Anthony Stimler, an ex- Glencore trader pleaded guilty to a scheme to bribe officials of the Nigerian National Petroleum Corporation (NNPC) for favourable oil contracts.
This was disclosed in a report by Reuters on Monday after Stimler pleaded guilty to U.S prosecutors.
According to the Reuters report, Stimler admitted to conspiring to both violate the Foreign Corrupt Practices Act and perpetuate money laundering, at a hearing in a Manhattan federal court conducted by video, according to court records.
Glencore, which is one of the largest commodity trading companies in the world, with revenues of $142 billion in 2020 confirmed to Reuters that Stimler was an ex-employee and was willing to negotiate with authorities.
“The conduct described in the plea is unacceptable and has no place in Glencore,” the company said.
U.S prosecutors disclosed that millions of dollars were paid as bribes to NNPC and Nigerian government officials, in exchange for more lucrative grades of oil on more favourable delivery terms contracts.
Stimler worked on Glencore’s West Africa desk from around 2002 to 2009 and again from around 2011 to 2019, court papers show.
What you should know
The Glencore case is set to be the second high profile corruption case involving Nigerian government oil workers being investigated since the Malabu Scandal.