MALABU OIL SCAM: UK COURT REPATRIATES $73M TO FG

*We’ve deposited cash with CBN —Malami 

*FG signs new pacts with 6 countries to block looting of funds 

Although the Nigerian Government is yet to prosecute and convict many individuals and entities involved in the alleged monumental fraud running into billions of Naira in the controversial Oil Prospecting Lease 245, the United Kingdom has returned the sum of $73 million seized in connection with the fraud to the Nigerian Government. 

Fuel Supply: NNPC set to control more than 14% market share Oil However, the name of the individual or the company the cash was recovered from has not been named at the moment, even as the money has been received in Nigeria.

According to a document made available to Saturday Vanguard by the Attorney General of the Federation, the money was part of the questionable proceeds from the sale of OPL 245 by Malabu Oil and Gas Company to ENI/Shell. 

The Attorney General of the Federation, Abubakar Malami, confirmed in the document he made available to Saturday Vanguard that the cash had already been received and paid into the Central Bank of Nigeria. 

“The Commercial Court in the UK ordered a pay out of the sum of over $73 million with interest to the Nigerian Government, this being part of the proceeds from the sale of OPL 245 by Malabu Oil and Gas Company to ENI/SHELL. 

“The said sum has also been received and deposited with the Central Bank,” the minister said. The repatriation comes as the Federal Government has taken major steps to block the looting of funds into or out of the country by corrupt elements.

Accordingly, the government has signed memoranda of understanding and bilateral agreements with the United Arab Emirates, the United Kingdom, Switzerland and Italy to ensure that funds looted to those climes are promptly returned and vice versa.

Malami also said that the government was making international recovery efforts to cover other countries such as the United States, Ireland, Island of Jersey and France.

Source: https://www.vanguardngr.com/2018/11/malabu-oil-scam-uk-court-repatriates-73m-to-fg/

https://www.pulse.ng/news/local/malabu-oil-scam-12-things-you-should-know-about-controversial-deal-id6519987.html

MALABU OIL SCAM : 12 THINGS YOU SHOULD KNOW ABOUT CONTROVERSIAL DEAL

'Jola Sotubo | 13:21 | 12.04.2017

The controversial $1.3 billion deal revolves around “OPL 245,” which is believed to be the most valuable oil field in West Africa.
How ex-oil minister Dan Etete siphoned $1 billion Nigeria oil money
» more How ex-oil minister Dan Etete siphoned $1 billion Nigeria oil money

The Malabu oil scam has been making headlines for years and is being described as one of the largest corruption scandals ever witnessed in the global oil industry.
The controversial $1.3 billion deal revolves around “OPL 245,” which is believed to be the most valuable oil field in West Africa.

The scam is being investigated in Nigeria, Italy and Netherlands due to the participation of oil giants Shell and ENI.

Below are 12 things you should know about the controversial Malabu oil deal:

1. Former petroleum minister, Dan Etete, who was appointed by late dictator Sani Abacha, acquired “OPL 245” through his company, Malabu Oil and Gas Limited while in office in 1998.

Dan Etete
Dan Etete (Reuters)

2. The deal was struck only five days after the company was incorporated with three shareholders; Mohammed Sani Abacha , Kweku Amafagha (a fake name created by Etete) and Hassan Hindu (wife of a former Nigerian High Commissioner to the UK).

Mohammed Abacha (pictured) has purchased the Peoples Democratic Party (PDP) nomination form to contest in the 2015 Kano governorship elections
» more Mohammed Abacha (pictured) has purchased the Peoples Democratic Party (PDP) nomination form to contest in the 2015 Kano governorship elections (Nairaland)

3. Etete illegally awarded himself the oil block and paid only $2 million out of the $20 million legally required by the state.

4. The oil block, which is said to have about 9 billion barrels of crude oil, was sold to Shell and ENI for $1.3 billion in 2011.

5. However, Shell and ENI did not want to deal directly with Etete, who had been convicted in France for his part in a separate money laundering scandal, so they sent the money to an account belonging to the Federal Government of Nigeria in JP Morgan bank, London.

6. The Federal Government of Nigeria, under the Goodluck Jonathan regime, then transferred $801 million of the money into accounts controlled by Malabu and Etete in Nigeria.

7. The money was then allegedly shared to various public officials in Nigeria as bribes while the government got only the sum of $210m USD as signature bonus on OPL 245.

8. Officials accused of receiving bribes in connection with the deal include, Goodluck Jonathan, former Nigerian Attorney General, Mohammed Bello Adoke and former petroleum minister, Diezani Alison-Madueke.

Diezani Alison-Madueke no longer cares about protecting co-conspirators, Kola Aluko and Jide Omokore.
» more Diezani Alison-Madueke no longer cares about protecting co-conspirators, Kola Aluko and Jide Omokore. (AFP/File)

9. The Economic and Financial Crimes Commission (EFCC) has filed a nine-count criminal charge against Adoke, SAN, and eight others over the oil block scam.

Mohammed Adoke
Ex-Attorney General, Mohammed Adoke

10. Fresh evidence based on a report released by watchdog groups, Global Witness and Finance Uncovered shows that top executives at Shell and ENI knew that the money they paid for oil block “OPL 245” would go to Etete.

11. Shell and ENI have denied wrongdoing even though emails shared by Shell staff show that its executives were negotiating directly with Etete for a year before the deal was finalized.

Correspondence by Shell staff on Etete and Malabu oil deal
» more Correspondence by Shell staff on Etete and Malabu oil deal (Buzzfeed)

12. Goodluck Jonathan is alleged to have received up to $200 million from the controversial deal.

Meanwhile, Shell has, through spokesman, Andy Norman, admitted that it knew the $1.3 billion paid by itself and ENI would be used to settle Etete.

“Over time, it became clear to us that Etete was involved in Malabu and that the only way to resolve the impasse through a negotiated settlement was to engage with Etete and Malabu, whether we liked it or not,” Norman told the New York Times via an email sent on Monday, April 10.