Oil & Gas
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A FEDERAL High Court in Abuja has ordered the return of the OPL 245, oil bloc to the Nigerian Government. According to the Judge, Justice John Tsoho the bloc will be retained by the government pending completion of investigation by the Economic and Financial Crimes Commission.
OPL 245, considered the richest in Africa, is estimated to contain about 9 billion barrels of crude. The licence was awarded during the regime of a former military dictator, Sani Abacha, under the supervision of then Minister of Petroleum, Dan Etete.
It was then sold for $1.3 billion in 2011 to Eni and Shell. According to documents from a British court, Malabu received $1.09 billion from the sale, while the rest went to the Nigerian government. In 2014 a Milan court placed Eni under investigation over the purchase and the probe was later widened to Shell.
Last year, House of Representatives opened an investigation into the issue. According to the speaker of the house, Yakubu Dogara, the acquisition in 2011 was a “breach of due process that resulted in monumental revenue loss to the country,”
The EFCC last month, slammed a nine-count charge against Etete alongside former Attorney General and Minister of Justice, Mohammed Adoke as well as seven others for allegedly transferring $801.540 million from the Federal Government’s escrow account.
The other defendants in the suit filed on December 20 are; Aliyu Abubakar, Malabu Oil and Gas LTD, Rocky Top Resource LTD, Imperial Union LTD, Novel Properties & Dev. Co. LTD, Group Construction LTD and Megatech Engineering LTD.
According to court papers, Adoke is alleged to have aided Etete and Malabu Oil and Gas Limited to transfer the sum of $801.540 from the Federal Government escrow account. Etete is also said to have at different times transferred an aggregate sum of $801.540 million into the account of Malabu Oil and Gas in a commercial bank in Nigeria.
While Aliyu Abubakar and his company Rocky Top Limited are alleged to have transferred $478.603 to Imperial Union Limited, Novel Properties and Development Limited, Group Construction Limited and Mega Tech Engineering Limited as payment for services rendered when he ought to have known that the money was proceeds of an unlawful act between Etete and Malabu Oil and Gas Limited. (TV360 Nigeria)
— Feb 6, 2017 @ 01:00 GMT
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