• Home
  • Anti-Corruption
  • Fact-Check
  • Economy
  • National
    • Government
  • Security
  • Features
  • State
  • Event
    • PR Nigeria Award
  • E-Paper
Search
  • Home
  • About
  • Adverts
  • Contact
Sign in
Welcome! Log into your account
Forgot your password? Get help
Password recovery
Recover your password
A password will be e-mailed to you.
PRNIGERIA PRNigeria News
PRNIGERIA PRNIGERIA
  • Home
  • Anti-Corruption
    • Chinese nationals jailed in Lagos

      Court Jails Nine Chinese Nationals for Cybercrime in Lagos

      ASUU

      Tackle Corruption, Institutional Decay – ASUU Charges FG

      EFCC Arraigns Bauchi Accountant General Over N8bn Fraud as Court Sentences…

      PRNigeria logo fearured image

      EFCC Arraigns Ex-Convict, Other for Naira Abuse in Lagos

      EFCC Arrests 37 Suspected Internet Fraudsters in Ilorin

  • Fact-Check
  • Economy
    • Comptroller General Nigerian Customs Bashir Adewale

      Nigeria Customs, ICPC and the Audit of Conscience

      Customs Diplomacy: Nigeria, Saudi Arabia Ink Mutual Assistance Deal

      Comptroller General Nigerian Customs Bashir Adewale

      Nigeria, Belarus Forge Alliance to Combat Smuggling, Facilitate Trade

      President Bola Ahmed Tinubu and CG Customs, Bashir Adewale Adeniyi

      Tinubu Hails Customs Boss Wale Adeniyi on Historic Election as WCO…

      WTO Lauds Nigeria Customs for Embracing Global Trade Standards

  • National
    • Shittu Yunus Shittu

      Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu

      162 years of the Nigerian Army celebrations

      The First Shot and the Long March: Reflections on 162 Years…

      Asiwaju Adegboyega Solomon Awomolo

      47 Years of Excellence: Honoring Asiwaju Awomolo, SAN

      NCoS inmates

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Tinubu conference centre generates N700m in 3 weeks – Wike

    • Government
      • Tinubu conference centre generates N700m in 3 weeks – Wike

        Soldiers

        Soldiers, forest guards to tackle insecurity in Kwara State

        MUSWEN Muslim Ummah of South West

        MUSWEN Renews Call for Shariah Courts to Regulate Affairs of Muslims

        Corporate Affairs Commission

        CAC Unveils AI-Powered Registration Portal to Revolutionize Business Registration in Nigeria

        Employment: ICPC Secures Conviction of FAAN Staff

  • Security
    • The suspected notorious Militia member

      Troops Nab Notorious Militia, Recover Weapons in Plateau State

      Tinubu to Troops: You Have My Full Backing to Crush Terrorists,…

      162 years of the Nigerian Army celebrations

      The First Shot and the Long March: Reflections on 162 Years…

      Police Officer

      Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu

      NCoS inmates

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

  • Features
    • Shittu Yunus Shittu

      Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu

      162 years of the Nigerian Army celebrations

      The First Shot and the Long March: Reflections on 162 Years…

      From SDP to ADA to ADC: Can the New Opposition Coalition…

      Bashir Adewale Adeniyi MFR

      Adeniyi: Lifting Nigeria to the Pinnacle of Global Customs Authority

      Nigeria’s Growth Numbers Tell Only Half the Story By Umar Farouk…

  • State
    • The suspected notorious Militia member

      Troops Nab Notorious Militia, Recover Weapons in Plateau State

      Police Officer

      Security Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu

      NCoS inmates

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Police Officer

      Police rescue 19 Ghanaians from human traffickers in Oyo

      Soldiers

      Soldiers, forest guards to tackle insecurity in Kwara State

  • Event
    • Asiwaju Adegboyega Solomon Awomolo

      47 Years of Excellence: Honoring Asiwaju Awomolo, SAN

      NCoS inmates

      58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to…

      Troops of the Nigerian Army giving a salute

      162nd Anniversary: Tinubu Salutes Nigerian Army, Hails Troops as Guardians of…

      President & Chairman of Governing Council, Dr. Ike Neliaku

      NIPR Lauds Nigerian PR Firms for Outstanding Performances at 2025 SABRE…

      SCN NGO signs partnership with PRNIGERIA

      SCN NGO Seals Partnership with PRNigeria to Amplify its Humanitarian Projects

    • PR Nigeria Award
  • E-Paper
Home Anti-Corruption Stakeholders urge Nigeria, 5 other African nations to prosecute British firm over...
  • Anti-Corruption

Stakeholders urge Nigeria, 5 other African nations to prosecute British firm over bribery, corruption

By
Prnigeria
-
June 21, 2023
PRNigeria logo fearured image

Stakeholders urge Nigeria, 5 other African nations to prosecute British firm over bribery, corruption

A conference on Addressing Illicit Financial Flows and Asset Recovery in the Extractive Industries has urged the African Union and governments of Nigeria and five other African countries to institute joint and separate judicial action against a British company, Glencore and its accomplices.

The Conference, in a communique released on Tuesday at the end of its two-day session in Diamniadio, Dakar, Senegal, asked the Extractive Industries Transparency Initiative (EITI) to call out Glencore for failure to adhere to the group’s principles and values.

Glencore, a United Kingdom subsidiary of mining and commodity trading group, was convicted by a Court in London of seven bribery offences pertaining to its oil business in Africa.

The Southwark Crown Court asked the company to pay £281 million in fines and confiscated profit as sanction for its “sustained criminality.”

While Glencore will pay £182.9 million as fine, £93.5 million from its profits will be held via a confiscation order, Judge Peter Fraser said while convicting the company for “corporate corruption on a widespread scale, deploying very substantial sums of money in bribes”.

The crimes were committed by the company in Nigeria, Cameroon, South Sudan, Cote d’Ivoire, Equatorial Guinea and the Democratic Republic of Congo.

Read Also:

  • Troops Nab Notorious Militia, Recover Weapons in Plateau State
  • Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu
  • Tinubu to Troops: You Have My Full Backing to Crush Terrorists, Separatists

The Conference was convened by the Secretariat of the African Union High Level Panel on Illicit Financial Flows and the Working Group on Common Africa Position on Asset Recovery (CAPAR).
In its 11-recommendation, the conference described Glencore corruption scandal as a symptom of a widespread and deliberate practice in the extractive industries in Africa.
”The conference calls upon the African Union and the governments of the six African victim states to draw all necessary resources for joint and separate judicial action against Glencore and its accomplices.
“The Conference calls upon Transparency International and its partners, Publish What You Pay, and related advocacy Civil Society Organisations to actively engage and support action against Glencore on these six cases.
”It also calls upon EITI to publicly call out Glencore and demand that it publicly demonstrates fidelity to the principles and values that EITI stands for.”
The conference reminded EITI of its critical role in promoting accountability and transparency in the extractive sector given that the bulk of illicit financial flows stems out from transactions in the sector.
It added that the EITI should actively take up its role in partnership with the Working Group on Extractives.
”Looking at the significant contribution of the extractive industries to illicit financial flows and the attendant impact on African economies, the industries contribute to illicit financial flows through various means including through under-declaration, underpricing and the evasion of capital controls.
“It is further complicated by base erosion and profit shifting practices of Multinational Corporations (MNCs) that misrepresent the value of goods and/or services in order to relocate untaxed profits to their home nations or to financial secrecy jurisdictions,” it said.
The conference noted that Multinational Corporations in extractive industries also engage in bribery or other corrupt activities to secure mining or drilling licenses, permits, or favourable tax treatment from government officials.
“It said some mining companies also undertake mass exports of mineral ores and crude oil from African countries often disguising and grossly understating the true value of the minerals, precious metals and/or oil in the raw materials that they export for refining.”
On the issue of criminal accountability in the extractive industries, the conference urged African Union Member States to prioritise ratification of the Malabo Protocol for a criminal jurisdiction for the African Court on Human and Peoples’ Rights.
This, it noted, would strengthen Africa’s own mechanism for criminal accountability in the extractive industries.
The Conference commended African Development Bank for taking the initiative to put in place the African Integrity Fund but advised the bank to prioritize the operationalisation of the fund.

By PRNigeria

 

VISIT OUR OTHER WEBSITES
PRNigeria.com EconomicConfidential.com PRNigeria.com/Hausa/
EmergencyDigest.com PoliticsDigest.ng TechDigest.ng
HealthDigest.ng SpokesPersonsdigest.com TeensDigest.ng
ArewaAgenda.com Hausa.ArewaAgenda.com YAShuaib.com
  • TAGS
  • Bribery
  • British
  • Nigeria
Previous articleChina-African Youth Forum Entrepreneurship Kicks Off June 30
Next articleInternational Refugees Day: UN urges Nigeria to deepen support for refugees
Prnigeria
Prnigeria

RELATED ARTICLESMORE FROM AUTHOR

BREAKING: Olubadan of Ibadan Dies After One Year on the Throne

Yushau Shuaib of PRNigeria, Barrister Nima Salman Mann and Rear Admiral A. A. Mustapha of NIPSS

Cybercrime Allegation: PRNigeria Petitions Police Against NIPSS Officials

Man caught trying to hack into FCMB

‎FACT-CHECK: Was a Man Trapped in Ceiling after Trying to Hack FCMB Bank?

This man reportedly caught his wife with their driver in a hotel room

FACT-CHECK: Did a Man Catch His Wife and Driver “Knacking” in a Hotel Room?

‎FACT-CHECK: Are Nigerian Soldiers Protecting Cattle Instead of Citizens in Yelewata Benue State as Shown in a Viral Video?

How a Single Electricity Market Will Empower Africa’s People and Economies

World’s Largest Electricity Market Kicks Off as AU Launches Steering Committee to Drive Continental Integration

General Christopher Gwabin Musa, Chief of Defence Staff, CDS

DHQ, NIS Team Up to Revive Nigerian Sports

Nigerian Military Troops

Nigerian Troops Eliminate Scores of Terrorists in Fierce Battle in Borno and Cameroon Border

FACT-CHECK: Did Borno Governor Zulum’s Wife Lift Primary School Mate Out of Poverty in Viral Video?

Fact-Check: Did Saudi ‘Sleeping Prince’ Wake Up After 20 Years in a Coma?

Fact Check: Does Rat Faeces Cure Appendicitis as Claimed in Viral Video?

Recent Posts

  • Troops Nab Notorious Militia, Recover Weapons in Plateau State
  • Can Nigeria Lead Africa’s AI Revolution? By Shittu Yunus Shittu
  • Tinubu to Troops: You Have My Full Backing to Crush Terrorists, Separatists
  • The First Shot and the Long March: Reflections on 162 Years of the Nigerian Army By Olayemi Esan
  • 47 Years of Excellence: Honoring Asiwaju Awomolo, SAN
  • Home
  • About
  • Adverts
  • Contact
© 2020 PRNigeria. All Rights Reserved.
Latest News
Troops Nab Notorious Militia, Recover Weapons in Plateau StateCan Nigeria Lead Africa’s AI Revolution? By Shittu Yunus ShittuTinubu to Troops: You Have My Full Backing to Crush Terrorists, SeparatistsThe First Shot and the Long March: Reflections on 162 Years of the Nigerian Army By Olayemi Esan47 Years of Excellence: Honoring Asiwaju Awomolo, SANDefection Can’t Erase Malami’s Legacy of Impunity, Watchdog Group WarnsAppeal Natasha Akpoti Reinstatement Ruling, Women Groups Urge SenateBREAKING: Olubadan of Ibadan Dies After One Year on the ThroneSecurity Forces Nab 2 Suspected ESN/IPOB Terrorists in Enugu58 Inmates in Kano Sit for 2025 NECO Exams, Thanks to State GovernmentTinubu conference centre generates N700m in 3 weeks – WikePolice rescue 19 Ghanaians from human traffickers in OyoSoldiers, forest guards to tackle insecurity in Kwara StateAnambra Police Arrest Man with Human Breast; Rescue Abducted Driver, Recover Goods Worth N9.5mPolice Arrest 43 Illegal Immigrants, Human Traffickers, Rescue Victim
X whatsapp