Malabu oil deal: Court orders OPL 245 oil well be returned to Nigerian govt

Malabu oil deal: Court orders OPL 245 oil well be returned to Nigerian govt

By  on January 26, 2017
high-court-lagos
An Abuja Federal High Court, Thursday ordered the return of OPL 245 back to Nigerian government.
OPL 245 is considered the largest oil block in Africa with a production rate of over 9bn barrel of crude oil.
The oil well is currently a subject of investigation by the Economic and Financial Crimes Commission and other security agencies in five countries.
In 2011, two oil giants, Shell and Eni reportedly paid about $1.1bn into a Nigerian account to take over the oil block.
About 70 per cent of the money was subsequently transferred in controversial circumstances into Malabu accounts controlled by a former Petroleum Minister, Dan Etete.
Etete was said to have subsequently transferred over half of what he got into accounts allegedly controlled by one Aliyu Abubakar.
Reports recently linked former President, Goodluck Jonathan to the deal, saying he allegedly got kickbacks but the ex-President has since denied it.
In December 2015, EFCC had filed fraud and money laundering charges against Etete and Abubakar.
During today’s resumed trial, Justice John Tsoho ordered that the oil well be returned to the government pending “the conclusion of investigation,” by the EFCC.

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