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Saturday, 28 October 2017

UK returns $85m relating to the Malabu scandal to Nigeria




The federal government has announced that UK authorities have returned $85 million (about N30 billion) relating to the Malabu scandal to Nigeria, Premium Times reports.

The money, frozen at the request of Italian authorities, is part of the $1.092 billion paid by oil giants, Shell and ENI, to Malabu Oil Ltd through the Nigerian government.

The $1.092 billion was meant as payment for an oil block, OPL 245, one of the juiciest oil blocks in Africa, estimated to contain about 9.23 billion barrels of crude oil.

The deal, enmeshed in various layers of corruption, and currently under investigation by authorities in four countries from three continents, has two Nigerian ex-ministers, Messrs. Mohammed Bello Adoke and Dan Etete, being prosecuted by the EFCC for their roles in the scandal. The two oil giants and some of their officials also face prosecution for their roles both in Nigeria and Italy.

UK returns $85m relating to the Malabu scandal to Nigeria




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