James Ibori, once governor of Delta state, pleaded guilty on Monday to the charges he has faced since arrest in Dubai on a UK warrant in 2010, according to the BBC.
UK authorities have accused Ibori of stealing £250 million ($396.6 million today) over an eight-year period.
The BBC quoted a lawyer for the prosecution as saying: "[Ibori] was never the legitimate governor and there was effectively a thief in government house. As the pretender of that public office, he was able to plunder Delta state's wealth and hand out patronage."
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