Former President Olusegun Obasanjo has recounted details regarding the anti-corruption probe into James Ibori, former governor of Delta State, revealing how an initial $200 million misappropriation audit led to a famous $15 million cash delivery, an international manhunt, and ultimate conviction in the United Kingdom.
According to Obasanjo, an Economic and Financial Crimes Commission (EFCC) investigation under then-chairman Nuhu Ribadu uncovered that Ibori had diverted about $200 million from state coffers. Obasanjo stated that he confronted Ibori with the EFCC findings, offering him a concession to return $150 million under the assumption that $50 million might already have been spent.
To facilitate repayment across affected states, Obasanjo instructed the Central Bank of Nigeria (CBN) to set up dedicated accounts where state leaders could refund diverted public funds. However, instead of refunding the agreed amount into the bank account, Ibori attempted to navigate the situation by delivering $15 million in physical cash directly to the EFCC. The anti-graft agency treated the payment as a bribe intended to halt the ongoing investigation, and Ribadu promptly deposited the physical cash into a CBN strongroom as physical exhibit evidence.
When law enforcement pushed to recover the remaining funds following the end of their respective tenures, Ibori retained heavy political influence and secured a discharge from a Nigerian court in 2009. However, as federal probes reopened in 2010, Ibori fled Nigeria to Dubai, United Arab Emirates, to avoid arrest.
His escape was short-lived. In May 2010, Interpol and UAE authorities arrested Ibori in Dubai following an international warrant issued by London’s Metropolitan Police. UK prosecutors, who had been tracking financial operations involving Ibori’s family and offshore assets, successfully secured his extradition to London in April 2011.
Faced with massive documentary evidence of wire fraud, forgery, and money laundering at London’s Southwark Crown Court, Ibori pleaded guilty in February 2012. He was sentenced on April 17, 2012, to 13 years in prison for laundering tens of millions of pounds stolen from Delta State. Following his imprisonment, British courts ordered the confiscation of over £100 million in tied assets, directing the proceeds to be repatriated to Nigeria for public infrastructure projects.
