I used 'dirty money' to fund campaign as NPP candidate - Ghanaian confesses in UK court

A former Goldman Sachs banker who helped a corrupt Nigerian politician, ex-governor James Ibori, hide a fortune in offshore accounts has been ordered to pay back £7.3 million or face 10 years more in jail.

Ghanaian politician Elias Preko used dirty money in politics

The Ghanaian, Elias Preko, was jailed in 2013 for 4 and half years after the Court found him guilty of assisting a Nigerian politician of moving millions of pounds, belonging to the taxpayer.

According to reports, Elias Preko, 60, used his 'gold-plated credentials' to launder at least £3 million plundered by Ibori.

Preko said he had run as a candidate for the New Patriotic Party (NPP) back in the mid-2000s and explained that Ghana is predominantly a cash-based society.

He said few receipts exist for his campaign spending.


"Most of the expenses are not receipted," he said. "Ghanaian political activities are not financed by the state," he said.

"There is a different concept of work there, the difference being everything is cash. Most of the time, people who donate money they donate it to two or more parties and hedge their bets.

"The candidate himself will want to distribute money to targeted areas for food and clothes," he said.

He also told the court how he had many political contacts in Ghana. His father-in-law who was a former cabinet minister and helped him run for parliament.

"Unfortunately, there was a military coup and the government was overthrown. When I decided that I may want to get involved in politics, my father-in-law introduced me to Prince Audu."


He explained that the prince had attempted to support candidates who were seen as pro-market modernizers.

"I used to be on the board of the central bank of Ghana. Prince Audu took an interest in me because he was also a former banker.

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