UK Fraud Agency Probes Deal to Supply Nigeria with Coins

The United Kingdom Serious Fraud Office (SFO) said on Tuesday it is probing claims of corruption relating to Nigeria where the British Royal Mint has won business to supply coins though they are little used in everyday Nigerian transactions.

SFO said the Royal Mint is co-operating with their investigation into the Nigerian currency.

Officials at the Royal Mint, an executive agency overseen by the Treasury, have also confirmed that agency “is working with the SFO in its ongoing investigation”.

They, however, declined to provide details of its contracts with Nigeria, citing commercial confidentiality.

But in its latest annual report, the Mint said it had just fulfilled a “substantial coin order from Nigeria.

It said it has a continuing deal to supply it with “overseas blanks”, metal discs that are stamped to form finished coins”.

The Mint has won the deals even though coins are little used in everyday Nigerian transactions, as the smallest banknote has a value of only about 2 pence

Asked why Nigeria needed the coins, the Mint said: “It’s supply and demand. The Royal Mint supplies coins where there is demand.”

One senior official at the Central Bank of Nigeria said the Nigerian Mint had put fresh coins into circulation last year, although take-up had been poor because their low value made them impractical.

Officials of the Nigerian Immigration and Customs and Excise make daily arrests of traffickers and traders from neighboring countries who buy and resell Naira coins to goldsmith and jewel makers.

Source African Press Agency

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