FG Announces Recovery of $85m From Malabu Oil Deal

Nigerian federal government on Thursday, October 26, announced the recovery of $85m, part of stolen funds from the controversial Malabu Oil deal from the United Kingdom (UK). Abubakar Malami, attorney general and minister of justice, made this known at the ongoing consultative meeting on assets recovery in Abuja.

Speaking further, Malami lamented the negative attitude of some countries that are still holding on to stolen assets from Nigeria. He said despite several treaties signed with the federal government to facilitate the return of loot, the countries refused to honour the treaties. Meanwhile, it was earlier reported that the $1.2 billion paid to Malabu Oil and Gas for the procurement of one of Nigeria’s richest oil fields, OPL 245 by Shell and Eni, which was then reportedly used to bribe Nigerian politicians and intermediaries who helped to secure the controversial deal has been a hot topic for discussion.

The Malabu topic was resurrected once again following a BBC report which seems to implicate former president Goodluck Jonathan. The ex-president of Nigeria as however denied collecting a $200 million bribe.