Siemens has agreed to pay the sum of N7 billion to the Federal Government of Nigeria as a fine for bribing some Nigerian officials to the tune of €17.5 million in return for the award of contracts. Mr Bello Adoke, Nigeria’s Attorney General and Minister for Justice, said the nation’s penal laws were weak and needed to be strengthened.
According to Mr Adoke, upon discovering that the nation’s laws to prosecute bribery were weak, he decided to place emphasis on restitution. In addition to the payment of N7 billion fine, Siemens, the minister said had also apologised to Nigeria. Mr Adoke said: “In consideration of the company’s sober expression of regret and solemn undertaking to be of good conduct in all its future business dealings; agreement to pay a penal fine of N7 Billion, representing three times the amount of bribes given by the company, and undertaking to put in place a monitoring committee comprising of two nominees of the Federal Government; the Federal Government has agreed to discontinue the criminal prosecution it instituted against Siemens.”