Connect with us

Government

Court Orders Interim Forfeiture of Malabu Oil Block to FG

Published

on

Offshore oil platform is seen in Huntington Beach
  • 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.

Continue Reading
Comments

Government

EFCC Declares Former Kogi Governor, Yahaya Bello, Wanted Over N80.2 Billion Money Laundering Allegations

Published

on

Yahaya Bello

The Economic and Financial Crimes Commission (EFCC) has escalated its pursuit of justice by declaring former Kogi State Governor, Yahaya Bello, wanted over alleged money laundering amounting to N80.2 billion.

In a first-of-its-kind action, the EFCC announced Bello’s wanted status in connection with the alleged embezzlement of funds during his tenure as governor.

The commission, armed with a 19-count criminal charge, accused Bello and his cohorts of conspiring to launder the hefty sum, which was purportedly diverted from state coffers for personal gain.

The declaration of Bello as a wanted fugitive came after a series of failed attempts by the EFCC to effect his arrest.

Despite an ex-parte order from Justice Emeka Nwite of the Federal High Court, Abuja, mandating the EFCC to apprehend and produce Bello in court for arraignment, the former governor managed to evade capture with the reported assistance of his successor, Governor Usman Ododo.

This latest development shows the challenges faced by law enforcement agencies in holding powerful individuals accountable for their actions.

However, it also demonstrates the unwavering commitment of the EFCC to uphold the rule of law and ensure that justice is served, irrespective of the status or influence of the accused.

In response to the EFCC’s declaration, the Attorney General of the Federation and Minister of Justice, Lateef Fagbemi, issued a stern warning to Bello, stating that fleeing from the law would not resolve the allegations against him.

Fagbemi urged Bello to honor the EFCC’s invitation and cooperate with the investigation process, saying it is important to uphold the rule of law and respect the authority of law enforcement agencies.

The EFCC’s pursuit of Bello underscores the agency’s mandate to combat corruption and financial crimes, sending a strong message that individuals implicated in corrupt practices will be held accountable for their actions.

Continue Reading

Government

Concerns Mount Over Security as National Identity Card Issuance Shifts to Banks

Published

on

NIMC enrolment

Amidst the National Identity Management Commission’s (NIMC) recent announcement that the issuance of the proposed new national identity card will be facilitated through applicants’ respective banks, concerns are escalating regarding the security implications of involving financial institutions in the distribution process.

The federal government, in collaboration with the Central Bank of Nigeria (CBN) and the Nigeria Inter-bank Settlement System (NIBSS), introduced a new identity card with payment functionality, aimed at streamlining access to social and financial services.

However, the decision to utilize banks as distribution channels has sparked apprehension among industry stakeholders.

Mr. Kayode Adegoke, Head of Corporate Communications at NIMC, clarified that applicants would request the card by providing their National Identification Number (NIN) through various channels, including online portals, NIMC offices, or their respective banks.

Adegoke emphasized that the new National ID Card would serve as a single, multipurpose card, encompassing payment functionality, government services, and travel documentation.

Despite NIMC’s assurances, concerns have been raised regarding the necessity and security implications of introducing a new identity card system when an operational one already exists.

Chief Deolu Ogunbanjo, President of the National Association of Telecoms Subscribers, questioned the rationale behind the new General Multipurpose Card (GMPC), citing NIMC’s existing mandate to issue such cards under Act No. 23 of 2007.

Ogunbanjo highlighted the successful implementation of MobileID by NIMC, which has provided identity verification for over 15 million individuals.

He expressed apprehension about integrating the new ID card with existing MobileID systems and raised concerns about data privacy and unauthorized duplication of ID cards.

Moreover, stakeholders are seeking clarification on the responsibilities for card blocking, replacement, and delivery in case of loss or theft, given the involvement of multiple parties, including banks, in the issuance process.

The shift towards utilizing banks for identity card issuance raises fundamental questions about data security, privacy, and the integrity of the identification process.

With financial institutions playing a pivotal role in distributing sensitive government documents, there are valid concerns about potential vulnerabilities and risks associated with this approach.

As the debate surrounding the security implications of the new national identity card continues to intensify, stakeholders are calling for greater transparency, accountability, and collaboration between government agencies and financial institutions to address these concerns effectively.

The paramount importance of safeguarding citizens’ personal information and ensuring the integrity of the identity verification process cannot be overstated, especially in an era of increasing digital interconnectedness and heightened cybersecurity threats.

Continue Reading

Government

Israeli President Declares Iran’s Actions a ‘Declaration of War’

Published

on

Israel Gaza

Israeli President Isaac Herzog has characterized the recent series of attacks from Iran as nothing short of a “declaration of war” against the State of Israel.

This proclamation comes amidst escalating tensions between the two nations, with Iran’s aggressive actions prompting serious concerns within Israel and the international community.

The sequence of events leading to Herzog’s grave assessment began with a barrage of 300 ballistic missiles and drones launched by Iran towards Israel over the weekend.

While the Israeli defense forces managed to intercept a significant portion of these projectiles, the sheer scale of the assault sent shockwaves through the region.

President Herzog’s assertion of war was underscored by Israel’s careful consideration of its response options and ongoing discussions with its global partners.

The gravity of the situation prompted the convening of the G7, where member nations reaffirmed their commitment to Israel’s security, recognizing the severity of Iran’s actions.

However, the United States, a key ally of Israel, took a nuanced stance. President Joe Biden conveyed to Israeli Prime Minister Benjamin Netanyahu that, given the limited casualties and damage resulting from the attacks, the US would not support retaliatory strikes against Iran.

This position, though strategic, reflects a delicate balancing act in maintaining stability in the volatile Middle East region.

Meanwhile, Russian Foreign Minister Sergei Lavrov and his Iranian counterpart Hossein Amir-Abdollahian cautioned against further escalation, emphasizing the potential for heightened tensions and provocative acts to exacerbate the situation.

In response to the escalating crisis, the Nigerian government issued a call for restraint, urging both Iran and Israel to prioritize peaceful resolution and diplomatic efforts to ease tensions.

This appeal reflects the broader international consensus on the need to prevent further escalation and mitigate the risk of a wider conflict in the Middle East.

As Israel grapples with the implications of Iran’s aggressive actions and weighs its response options, President Herzog reiterated Israel’s commitment to peace while emphasizing the need to defend its people.

Despite calls for restraint from global allies, Israel remains vigilant in safeguarding its security amidst the growing threat posed by Iran’s belligerent behavior.

The coming days are likely to be critical as Israel navigates the complexities of its response while international efforts intensify to defuse the escalating tensions between Iran and Israel.

The specter of war looms large, underscoring the urgency of diplomatic engagement and concerted efforts to prevent further escalation in the region.

Continue Reading
Advertisement




Advertisement
Advertisement
Advertisement

Trending