Over one year after the Federal Government agreed to investigate what appears a fraudulent transfer of almost $1.1 billion to a shady oil firm, Malabu, the Senate on Thursday mandated two of its committees to commence the probe.
The Senate had on July 17 last year agreed to probe the controversial deal involving the sale of an oil bloc, OPL 245 following a motion by Senator Abdul Ningi.
PREMIUM TIMES had reported how Shell and ENi paid the $1.1 billion into Nigeria’s foreign account for the oil bloc. The government later transferred most of the funds to Malabu Oil and Gas, whose account is controlled by convicted money launderer, Dan Etete.
The oil bloc was formerly disputed between Malabu and the international oil companies, while the government’s transfer of the money was authorised by Attorney General Mohammed Adoke and Minister of State for Finance, Yerima Ngama.
The Senate President, David Mark, admitted on Thursday that the Senate “stopped short of naming the committees that would investigate the issue when we took the motion (last year).”Mr. Mark then directed the committees on petroleum (Upstream) and finance to conduct the probe saying “the Committee on Petroleum will lead.”
Let us now see what will come of it.
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