UK Anti-Fraud Agency Charges Former Glencore Traders Linked To Bribery Of Nigeria’s NNPCL

The UK’s Serious Fraud Office (SFO) has charged five former Glencore oil traders with conspiracy to make corrupt payments in West Africa, including Nigeria. The individuals charged are Alex Beard, Andrew Gibson, Paul Hopkirk, Ramon Labiaga and Martin Wakefield.

According to the SFO, the charges relate to corrupt payments made to benefit Glencore’s oil operations in the region.

The SFO in a statement on Thursday said it had charged Alex Beard, Andrew Gibson, Paul Hopkirk, Ramon Labiaga and Martin Wakefield with conspiring to make corrupt payments in order to benefit commodities giant Glencore’s oil operations in West Africa.

It said, “The five individuals, all former employees of the company, have been charged in connection with the awarding of a range of oil contracts variously spanning Cameroon, Nigeria and the Ivory Coast from 2007 to 2014.

“Andrew Gibson and Martin Wakefield have also been charged in relation to the falsification of invoices to Glencore’s London office marked as service fees to a Nigerian oil consultancy from 2007 to 2011.”

A hearing is scheduled for 10am on Tuesday, September 10, 2024 at Westminster Magistrates’ Court.

Director of the Serious Fraud Office, Nick Ephgrave QPM, said: “Bribery damages financial markets and causes lasting harm to communities.

“Today’s action is an important step towards exposing overseas corruption and holding those who are responsible to account.”

In May, the Nigerian government announced that Glencore, a British mining and trading company, would pay a $50 million penalty to Nigeria for bribery. This was disclosed by Attorney General Fagbemi in Abuja during a ministerial update. The payment is part of a settlement agreement between the government and Glencore.

According to the government, Glencore and its subsidiaries paid over $52 million to intermediaries in Nigeria, intending to bribe officials.

Meanwhile, Glencore has agreed to pay a total of $1.5 billion to resolve investigations in the US, UK, and Brazil, with $1.06 billion going to US and Brazilian agencies.

In 2022, Glencore pleaded guilty to corruption and market manipulation charges in the US and UK, acknowledging bribes paid to secure business in eight countries, including Brazil and South Sudan. The company agreed to pay approximately $1.5 billion to resolve the investigations.

A Glencore spokesperson confirmed the charges, stating that the company had cooperated with the UK’s Serious Fraud Office (SFO) and resolved its investigation in 2022.