$1.3BN MALABU SCANDAL: SALE OF OILFIELD TO SHELL, ENI LEGALLY “PERFECT” —ETETE

Written by on December 4, 2020

NIGERIA’S FORMER MINISTER OF PETROLEUM, DAN ETETE, WEDNESDAY SAID THE TRANSACTION INVOLVING THE SALE OF ONE OF THE COUNTRY’S OILFIELD TO OIL SUPERMAJORS, SHELL AND ENI, WAS LEGALLY “PERFECT” AS THERE WAS NO EVIDENCE OF CORRUPTION.

ETETE’S LAWYER, ANTONIO SECCI, REPORTEDLY INFORMED AN ITALIAN COURT SITTING IN MILAN THAT PROSECUTORS IN THE LAWSUIT HAD BEEN INCAPABLE OF ESTABLISHING THE PART PLAYED PRECISELY BY THE EX-MINISTER IN THE PURPORTED BRIBERY OF NIGERIAN PUBLIC OFFICIALS – IF ETETE HAD INFLUENCED POLITICIANS OR HAD BEEN A MIDDLEMAN BETWEEN THE TWO ENERGY COMPANIES AND THE NIGERIAN GOVERNMENT.

IN 2011, SHELL AND ENI PURCHASED OIL AND GAS LEASE PROPERTY (OLP) 245 AT THE SUM OF AROUND $1.3 BILLION FROM MALABU, OWNED BY MR ETETE.

ABOUT $1.1 BILLION OF THE FUND WENT TO POLITICIANS AND INTERMEDIARIES, 50 PER CENT TO ETETE HIMSELF, PROSECUTORS SAID.

SHELL CLAIMED THE DEAL STRUCK IN 2011 WAS A RESOLUTION OF A PROTRACTED CASE, COMING AFTER THE NIGERIAN GOVERNMENT INITIALLY ASSIGNED OLP 245 TO SHELL AND MALABU.


Reader's opinions

Leave a Reply

Your email address will not be published. Required fields are marked *



Current track

Title

Artist

Background