The Nigerian Government transferred N120billion ($801million) to a company, Malabu Oil and Gas, with a fake address and which has been involved in illegality right from its inception, an ongoing PREMIUM TIMES investigation has shown.

The company subsequently transferred the money to other phony companies with falsified addresses in what the Economic and Financial Crimes Commission described as a “cloudy scene associated with fraudulent dealings.”

PREMIUM TIMES had reported how Mohammed Adoke, the Attorney General of the Federation; and Yerima Ngama, the Minister of State for Finance, on August 16, 201,1 hurriedly and secretly authorised the transfer of the money from a Nigerian government account with JP Morgan International Bank, into Malabu accounts, a day before the resumption of the Finance Minister and former World bank Managing Director, Ngozi Okonjo-Iweala..Read more: http://premiumtimesng.com/news/5708-how_govt_funelled_billions_to_phony_company.html