South Africa Bust Another Nigerian Arms Deal, Seizes $5.7m

South Africa-based City Express reports that barely three weeks after South African authorities seized a private jet in Johannesburg which transported $9.3million in cash packed in several suitcases for arms purchase, they have yet again confiscated another US$5.7 million arms deal money from Nigeria


According to the report, the $5.7 million (about N952 million), alleged to be proceeds of illegal transactions, was seized by the South Africa’s Asset Forfeiture Unit of the National Prosecuting Authority.

The transaction was said to be between Cerberus Risk Solutions, an arms broker in Cape Town, and Societe D’Equipments Internationaux, a Nigerian company based in Abuja.

However, the deal fell apart after Cerberus which had earlier received R60 million (N1.02 billion) from
Nigeria in its account at Standard Bank, tried to repay the money as it could not resolve its registration formalities with the South African authorities.

The bank became suspicious after Cerberus tried to pay the money back to the Nigerian company.

The report said the NPA’s Asset Forfeiture Unit subsequently obtained a court order in the South Gauteng High Court to seize the money but the NPA spokesperson Nathi Mncube, said there were no indications the two transactions (the first deal of $9.3million and the latest) were related.