The Economic and Financial Crimes
Commission has initiated a discreet
probe into the $2 billion Malabu Oil deal
to ascertain whether the country was
short-changed.
The agency may interact with those who were
parties to the agreement including five former
ministers, an ex-Group Managing Director of NNPC
and top officials of the Department of Petroleum
Resources.
Already, a former Attorney-General of the
Federation and Minister of Justice, Mr. Mohammed
Bello (SAN), has written to the EFCC on how the
deal was struck with Shell Nigeria Ultra Deep
Limited (SNUD).
He said although the 2006 transaction predate his
appointment as the nation’s former AGF, it was
transparent and value-driven.
Investigation by our correspondent revealed that
the EFCC has been reviewing the oil deal following
fresh international dimension to it.
Justice Edis of the Southwark Crown Court,
London, last December 14 stopped payment of N17
billion to Malabu Oil and Company. The judge said
he was “not sure that the Goodluck Jonathan
administration acted in the interest of Nigeria by
approving the transfer of the money to Malabu.
“I cannot simply assume that the FGN which was
in power in 2011 and subsequently until 2015
rigorously defended the public interest of the
people of Nigeria in all respects,” the judge ruled.
According to a source, those the EFCC may
interact with include ex-Minister of Petroleum
Resources, Diezani Alison-Madueke (who is holed
up in the UK), ex-Attorney-General of the
Federation, Mr. Bayo Ojo (SAN), ex- Minister of
State for Petroleum Resources, Edmund Daukoru,
ex-Minister of Finance, Olusegun Aganga, ex-GMD
of NNPC, Austen Oniwon, top officials of the
Department of Petroleum Resources.
It was unclear last night if any of the former office
holders had appeared before the EFCC’s panel
conducting preliminary investigation
The highly-placed source said: “So far, we have
obtained relevant documents showing all those
who signed the Settlement Agreement on Malabu
between 2006 and 2011. They include Daukoru,
Adoke, Diezani, Aganga, ex-GMD NNPC.
“There were agreements on November 30, 2006
and April 29, 2011. Following fresh issues, ex-
President Goodluck Jonathan on June 17, 2013
directed that the complaints of Malabu Oil and gas
be looked into.
“This case is a complex one but we will get to the
root of it. The Malabu Oil deal started in April 1998
during the administration of the late Head of State,
Gen. Sani Abacha, to the government of ex-
President Olusegun Obasanjo and the tenure of ex-
President Goodluck Jonathan.
“We have many past public officers to engage. It is
therefore premature to assume that any of these
officers we are interacting with is dubious or
fraudulent. The outcome of the ongoing
investigation will determine it.”
But a former Attorney-General of the Federation,
Mr. Mohammed Bello Adoke (SAN) has written to
the EFCC on how the deal was struck with SNUD.
Part Adoke’s document reads: “It is pertinent to
reiterate that the transaction relating to the award
of OPL 245 to Malabu oil and Gas Limited predates
me in office as the Terms of Settlement wherein
the Federal Government of Nigeria(FGN) re-
awarded Block 245 to Malabu Oil and Gas Limited
(Malabu) were executed under my predecessor in
office, Chief Bayo Ojo(SAN) as far back as 30th
November 2006.
“Consequently, on assumption of office in 2010, I
was not only saddled with the responsibility of
implementing the Terms of Settlement which had
already been reduced to a Judgment of the Federal
High Court but also confronted with an ICSD
Arbitration instituted by Shell Nigeria Ultra Deep
Limited(SNUD) which the company was claiming in
excess of $2billion damages from the FGN for
wrongful revocation of OPL 245 previously granted
to them.”
Commission has initiated a discreet
probe into the $2 billion Malabu Oil deal
to ascertain whether the country was
short-changed.
The agency may interact with those who were
parties to the agreement including five former
ministers, an ex-Group Managing Director of NNPC
and top officials of the Department of Petroleum
Resources.
Already, a former Attorney-General of the
Federation and Minister of Justice, Mr. Mohammed
Bello (SAN), has written to the EFCC on how the
deal was struck with Shell Nigeria Ultra Deep
Limited (SNUD).
He said although the 2006 transaction predate his
appointment as the nation’s former AGF, it was
transparent and value-driven.
Investigation by our correspondent revealed that
the EFCC has been reviewing the oil deal following
fresh international dimension to it.
Justice Edis of the Southwark Crown Court,
London, last December 14 stopped payment of N17
billion to Malabu Oil and Company. The judge said
he was “not sure that the Goodluck Jonathan
administration acted in the interest of Nigeria by
approving the transfer of the money to Malabu.
“I cannot simply assume that the FGN which was
in power in 2011 and subsequently until 2015
rigorously defended the public interest of the
people of Nigeria in all respects,” the judge ruled.
According to a source, those the EFCC may
interact with include ex-Minister of Petroleum
Resources, Diezani Alison-Madueke (who is holed
up in the UK), ex-Attorney-General of the
Federation, Mr. Bayo Ojo (SAN), ex- Minister of
State for Petroleum Resources, Edmund Daukoru,
ex-Minister of Finance, Olusegun Aganga, ex-GMD
of NNPC, Austen Oniwon, top officials of the
Department of Petroleum Resources.
It was unclear last night if any of the former office
holders had appeared before the EFCC’s panel
conducting preliminary investigation
The highly-placed source said: “So far, we have
obtained relevant documents showing all those
who signed the Settlement Agreement on Malabu
between 2006 and 2011. They include Daukoru,
Adoke, Diezani, Aganga, ex-GMD NNPC.
“There were agreements on November 30, 2006
and April 29, 2011. Following fresh issues, ex-
President Goodluck Jonathan on June 17, 2013
directed that the complaints of Malabu Oil and gas
be looked into.
“This case is a complex one but we will get to the
root of it. The Malabu Oil deal started in April 1998
during the administration of the late Head of State,
Gen. Sani Abacha, to the government of ex-
President Olusegun Obasanjo and the tenure of ex-
President Goodluck Jonathan.
“We have many past public officers to engage. It is
therefore premature to assume that any of these
officers we are interacting with is dubious or
fraudulent. The outcome of the ongoing
investigation will determine it.”
But a former Attorney-General of the Federation,
Mr. Mohammed Bello Adoke (SAN) has written to
the EFCC on how the deal was struck with SNUD.
Part Adoke’s document reads: “It is pertinent to
reiterate that the transaction relating to the award
of OPL 245 to Malabu oil and Gas Limited predates
me in office as the Terms of Settlement wherein
the Federal Government of Nigeria(FGN) re-
awarded Block 245 to Malabu Oil and Gas Limited
(Malabu) were executed under my predecessor in
office, Chief Bayo Ojo(SAN) as far back as 30th
November 2006.
“Consequently, on assumption of office in 2010, I
was not only saddled with the responsibility of
implementing the Terms of Settlement which had
already been reduced to a Judgment of the Federal
High Court but also confronted with an ICSD
Arbitration instituted by Shell Nigeria Ultra Deep
Limited(SNUD) which the company was claiming in
excess of $2billion damages from the FGN for
wrongful revocation of OPL 245 previously granted
to them.”
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