Lagos - The United Kingdom is waiting for Nigeria to claim an $85million loot recovered from a former petroleum minister, Dan Etete.
According to the Evening Standard of London the federal government’s failure to send a proceeds-of-crime submission to the judge of a UK court is stalling the recovery of the money which is frozen in a NatWest bank account in London.
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The situation has left the funds ‘frozen’ and the court case ‘languishing’, the newspaper said.
The $85m is believed to be part of the proceeds from the award of the licence of OPL245 – an oilfield containing an estimated nine billion barrels of crude – made by Etete to Malabu Oil & Gas, for $20 million, said to be a tiny fraction of its real value.