NLNG Corporate Teamwork banner First bank FinTech summit Fidelity bank card banner Emerald Energy Institute Camano banner

$1.04b Malabu Oil Scandal: Buhari insists on trial of suspects

By Yusuf Alli on 07/11/2018

Gmail icon

Views: 1,311

•Oil block
•Oil block

The controversy over the Malabu Oil Block(OPL 245) won’t just go away, with President Muhammadu Buhari rejecting Attorney-General Abubakar Malami’s proposal on how to resolve the impasse.

Buhari is insisting on the continuation of the criminal proceedings against some suspects implicated in the OPL 245 scandal.

The President has also directed the Minister of State for Petroleum Resources, Dr. Ibe Kachikwu,  and the Department of Petroleum Resources to stay action on the development of the oil well.

The OPL245 is  an offshore oil block with about nine billion barrels of crude. It was auctioned for $1.3 billion (1.1 billion euros).

Although the Federal Government received only $210 million as Signature Bonus, about $1.092 billion was traced to a London bank account.

The cash was suspected to be slush funds allegedly used to bribe some middle men and politicians.

A former President is accused of benefiting about $200 million from the deal.

But there are concerns that the controversy over Malabu oil block has been lingering since 2001 (17 years) and there is need to resolve it.

Excerpted from The Nation report

Source News Express

Posted 07/11/2018 12:11:01 PM

 

 

CLASSIFIED ADS

 

You may also like...
Forex: CBN makes first intervention of 2019

APC secretly offering money to buy voters cards...

Oronto’s death, a devastating personal loss —Uduaghan

EFCC, Police, Military fail to track down Tompolo;...

COINCIDENCES: Between Vladimir Lenin and Gani Fawehinmi; Chicago...

Onnoghen given resignation letter to sign — CUPP...

Lawmakers finger Police Area Commander, DPO in Southern...

Dogara mourns Deputy House Leader, Umar Baba Jibril...

World Cup: CNN Sports nominates Nigeria’s first goal...

Premiership: How Man City stunned Man Utd at...

Army to soon hand over liberated North-East communities...

Brave teenager rescues 3 kids from burning house...

 

Latest News Panic as lion escapes from Kano zoo Kidnappers seize Area Commander, demand N50m ransom Impeachment: Suspense in Kogi as judges avoid swearing in of new Deputy Governor How we were sexually abused in illegal Kaduna rehab centre — Victim SERAP demands probe of Senate, MDAs over employment slots scandal Nigeria’s oldest ex-prisoner dies 134 days after release Government summons fuel marketers over oil spillages on roads Alleged N259m Debt: Firm moves to wind up Aiteo Onitsha Inferno: I’m shocked that people paid to do a job abandoned it — Ohanaeze President-General •Ifeanyi Ubah raises traders’ hope Top Senate Republican Sees Trump’s impeachment trial as inevitable We are hungry, Nigerians cry out •Fault Agriculture Minister Unity school teachers lament hardship over salary arrears

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (551,983 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (447,775 views) Shameless Genevieve Nnaji exposes breasts in public (395,424 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (331,048 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (299,358 views) 10 cars more expensive than Jets (265,721 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (256,308 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (253,665 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (235,175 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (221,308 views) Lagos plane crash: Journalist releases victims’ names (198,788 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (195,959 views)

 

CBN milk production

CBN banner advert

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (105) Business & Economy (4,500) Business Verdict (85) Columnists (1,131) Complaints & Requests (96) Enterprise & Opportunities (218) Entertainment (692) Features (835) Global Business Monitor (468) ICT Monitor (66) International (4,096) Interview (204) Live Commentary (30) Love Matters (174) Maggie's Blog (452) News (52,869) Opinion (1,399) Pidgin (17) Politics (11,589) Religion (1,112) Sports (2,197) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera