Fidelity Header Ads

EFCC charges two ex-ministers, seven others over Malabo oil deal

EFCC recovers N329bn from 10 oil marketers

A Former Minister of Justice, Mr Mohammed Adoke and his Petroleum counterpart, Mr Dan Etete alongside seven others have been charged by the Economic and Financial Crimes Commission (EFCC) for their alleged involvement in the mismanagement of $1.1billion revenue accrued from the sale of oil bloc to Malabu Oil and Gas Limited in 2011.

The charge filed on December 20, 2016 establishes a nine-count charge against the accused, saying they transferred $801.540 million from the Federal Government escrow account.

Ivy League 300 x 250

The other accused are a businessman, Aliyu Abubakar, Malabu Oil and Gas Limited, Rocky Top Resources Limited, Imperial Union Limited, Novel Properties and Development Company Limited, Group Construction Limited and Megatech Engineering Limited.

Two months ago, the House of Representatives launched an investigation into alleged shady deals in the award of oil blocs involving Malabu Oil and Gas Limited.

According to the court papers, Mr Dan Etete is alleged to have at different times transferred an aggregate sum of $801.540 million into the account of Malabu Oil and Gas in a commercial bank in Nigeria.

The former Minister of Justice and Attorney General of the Federation in one of the nine charges is alleged to have aided Mr Etete and Malabu Oil and Gas Limited to commit the offence of money laundering by facilitating $801.540 transferred to Mr Etete and Malabu Oil and Gas Limited from the Federal Government escrow account.