Lorem ipsum proin gravida nibh vel velit auctor aliquetenean idelit sollicitudin, lorem quis bibendum auci elit consequat ipsutis sem.
1-677-124-44227

info@yourbusiness.com

184 Main Collins Street | West victoria 8007

Follow us On Instagram

Lorem ipsum proin gravida nibh vel velit auctor alique tenean sollicitudin, lorem quis.
Top

Blog

Malabu Scandal: Netherland, Switzerland to send $200 million to Nigeria

See the source image

Nigeria’s Minister of Justice, Justice Abubakar Malami, says that the Dutch and Swiss governments are expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria.

The Minister announced this in Abuja during an interactive session on capacity with members of the Judiciary in Abuja on Tuesday.

Nigeria’s Minister of Justice, Justice Abubakar Malami, says that the Dutch and Swiss governments are expected to send the sum of $200 million from the OPL 245 Malabu Oil deal to Nigeria.

The Minister announced this in Abuja during an interactive session on capacity with members of the Judiciary in Abuja on Tuesday.

The Minister said the recovered loot was paid into federal government treasuries for the development of critical infrastructure in the nation like the second Niger Bridge and the Lagos Ibadan Expressway. He also added that the whistleblower programme has recovered over N685 million in the past year while forfeited vessels and trucks recovered N500 million for the government within the same period.


No alternative text description for this image

The backstory: Multinational oil companies, Eni and Shell, paid $1.3 billion in 2011 to acquire OPL 245 offshore field. The payment was to a company called Malabu, which was owned by Nigeria’s former Oil Minister Dan Etete. However, Italian prosecutors claim that most of the payments were kickbacks to Nigerian government officials.

Italian prosecutors also claim that nearly $1.1 billion was stolen by Nigerian politicians and middlemen with Dan Etete keeping half. Italian courts said the oil companies paid the money knowing most of it would go as kickbacks.

Prosecutors have, therefore, called for an 8-year prison sentence for former Eni CEO, Paolo Scaroni. Both companies have been fined $1.04 million and prosecutors seek the confiscation of $1.092 billion from the defendants of the case.

Source: https://nairametrics.com/2020/07/28/malabu-scandal-netherland-switzerland-to-send-200-million-to-nigeria/


GetFundedAfrica is a technology-based, business information platform operated by Afriscaper Research & Consulting Limited with a mission to reduce barriers to funding for African businesses. GFA matches investor ready, African & African-Diaspora owned companies with global investors, leveraging market research, industry data and news aggregation

Are you an entrepreneur? Share your story with us and get featured on our platform send us an email nichole@getfundedafrica.com

Emerging Opportunities In Growth Sectors Amid Covid-19 Crises

With the Covid-19 pandemic pushing the global economy (Nigeria inclusive) to record decline, creativity and innovation in goods and services have become very imperative and necessary, perhaps the competitive advantage factor. Opportunities for productivity and economic optimization abound in sectors like healthcare, agriculture and food, manufacturing, ICT amongst others. Read more

No Comments
Add Comment
Name*
Email*
Website