The Minister of state for power, Mr. Goddy Agba said Nigeria had since 2014 committed itself towards clean energy and added that a lot had been put in place to actualize the commitment
The UK minister for Africa also met with the Minister of Foreign Affairs Mr. Geoffrey Onyeama where issues of mutual interest were discussed.
RN
