EFCC Takes Over $1.6b Malabu Oil Bloc From Shell, Others

The controversial Oil Prospecting Licence (OPL) 245 was ordered seized yesterday, but the big question – the whereabouts of $1.6 billion – paid for it remains as thorny as ever.

The EFCC, courtesy of a court order, seized the controversial Malabu oil block from 4 oil giants pending conclusion of investigation and trial of those implicated in the multi-Billion deal.

The deal is worth a whooping  $1,616,690,656.78.

The oil firms are Shell Nigeria Ultra Deep Limited, Shell Nigeria Exploration and Production Company Limited (SNEPCO), Nigeria Agip Exploration Limited and Malabu Oil and Gas Limited.

The EFCC is specifically seeking the whereabouts of the $1,616,690,656.78 paid by SNEPCO and Nigeria Agip Exploration Limited (NAE) into an escrow account.

It was learnt that investigators were trying to determine last night whether or not the cash had been used for the settlement of the dispute on the oil block or diverted elsewhere.

A United Kingdom anti-corruption group, Global Witness, a few weeks ago alleged that about $523million of $1.1billion paid by Shell and Eni for Malabu Oil Block (OPL 245) has gone to some fronts of a former President.

But in line with its mandate, the EFCC applied to the Federal High Court in Abuja for an interim order of forfeiture of the said oil block.

It urged the court to issue an order to enable the Department of Petroleum Resources (DPR) to manage the oil block during the seizure period.

The anti-graft commission sought an interior order:

• attaching Oil Prospecting Licence ( OPL 245) pending the conclusion of investigation and prosecution of Shell Nigeria Ultra Deep Limited, Shell Nigeria Exploration and Production Company Limited, Nigeria Agip Exploration Limited,  Malabu Oil and Gas Limited and other individuals named in connection with acts of conspiracy, bribery, official corruption and money laundering mentioned in the schedule attached to this summons;
• directing that Oil Prospecting Licence (OPL 245) be managed by Department of Petroleum Resources (DPR) on behalf of the Federal Government pending the conclusion of investigation and prosecution of the said Shell Nigeria Ultra Deep Limited, Shell Nigeria Exploration and Production Company Limited, Nigeria Agip Exploration Limited. Malabu Oil and Gas Limited and other individuals named in connection with acts of conspiracy, bribery, official corruption and money laundering mentioned in the schedule attached to this summons; and
• such further order or orders as the court may deem fit to make in the circumstances.

The DPR will in the interim manage the oil block until investigation and the trial of all suspects implicated in the deal have been concluded.

Global Witness said prosecutors in the UK have alleged that about $523million of $1.1billion was paid to the fronts of a former Nigerian President. Who is the former president?