The Federal House of Representatives has begun moves towards recovering the $1.092bn paid on the transaction involving the Federal Government, Shell/Agip Companies and Malabu Oil and Gas in respect of the OPL 245 oil block in 2011.
According to the interim report of the Economic and Financial Crimes Commission (EFCC) on the case, Attorney General of the Federation and Minister of Justice, Mohammed Adoke as well as former Minister of State for Finance, Dr. Yerima Lawal Ngama gave directives for the release of the funds in August 2011 into the accounts of Malabu Oil and Gas Limited.
“…in line with global best practice, accountability and transparency, individuals and financial institutions linked with and found culpable by the Economic and Financial Crimes Commission (EFCC) of receiving and transferring money unlawfully with respect to or arising out of the Resolution Agreement should be charged to an appropriate court of competent jurisdiction, and any such monies unlawfully transferred should be recovered”, read a part of the recommendations of the ad hoc committee chaired by Leo Ogor.
In another part, the report noted that “the Resolution Agreement put together by the Federal Government ceded away our national interest and further committed Nigeria to some unacceptable indemnities and liabilities while acting as obligator”.
Owned by Mohammed Abacha, son of late military ruler Sani Abacha, with 50 per cent, Malabu Oil and Gas also has former Minister of Petroleum Resources, Dan Etete (with 30 per cent) and Pecos Energy (20 per cent) as other investors.
