PREMIUM TIMES has uncovered one of the most fraudulent crude oil deals executed by the Goodluck Jonathan administration, which saw a campaign official and some other suspected cronies of the ex-president smiling to the banks with up to 50 per cent commission from the proceeds of a foreign crude oil lifting contract, turning them into instant billionaires.

In the middle of the shady deal is a Nigerian oil and gas company, Sarb Energy, which acted as a dodgy middleman in a non-transparent government-to-government crude oil sale between the Nigerian and the Zambian governments.

Sarb Energy, incorporated on September 19, 2008, was specifically established for the controversial deal.

This newspaper has established that Sarb Energy has link with at least one political associate of former President Jonathan, whose five-year reign as leader of Africa’s largest oil producer was characterized by allegations of massive corruption, especially in the oil and gas sector.

The company’s directors at inception, according to records at the Corporate Affairs Commission, were Nimi Barigha-Amange, a former Peoples Democratic Party’s senator from Bayelsa (2007-2011), who also served as director of planning, research and strategy for Mr. Jonathan’s re-election campaign in 2014; Sylva Ogbogu, a retired Brigadier General; Akpan Ekpene, the managing director of the company, who executed the deal; and Ogba Properties and Investment Company Limited, a company whose real ownership remained unclear.

For months, PREMIUM TIMES was unable to obtain its records at the CAC.

Sarb Energy corporate ownership structure

SARB Corporate Structure

Mr. Barigha-Amange was a director in Deltoil Nigeria and Pixy Energy, two other companies with stakes in Sarb Energy.

The crude oil deal

In a testimony he gave at a Zambian court, Mr. Ekpene said he sold the idea of the government-to-government crude oil deal to the Zambian government in 2008, which then gave his company, Sarb, a power of attorney to execute the contract on its behalf.

Under the deal signed with the Nigerian National Petroleum Corporation, the Zambian government was to lift eight million barrels of crude oil worth N155.4 billion ($969.6million).

After the deal was sealed on April 20, 2011, Sarb made an initial deposit of $2.5million to the NNPC in the name of the Zambian government.

Rather than Sarb importing the crude for use of the Zambian government at home, it was agreed that the company would sell the commodity to other traders, split profit 50-50 with the government and then remit the Zambian government’s share to official administration accounts.

But that didn’t happen. What indeed happened was that the Nigerians sold the crude and failed to make payments into Zambian government accounts.

Instead, according to Mr. Ekpene, parts of the proceeds were diverted into an account held by Iexoria, a Singapore-based company allegedly controlled by Henry Banda, the Zambian president’s son.

No evidence has emerged till date indicating that Zambia received any revenue from the deal.

The deal sparked controversy in Zambia, with former President Rupiah Banda charged with multiple violations of that country’s anti-corruption laws.

In his testimony during the trial, Mr. Ekpene claimed the proceeds of the deal were passed directly to Mr. Banda and his family.

The Sarb managing director told the court that his company made two wire transfers worth $550,000 from its Access Bank account in Nigeria to a Barclays Bank account in Singapore owned by Iexoria.

Henry Banda, the Zambian president’s son, controlled Iexoria. Both transfers were made before that country’s September 2011 general elections, when Mr. Banda was still president.

A fake consultancy contract was then drawn up between Sarb and Iexoria to support the payments, stating that Iexoria was supposed to carry out a feasibility study for a power plant.

Mr. Ekpene admitted in court the contract was a ruse as no such feasibility study was done. He said that approach was adopted to deceive Access Bank into authorizing the transfers.

He claimed that he also gave Mr. Banda $500,000 through his son Henry, to boost his election campaign. He said that was after Mr. Banda requested $1 million advance payment from the government-to-government oil deal.

Mr. Ekpene also told the court that he helped Banda with campaign materials, which he transported from Nigeria to Zambia, during a trip in which he admitted concealing $260, 000 cash in his luggage.

He said he handed over the cash to Banda at the Government House for his use in the 2008 campaigns.

He said he made the donation to President Banda because the intermediary in the crude lifting deal, Major Richard Kachingwe, allegedly insisted that they needed to support him to win reelection.

Mr. Ekpene may have, however, lied under oath in court during the Banda trial when he said only 5.7 million barrels of crude were shipped out of Nigeria in the deal, with the last cargo loading in December 2012.

PREMIUM TIMES found, from NNPC and Finance Ministry records, that 11 cargoes, carrying more than eight million barrels, were lifted in respect of the deal.

Insiders say Sarb Energy continued to lift from the NNPC even when the Zambian authorities believed the deal had ended.

The Magistrate’s Court in Lusaka, the Zambian capital, however acquitted Mr. Banda in June 2015, saying the prosecution failed to prove its case that the former leader violated Section 99(1) of the Zambian Penal Code.

No progress with investigation in Nigeria

Even though Sarb and its official, Mr. Ekpene, made startling confessions in court in Zambia, including admitting laundering funds out of the country, it does not appear investigation is making progress in Nigeria.

Mr. Ekpene claimed in court that Nigeria’s Economic and Financial Crimes Commission looked into the contract in May 2013.

But no enforcement action has so far been taken.

The spokesperson for the EFCC, Wilson Uwujaren, said he was not aware that any such investigation was ongoing. He promised to crosscheck with the agency’s investigators and then revert to PREMIUM TIMES.

The spokesperson for the NNPC, Ohi Alegbe, could not be reached Monday.

When contacted by PREMIUM TIMES, Mr. Barigha-Amange, the PDP politician, directed all enquiries on the matter to Mr. Ekpene, the managing director of the company.

“I don’t know much about this matter,” the former senator said. “Only the MD can talk about it.”

Mr. Ekpene however declined to comment. He did not answer or return calls. He also did not respond to an email sent to him more than a month ago.
http://www.premiumtimesng.com/news/headlines/192555-exclusive-jonathans-campaign-chief-others-divert-n155bn-crude-oil-money-to-corrupt-zambian-officials.html

Chai, PDP has finished Nigeria. Jonathan their Hero in corruption and misappropriation of public fund. Bless Jah will voted out the Satanic people by now Naija for don dey OLX awaiting highest bidder.

i have given up on every politician. they don't know what humanity is. their heart is now as hard as a stone and deep like the ocean.

ok

This Jonathan sef...

It's my birthday... Gimme as many likes as possible to thank God. 200likes equal 200 thank God... That's not even a 1/200 of what God has done for me

A commander that was not equal to his command.

The most painful is that we nigerians will hear this and not taking any action against these bunch of criminals that have sworn to inflinch pains on us..chai jona,,wetin be our offence for ya hand??

Then one Murray Bruce will open his mouth and be talking rubbish when we now know how GEJ led PDP finished Nigerian but by the special grace of God.

And where this oil is being extracted looks like hell hole!

Unconfirmed news.

Wickedness in high places.

The end is near for all of them...
See Jonah's face after yesterday's meeting
Looking pale
you will know he's in for it
The fear of PMB for Jonah is the beginning of wisdom

Jonathan is the reason we're in this economic quagmire. Just imagine what would have happened if he had won that re-election.

His foolish & daft supporters keep blaming Buhari for not making Nigeria work, when that bastard & his cronies have already looted our treasury to ground zero.

For this reason, no Niger Deltan will ever rule this Country again.

Some disillusioned wailers will quickly tell us Jonathan was in the APC since 1993 and joined PDP to become President .

During the 16 years of PDP, Jonathan was Deputy Governor, Governor, VP and President, but today Otueke, his hometown, lacks potable water; was it former or present APC members that tied his hands (and brain)?

The PDP destroyed Nigeria on all levels for the past 16 years. Fact.

Just look at them.
Same kind like those who sold their own to slavery.
They cannot help themselves even if the lack of social amenities /physical infrastructure is going to kill them and their family members in future.

witchcraft people!
wetin concern Goodluck Jonathan with this?
Was he president in 2008?
kpians!

GEJ is not corrupt


Stealing is never corruption

It's just sleight of hand

Awon oloriburuku people

BALLOSKI:
This Jonathan sef...

You mean Jonathan sef.....

I hear.

It is no surprise the Yowling Yowlers have avoided this thread like a porcupine.

Even though Sarb and its official, Mr. Ekpene, made startling confessions in court in Zambia, including admitting laundering funds out of the country, it does not appear investigation is making progress in Nigeria.

Mr. Ekpene claimed in court that
Nigeria’s Economic and Financial
Crimes Commission looked into the
contract in May 2013.

But no enforcement action has so far
been taken.

Typical- halmark of Jonathan's administration. It is a shame due to his weakness in character, the best way Jonathan thought he could endear himself to the Big Timers and secure political patronage is looking the other way as the country is being stabbed repeatedly by these rampaging "waylayers" and left to bleed to death by the sidewalk.

24 more hours under a Jonathan government would have seen this country rushed into the emergency room and I doubt even the best surgeons in the world would have saved her from death.

Thank God for this team of paramedics called upon by Nigerians, ably lead by Buhari. The first aid has been administered and the prognosis is positive. It would take a little time for this patient to make full recovery but I have faith she would.

#Fact: Nigeria and Alison Madueke would have traded places had Jonathan won.



Good morning Lalasticlala. Presume you had a fabulous night.


Cc: Modath, Midolian, Beremx, FastShipping, NgeneUkwenu, Aresa, Donphilopus, HungerBad, Dekdek.

Zoharariel:
Jonathan is the reason we're in this economic quagmire. Just imagine what would have happened if he had won that re-election.

His foolish & daft supporters keep blaming Buhari for not making Nigeria work, when that bastard & his cronies have already looted our treasury to ground zero.

For this reason, no Niger Deltan will ever rule this Country again.

You are a bloody hypocrite


No Yoruba will ever rule this country because of OBJ corruption


No Hausa will ever rule this country because of Abacha's corruption




Bloody hypocrite.

Delphi:
A commander who was not equal to his command.

Thank you , that is the exact thing we talk about... The successive PDP heads of Federal Govt have tacitly supported corrupt practices & refused to allow institutions to thrive.


If the head is destroyed, the body is but an empty shell but trust TonyeBarcanista to come up with inane epistles to support a claim that should ridiculous even to the most subjective of their aympathizers.


Omenka; Good morning , great to see Jona meeting up with Baba, the least he can do since he was the last to look the other side while the country was being bled is to not oppose the move to bring people to justice...

It will be well with this nation by God's grace.

barcanista food don done

Ben bruce would like everyone to forget about this and just pretend like it never happened. Abeg if he doesn't have anything to say he should just be quiet.

handsomeclouds:
The end is near for all of them...
See him face after yesterday's meeting
Looking pale
you will know he's in for it

I only see one pale looking face and it clearly isn't GEJ's. It's really pathetic how any allegations from wherever has GEJ's name but yet d govt is still silent jus like d D in Django. It's becoming a norm to deflect attention from d govt by bringing up cock and bull stories from the previous. If d govt has cases against d past administration, why not just go straight ahead and start the prosecution process. It's 6months already and d blame game is still on.

Koolmexxi:

I only see one pale looking face and it clearly isn't GEJ's. It's really pathetic how any allegations from wherever has GEJ's name but yet d govt is still silent jus like d D in Django. It's becoming a norm to deflect attention from d govt by bringing up cock and bull stories from the previous. If d govt has cases against d past administration, why not just go straight ahead and start the prosecution process. It's 6months already and d blame game is still on.

Keep dwelling a your fool's paradise.. The fact that PMB has been consistent in saying it means GEJ is actually guilty
Besides that, what could have been the subject matter of such a meeting
As far as I'm concerned GEJ has no business with PMB if all were to be well

Keneking:


You mean Jonathan sef.....

yeah....in ur words...