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26 Oct 2017

BREAKING: FG recovers $85m from UK on Malabu oil deal

The whopping sum of $85 million has been recovered by the Federal Government from the United Kingdom in the controversial Malabu oil deal.
Attorney-General of the Federation, Abubakar Malami

The Federal Government has announced the recovery of $85 million from the United Kingdom as part of funds allegedly looted from the Malabu oil deal.

Speaking on Thursday at the consultative meeting on assets recover, the Attorney-General of the Federation, Abubakar Malami, said despite the non-compliant nature of some countries, the government would not relent in its bid to recover more funds.

The Malabu deal involved OPL 245, an oilfield in the Niger Delta with an estimated nine billion barrels of crude oil worth half a trillion dollars. It was considered as one of the most lucrative on the continent. However, its sale was replete with allegations and lawsuits involving top government officials.

OPL 245 was awarded to Malabu at a time the beneficial owners were Dan Etete, then minister of petroleum resources who approved the licence, and Mohammed Abacha, son of the head of state at the time.

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