EFCC arraigns Malabu oil, 6 others over alleged $1bn fraud

EFCC arraigns Malabu oil, 6 others over alleged $1bn fraud
Economic and Financial Crimes Commission

By Ikechukwu Nnochiri

ABUJA — The Economic and Financial Crimes Commission, EFCC, on Wednesday, arraigned Malabu Oil & Gas Limited, six different firms and an oil tycoon, Aliyu Abubakar earlier than the Federal High Court on a 48-count fraud cost.

The Defendants have been docked over their involvement in alleged fraudulent switch of controversial OPL 245, thought of as one of many richest oil blocks in Africa.

Other defendants within the cost marked FHC/ABJ/CR/268/2016, are A-Group Construction Company Limited, Rocky Top Resources Limited, Mega-Tech Engineering Limited, Novel Properties and Development Company Limited, and Carlin International Nigeria Limited.

EFCC alleged that they have been concerned in cash laundering to the tune of about $1billion and N673million.

According to the anti-graft company, Malabu Oil & Gas Ltd and two of its administrators who’re at present at large- Seidougha Munamuna and a former Minister of Petroleum Resources, Dauzia Etete, often called Dan Etete- “directly or indirectly converted the sum of $401,540,000 paid from the Federal Government of Nigeria Escrow Account with JP Morgan Chase Bank in London into Malabu Oil’s account with First Bank of Nigeria Limited”.

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The Defendants have been stated to have transformed the cash, even once they knew that the funds fashioned a part of illegal exercise, to wit: “negotiation and signing of oil block 245 Resolution Agreement with Shell Nigeria Ultra Deep Limited, Nigeria Agip Exploration Limited, Shell Nigeria Exploration and Production Company Limited whereby taxes due to the Federal Government was waived”.

EFCC alleged that they took management of the sum of $401,540,000 in violation of part 9(a) of the Money Laundering (Prohibition) Act, an act punishable beneath part 15(3) of the identical legislation.

More so, the company alleged that Abubakar and Rocky Top Resources Limited, in September 2011, took management of the sum of $336,456,906.78 which was a part of proceeds of illegal exercise within the Malabu Oil deal.

In one other rely within the cost, EFCC informed the courtroom that Abubakar and Imperial Union Limited, in August 2011, equally additionally took management of the sum of $34,540,00 they obtained from Malabu Oil and Gas, being proceeds of illegal exercise within the OPL 245 deal.

Abubakar was alleged to have uncared for to report in writing to the EFCC sure single-fund transactions involving the financial institution accounts of his separate firms between 2011 and 2014.

The EFCC alleged that the corporations being Designated Non-Financial Institutions, are by advantage of part 10(1)(b) of the Money Laundering (Prohibition) Act 2011, must report such enormous transactions to the EFCC in writing, failing which is punishable beneath part 10(3) of the identical legislation.

Abubakar and Carlin International Nigeria Limited allegedly did not report the lodgment of N300m within the agency’s account by a former Attorney-General of the Federation and Minister of Justice, Mohammed Adoke (SAN) in February 2012.

The EFCC additional alleged that the businessman and A-Group Construction Company Limited did not report the sum of N32.108m paid to Triax BDC in January 2014; and N38m paid to them by Falana Properties Limited in August 2015.

The EFCC alleged that the sum of $73.5m paid to Rocky Top Resources by Malabu Oil in September 2013 was not reported.

It informed the courtroom that Abubakar and Megatech Engineering had in August 2011, did not report the switch of $180m that was made to them from Malabu Oil’s account.

They have been stated to have additionally did not report one other N50m switch that was equally made to them in September 2016.

Meanwhile, the Defendants pleaded not responsible to the cost.

EFCC’s lawyer, Mr. Bala Sanga didn’t oppose request for bail the eighth Defendant, Abubakar who’s the one pure particular person within the cost, made by means of his lawyer, Akin Olujinmi, SAN.

Trial Justice Inyang Ekwo accordingly granted bail to the Defendant who can also be going through a number of costs alongside the instant previous AGF, Adoke, SAN, over the alleged oil Bloc fraud.

Justice Ekwo subsequently adjourned the case until September 7 for trial.

Vanguard Nigeria News

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