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Saudi Arabia Set To Create A $500b "Artificial" City With Fake Moon, Flying Cars / Diezani In Trouble Again Over Withdrawal Of $1.3b From NNPC Accounts / Scandal!!! - $500b Oil Block Sold For $1.3b By Nigerian Government (2) (3) (4)
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$500b Oil Block Sold For $1.3b By Nigerian Government by Birikiti: 12:14pm On Apr 12, 2017 |
Who got what.... Nigerian businessman Aliyu Abubakar withdrew $54,418,000 in cash. $466,065,965.44 withdrawn in cash and subsequently funneled to government officials including President Goodluck Jonathan, Attorney General Mohammed Bello Adoke, Minister of Petroleum Diezani Alison-Madueke, Minister of Defence and former National Security Advisor Aliyu Gusau. $10,026,280 to former Attorney General Christopher Adebayo Ojo $11,465,000 paid to former Senator Ikechukwu Obiorah Eni officials also received funds in retrocession (in essence, reimbursement for multiple layers of insurance after a deal goes through). One, Chief Development — Operations & Technology Officer Roberto Casula, received $50 million delivered in cash. Shell CEO Ben van Beurden picked up the phone and called his chief financial officer hours after Dutch police raided his offices. “I trust you have been informed about what happened at the office,” van Beurden said to CFO Simon Henry on the phone on February 17 last year. “So it looks as if they have some form of coordination between the Italian prosecutor, possibly … with a link into the [U.S. Department of Justice], but we’re not sure yet,” van Beurden said, not knowing authorities were listening in on the other end of the line. His suspicions were right, and their subsequent conversation sheds light on Shell’s complicity in one of the largest corruption scandals in Big Oil’s history — after the company vigorously denied any role in it for years. That early morning February raid centered on an oil deal Shell and Italian oil giant Eni struck with Nigeria. They paid the Nigerian government $1.3 billion in 2011 for rights to a giant oil field off the Nigerian coast. After the deal was struck, most of that money mysteriously went missing from public coffers. New legal filings, emails, and recorded phone conversations reviewed by Foreign Policy showed top Shell executives played a hand in the huge corruption scheme, which reached the highest echelons of the government. The phone recordings and documents from European authorities were obtained by anti-corruption watchdogs Global Witness and Finance Uncovered. Buzzfeed and Italian newspaper Il Sole 24 Or first broke the story. The new revelations could throw Shell into a world of legal trouble. They also shed light on the shadowy world of oil deals, and how far Shell was willing to go to nab their share of the oil field, known as OPL 245, through a network that spanned former British spies and corrupt Nigerian officials. The tendrils of the scandal reached the highest echelons of the Nigerian government, including former President Goodluck Jonathan. The latest developments come hot on the heels of the United States repealing an anti-corruption rules for extractive industry companies like Shell, a move Big Oil widely lauded. It also illustrates how resource-rich countries like Nigeria often fall victim to the “resource curse” – where corrupt officials steal the revenue from selling off natural resources, keeping the masses mired in poverty. One of Africa’s largest petro-states, Nigeria is ranked 136 out of 176 countries in corruption by anti-corruption watchdog Transparency International. Meanwhile, famine spurred by the Boko Haram militant insurgency in the country’s north, threatens millions of Nigerians, including some 500,000 children. The money paid by Shell and Eni for the OPL 245 field is about 1.5 times what the U.N. says is needed to resolve the famine crisis. The deal centered around former Nigerian oil minister Dan Etete. While serving as oil minister, Etete secretly acquired rights to OPL 245 through a shadowy front company called Malabu, which later funneled over $1 billion of the deal away from the Nigerian people and directly into the pockets of senior Nigerian officials. (Etete was later convicted in a Nigerian court on a separate money laundering probe.) Van Beurden suspected the Dutch police must have found some dirt in the records their raids obtained. “There was apparently some loose chatter…particularly the people that we hired from MI6 who, er, must have said things like, ‘Well, yeah, you know, I wonder who gets a pay-off here and whatever,’” he said, referring to former British intelligence operatives Shell hired to help navigate the seedy world of West African oil politicking. But it wasn’t just “loose chatter.” Senior Shell employees openly discussed in email how they knew over $1 billion of their money would go to Etete and others in political kickbacks, according to email records. The company decided to move forward with the deal anyway, denying for years up to this point its employees did anything wrong and claiming it only knew it was paying the Nigerian government. One email from Shell official Guy Colegate to colleagues in March, 2010 sums it up: “Etete can smell the money,” Colegate wrote. “If, at nearly 70 years old he does turn his nose up at 1.2 bill he is completely certifiable…but I think he knows its [sic] his for the taking. I don’t think he will push it away,” he wrote. That email was forwarded to then-Shell CEO Peter Voser, one of the world’s most powerful oil execs at the time. No records available show he informed authorities or stood in the way of the deal. Another Shell advisor, former British intelligence service official John Copleston, wrote about Etete’s graft plan to senior Shell executives in 2009 as they began laying out various deals for a share of the oil field. “E[tete] claims he will only get 40m of the 300m we offering-rest goes in paying people off,” Copleston wrote. For Shell, the stakes couldn’t have been higher: OPL 245, one of Africa’s most valuable oil fields, contains an estimated nine billion barrels of untapped oil, worth nearly $500 billion even with today’s bargain bin oil prices. Its eventual purchase boosted the world’s fifth-largest company’s proven reserves by a third (proven reserves are a key statistic for shareholders). The field has been at the center of legal battles since 1998, when Etete first acquired rights to it through his front company. Months before it finally sealed the deal in 2011, Shell had to pay $30 million in a separate settlement on bribery charges in Nigeria. Now the Anglo-Dutch oil giant was in the lurch once again. “This dawn raid is, I won’t say premature, but it’s, we were not, we hadn’t concluded our own work,” van Beurden said, referring to an internal Shell investigation. They then mulled whether they should inform the U.S. Securities and Exchange Commission of the predawn raid, but opted against it because it would be “share price sensitive.” “At this point in time, everything seems to be share price sensitive,” Henry says on the phone, chuckling. Shell denied any knowledge of improper payments to Malabu or others up to Sunday. “It is Shell’s position that none of those payments were made with its knowledge,” Shell said in a statement Sunday. On Monday, after Global Witness issued a new report outlining the findings of the leaked documents, a Shell spokesman appeared to walk back that position in an email statement to FP. “Over time, it became clear to us that Etete was involved in Malabu and that the only way to resolve the impasse through a negotiated settlement was to engage with Etete and Malabu, whether we liked it or not,” the spokesman said. He added, “we believe that the settlement was a fully legal transaction.” Shell did not dispute the veracity of the of the leaked documents. Italian prosecutors beg to differ. According to documents from prosecutor’s office in Milan made public, here’s who got what in the pay-off: Nigerian businessman Aliyu Abubakar withdrew $54,418,000 in cash. $466,065,965.44 withdrawn in cash and subsequently funneled to government officials including President Goodluck Jonathan, Attorney General Mohammed Bello Adoke, Minister of Petroleum Diezani Alison-Madueke, Minister of Defence and former National Security Advisor Aliyu Gusau. $10,026,280 to former Attorney General Christopher Adebayo Ojo $11,465,000 paid to former Senator Ikechukwu Obiorah Eni officials also received funds in retrocession (in essence, reimbursement for multiple layers of insurance after a deal goes through). One, Chief Development — Operations & Technology Officer Roberto Casula, received $50 million delivered in cash. In Italy, prosecutors have recommended Casula and Eni CEO Claudio Descalzi stand trial in the corruption case. The Eni board issued a statement saying they retained “total confidence” in Descalzi. Eni also released a statement saying it was complying with authorities but denied any wrongdoing. Representatives of Voser, Etete, and Jonathan haven’t yet issued any statements about the revelations. Source: http://foreignpolicy.com/2017/04/11/emails-show-shells-complicity-in-biggest-oil-corruption-scandal-in-history-nigeria-resource-curse-etete-eni/ Please read till the end and understand how greedy and unpatriotic some so called leaders (from all tribes in the Nation) can be 47 Likes 12 Shares |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Kingcesar: 12:15pm On Apr 12, 2017 |
ftc 1 Like |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by micklplus(m): 12:24pm On Apr 12, 2017 |
sad! I cannot laugh and I can’t cry. I am just perplexed!! Seeing the magnitude of blunders and corruption committed by previous administration and how this current government is losing cases upon cases on corruption, one cant help but cry for this Nigeria. Where does one begin to complain from? Our commonwealth have been shared and we are only grappling to survive. As we have it and as hopeful as I am, this country might go up in flames very soon. Now that we have something to work with for a start, can we make some arrests atleast? Please, nobody should make this PDP/APC issue abeg oo The saddest part for me is foreign ones in this case will be punished in their country, would their Nigerian collaborators be punished as well? 102 Likes 1 Share |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by urshawmoore(m): 12:25pm On Apr 12, 2017 |
This is so sad and pathetic. I keep wondering if Nigeria can log off corrupt doings. What happens to our generation and the 1s to come? Just check out this ridiculous deal? May God help us all. 6 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Badgers14: 12:26pm On Apr 12, 2017 |
Shame shame shame.... GEJ the hero 32 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by mrvitalis(m): 12:26pm On Apr 12, 2017 |
We just have fish Brains as leaders ...I swaer 2 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by crispinkc(m): 12:26pm On Apr 12, 2017 |
its obvious that this country has a big big problem that only God can save us from... the money up there can change the lives of thousands of Nigerians and begin a revolution over night but is being shared among just five to six people...SMH 6 Likes 1 Share |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by tbaba1234: 12:26pm On Apr 12, 2017 |
GEJ Fans, see your hero.. 32 Likes 1 Share |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by ihatebuhari(f): 12:27pm On Apr 12, 2017 |
rubbish.... buhari we Niger deltans ain't afraid of u on GEJ we stand 14 Likes 1 Share |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Jalal(m): 12:27pm On Apr 12, 2017 |
Thieves! |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Nobody: 12:27pm On Apr 12, 2017 |
Father Lord in heaven please if you really exist just strike this basterds dead,no second chances let them all perish.WHAT!!!! 4 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by ropodinho3633(m): 12:27pm On Apr 12, 2017 |
Good one.. ..... Nice development |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Atiku2019: 12:28pm On Apr 12, 2017 |
1 Like
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Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Nigeriadondie: 12:28pm On Apr 12, 2017 |
Believe me while the foreign counterparts will face justice their Nigerian colaborators wud be free. Nigeria is doomed beyond redemption 12 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by gannygandy: 12:29pm On Apr 12, 2017 |
micklplus: |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by biz2get(m): 12:29pm On Apr 12, 2017 |
It's Never Late for Us to LEGALIZE WEAPONS IN THIS COUNTRY. 8 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by lonelydora: 12:29pm On Apr 12, 2017 |
The way these people are looting Nigeria shows they no longer believe in the existence of this country. Bike, the angel holding the trumpet should just sound it so we all can end this life. Ayam tired. 2 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by cathodekazim: 12:29pm On Apr 12, 2017 |
gej is a pathetic thief he pass shina rambo oyenusi anini n escobar 5 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by menix(m): 12:30pm On Apr 12, 2017 |
Sharon6: No be persin wey chao dey get rid of stretch mark 14 Likes 2 Shares |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by tbaba1234: 12:30pm On Apr 12, 2017 |
ihatebuhari: What is Buhari's own in this situation? Is he the one that stole your money? 34 Likes 1 Share |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by spartan117(m): 12:30pm On Apr 12, 2017 |
There was too much looting ongoing in the previous administrations, but dis current administration isn't different infact its worse bcuz Nigeria is now more divided than it ever was due to Mr Buhari’s tribalistic politics and witch hunt anti-corruption war I say this bcuz dat grasscutter ought to be behind bars by now if dis administration was serious in fighting corruption 6 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by luminouz(m): 12:30pm On Apr 12, 2017 |
E no go better for these politicians up to the 10th generation!!!!! How can so few ruin so bloody many!!!!! Haaaaaaaaaaaa!!!!!! Y can't I just be like Clark Kent or Teleporter .....so I can fvckup these mofos 3 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Datshyguy(m): 12:31pm On Apr 12, 2017 |
Am just speechless right now 1 Like 1 Share |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by herdekunley9ja(m): 12:31pm On Apr 12, 2017 |
Buhari ...... 2 Likes
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Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Nobody: 12:31pm On Apr 12, 2017 |
the cause: Economic neocolonianism by multinational companies like shell, our political structure and failed democracy, the cancer of corruption of our leaders. Tribal bigotry. these are the reasons most of Africa will remain third world. 4 Likes 2 Shares |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by ifenes(m): 12:31pm On Apr 12, 2017 |
The youth are too passive and respectful of their politicians that's why they get bleeped over 10 Likes |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by sankky: 12:31pm On Apr 12, 2017 |
WE ARE TIRED OF THIS GOVT BY PROPAGANDA. ARREST, PROVE AND HANG THEM IF FOUND GUILTY OR SHUT UP AND STOP DISTRACTING WE THE SUFFERING NIGERIANS 8 Likes 2 Shares |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Actuarydeji(m): 12:33pm On Apr 12, 2017 |
Seriously I dislike reading Nigeria news, because it wanna trigger my urge for shot our useless polithiefcia 3 Likes 2 Shares |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by arsenal33: 12:33pm On Apr 12, 2017 |
Foreign crooks will go to jail, Nigerian crooks will shout witch hunting 6 Likes 1 Share |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Nobody: 12:34pm On Apr 12, 2017 |
ihatebuhari: one of the reasons why Nigeria is a terrible country. nobody is interested in truth and justice. we see everything thru partisan lens 27 Likes 2 Shares |
Re: $500b Oil Block Sold For $1.3b By Nigerian Government by Nobody: 12:34pm On Apr 12, 2017 |
Its just ordinary stealing na 2 Likes |
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