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Court Orders Interim Forfeiture of Malabu Oil Block to FG

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  • Court Orders Interim Forfeiture of Malabu Oil Block to FG

A Federal High Court in Abuja, on Thursday, ordered the interim forfeiture of Oil Prospecting Licence (OPL 245) to the Federal Government pending when “investigation and prosecution” of suspects in the $1.1bn Malabu Oil scam would be completed.

Justice John Tsoho granted the order in a bench ruling which he delivered in an ex-parte application moved by the Economic and Financial Crimes Commission’s lawyer, Mr. Johnson Ojogbane, on Thursday.

The OPL 245, an oil field believed to be the largest in Africa with over nine billion barrels of crude, was said to have been fraudulently acquired from the Federal Government by Malabu Oil and Gas Limited in 1998 and afterwards offered to oil giants, Shell and Agip, in an alleged shady deal.

While moving the application, which was dated and filed on January 11, 2017, Ojogbane urged the court to grant the order “pending the investigation and prosecution” of the suspects named in the scandal.

Ojogbane, in his second prayer, sought “an interim order of this honourable court directing that the property known as Oil Prospecting Licence (OPL 245) be managed by the Department of Petroleum Resources on behalf of the Federal Government of Nigeria pending the conclusion of investigation and prosecution” of the suspects.

Ruling, after listening to Ojogbane, on Thursday, Justice Tsoho ruled, “After consideration of the entire materials furnished by the applicant in support of the application dated and filed January 11, 2017, I am satisfied with the materials.

“The application is granted as prayed.”

Though, the EFCC had, earlier on December 20, 2016, filed charges against some of the suspects, including the immediate past Attorney General of the Federation and Minister of Justice, Mr. Mohammed Adoke, the order obtained by the EFCC on Thursday appeared to have set the stage for the prosecution of more suspects.

The additional suspects named in the application are Shell Nigeria Ultra Deep Limited, Shell Nigeria Exploration Limited, Malabu Oil and Gas Limited “and other individuals.”

Ojogbane had told Justice Tsoho that the suspects were being investigated “in connection with acts of conspiracy, bribery, official corruption and money laundering” in connection with the OPL 245 scam.

The EFCC had, on December 20, 2016, charged nine suspects, including Adoke, with respect to the $1.1bn oil scam.

Other accused persons named in the charges filed by the EFCC before a Federal High Court in Abuja, were a former Minister of Petroleum Resources, Dan Etete; Aliyu Abubakar, Malabu Oil & Gas Limited, Rocky Top Resource Limited, Imperial Union Limited, Novel Properties & Development Company Limited, Group Construction Limited and Megatech Engineering Limited.

The anti-graft agency, in the charges with suit number, FHC/ABJ/CR/268/2016, accused Adoke of illegally transferring over $800m purportedly meant for the purchase of the OPL 245 to Etete and Malabu Oil & Gas Limited from a Federal Government account.

The EFCC also accused Aliyu, an oil magnate, who is the Chairman of A. A. Group and Rocky Top Services, of receiving $336,456,906.78 of the oil well money.

Meanwhile, the EFCC, in its affidavit filed in support of the ex parte motion, seeking the interim forfeiture of the OPL 245, stated that it was in the process of “preferring a further charge” against “Shell Nigeria and Nigeria Agip Exploration.”

An operative of the EFCC, Mr. Ibrahim Ahmed, who deposed to the affidavit, narrated the roles of various individuals, including Etete and Adoke, and other corporate organisations in the alleged fraud.

The EFCC opertive stated in part, “Investigation further revealed that the Federal Government was defrauded by SPDC (Shell) and Malabu Oil and Gas Ltd by under-paying the sum of $210m as signature bonuses on OPL 245.

“Investigation conducted revealed that Malabu Oil and Gas Ltd and SPDC secured OPL 245 through fraudulent scheme involving high-scale bribery and corruption by top management of the company.”

Ahmed, who revealed details of the outcome of investigations conducted on the scam by the EFCC and its foreign partners, stated that Italian police had conducted “extensive investigation on the fraud committed by Shell Nigeria, Agip and Malabu Oil and Gas Ltd, culminating in a criminal charge at the Ordinary Court of Milan”.

Those charged by Italian police, according to EFCC, are “Royal Dutch Shell Plc, Eni Spa, and one Scaroni, who was its Managing Director while Descalzi was also the General Manager Exploration of Eni.

Ahmed said others being prosecuted in Italy were “Casula and Armana, who were senior executives of Nigeria Agip Oil Company and one Dan Etete and other co-conspirators”.

Giving indication that Shell and Agip would also be charged in Nigeria, the anti-graft agency stated, “The Federal Government of Nigeria has filed a criminal charge with number FHC/ABJ/CR/268/2016 against Dan Etete and two others five Nigerian companies.

“In furtherance of paragraph 10 above, the Federal Government of Nigeria is in the process of preferring a further charge bordering on conspiracy, bribery, official corruption and money laundering against Shell Nigeria and Nigeria Agip Exploration.”

The EFCC’s operative said investigation by the commission revealed that Malabu Oil and Gas Limited was incorporated in Nigeria in April 1998, with shareholders, namely Mohammed Sani, allegedly fronting for his father, the then Head of State, the late Gen. Sani Abacha; one Kweku Amafegha, said to be representing Dan Etete, who was then the Minister of Petroleum Resources; and Hassan Hindu “on behalf of Ambassador Adamu.”

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

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Government

Senate Suspends Senator Abdul Ningi for 3 Months Over Budget Padding Allegations

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Abdul-Ahmed-Ningi

The Senate has announced the suspension of Senator Abdul Ningi for three months following his allegations of budget padding to the tune of N3.7 trillion in the 2024 budget.

Ningi, who represents Bauchi Central and chairs the Senate Committee on Population, had made the claims in a recent interview with the Hausa service of the BBC.

During a plenary session, Senator Olamilekan Adeola, the Chairman of the Senate Committee on Appropriations, raised a motion to address Ningi’s allegations, citing the urgent need to address what he termed as “false allegations.”

The transcript of Ningi’s interview was read on the Senate floor, prompting deliberation on the appropriate action to take.

Initially, Senator Jimoh Ibrahim proposed a 12-month suspension for Ningi, but Senator Chris Ekpeyong moved to reduce it to six months.

Eventually, Senator Garba Maidoki amended the motion further, suggesting a three-month suspension.

The amended motion was put to a voice vote, and Senate President Godswill Akpabio announced the decision to suspend Ningi for three months.

Following the ruling, Ningi was escorted out of the Senate chamber by the Sergeants-at-arms.

The suspension comes amidst division within the Senate over Ningi’s claims, with some senators disowning his allegations and calling for a thorough investigation.

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Ekiti Governor Unveils Multi-Billion Naira Relief Programmes Amid Economic Crisis

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Biodun Oyebanji

Ekiti State Governor, Mr. Biodun Abayomi Oyebanji, has announced a comprehensive relief package aimed at alleviating the hardship faced by the people of the state.

The relief programs encompass various sectors to cushion the impact of the economic downturn.

One of the key initiatives entails clearing salary arrears amounting to over N2.7 billion owed to both State and Local Government workers.

This move signifies the government’s commitment to addressing the financial burdens faced by its workforce.

Furthermore, Governor Oyebanji has approved a substantial increase of N600 million per month in the subvention of autonomous institutions, including the Judiciary and tertiary institutions.

This augmentation is intended to enable these institutions to implement wage awards in alignment with State and Local Government workers’ salaries.

In addition to addressing salary arrears, the relief programs extend to pensioners, with the approval of payments totaling N1.5 billion for two months’ pension arrears.

Moreover, an increase in the monthly gratuity payment to state pensioners and local government pensioners will provide additional financial support, totaling N200 million monthly.

The relief initiatives also encompass agricultural and small-scale business sectors.

The allocation of funds for food production and livestock transformation projects underscores the government’s commitment to enhancing food security and economic sustainability at the grassroots level.

Governor Oyebanji emphasized that these relief programs are part of the state’s concerted efforts to mitigate the adverse effects of the economic downturn and foster shared prosperity.

The comprehensive nature of the initiatives reflects a proactive approach towards addressing the challenges faced by Ekiti State residents.

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President Tinubu Orders Immediate Settlement of N342m Electricity Bill for Presidential Villa

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power project

President Bola Tinubu has directed the prompt settlement of a N342 million outstanding electricity bill owed by the Presidential Villa to the Abuja Electricity Distribution Company (AEDC).

This move comes in response to the reconciliation of accounts between the State House Management and the AEDC.

The AEDC had earlier threatened to disconnect electricity services to the Presidential Villa and 86 Federal Government Ministries, Departments, and Agencies (MDAs) over a total outstanding debt of N47.20 billion as of December 2023.

Contrary to the initial claim by the AEDC that the State House owed N923 million in electricity bills, the Presidency clarified that the actual outstanding amount is N342.35 million.

This discrepancy underscores the importance of accurate accounting and reconciliation between entities.

In a statement signed by President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, the Presidency affirmed the commitment to settle the debt promptly.

Chief of Staff Femi Gbajabiamila assured that the debt would be paid to the AEDC before the end of the week.

The directive from the Presidency extends beyond the State House, as Gbajabiamila urged other MDAs to reconcile their accounts with the AEDC and settle their outstanding electricity bills.

The AEDC, on its part, issued a 10-day notice to the affected government agencies to settle their debts or face disconnection.

This development highlights the importance of financial accountability and responsible management of public utilities.

It also underscores the necessity for government entities to fulfill their financial obligations to service providers promptly, ensuring uninterrupted services and avoiding potential disruptions.

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