Posted by Yusuf Alli | 7 November 2018 | 1,561 times
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
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