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Vol 46 No 15

Published 22nd July 2005


Nigeria

The net widens

Having uncovered illegal commissions of $170 million on the gas export plant, investigators have uncovered many more payment routes

Investigators searching for hundreds of millions of dollars of corrupt payments linked to Nigeria's gas export plant have uncovered new channels for the payments through Kenya's Transnational Bank to several major Western banks (AC Vol 45 No 13). Some of the payments under scrutiny were routed through the 'Nostro' or correspondent accounts that Transnational Bank had established with institutions such as Bankers Trust, Deutsche Bank, Citigroup, Banque Belgolaise, South Africa's ABSA and Sweden's Nord Bank. All the banks have been requested by the French and Swiss investigation teams to provide records of these transactions through Transnational and information about the subsequent destination of the funds. There is no suggestion from the investigators that the banks knowingly colluded in the transmission of corrupt payments, however they are concerned at some of the banks' delayed response to information requests.

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