His father is not only one of the richest African leaders, but Africa’s longest serving leader and indeed, one of most repressive leaders on the continent. But that is not why Teodorin Obiang Nguema, the son of President, Teodoro Obiang Nguema of Equatorial Guinea is making news in Switzerland of recently. Prosecutors in Switzerland have confiscated 11 cars (amongst them a Porsche valued at more than $830,000 and a $2m Bugatti Veyron) belonging to Nguema junior, who is being investigated by the French authority for corruption and money laundering.
Mr Obiang, 47, the likely political heir to President Teodoro Obiang Nguema, who was promoted in June by his father to the position of vice-president, strongly denied the accusations.
President Teodoro Obiang Nguema, who took over power in 1979 in Equatorial Guinea, a small oil-rich country on the west coast of Africa, is accused by many as being allergic to the opposition and democratic changes. Since taking over as the President, the country`s oil wealth has been systematically squandered by his family and cronies at the mercy of his poorest citizens. It is an open secret that the extravagant President and his family have many multi-million estates, mansion, private jets and other luxurious properties in France, Switzerland and other places. Interestingly, Teodorin Obiang Nguema is to stand trial in France next year for corruption and embezzlement charges, but he has vehemently denied the accusations ““ even in the face of mountainous evidence.
Now that prosecutors in Geneva have confiscated Teodorin Obiang Nguema`s properties, many are asking whether this is the beginning of the end of the Nguema dynasty.