Petroleum Africa
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Sunday, October 29, 2017
Nigeria recovered $85 million in funds from an oil license deal that had been deposited in the UK. The money was frozen at the request of prosecutors as a result of an Italian investigation. There is no suggestion of wrongdoing by British authorities.
The funds were part of an investigation into the sale in 2011 of OPL 245 that involved Italian, Nigerian and Dutch authorities and two of the world’s largest international oil companies ENI and Shell.
“Nigeria had recently recovered the sum of $85 million from the controversial Malabu Restrained Funds from United Kingdom,” said Abubakar Malam from the office of the attorney general, in a statement.
OPL 245was initially awarded to Malabu Oil and Gas before Royal Dutch Shell and ENI were awarded the rights in 2011.Shell has said it was aware that some of the payments it made to Nigeria for rights to the oilfield would go to Malabu, a company associated with former Nigerian oil minister and convicted money launderer Dan Etete.
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