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Former Head of State, ex Senate President named in Malabu oil deal scam

29 August 2016, 19:00

Abuja - A former Head of State, a former Senate President, a former National Security Adviser (NSA), some senators, and some serving and former members of the House of Representatives have been named as beneficiaries of the $1.092b Malabu oil deal, Nation reports.

The names of the beneficiaries was revealed by a businessman, who is being grilled by the Economic and Financial Crimes Commission ( EFCC) over the deal.

Besides the businessman, the EFCC has grilled a former Permanent Secretary in the Federal Ministry of Finance, and some chief executives of some International Oil Companies (IOCs). The suspects remain unnamed because of what a source described as the “sensitivity” of the matter.

The EFCC is seeking the whereabouts of $1 092 040billion paid by Shell Nigeria Exploration and Production Company Nigeria Limited (SNEPCO) and Nigeria Agip Exploration Limited (NAE) into an escrow account.

By the terms of Block 245 Resolution Agreement, Shell agreed to the release of the outstanding Signature Bonus and to appoint an escrow agent for paying the Federal Government $1 092 040billion.

It was learnt that NAE contributed $982,040,000 to the settlement. SNEPCO contributed $110 000 000 to make up the required $1 092 040billion for the Federal Government to settle all claims over OPL 245 in accordance with the agreement.

Former Vice President Atiku Abubakar had earlier in the year asked ex-Attorney General, Mohammed Adoke to stop implicating him in the controversial Malabu oil scandal according to News24.

Atiku gave the warning while reacting to the claim in letter written by the immediate past Attorney General to Vice President Yemi Osinbajo that letter that he (Atiku) was among those behind his travails for not assisting them to get a share of the $2 billion as ‘shareholders’ of Malabu.

In the letter to Osinbajo on Monday, Adoke had alleged that the aggrieved individuals including Atiku, who is posing as Lawal Abba were behind the smear campaign against him for not extending the proceeds of the deal to them.

- News 24


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