Financial Crimes in Equatorial Guinea: A Nation’s Wealth, a People’s Poverty

Introduction

Equatorial Guinea is one of Africa’s wealthiest nations, boasting a per capita gross domestic product (GDP) higher than Italy, South Korea, or Saudi Arabia. However, the majority of its citizens live in dire poverty, with over 60 percent struggling to survive on less than $1 a day. This stark contrast raises a pressing question: where is the money from Equatorial Guinea’s abundant natural resources going?

The Corruption Web

A recent investigation by the Open Society Justice Initiative has shed light on the corruption that plagues the highest echelons of Equatoguinean government and society. In collaboration with Asociación Pro Derechos Humanos de España and EG Justice, they are working to uncover the truth behind the resource-related corruption that has ravaged the country.

Key Findings:

• A Spanish-led investigation into alleged money-laundering by 11 family relatives and close associates of President Teodoro Obiang Nguema has been launched.
• A complaint filed with the African Commission on Human and Peoples’ Rights accuses Obiang and his inner circle of massive “spoliation,” or the theft of natural resources and attendant wealth from the people who rightfully own them.

The Devastating Consequences

This briefing paper provides an in-depth examination of government corruption in Equatorial Guinea, how it operates, and the devastating consequences for its citizens. It aims to serve as a valuable resource for lawyers, human rights advocates, and journalists seeking to understand the complex web of corruption that has ensnared this oil-rich nation.

The Impact on Citizens:

• Over 60 percent of the population struggles to survive on less than $1 a day.
• The stark contrast between the country’s affluence and the desperation of its people raises questions about accountability and transparency.

Conclusion

As the world grapples with the challenges of the digital age, Equatorial Guinea’s financial crimes serve as a stark reminder of the need for greater transparency and accountability in the face of rapidly advancing technology. The Open Society Justice Initiative remains committed to exposing the truth behind these crimes and fighting for justice on behalf of the people of Equatorial Guinea.