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DfID investments in alleged money-laundering fronts
BBC Newsnight reports
Peter Marshall, Newsnight

7 July 2014

BBC’s flagship news programme, Newsnight, ran a 10-minute segment on allegations that Britain’s Department of International Development (DfID), through its wholly-owned private equity fund of funds CDC Group, invested in money-laundering fronts for James Ibori, the ex-governor of Nigeria’ oil-rich Delta State, who has been serving a prison sentence in the UK since 2012.

application/msword iconNewsnight transcript

Whistleblower charges UK development agencies with gross maladminstration

Complaint submitted to UK Parliamentary Ombudsman

8 May 2012

Nigerian anti-corruption whistleblower Dotun Oloko today accused  Britain’s Department of International Development (DfID) and its private sector arm, the CDC Group, of jeopardising criminal investigations into potential wrongdoing by two CDC-backed private equity funds, Emerging Capital Partners and Ethos.

In 2009, Mr Oloko supplied DfID with detailed information on investments by the two funds in companies alleged to have acted as money laundering fronts for James Ibori, the former Nigerian state governor who was sentenced last month for money laundering and fraud.

UK Development Fund Implicated in Money-Laundering Investigation

16 April 2012

Campaigners slam government’s development approach as DfID-backed private equity fund comes under criminal investigation in Nigeria

file iconDfID-CDC-Ibori press release

The Future of CDC
International Development Committee inquiry
The Corner House and Jubilee Debt

23 November 2010

This submission makes detailed comparisons between CDC (the Development Finance Institution [DFI] wholly owned by the UK’s Department for International Development [DfID]) and the DFIs of Germany, Sweden, The Netherlands, European Union and the World Bank’s International Finance Corporation (IFC).

file iconSubmission

Inquiry into the 2009-2010 annual report and account of the UK's Department for International Development
Memorandum on CDC
The Corner House and Dotun Oloko

13 September 2010

This submission to a UK Parliamentary Inquiry into the Department for International Development (DfID) focuses on the support given by a DfID owned fund management business, CDC, to private equity funds and concerns over alleged corruption in several investments made by CDC-backed funds in Nigeria.

file iconSubmission
file iconAnnex

Concerns over alleged corruption in CDC-backed companies in Nigeria
Memorandum to Secretary of State for International Development

28 June 2010

This Memorandum raises questions about the due diligence conducted by CDC, a company owned by the UK Government, in its dealings with two private equity firms that have invested in Nigerian companies. These companies are reported to be “fronts” for the alleged laundering of money said to have been obtained corruptly by the former Governor of Nigeria’s oil rich Delta State.

file iconCDC Memorandum
file iconAnnex US forfeiture
file iconDfID response