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Nairaland Forum / Nairaland / General / Politics / I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court (1385 Views)
Osinbajo And Malami In Turf War Over $1.3billion Malabu Scam - Premium Times / Nigeria To Withdraw OPL245 From Malabu And Dan Etete / $1.1b Fraud: British Judge Questions GEJ's Integrity, Stops Etete From Getting (2) (3) (4)
I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by masterdre: 3:25pm On Jun 14, 2013 |
In a desperate attempt to muddle-up facts, convicted felon, Dan Etete, has told a British High Court that he is not the owner of Malabu Oil and Gas and thus not the recipient of the $1.1 billion (N173 billion) fraudulently transferred to Malabu by the Goodluck Jonathan administration. The money was paid by oil giants, Shell and Eni, through the federal government, to Malabu. Mr. Etete, a former minister of petroleum, told the court in a testimony he gave on a breach of contract suit brought against him over the sale of the controversial oil block OPL 245 that he only made N37.5 billion ($250 million) working as a consultant for Malabu, the Economist is reporting. PREMIUM TIMES had reported how Mr. Etete is the sole signatory into the bank accounts that the federal government paid about $800 million (N126 billion) of the oil bloc sale into. Read details here: http://premiumtimesng.com/news/138741-i-only-got-n39-billion-from-fraudulent-malabu-deal-etete-tells-british-court.html |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by automaticcarzz: 3:34pm On Jun 14, 2013 |
Oh Lord of Mercy! I shake my head when I hear Nigerdeltans complain about their region being underdeveloped. They should turn their anger against people like Etete, Ibori, Alameiseigha, Jonathan, Odili, and co. People like Etete and co are the reasons your region is not yet developed. 1 Like |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Biggoozz: 3:41pm On Jun 14, 2013 |
Such stories that make people wanna just die. One man calls whooping N37 billion "JUST"; made without sweats, while honest people sweat blood toiling. Oh God! 1 Like |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Garrithe1st: 3:45pm On Jun 14, 2013 |
I only got N39 billion from fraudulent Malabu deal- Etete tells British court http://premiumtimesng.com/news/138741-i-only-got-n39-billion-from-fraudulent-malabu-deal-etete-tells-british-court.html |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by MARSHALLMVP: 3:48pm On Jun 14, 2013 |
people that boast of the amount they stole usually get a N750k bargain... coz they know far too well that the person stole N30 billion didn't pull that deal alone... and the rest are not to come down with him.. there has to be a way |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Garrithe1st: 3:48pm On Jun 14, 2013 |
Jonathan is truly fighting corruption!! PDP!!!!........ Share d money!! |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by takedat(m): 3:50pm On Jun 14, 2013 |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Nobody: 3:57pm On Jun 14, 2013 |
The infographic presented above provides the clearest indication of what to expect in relation to OMLs 26, 30, 34, and 42, once the current petroleum minister completes her tenure Here is some more background information from the same article in The Economist. DEALS for oilfields can be as opaque as the stuff that is pumped from them. But when partners fall out and go to court, light is sometimes shed on the bargaining process—and what it exposes is not always pretty. That is certainly true in the tangled case of OPL245, a massive Nigerian offshore block with as much as 9 billion barrels of oil—enough to keep all of Africa supplied for seven years. The saga of block OPL245 began in 1998 when Nigeria’s then petroleum minister, Dan Etete, awarded it to Malabu, which had been established just days before and had no employees or assets. The price was a “signature bonus” of $20m (of which Malabu only ever paid $2m). Where did the money go? Is there anyone still harbouring doubts that Nigeria's current attorney general has no interest is seeing this matter pursued to its logical conclusion? 1 Like |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Maxymilliano(m): 4:20pm On Jun 14, 2013 |
masterdre: In his statement, Adoke explained that Malabu was allocated OPL 245 in April, 1998 and in accordance with the terms of the grant, it appointed Shell as its technical partner. The two companies, he explained, executed relevant agreements, including a Joint Operation Agreement in 2001. Records, he said, indicated that Shell took 40 per cent participating interests in the venture in a farm-in- agreement and also signed an agreement with Malabu as its technical partner for the venture. He further stated that, although, Malabu was issued a licence for Block 245 in April 2001, the same licence was subsequently revoked by the Federal Government on July 2, 2001. Malabu was dissatisfied with the revocation and petitioned the House of Representatives Committee on Petroleum to look into the matter. The House of Representatives Committee on Petroleum found no rational basis for the revocation directed the Government to withdraw the re-award of the block which it had, in the meantime, made to Shell. Malabu also instituted a suit before a Federal High Court in Abuja which was subsequently struck out, but lodged an appeal at the Court of Appeal in Abuja. An amicable settlement was entered between Malabu and the Federal Government before the appeal was heard. In compliance with the settlement agreement executed on November 30, 2006, OPL 245 was to be fully and completely restored to Malabu in consideration for Malabu withdrawing its appeal. Adoke explained that in 2010, when the current administration came to power, Malabu again petitioned the Federal Government to implement the terms of the out-of-court settlement of November 30, 2006 on the basis of which Malabu had discontinued its appeal. A new settlement was reached on April 29, 2011 between the Federal Government and Malabu Oil&Gas Limited under which Malabu agreed that in consideration of receiving compensation from the federal government, it would settle and waive any and all claims to any interest in OPL 245. Adoke continued:“In furtherance of the Resolution Agreement, SNUD and ENI agreed to pay Malabu through the Federal Government acting as an obligor, the sum of US$ 1,092,040,000 billion in full and final settlement of any and all claims, interests or rights relating to or in connection with Block 245 and Malabu agreed to settle and waive any and all claims, interests or rights relating to or in connection with Block 245 and also consented to the re-allocation of Block 245 to Nigerian Agip Exploration Limited (NAE) and Shell Nigeria Exploration and Production Company Limited (SNEPCO).” He insisted that the role played by the federal government was essentially that of facilitator of the settlement of the long standing dispute between Malabu and Shell over the ownership and right to operate Block 245. http://www.nigeriaoilandgasintelligence.com/house-of-reps-to-probe-1bn-malabu-oil-deal |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by bloggernaija: 4:29pm On Jun 14, 2013 |
This thing has GEJ , Madueke , iweala and sanusi all written all over it |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Nobody: 4:38pm On Jun 14, 2013 |
automaticcarzz: Oh Lord of Mercy! I shake my head when I hear Nigerdeltans complain about their region being underdeveloped. They should turn their anger against people like Etete, Ibori, Alameiseigha, Jonathan, Odili, and co. People like Etete and co are the reasons your region is not yet developed. Why should we, when we can easily blame the Hausas and the Yorubas? 3 Likes |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by kkkp: 4:52pm On Jun 14, 2013 |
National cake |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by ujoinme: 5:29pm On Jun 14, 2013 |
kingoflag:BECAUSE WHAT ETETE HAS STOLEN IS NOTHING COMPARED TO WHAT SEVERAL PEOPLE FROM THOSE ETHINCITIES YOU MENTIONED HAVE STOLEN |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by gbanikiti(m): 6:47pm On Jun 14, 2013 |
ABSOLUTELY SPEECHLESS! |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Nobody: 7:16pm On Jun 14, 2013 |
$1.1billion (N173 billion) fraudulently transferred to Malabu by the Goodluck Jonathan administration. Gej, ngozi, dezeani, sanusi should come and tell us who owns the account o, since his government made the payment. 2 Likes |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Garrithe1st: 8:45pm On Jun 14, 2013 |
Obiagelli: Now we are seeing the F9!!!! |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Nobody: 8:48pm On Jun 14, 2013 |
ujoinme: GTFOH!!! |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by AZeD1(m): 8:55pm On Jun 14, 2013 |
"Only got 39 billion" Oh boy see money!!! |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by omenka(m): 9:30pm On Jun 14, 2013 |
Obiagelli: You would wait until thy kingdom come to get answers to such questions. Jonathan is corruption personified! He relishes wining and dining with the most sordid characters we have in this country. Never in our history as a nation have we had it so bad. They steal the money as though Nigeria is gonna cease to exist tommorow. Who do you think is behind all that subsidy mega fraud?? Over 1.6trillion stolen yet no one's been jailed, rather they agressively fought to thrash all reports concerning the issue. Need I remind us that it even happened in an election year? Then some mediocre lowlife scums would take to airwaves singing praises of the administration's unflaggin fight against corruption. I weep for my dear country. 3 Likes |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by takedat(m): 9:48pm On Jun 14, 2013 |
Obiagelli:Ngozi was not in government when the money was paid, rather it was the minister of state(finance) and Adoke that authorized the payment! Not forgetting it was order from above! 2 Likes |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Nobody: 10:52pm On Jun 14, 2013 |
take dat: Ngozi was not in government when the money was paid, rather it was the minister of state(finance) and Adoke that authorized the payment! Not forgetting it was order from above!I didn't call for her arrest? If she was not in government then, does it mean she can't tell us who they paid the money to, as she is the current minister and should have access to such info. Btw what will one person do with 39 billion, even if you spend 1 million every day 1 million * 365 = 365 million a year 3 years × 365 million = 1.09 billion . *. 39 billion – 39 × 3 = 117 years It will take 117 years for someone to finish 39 billion if he spends 1 million naira every day 1 Like |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by gbanikiti(m): 11:21pm On Jun 14, 2013 |
Obiagelli:hmmmm.... na wah! |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by idupaul: 12:03am On Jun 15, 2013 |
In the face of such corruption I shall take solace from the below bible verses it is well brethrens of Nigeria: "Eph 6:12 For we wrestle not against flesh and blood, but against principalities, against powers, against the rulers of the darkness of this world, against spiritual wickedness in high places. Eph 6:13 Wherefore take unto you the whole armour of God, that ye may be able to withstand in the evil day, and having done all, to stand. Eph 6:14 Stand therefore, having your loins girt about with truth, and having on the breastplate of righteousness; Eph 6:15 And your feet shod with the preparation of the gospel of peace; Eph 6:16 Above all, taking the shield of faith, wherewith ye shall be able to quench all the fiery darts of the wicked. Eph 6:17 And take the helmet of salvation, and the sword of the Spirit, which is the word of God: Eph 6:18 Praying always with all prayer and supplication in the Spirit, and watching thereunto with all perseverance and supplication for all saints;" |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by takedat(m): 12:41am On Jun 15, 2013 |
Obiagelli:Premium Times reported in details on when the money was paid, into whose account, transfers made thereafter and names of individuals involved, so its an open secret. The man only admitted to his own share which is N39billion, the remaining is in the pockets of top government officials who supervised the transaction! |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Nobody: 1:43am On Jun 15, 2013 |
Now we know where the subsidy money went... |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by otokx(m): 7:32am On Jun 15, 2013 |
See money |
Re: I Only Got N39 Billion From Fraudulent Malabu Deal- Etete Tells British Court by Amanwulu1(m): 8:08am On Jun 15, 2013 |
Btw what will one person do with 39 billion, even if you spend 1 million. are u sure u are a nigerian living in nigeria? |
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