EFCC Begins Probe Of $2bMalabu Oil Scandal.

The Economic and Financial Crimes
Commission has initiated a discreet probe
into the $2 billion Malabu Oil deal to
ascertain whether the country was short-
changed.

The agency may interact with those who were
parties to the agreement including five former
ministers, an ex-Group Managing Director of
NNPC and top officials of the Department of
Petroleum Resources.

Already, a former Attorney-General of the
Federation and Minister of Justice, Mr.
Mohammed Bello (SAN), has written to the EFCC
on how the deal was struck with Shell Nigeria
Ultra Deep Limited (SNUD).

He said although the 2006 transaction predate
his appointment as the nation’s former AGF, it
was transparent and value-driven.
Investigation by our correspondent revealed that
the EFCC has been reviewing the oil deal
following fresh international dimension to it.

Justice Edis of the Southwark Crown Court,
London, last December 14 stopped payment of
N17 billion to Malabu Oil and Company. The
judge said he was “not sure that the Goodluck
Jonathan administration acted in the interest of
Nigeria by approving the transfer of the money
to Malabu.

“I cannot simply assume that the FGN which
was in power in 2011 and subsequently until
2015 rigorously defended the public interest of
the people of Nigeria in all respects,” the judge
ruled.
According to a source, those the EFCC may
interact with include ex-Minister of Petroleum
Resources, Diezani Alison-Madueke (who is holed
up in the UK), ex-Attorney-General of the
Federation, Mr. Bayo Ojo (SAN), ex- Minister of
State for Petroleum Resources, Edmund Daukoru,
ex-Minister of Finance, Olusegun Aganga, ex-
GMD of NNPC, Austen Oniwon, top officials of
the Department of Petroleum Resources.

It was unclear last night if any of the former
office holders had appeared before the EFCC’s
panel conducting preliminary investigation
The highly-placed source said: “So far, we have
obtained relevant documents showing all those
who signed the Settlement Agreement on Malabu
between 2006 and 2011. They include Daukoru,
Adoke, Diezani, Aganga, ex-GMD NNPC.

“There were agreements on November 30, 2006
and April 29, 2011. Following fresh issues, ex-
President Goodluck Jonathan on June 17, 2013
directed that the complaints of Malabu Oil and
gas be looked into.

“This case is a complex one but we will get to
the root of it. The Malabu Oil deal started in
April 1998 during the administration of the late
Head of State, Gen. Sani Abacha, to the
government of ex-President Olusegun Obasanjo
and the tenure of ex-President Goodluck
Jonathan.

“We have many past public officers to engage. It
is therefore premature to assume that any of
these officers we are interacting with is dubious
or fraudulent. The outcome of the ongoing
investigation will determine it.”

But a former Attorney-General of the Federation,
Mr. Mohammed Bello Adoke (SAN) has written to
the EFCC on how the deal was struck with
SNUD.

Part Adoke’s document reads: “It is pertinent to
reiterate that the transaction relating to the
award of OPL 245 to Malabu oil and Gas Limited
predates me in office as the Terms of Settlement
wherein the Federal Government of Nigeria(FGN)
re-awarded Block 245 to Malabu Oil and Gas
Limited(Malabu) were executed under my
predecessor in office, Chief Bayo Ojo(SAN) as far
back as 30th November 2006.

“Consequently, on assumption of office in 2010, I
was not only saddled with the responsibility of
implementing the Terms of Settlement which
had already been reduced to a Judgment of the
Federal High Court but also confronted with an
ICSD Arbitration instituted by Shell Nigeria Ultra
Deep Limited(SNUD) which the company was
claiming in excess of $2billion damages from the
FGN for wrongful revocation of OPL 245
previously granted to them.”