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WHY FG TIMED IBORI’S ARREST AHEAD OF YAR’ADUA, BUSH MEETING
With the amount of evidence known to the US government regarding the financial activities of former Delta State Governor James Ibori, especially in the US, the Nigerian government may have timed his arrest ahead of President Yar'Adua's meeting on Thursday morning with US President George W. Bush to forestall a contentious discussion over the Niger Delta issues.
Empowered Newswire, a US-based Nigerian news agency learnt from a top White House source that the US President had the issue of corruption and transparency on his agenda with President Yar'adua especially in the Niger Delta states, where the US government has seen a lot of resources going to the state governments from the federal government but with little to show for it in the lives of the people of the region.
It is believed that the US government has specific information driving its requests for more transparency in the spending of public funds in the Niger Delta. One important information being cited in official circles was the $40m sale of Willbros Nigerian operations, whose information the US Company had to file with the US government earlier this year. That sale was believed to have been made to Ibori, who was said to have paid in cash.
Niger Delta, according to a senior Bush administration official is a very sensitive place where there has been a lot of frustration. The US government top official said the people see the money coming in, alluding to the view that state govts in the Niger Delta gets a big share of federal allocation, but when the people see all the money coming with nothing to show for it," it creates frustration. It is a challenge for a federal system and it is important for the FG to work with the states to resolve the situation."
It is believed that in order not to appear as dilly-dallying on the anti-corruption fight, Ibori's arrest had to be carried out to forestall a contentious discussion of the Niger Delta between both Presidents Yar'Adua and Bush. After his meeting with Bush on Thursday morning Yar'Adua simply said he briefed the US leader on his govt. efforts “to anchor democracy on the rule of law, equity, transparency and accountability in the fight against corruption.” He added that he also informed Bush on his government’s "zero tolerance on corruption."
The White House source did mention the name of any of the former Niger State Governor, but information from the US government Securities and Exchange Commission reveal that there was a serious concern in official US circles that businesses directly linked to former Governor James Ibori paid in cash a total sum of $40m to purchase the Nigerian operations of Willbros, a US oil services firm that is currently enmeshed in a $6m bribery scandal of Nigerian officials.
Michael W. Collier Vice President, Investor Relations, at the international head office of Willbros USA, Inc. denied knowledge whether or not Ibori was the buyer of the Nigerian operations, but said the information ought to come from Nigeria since the new owner of the US operations in Nigeria, is Ascott, a Nigerian company.
Collier said he knows that Willbros operations in Nigeria was sold to Ascot, a Nigerian company-but he does not know if Ibori is a owner or shareholder of Ascot. According to him, "the information as to the owner of Ascott should be public information in Nigeria."
US SEC records clearly indicate that in February 2007, WILLBROS completed the sale of its Nigerian operations.
According to the WILLBROS SEC filings "In August 2007, we and our subsidiary, Willbros International Services (Nigeria) Limited, entered into a Global Settlement Agreement with Ascot Offshore Nigeria Limited (“Ascot”), the purchaser of our Nigerian operations and Berkeley Group Plc, the purchaser’s parent company. Among the other matters, the Global Settlement Agreement provided for the payment of an amount in full and final settlement of all disputes between Ascot and us related to the working capital adjustment to the closing purchase price under the February 2007 share purchase agreement. In connection with the sale or our Nigerian operations, we also entered into a transition services agreement, and Ascot delivered a promissory note in favor of us."
The WILLBROS filings with the US SEC showed that $40m in cash was paid to purchase the company, raising all the red flags in the US government record systems and operations. Informed sources said the Americans traced the money back to a former Niger State government.
That sale among other things got the US firm Willbros Group, Inc. (“WGI”) and its subsidiary, Willbros International, Inc. (“WII”), in trouble with the US govt. and the US oil services firm had to reached an agreement in principle with representatives of the United States Department of Justice. The activities of WILLBROSS in Nigeria, Bolivia and Ecuador feature in the agreement and the US company agreed to pay a total of $32.3 million in penalties and disgorgement, plus post-judgment interest on $7.725 million of that amount over approximately three years.
WILLBROS even agreed that for a period of approximately three years, it will be subject to "Deferred Prosecution Agreements (“DPAs”) with the DOJ. Finally, we will be subject to a permanent injunction barring future violations of certain provisions of the federal securities laws."
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