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Tag: Malabu

  • Alleged Malabu Oil scam: Court discharges ex-AGF Adoke, others

    Alleged Malabu Oil scam: Court discharges ex-AGF Adoke, others

    • I’ve forgiven those behind my travail, says former minister

    A High Court of the Federal Capital Territory (FCT) in Jabi has discharged a former Attorney General of the Federation (AGF), Mohammed Adoke, and six others over alleged fraudulent conduct in the handling of the controversial Oil Prospecting License (OPL) 245 (popularly called the Malabu Oil deal).

    Adoke was charged with a businessman, Aliyu Abubakar, as well as Rasky Gbinigie, Malabu Oil and Gas Limited, Nigeria Agip Exploration Limited, Shell Nigeria Extra Deep Limited, and Shell Nigeria Exploration Production Company Limited for alleged scam.

    In a ruling yesterday, Justice Abubakar Kutigi upheld the no-case submissions made by all the defendants.

    The judge held that the Economic and Financial Crimes Commission (EFCC) failed to establish a prima facie case against the defendants to warrant calling them to enter their defence.

    He also held that the prosecution failed to prove the essential elements related to the alleged offences.

    Justice Kutigi, who noted that the 40-count charge was poorly drafted and prosecuted, warned the prosecuting counsel to refrain from filing such a charge in future.

    The judge averred that allowing the case to remain in court would do untold injustice to the defendants, who should not have been charged in the first place.

    He discharged all the defendants.

    Read Also: Tinubu, grand master of progressive politics, says Speaker Abbas

    Adoke, Malabu Oil, Nigeria Agip, Shell Nigeria and Shell Exploration (first, fourth, fifth, sixth and seventh defendants) were charged with conspiring to commit an offence to wit: public servant disobeying direction of law with intent to cause injury contrary to the provision of Section 97 (1) of the Penal Code, Cap 532 LFN (Abuja) 1990 and punishable under Section 123 of the same Act, among others.

    Reacting to the verdict, Adoke said: “I am grateful to God and excited that all is over. I am excited that I can get my life back and move on with my practice.

    “I have forgiven all those that are behind my travails; I bear no grudges. As a patriot, I will continue to wish my country (Nigeria) well and I will do everything to support the government of the day and any government that is in power.

    “We need to get it right for this country. I have no regret for all I did while in office and I will not regret going forward. I am grateful that some Nigerians appreciate the fact that while in office, I gave my best.”

  • UPDATED: Court discharges Adoke, Abubakar, five others over Malabu oil deal

    UPDATED: Court discharges Adoke, Abubakar, five others over Malabu oil deal

    A High Court of the Federal Capital Territory (FCT) in Jabi has discharged former Attorney General of the Federation (AGF), Mohammed Adoke and six others charged with alleged fraudulent conduct in the handling of the controversial Oil Prospecting License (OPL) 245 (popularly referred to as the Malabu Oil deal).

    Adoke was charged with a businessman,  Aliyu Abubakar; Rasky Gbinigie; Malabu Oil and Gas Limited; Nigeria Agip Exploration Limited; Shell Nigeria Extra Deep Limited and Shell Nigeria Exploration Production Company Limited over the  otherwise known as Malabu Oil scam

    Justice Abubakar Kutigi, in a ruling on Thursday, upheld the no-case submissions made by all the defendants.

    Justice Kutigi held that the prosecuting agency, the Economic and Financial Crimes Commission (EFCC) failed to establish a prima facie case against the defendants to warrant their being called upon to enter their defence.

    The judge further held that the prosecution failed to lead evidence in prove of the  essential elements in relation to the offences charged.

    The judge, who noted that the 40-count charge, marked: CR/151/2020 was poorly drafted and prosecuted, warned the prosecuting counsel to refrain from filing such charge in future.

    Justice Kutigi held that allowing the case to remain in court will do untold injustice to the defendants, who ought not to be tried on the charge in the first place.

    He proceeded to discharge all the defendants.

    Justice Kutigi said: “It is argued that people can be arrested circumstantially, but every trial, moreso a criminal trial, is a different ball game which must only be undertaken with utmost care and attention to details particularly the quality of the evidence and availability of witnesses.

    “It cannot be right or fair that in this case, for example, nearly about 30 Counts in this case involving forgery, the documents subject of these counts were not presented in evidence.

    “If as stated by the lead investigator, (PW10) that they demanded for about 37 documents from Corporate Affairs Commission (CAC), but only a few were made available, this then begs the question, why a charge would be filed involving these documents, the prosecution does not have access to?

    “On the whole, the prosecution has failed to prove the essential elements of the offences for which the Defendants were charged and accordingly, the no case to answer submission has considerable merit and must be sustained.

    ‘To allow this proceedings to continue, having regard to the totality of the evidence laid bare on the record by the prosecution, is to inflict undue hardship and injustice on the defendants.

    “They ought not have stood this trial in the first place, if the evidence on record was all the prosecution had to offer. I say no more.

    “The legal consequence of a successful submission of no case to answer is that such a discharge is equivalent to an acquittal and a dismissal of the charge on the merit.

    “In the final analysis, and for the avoidance of doubt, my firm decision, on the

    basis of the provision of Section 302 of ACJA 2015 is that the evidence adduced by the prosecution, on record, is not sufficient to justify the continuation of this trial.

    “In other words, the prosecution has failed to make out a prima facie case against the defendants, in that they have failed to tender required minimum evidence to establish the essential clements of all the counts of the offences that they have been charged with respectively.

    “For this reason I hereby preclude them from entering upon their defence and accordingly, I hereby discharge the defendants of the entirety of the charge preferred against them,” Justice Kutigi said.

    In counts one of the charge, Adoke, Malabu Oil, Nigeria Agip, Shell Nigeria and Shell Exploration (1st, 4th,  5th, 6th abd and 7th defendants) were charged with conspiring to commit an offence to wit: Public servant disobeying direction of law with intent to cause injury contrary to the provision of Section 97 (1) of the Penal Code, Cap 532 LFN (Abuja) 1990 and punishable under Section 123 of the same Act.

    Adoke was charged, in count two, with knowingly disobeying the direction of the law to wit: the Companies Income Tax Act, Cap C21 LFN (2004) by seeking to save 5th, 6th and 7th defendants from charges of taxes to which they are liable by law to the Federal Government of Nigeria through the OPL 245 Resolution Agreement contrary to the provision of Section 123 (c) of the Penal Code and punishable under the provision of Section 123 of the same Act.

    In counts three, the 4th, 5th,  6th and 7th  defendants were charged with the offence of abetting the 1st defendant (Adoke) to disobey the direction of the law by saving them from charges of taxes to which they are liable, by law, to the Federal Government, contrary to the provision of Section 85 of the Penal Code and punishable under Section 123 of the same Act.

    In counts four, Abubakar (the 2nd defendant) was charged  with offering gratification of N300million to Adoke contrary to and punishable under Section 118 of the Penal Code.

    Read Also: Tinubu, grand master of progressive politics, says Speaker Abbas

    In counts five, Adoke was alleged to have, while being the Attorney-General and Minister of Justice, accepted gratification of N300m in the exercise of his official functions contrary to the provision of Section 116 (b) of the Penal Code and punishable under Section 116 of the same Act.

    In counts six to 40 Gbinigie was charged with others, said to be at large, with offences ranging from conspiracy to commit criminal breach of trust; abetting others now at large to dishonestly convert various sums of monies from Malabu Oil and Gas accounts domiciled with Keystone Bank and First Bank of Nigeria Ltd; conspiracy to commit felony to wit: forgery; conspiracy to make false documents; making false documents and using them as genuine which are offences contrary to the provisions of Sections 363 and 366 of the Penal Code,

     punishable under Section 364 of the same Act.

    Reacting to the court’s decision, Adoke said: “I am grateful to God and excited that all is over. I am excited that I can get my life back and move on with my practice.

    “I have forgiven all those that are behind my travails; I bear no grudges. As a patriot, I will continue to wish my country (Nigeria) well and I will do everything to support the government of the day and any government that is in power.

    “We need to get it right for this country.I have no regret for all I did while in office and I will not regret going forward. And, I am grateful that some Nigerians appreciate the fact that while in office, I gave my best,” Adoke said.

    On his advice for prosecuting agencies being a former AGF and in the face of the court’s observation about the prosecution of the case, Adoke said he was optimistic that they  will be guided by what the judge said.

    He added: “I do hope that the admonition of the court will be seriously adhered to. I am gratified by the fact that the current Chairman of EFCC is a lawyer.

    “I do hope he will set aside emotions and sentiments and allow the rule of law to prevail in all his dealings and ensure that the letters and spirit of the Administration of Criminal Justice Act (ACJA), which I have the singular honour and privilege of anchoring while in office, has a place of play,” Adoke said.

  • Malabu: ‘Why EFCC should consider new revelations’

    A rights group, the Justice and Equity Forum (JEF), has urged the Economic and Financial Crimes Commission (EFCC) to consider new revelations in the ongoing OPL 245/Malabu trials in Milan, Italy.

    It praised EFCC Acting Chairman Ibrahim Magu for the progress Nigeria has recorded in the anti-graft war under his watch, adding that he should be supported.

    The Forum also commended the EFCC for donating a property forfeited by the late Chief of Defence Staff, Air Chief Marshall Alex Badeh, to the Voice of Nigeria (VON).

    In a statement by its co-conveners Alhaji Idris Kainji and Comrade Adebowale Peters, the civil rights organisation said the revelations in the Malabu case should be considered with regards to the charge against former Attorney-General of the Federation (AGF) Mohammed Bello Adoke (SAN).

    The group said: “We note that on June 27, Mr. Ednan Tofik ogly Agaev, a former Russian diplomat who is being tried over the scandal, told the Italian court that he was pressured under interrogation by the FBI to mention Adoke’s name as one of the recipients of the bribes reportedly paid to government officials in the deal.

    “In fact, Agaev refused to adopt the FBI interview in court because, according to him, he did not mean for it to be used. He effectively confessed making a false accusation against Adoke. In a court of law, this will certainly kill the case except there is anything else to it.

    “On July 17, in Milan, Italy, Mr. Vincenzo Armanna, the former ENI manager who is standing trial over the Malabu scandal told the court that Adoke warned ENI officials against discussing kickbacks and threatened them with arrest. This is the same Adoke that is being accused of collecting kickback from the deal. That doesn’t add up at all.

    “We at the Justice and Equity Forum thereafter applied for and got a certified true copy of court papers in the case filed against Adoke by the EFCC at the Federal High Court in Abuja alleging money laundering. We went through the charges line by line and to our utmost surprise, nowhere did the EFCC mention that Adoke collected bribe.

    “Yet what the EFCC continues to tell the public is that Adoke is on trial for collecting $2.2 million bribe from the Malabu deal. Nowhere in the court papers does EFCC make any reference to bribe or Malabu. This is very strange.”

    The group said while it supports the EFCC in its Malabu investigations, charges should be based on verifiable facts, not on circumstantial and weak grounds.

    “Adoke has said in several newspaper interviews that the powerful toes he stepped upon when he was in office are the ones now using the EFCC to fight him. Whether or not he stepped on toes, if he has done any wrong, he should not run away. He should come back home and face trial. That is our position.

    “However, he seems justified to cry political vendetta in the Malabu case because the court case does not accuse him of collecting a bribe, yet that is not the impression being given to Nigerians.”

  • Malabu oil block award ‘illegal’

    A consultant hired by Italian prosecutors, Dr. Dayo Ayoade, yesterday in Italy, said award of  Malabu Oil Block (OPL 245)  to Shell and ENI was illegal.

    Ayoade spoke at the resumption of the case involving the two oil giants at a Milan Court in Milan, Italy.

    He made lead presentations to prosecutors.

    Ayoade of the Department of Law, University of Lagos was hired by Milan prosecutors to ascertain whether the two oil giants met corporate and legal obligations.

    The celebrated case is being contested by high profile legal experts from Nigeria and across the world, including a retired Nigerian Supreme Court Judge, Justice Emmanuel Ayoola JSC (Rtd) who stood in for Shell, a Queens Counsel (QC), Prof. Frank Odita,  representing ENI with Mrs. Felicia Femi Olusegun.

    The transcript of the court session  was made available by Human and Environmental Development Agenda (HEDA),  whose coordinator, Suraj Olanrewaju, was in court to monitor the proceedings for the Non-Governmental Organisation (NGO).

    According to HEDA, the Milan Deputy Chief Prosecutor, Mr. Fabio DePasquale, took Dr. Ayoade through his expert’s report.

    Ayoade was asked to “prepare a submission in support of corruption charges, bribery and illegal sale and acquisition of the oil blocs by the two major oil companies and the allocation of the blocs to Malabu by the former Minister of Petroleum Resources, Chief Dan Etete.”

    He said: “The award process for OPL245 to Shell and ENI did not follow the procedure established in the Petroleum Act, Petroleum (Drilling and Production) Regulation and DPR Guidance Notes for Prospective Bidders.

    “Failure to follow the relevant laws, policies and regulations is fatal to the legality of the OPL 245 award (Zebra Energy Ltd V FGN (2002)). It is my considered view that the license award on the basis of a FGN Resolution Agreement is anomalous and unprecedented in the Nigerian Oil and Gas Sector.”

    Read also: Malabu Oil deal: FG claims $1.975b against JP Mogan, Shell, Eni

    Under examination by the prosecutor, Dr. Ayoade  expressed shock at the condition for the acquisition of the lucrative bloc by the IOCs.

    He said: “I am surprised that everything around the Resolution Agreements destabilises established petroleum laws and regulations in Nigeria.

    “Contrary to the laws and standards, the Office of Attorney General of the Federation supervised the resolution processes and agreements on OPL245 deal as against the Ministry of Petroleum Resources.”

    ”The Minister of Petroleum Resources does have sufficient powers to award oil licences, but this must follow established procedure; and the Minister must perform his statutory duties in the public interest.”

    “ The public interest is obviously missing in the OPL 245 award and subsequent Resolution Agreements.” He said  this was observed and stressed in the letter from DPR to the Minister of Justice on the Resolution Agreements allegedly prepared by the oil companies.

    While the experts of the Nigerian Government are expected to make written and oral presentations on April 4, 2019, the presentation by the ENI experts are expected  on April 10.

    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 Nigerian government received only $210 million as Signature Bonus, about $1.092 billion was traced to a London bank account which was suspected to be slush funds allegedly used to bribe some middle men and politicians in the country.

    A former President was accused of benefiting about $200 million as proceeds from the Malabu oil deal.

    About $523million of the  $1.092billion paid for the block was shared out as bribes to some former ministers and politicians.

    A former minister blew about $250million on real estate, acquisition of aircraft and exotic cars.

    A court in Milan had convicted the two facilitators of the deal, Emeka Obi and Gialuca DiNardo, through accelerated hearing in September, last year.

    The main presentation of experts’ report, examination and cross-examination of the experts resumed yesterday  after an agreed break for preparation and translation of reports into Italian by all the parties.

  • Malabu: Court rules today on Shell, Eni case

    An Italian court will today decide an aspect of the legal battle between two oil giants Eni and Shell over the Malabu oil deal.

    A Milan judge will decide whether $1.1 billion of the sum paid in the controversial deal was siphoned in bribes to win the license to the field.

    Eni and Shell are in court over the 2011 purchase of OPL 245, an oil field reputed to be one of Africa’s biggest, for about $1.3 billion.

    Today’s ruling involves Emeka Obi and Gianluca Di Nardo in a parallel case involving Eni’s Chief Executive Officer Claudio Descalzi, four former Shell managers, one-time Shell Foundation Chairman Malcolm Brinded.

    Obi is one of the middle men who had claimed that he deserved a share of the $1.3 billion.

    He claimed he helped in the negotiations between the oil giants and a former petroleum minister Dan Etete.

    Italian prosecutors allege that Obi received a mandate from Mr Etete to find a buyer for OPL 245.

  • Malabu: Oil production under threat as Ijaw youths protest ‘persecution’ of kinsman

    IJAW youths yesterday trooped out to protest fresh investigations into alleged fraud in the Oil Production Licence (OPL) 245, an oil block belonging to Dan Etete, popularly known as Malabu oil deal. The youths, who took over the Ijaw House along Sanni Abacha Expressway in Yenagoa, Bayelsa State, said: “The continuous harassment of Etete by the Federal Government” was an affront to the Ijaw people.

    The youths who were led by the Central Zone Chairman of the Ijaw Youths Council (IYC), Mr. Tare Pori, displayed placards with inscriptions such as, “Stop oppressing Ijaw son”, “Leave Dan Etete alone”, “Ijaws will not bow to intimidation”, “We feed Nigeria”, “Oil blocks belong to Ijaw people”, “We own the oil wells”, among others. Pori, who was visibly angry, said it was unfair for the Federal Government to continue “persecuting Etete”, the only big Ijaw player in the oil and gas industry. He wondered why OPL 245 was singled out for a prolonged probe among other licenses awarded the same time to people of other ethnic groups.

    He said the government by its action was sending a wrong message that it was averse to the participation of the Ijaw and the Niger Delta region in bidding and owning oil blocks domiciled in their territories. Pori, whose speech was interrupted by solidarity chants, asked the government to discontinue the probe if it valued the existing peace in the Niger Delta region. He said the youths would no longer remain calm amidst the force of oppression and perceived injustices done to their kinsmen in the oil and gas industry. Pori maintained that if the government insisted on continuing with the probe, it should also in the spirits of fairness open investigations into deals involving other oil licenses awarded alongside Malabu.

    The IYC boss noted that the passed administration looked into the alleged fraud in the award of the license and found no merit in it adding that the current Attorney-General of the Federation gave the process a clean bill of health. He said it was unfortunate that the government was still investing its energy in the matter adding that the action of the government was targeted at tarnishing the image of an Ijaw man. According to him if the government failed to stop the probe, Ijaw youths would use the occasion of the 50th anniversary of their hero, late Major Isaac Adaka Boro, on May 16 to make a statement. Porri said: “For the first time in 1998, the late Sanni Abacha came up with the process of awarding oil licenses in this country and for the first time in the history of this country, an Ijaw man from Odi where the late Isaac Boro actually came from got the OPL 245. This is the popularly talked about the Malabu oil deal.

    “We are not happy that this only Ijaw man, Dan Etete, has been facing persecution since then. But we have resolved that moving, forward if the Nigerian state thinks that Ijaw people are not good enough to own oil blocks, no human being in this world from any other parts of the country will be good enough to own oil blocks. “We demand the immediate stoppage of this persecution. Any further attempt to persecute the only Ijaw man in oil and gas business in Nigeria, Dan Etete, the country should be ready not to take oil from our environment. “The country should look elsewhere for resources to fund her budgets. We will not allow this to happen again. We only lost an election in 2015. We didn’t commit a crime. This persecution of Ijaw people must stop. “They are doing doing all these because we are aware that the next few months they would commence the process of revoking oil licenses in the country. By 2019 they will commence the process of issuing out new licenses in the country. They are bent in ensuring that no Ijaw man gets the license”. Pori added: “If they decide to play politics with our modest demands, they know what we are capable of doing. Where are they expecting funds from to fund the 2018 budget and the election year budget? It is from the Niger Delta.

  • Malabu deal: Nigeria sues JP Morgan for $875m

    Malabu deal: Nigeria sues JP Morgan for $875m

    Nigeria has filed a claim against JP Morgan Chase for more than $875 million, accusing it of negligence in transferring funds from a disputed 2011 oilfield deal to a company controlled by a former oil minister.

    A spokeswoman for JP Morgan dismissed the accusation yesterday, saying the firm “considers the allegations made in the claim to be unsubstantiated and without merit”.

    The suit filed in British courts relates to a purchase of the offshore OPL 245 oilfield in Nigeria by oil majors Royal Dutch Shell and Eni in 2011.

    At the core of the case is a $1.3 billion payment from Shell and Eni to secure the block that the lawsuit says was deposited into a Nigerian government escrow account managed by JP Morgan.

    The lawsuit said JP Morgan then received a request from finance ministry workers to transfer more than $800 million of the funds to accounts controlled by the previous operator of the block, Malabu Oil and Gas, itself controlled by former oil minister Dan Etete.

    The lawsuit said that JP Morgan then transferred the funds to two accounts controlled by Etete, without sufficient due diligence to make sure the money did not leave accounts controlled by the Nigerian government.

    Reuters was unable to reach either Etete or Malabu for comment.

    The filing seen by Reuters was made in London in November on behalf of the Federal Republic of Nigeria, and says that JP Morgan acted with gross negligence by allowing the transfer of the money without further checks.

    It said JP Morgan should have known that, under Nigerian law, the money should never have been transferred to an outside company.

    “If the defendant acted with reasonable care and skill and/or conducted reasonable due diligence it would or should have known or at least suspected … that it was being asked to transfer funds to third parties who were seeking to misappropriate the funds from the claimant and/or that there was a significant risk that this was the case,” the filing said.

    Late last year, a Milan judge ruled that Shell and Eni must stand trial in Italy, where Eni is headquartered, for a separate legal case in which Milan prosecutors allege bribes were paid to Etete and others as part of the same oilfield deal, including sums that went to Etete’s Malabu. [nL8N1OK25L]

    Both Eni and Shell have repeatedly denied any wrongdoing in relation to that case. Malabu has never commented on the case and Reuters has not been able to contact it. [nL8N1HI1NA].

  • Malabu: Malami insists on Adoke’s prosecution

    Malabu: Malami insists on Adoke’s prosecution

    The Minister of Justice and Attorney-General of the Federation, Abubakar Malami (SAN), has asked the Federal High Court sitting in Abuja to dismiss a suit challenging the competence of the charges filed against the ex-AGF, Mohammed Adoke (SAN), and others over their alleged involvement in the $1.1bn Malabu oil scam.

    Malami also insisted that Adoke and others named in the charges must prove their innocence in court.

    The AGF position is contained in the documents he filed opposing Adoke’s suit before a Federal High Court in Abuja.

    He urged the court to decline jurisdiction on the matter.

    He argued that such civil suit “cannot be used to stop criminal prosecution already initiated.”

    Malami noted in his papers that the charges which its validity Adoke was challenging were five counts involving the fraudulent transfer of billions of dollars derived from the Oil Processing Licence (OPL) 245 deal.

    Adoke had in May 2017 filed the suit against his successor as the sole defendant, urging the court to declare as illegal his prosecution by the Economic and Financial Crimes Commission (EFCC) over alleged involvement in the deal between Malabu Oil and Gas Limited and the Federal Government over OPL 245.

    Malami, through the Permanent Secretary and the Solicitor-General of the Federation, Mr. Dayo Apata, filed in response to the suit, a notice of preliminary objection challenging the competence of the suit and the court’s jurisdiction to hear it.

    He also filed a counter-affidavit challenging the merit of the case.

     

  • Malabu : I didn’t receive $2.2m bribe, says  Adoke

    Malabu : I didn’t receive $2.2m bribe, says  Adoke

    A former Attorney- General of the Federation and Minister of Justice, Mr. Mohammed Bello Adoke( SAN) yesterday denied receiving $2.2million bribe from the $1b Malabu Oil Block deal.

    He insisted that  there was nothing illegal or shady about the resolution of the dispute over the ownership and operation of the OPL 245.

    He said all the State actors that implemented the settlement agreement,  including himself, acted in the national interest.

    He said the requisite Presidential Approvals were duly sought and obtained before a settlement agreement was reached on Malabu Oil Block.

    He also said he has filed an action before a Federal High Court to seek reliefs and declarations on the extent of the powers of the President of the Federal Republic of Nigeria under sections 5, 147, 148 and 150 of the Constitution of the Federal Republic of Nigeria 1999.

    He said he asked the court to determine whether  a Minister of the Government of the Federation can be held personally liable for carryout the lawful directives/ approvals of the President.

    Adoke made these disclosures in a letter to a UK-based anti-corruption body, Global Witness following a statement by the organisation on the charges preferred against Shell,  Eni  and top executives of the oil giants on the Malabu deal.

    The ex-minister, through his counsel, Femi Oboro Gromyko Amedu, alleged that Global Witness insinuated that he collected $2.2million bribe from Malabu Oil Block deal.

    The letter said: “Our client vigorously denies that he received a bribe of $2.2 million or any other sum on account of the OPL 245 Settlement Agreement and states that he has had cause to call attention of the public to the reckless and reprehensible attempt by the Economic and Financial Crimes Commission (EFCC) to link his Mortgage repayment to the Unity Bank of Nigeria to the alleged bribe of $2.2 Million, when the loan documentation in respect of the mortgage is available for any objective person to apprise himself of the transaction and arrive at an informed conclusion.

    ”Our client reiterates that he had applied for a mortgage loan in the sum of N300,000,000 (three hundred million Naira only) from Unity Bank of Nigeria to purchase a property from Aliyu Abubakar, a property developer in Abuja.

    “ The bank paid the loan sum directly to the developer. Our client was also required to source and pay the balance of N 200,000,000 (two hundred million Naira only) as the sale price was fixed as N 500,000,000.

    “ When however, our client could not meet up with his repayment obligations to the bank as well as complete the payment of the balance of N 200million to the developer, the developer opted to repossess the property.

    “Our client had no option than to consent to the proposal and asked that the sum of N 300million  earlier paid to him by Unity Bank of Nigeria be refunded directly to the Bank.

    “The developer accordingly paid the money directly to the bank to offset the mortgage loan and the certificate of occupancy (title documents) in respect of the property was released by the bank to the developer.”

  • Malabu: Italian court orders trial of Shell, Eni

    An Italian court has approved the prosecution of Royal Dutch Shell and Eni in the controversial sale of oil prospecting lease (OPL) 245 oil block.

    OPL 245 is located in an extremely rich oilfield in the Niger Delta, estimated to worth half a trillion dollars.

    The sale of the block has been replete with allegations of graft amid lawsuits.

    A judge in Milan ordered that Claudio Descalzi, an Eni executive, and his predecessor, Paolo Scaroni, should be tried on allegations of impropriety in the deal.

    The trial is expected to commence on March 5.

    But Eni has distanced its directors from any misdeed in the purchase of the lucrative oilfield.

    “Eni’s Board of Directors has reaffirmed its confidence that the company was not involved in alleged corrupt activities in relation to the transaction.

    “Eni expresses its full confidence in the judicial process and that the trial will ascertain and confirm the correctness and integrity of its conduct.