• Contact Us
  • About Us
Saturday, May 24, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Economy

EXCLUSIVE: Documents show Obasanjo was involved in Malabu deal

metro by metro
March 15, 2017
in Economy
0
0
SHARES
0
VIEWS

Documents seen by TheCable show the involvement of former President Olusegun Obasanjo in the controversial OPL 245 oil block deal.
In the deal finally consummated in 2011, only $210 million of the $1.3 billion paid by Shell and Eni for the block went into federal government coffers as “signature bonus”.
The rest was paid to Malabu Oil and Gas, mainly owned by Dan Etete, who, as petroleum minister in 1998, had awarded the lucrative licence to himself.
The sale to Malabu was nullified by Obasanjo in 1999 and assigned to Shell — without a public bid.
Ownership was suspiciously reverted to Malabu thereafter, leading to legal action by Shell who later resorted to negotiating directly with Etete after President Goodluck Jonathan assumed office in 2010.
A year later, the $1.3 billion deal was struck, with Malabu getting $1.1 billion from Shell and Eni to its transfer ownership, while the signature bonus was paid to Nigeria.
Bello Adoke, attorney-general of the federation under Jonathan who is having a long-running battle with the Economic and Financial Crimes Commission (EFCC) over the deal, had protested the decision of the anti-graft agency to “single” him out for prosecution.
In a letter to Abubakar Malami, the current attorney-general of the federation, Adoke said at least three presidents were involved in the deal.
The settlement agreement reached by Obasanjo’s government
He said apart from the late President Umaru Musa Yar’Adua, Obasanjo and Jonathan have not denied scrutinising the terms of settlement in the deal.
But Obasanjo has denied any involvement, asking anyone with evidence to come forward.
Describing it as corrupt, Obasanjo said he could not have approved a deal with Etete.
But documents seen by TheCable showed agreements between Malabu and the government of Obasanjo.
In a letter dated December 2, 2006, addressed to Malabu Oil and Gas Limited and Etete, Edmund Daukoru, who served Obasanjo as minister of state for petroleum resources, conveyed an approval of Obasanjo regarding the deal.
The letter titled: ‘Malabu Oil and Gas Limited – out-of-court settlement in respect to OPL 245′, read: “We are delighted to convey that the president of the federal republic of Nigeria and commander-in-chief of the armed forces having concluded a review of your legal claims for the return of the oil block 245 has graciously approved and directed as follows.
“Malabu Oil and Gas Limited shall be at liberty to exercise all rights incidental to and consequent upon the return of the oil block to it and shall be free to assign, pledge or deal in any way with its restored rights in OPL 245, in whole or in part to any 3rd party subject as always to the operative laws of Nigeria including but not limited to obtaining all approvals permit and appropriate consents necessary.”
Before the out-of-court settlement, a document dated November 3, 2006, revealed that Daukoru brokered a similar settlement agreement with Malabu on behalf of the federal government.
On January 26, the federal high court ordered a return of OPL 245 back to the federal government pending investigation into the deal.
This followed a motion by the EFCC.
Shell and Agip have challenged the decision and applied that it be returned to them
The court is expected to rule on the application on Friday.

Read Also

BudgIT Raises The Alarm Over Budget Padding Worth N6.93trn By NASS In 2025 Budget

DMO Allots Over N4.28b In FGN Savings Bonds For May 2025

FG, States, LGs Share N1.681trn April, 2025 Revenue

Previous Post

Four suicide bombers kill two in northeast Nigeria’s Maiduguri

Next Post

Panel reviews 300 laws for amendment

Related Posts

‘Gasping For Breath’ By Nigerians Continues As Analysts Forecast Further Inflation Increase
Economy

BudgIT Raises The Alarm Over Budget Padding Worth N6.93trn By NASS In 2025 Budget

May 20, 2025
Debt Management Office
Economy

DMO Allots Over N4.28b In FGN Savings Bonds For May 2025

May 17, 2025
FG, States, LGs Share N954bn FAAC In July, Highest Monthly Allocation Under Buhari Administration
Economy

FG, States, LGs Share N1.681trn April, 2025 Revenue

May 16, 2025
National Bureau
Economy

Nigeria’s Inflation Drops To 23.7% As Prices Of  Staples, Other Food Items Reduce

May 15, 2025
Next Post
Senate

Panel reviews 300 laws for amendment

Invest Hong Kong Global Outreach Campaign Connects Eastern Europe, Africa and the Middle East to Engage with Emerging Markets

May 21, 2025
WHO

World Leaders,  Others, Pledge Over $170m For WHO Ahead Of US Exit

May 21, 2025
Borno Governor Zulum Accuses Politicians, Soldiers As Informants To Boko Haram

Borno Governor Zulum Accuses Politicians, Soldiers As Informants To Boko Haram

May 21, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version