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Nigeria To Withdraw OPL245 From Malabu And Dan Etete - Politics - Nairaland

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Nigeria To Withdraw OPL245 From Malabu And Dan Etete by robosky02(m): 10:12am On Jan 25, 2016
EXCLUSIVE: Shell, Eni in fresh trouble as Nigeria begins moves to withdraw OPL 245 from Malabu, Dan Etete


The Nigerian government is set to retrieve one of Africa’s richest oil blocs from oil giants, Shell and Eni, PREMIUM TIMES has learnt.

Not only will the two oil giants lose OPL 245, should President Muhammadu Buhari approve the recommendations, they will also be fined billions of dollars for illegal activities, including paying money to fraudulent public officials and private citizens in order to secure the bloc.

The retrieval of the controversial oil bloc, estimated to contain about 9 billion barrels of crude, as well as placing heavy fines on the oil giants, is contained in a far-reaching recommendation by the office of the Director of Public Prosecution, DPP, Mohammed Diri.

The recommendation was at the instance of the Attorney General of the Federation and Minister of Justice, Abubakar Malami, who is set to advise the federal government on how to proceed on a controversial deal that is being investigated by authorities in four different countries.

In arriving at its recommendations, the DPP committee, which included lawyers from his office, called for the cancellation of the ‘settlement agreement’ that ceded the oil bloc to Shell and Eni.



The ‘Settlement Agreement’

Made on April 29, 2011, the settlement deal is made up of three different ‘Resolution agreement’ signed by the parties involved in the OPL 245 saga.

The first, titled “BLOCK 245 MALABU RESOLUTION AGREEMENT” was signed between representatives of the federal government and those of Malabu, which was represented during the discussions by a former petroleum minister, Dan Etete.

The second agreement, titled “BLOCK 245 RESOLUTION AGREEMENT” was between the Nigerian government and officials of Shell and Eni/AGIP; while the third agreement, titled “BLOCK 245 SNUD RESOLUTION AGREEMENT”, was signed by officials of the Nigerian government and Shell.

The immediate past attorney general of the federation, Mohammed Adoke, and immediate past petroleum minister, Diezani Alison-Madueke signed all the agreements on behalf of the federal government. Both are among officials being investigated by Nigeria’s foremost anti-graft agency, the Economic and Financial Crimes Commission, for their roles in the scam.

The agreements saw the transfer of OPL 245, first from the Malabu to the Nigerian government and then from the government to Shell and Eni. The agreements also effectively cancelled all previous law suits and judgements related to the case.

It was based on these agreements that Shell and Eni paid a total of $1.3 billion into Nigerian government accounts, which as stated in earlier reports by PREMIUM TIMES, largely ended up in accounts of phoney companies and shady characters.

Cancel the agreement
The committee empanelled by the Attorney General Malami recommended that the agreement be cancelled, describing it as “null and void”, and saying it “should not be given any legal effect by the FGN (Federal Government of Nigeria) as doing so would amount to the FGN condoning and perpetuating illegality.”

One of the reasons the panel consider the agreement illegal is that the ex-convict, Mr. Etete, had no legal authority to negotiate the agreement on behalf of Malabu as he was not a shareholder of the company nor had the permission of the shareholders to do so.

Also, the oil bloc was awarded to Malabu in furtherance of Nigeria’s policy to encourage local companies and part of the conditions for the award was that “foreign participation interest in the blocks (OPL 245 and 214) shall not exceed 40%, i.e. 60/40 indigenous to foreign;” a fact Shell was aware of but chose to ignore.

The committee also sought the cancellation of the agreement based on a resolution by the last House of Representatives, which called for the cancellation and demanded that Shell be“censured or reprimanded… for its lack of transparency and full disclosure in its bid to acquire OPL 245.”

Also, although Shell and Eni claimed they only struck an agreement with the federal government and that they did not know, before the agreement, that the money they paid was going to Malabu, evidence by investigators in Italy and the Nigerian anti-graft agency, EFCC, shows that the oil firms knew the payment was eventually going to Malabu accounts controlled by Mr. Etete, a man once convicted for money laundering in France.

Apart from calling for the cancellation of the agreement, the DPP panel also recommended the full recovery of the money paid by Shell and Eni, describing it as “proceed of crime.”

PREMIUM TIMES had reported how the Federal Government paid over $800 million of the money into accounts controlled by Mr. Etete and how Justice Edis of the Southwark Crown Court in England refused to release $85 million of the remaining sum to Mr. Etete in December.



http://www.premiumtimesng.com/news/197316-exclusive-shell-eni-in-fresh-trouble-as-nigeria-begins-moves-to-withdraw-opl-245-from-malabu-dan-etete.html

10 Likes 1 Share

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by politricks: 10:22am On Jan 25, 2016
Another can of worms

16 Likes

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by excellencyabia1: 10:42am On Jan 25, 2016
Who is free in Nigeria? I mean corrupt free?. Washing an old woman cloth will cause a lot of health problem.
Well let me go and ask my dad to know the property he bought with looted fund so that he will not include it in his will while writing.
God save nija

21 Likes 1 Share

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by Farnsworth: 10:45am On Jan 25, 2016
well, just gonna sit down and enjoy this one.
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by NavierStokes(m): 10:59am On Jan 25, 2016
Probes here and there, there is an inherent danger in doing too much or having your hands full at a time, I hope this government doesn't keep the country stagnant these coming 3 years and 4 months.

The real questions should be, are the companies competent? are they credible? Will they evade paying taxes etc. The real corruption to me is awarding an asset like that (huge plus located in deep waters) to an individual company malabu oil, with no proven evidence of experience etc. So they should rather be fixated on who awarded that contract in 1999 rather than who worked out an amicable solution.

Look anyone who is knowledgeable about the oil industry will tell you that this move is a no-brainer.
The asset in question was awarded to an indigeneous firm and since 1996? or so they have been unable to do nothing, or do you all think exploring or drilling in deep waters is a business for a novice indigeneous coy or even our NNPC? Shell already has the expertise and i think provide the technical experts on this project. Everyone knows our government has been battling even to meet cash call obligations these past years. And you find people who are willing to invest and all you can think of is to retrieve the asset. I think there is a clause shielding the companies from litigation on this particular deal.

They better rethink the multiplier effect of this action, both companies (shell and eni) are credible, technically competent and will effectively manage that asset paying their taxes and royalties in the process. Retrieving the asset from them will send a very bad signal out there, and will be a sort of deterrent to other would be foreign investors. Already there are complaints of lack of working systems here (one government cancelling agreements legally entered into by her predecessor), plus over-regulation and interference by governments plus the multiple fronts our governments use to extort money from them, 85% taxes on profits, rotalties, JV or PSC payments, partnership for sustainable developments etc.

Already a lot of companies have designated Nigeria as high risk, and making attempts to limit their exposure so its left for us to continue on the ego or power trip.

PS: conocophillips pulled out of Nigeria a few years ago and till date the brass lng project has still been on a standstill.

All I know is that every government or corporation around the world, sets her priorities in line with current realities at the time, and also in taking decisions people face tradeoffs.

BP the great had her assets seized in Nigeria and became the African Petroleum and today what do we have, a rubbish business that was finally sold out as peanuts.

Let he who can see the big picture, ensure this government is properly guided.

31 Likes 2 Shares

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by Kreamie(m): 11:49am On Jan 25, 2016
Sigh...Is this a good move? Like seriously..
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by weblogo: 11:49am On Jan 25, 2016
I am learning new stuffs everyday.

2 Likes

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by Nobody: 11:49am On Jan 25, 2016
Nice One,
If PMB should probe and fight corruption in his regime, the next regime
irrespective of the party will learn how to conduct their governance in a
better way.

72 Likes 4 Shares

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by WebSurfer(m): 11:49am On Jan 25, 2016
grin
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by datola: 11:50am On Jan 25, 2016
Is this a good decision now that crude oil is becoming less valuable to the economy.

Things wrongfully done in the past should be corrected though.

1 Like

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by tolexy007(m): 11:50am On Jan 25, 2016
shocked
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by Nobody: 11:50am On Jan 25, 2016
When Oil Price done fall with no hope of rising?

We had better start recovering our days of Agricultural exports.

2 Likes

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by Emekamex(m): 11:50am On Jan 25, 2016
Okay o, make we just dey watch.

1 Like

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by tunwumi: 11:50am On Jan 25, 2016
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by WebSurfer(m): 11:50am On Jan 25, 2016
NavierStokes:
Probes here and there, there is a danger on doing too much or having your hands full at a time, I hope this government doesn't keep the country stagnant these coming 3 years and 4 months.
Will you keep qwayet if you dont have anything to say? Where is the probe on the content?

28 Likes

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by ibkgab001: 11:50am On Jan 25, 2016
Even chevron
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by Soreza(m): 11:51am On Jan 25, 2016
Great steps
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by tuoyoojo(m): 11:51am On Jan 25, 2016
ok na

in as much has probe it important

what is being done to help our ailing economy

the free fall of the naira is unprecedented

CBN changing policies every day like traffic light

the economic team playing kalo-kalo with us

4 Likes 1 Share

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by JonSnow(m): 11:51am On Jan 25, 2016
Hmm..

What of the oil bloc (OML 127) given to that yoruba lady Folorunsho Alakija just because she was IBB's concubine? Una no go collect am? undecided

19 Likes 1 Share

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by afolayangs(m): 11:51am On Jan 25, 2016
we are waiting
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by Holamidhe(m): 11:52am On Jan 25, 2016
Good news finally
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by Sweetguy25: 11:52am On Jan 25, 2016
You think Shell and ENI would forgo an over 2 billion barrels worth of crude oil well easily? These guys are not MTN o. The dullard should remember Shell and AGIP are not MTN.

8 Likes

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by NavierStokes(m): 11:53am On Jan 25, 2016
WebSurfer:
sharap there... The public thieves must not go free

My brother can you please try to be civil in getting your point across? There is a limit to the patience of the masses at this rate it won't be long till they get tired of hearing the same thing.
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by MadCow1: 11:54am On Jan 25, 2016
As long as dem no ask Etete dem to refund the money because e no go funny at all.
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by Krucifax(m): 11:54am On Jan 25, 2016
I support a lot of the ideas of the Buhari government however a lot of the other ideas of this government is misguided. It would appear that an over emphasis is be put on this corruption witch hunt at the expense of substantive ideas on how to improve the lot of the common man.

Even after seizing this or arresting that. You still need to sit down and factualize how to create employment,stimulate the economy,improve infrastructure and guarantee security. This is what people who voted for "Change" want.

It's tiring and becoming boring that all Nigerians read in the papers about government these days is who they are chasing or who is in court. By all means punish the criminals but when are you actually going to do some governance? What has changed between the last government and the current government that has lead to the actual improvement of the life of the common man. I haven't seen anything can someone please tell us?

13 Likes 1 Share

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by omenka(m): 11:55am On Jan 25, 2016
You just gotta love Buhari!!
Wailers, wetin be una problem sef?? cheesy

8 Likes

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by Kingbilo(m): 11:56am On Jan 25, 2016
this is a dangerous situation. Very dangerous.. Especially with regards to foreign policy.. Buhari might make more enemies than he thinks

1 Like

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by easzypeaszy(m): 11:56am On Jan 25, 2016
na my elder brother wey dey work for shell I dey pity now sef...i tel am say Buhari no kw anytin he say na him he believe pass...he wanted to even slap his wife bc of buhari...since wen buhari tkovr govrmnt even to send me pocket money he no fit again...now frm Shell sackin 10-18 thousand workrs to total distruction of the Shell its self by Buhari...Bt if Buhari no want mk God punish am mk he no let anytin affct brothr.

2 Likes

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by JonSnow(m): 11:56am On Jan 25, 2016
Smh
Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by ochukoccna: 11:57am On Jan 25, 2016
Makes sense!
Deal cast Nigeria in bad light internationally in the first instance.
None the less, you must ask if Buhari's silver bullet i.e. fighting corruption and loot retrieval ONLY will take us to economic Eldorado? undecided undecided
What about sound fiscal and monetary policies to compliment the loot recovery?
What about building up of and effective capacity strengthening of our broken down institutions rather than just the use of his body language? embarassed
Obama noted Africa needed strong institutions rather than strong men when he visited Ghana in 2009
IBB was a strong man smiley
Abacha was even stronger angry
Obasanjo was a civilian dictator grin
But what was the state of our institutions when they left?
What will Buhari turn out to be?
What will be the state of our institutions when he leaves?
lipsrsealed lipsrsealed

The answer is blowing in the wind cool cool

4 Likes

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by WebSurfer(m): 11:57am On Jan 25, 2016
NavierStokes:


My brother can you please try to be civil in getting your point across? There is a limit to the patience of the masses at this rate it won't be long till they get tired of hearing the same thing.
we are not tired... every man must reap what they sow

2 Likes

Re: Nigeria To Withdraw OPL245 From Malabu And Dan Etete by wristbangle: 11:58am On Jan 25, 2016
kennygee:
When Oil Price done fall with no hope of rising?

We had better start recovering our days of Agricultural exports.

You and I can start from somewhere if the government fail to do so.

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