₦airaland Forum

Igbin Face. Next it will be a cobra or Python...

Face must get old with wrinkles.

Good Character is better. It gets naturally better!

kaboninc:
I've been following this case and have also found a lot of dossier on this case.

I've seen that document you are talking of, even before you posted it.

Funny thing is that you choose to agree with the contents of the documents because, as usual, you already have a biased mindset against the last administration. So any time you see things like "fraud" or even the mere mention of Jonathan, you immediately conclude that its fraud. So is it a "poor" attitude from me or YOU?

I'm never in contention with any assertion that the reason for the revocation of the license was because Dan had a controlling interest. In fact, that Dan, who used to be a Minister at that time, granting an oil license to his company is a fraud on itself. This was one of the reason Prof. Barth Nnaji had to resign because his company was participating in the privitisation exercise in the power sector. So if you can go to the court to prove that Dan Etete has controlling interests in Malabu, even through a proxy (not a blind trust), then he can be prosecuted.

I'll repeat myself: why did OBJ who revoked the license in 2001 came back in 2006 to restore the license - without any reason?

I've seen the agreements and when I have the time, I'll provide you with a link.

You still have not explained how the agreements were unlawful.

Please read the sections I mentioned earlier (21 to 32) of the RoyalDutchShell article. You will see reasons why the agreements are unlawful and unconstitutional.

You say I am biased against Jonathan, but I mentioned in my opening post that Obj was alleged to have demanded bribe. Why do you guys always think it is about Jonathan? Are there no enough proofs that he presided over a very corrupt government like his estranged godfather, Obj?

Obj may have cited a genuine reason to revoke the license, however I doubt he would have revoked the license if the alleged bribe was paid. Resolving to re-allocate to Malabu is a clear indication of fraud. You should be the one providing legal reasons why Obj re-allocated the bloc to Malabu in 2006.

It is high time the FG probed Etete and the Abachas' corrupt enrichment of self. It is pertinent for the supposed agreements to be brought to fore for reassessment. Everyone who has played a part in milking Nigeria shoukd be punished. The $1.1b should never have been paid to Malabu. Malabu had and has always been a fraud!


I don tire. This matter dey straight forward abeg!

Thanks Keyamo.

It is repulsive to see those who oppose this government with hatred do everything possible to thwart or neutralize the ongoing prosecution of the armsgate perpetrators and beneficiaries.

How does providing for the constitutional entitlement of an ex Head of State to a tune of N60m after he escaped an assassination attempt equate to the unconstitutional payment of political allies and vendors for campaign purposes to a tune of over N500b? If the NSA's office deemed it fit to proactively procure these vehicles as a matter of security importance, the office can seek a reimbursable from the MDA responsible, if not the ONSA itself.

This was the approach used to thwart the Subsidy Probe until it died. The gainers remain the subsidy thieves, the losers remain the people of Nigeria.

likila:
You are one of the enemies of this Buhari regime!
Is Mohammed Abacha a public servant?
Has he ever worked for any local, state or federal government agency or parastatal?
You are just envious and want to bring down Buhari's bosom friend, Abacha, down.
Everybody know that Mr. Intergrity Buhari has cleared Abacha of all corrupt practises and here you are trying to link Abacha to "enriching themselves from the proceeds of the commonwealth".

Lolol. Buhari must have had extreme amnesia to have attempted to exonerate the Abachas from their atrocities. Buhari was and is definitely not a saint. He is just a less conspicuous thief than the rest. In four years (if God grants him the grace) we will see if he can resist dipping his hand deep into the treasury as all his predecessors have done.

kaboninc:
Do you have a link to the first question I asked you?

You couldn't find it.

Like the other investigative journalist, you also assumed. The truth is that we do not make any headway with this kind of attitude just because we want the public to see that we're working.

You see why it will take enforcement agencies of other developed countries years before they come out with evidences?

If OBJ was convinced it was a fraudulent transaction, why did he restore the license? You should find that out too.

If you can prove that Dan Etete has substantial interest in Malabu, in fact you start you case from there. But in doing so, look at companies like SAPETRO

It is very wrong for you to draw up conclusion on others. I simply asked you to search for the answer to your question.

Till this moment, the agreements you claimed were in public domain are yet to be provided by you and you have the guts to accuse another of an attitude. That in itself is a very poor attitude to display when engaging in intellectual banters with others.

If only you put aside your supposed claim to absolute knowledge on the subject, you would have come across this link (http://news.biafranigeriaworld.com/archive/ngguardian/2002/aug/24/article01.html) where the SSA to Obj clarified why the license was previously revoked.

Read the points in the 23 page pdf document I included in my penultimate post. Pay attention to notes 21 to 32.

The supposed agreements that paved for the secret three-way transactions under Jonathan were unconstitutional and unlawful. Up until this day the entire Malabu fraud can be prosecuted. Was Etete the Minister of Petroleum at the time of the allocation? Yes he was. Was Abacha the head of State? Yes he was. Have there been claims to some form of ownership to Malabu by Etete and the Abachas? Yes. So what is the argument? That irresponsible governments in the past supported illegality to enrich themselves, does not mean that successive governments cannot undo the wrong and bring the perpetrators to book. Reason Halliburton scandal is still on the lips of all for review.

You should be providing answers to your questions with evidence not asking funny questions from others. I have provided you with enough links. All you need to do is to carefully read them and stop throwing names at others.

Cheers!

kaboninc:
Please help me with a link where OBJ gave his reason that the allocation was fraudulent because Malabu belonged to Etete & the Abachas.

Who's business is it if the money ends up in a private pocket? The funds belong to Malabu. So if it ends up in a bird's nest, who's business is it?

You see why I said that it is a very useless case?

The High Court in London ended up freezing the $215 million because Malabu reneged in a agreement it signed with ILC.

So if the funds end up in my pocket, is it your business?

In the first place, the government should have addressed the allocation of the license. Same OBJ that revoked it was the same OBJ that restored it.

Search for it too . Out of sincerity I looked for a document with mentions of the agreements.

Beyond the letters of your claim and fine prints in agreements, it made apt sense for Obj to revoke the license. Despite Etete's denial of stake in Malabu at the outset, himself and Mohammed Abacha have surge forward in subsequent years, laying claims to ownership of the company that was once denied as theirs. Public officials are not allowed to enrich themselves from the proceeds of the commonwealth.

This is fraud.

It is never too late to demand justice.

kaboninc:
No doubt the source(s) of your article(s) all claimed that the transfers from the FG to Malabu were fraudulent. It's true especially when it's from Premium Times and Sahara Reports. Wonderful investigative journalist.

Let me give you an intro...

Following the out of court settlement between the FG, Malabu, SNUD - which was the original partner in the business relationship with Malabu and secondly, with NNPC (in 2001 when the OPL Licence was first revoked), SNEPCO and ENI, there were two agreements signed:

1. OPL 245 Malabu Resolution Agreement - this agreement settles all claims to the OPL 245 between the FG and Malabu for a consideration of $1.1 billion. It was also stated that the oil asset will be transferred to SNEPCO and ENI. Note that the Obasanjo led FG revoked the OPL 245 initially in 2001 without any reason whatsoever. That in itself can lead to judgement cost/claim against the FG.

2. OPL 245 Resolution Agreement - this agreement is between the oil majors - SNEPCO, SNUD, ENI, NNPC and the FG accepting the OPL 245 for a consideration of $1.1 billion to be paid to Malabu. In this agreement, the FG took care of its Signature Bonus which was paid by SNEPCO on behalf of SNUD (being a affiliate of SNEPCO).

The FG's role once again is to take the money paid for by Shell and Eni and transfer it to Malabu. The money was NEVER owned by the FG either as payment for Exploration License, Royalties or any fee whatsoever. So technically, the funds belonged to Malabu.

We always miss the point. We end up wasting time investigating issues that logically is a waste of time. If there are documents to show that Malabu did bid for the block and paid necessary fees as at 1998, then there's nothing anyone can do. Why hasn't the FG revoked the OPL transferred to Shell and Eni? If they feel that the process leading to the allocation of the block was marred with corruption, then they ought to have revoked it and set a date for another bid round.

Always investigating dead ends.

PS: The FG did not sell any oil asset to anyone. Like I said, it was an out of court settlement. Shell and Eni paid the fee to Malabu making Maladu relinquish all claims to the OPL 245 asset.

As part of the agreement, the FG transferred (not paid) Malabu, about $800 mill in two tranches (both about $400 million) and one of the account was in First Bank Nigeria Plc.

You are right.

The asset was re-awarded to Malabu in 2006.

The link below clarifies it:
http://royaldutchshellplc.com/wp-content/uploads/2014/09/OPL-245-STATEMENT-OF-TRUTH-COMP.pdf


Obj's reason for revoking the license was that the allocation was fraudulent on the basis that Malabu belonged to Etete and the Abachas.

The challenge of the prosecutors is that the money ended in Private Pockets including "Fortunato".

dabriggs:
Well done. well done.

Thanks

kaboninc:
Given your OP, I doubt if you understand the genesis of this case.

The two agreements are in the public domain.

FG acted as a broker. The only interest the FG had was the Signature Bonus which was paid by SNEPCO on behalf of SNUD.

The $1.1 billion in question was paid by SNEPCO and ENI. The FG only facilitated the transfer. That was the agreement reached.

Please post the link(s).

All the articles I have stumbled upon on the subject clearly stipulate that the transfers from the FG to Malabu account were fraudulent.

I have further posted the Appeal Court Proceedings and outcome on the subject which rejected the request of the Plaintiff and further awarded damages in favor of some of the respondents.

I clearly stated under item 5 that Shell (with SNEPCO as one of its subsidiaries) and Eni paid the $1.1b.

I will be very delighted if you can assist with this agreement. The genesis of the case is captured in comments 1 to 4 as stated in the opening post. If your assertion is true, then it comes between 4 and 5. As soon as I sight the agreement, I will update accordingly.

Thanks

solihu:
Same was said for GEJ. at the end, we all saw the outcome.

I'm very optimistic about Wike. He has gained more grounds in the last few months as a supposed illegal governor. Just like Fayose, he is loved by his people.

Will he make a huge impact if he wins the rerun? That I can't say!

kaboninc:
What justice are you demanding?

This case is a dead case.

All the parties are wasting their time and enriching the pockets of the lawyers.

You should see the agreement between Malabu and the Federal Government and the Federal Government and SNEPCO, AGIP, SNUD and NNPC.

Really?

Wish the agreement between the FG and Malabu that warranted 100% transfer of payments to FG's coffers can be made public.

Not necessary.

He would beat Peterside in a free and fair election with his eyes closed!

POTUS, Bubu no go hear ooo...

likila:
is it not the same Nigerian court you expect to jail Goodluck, Patience, Blessing, Unity and Prosperity?

Lolol

likila:
You forgot to mention a competent court of law ruled Obasanjo's revocation of Malabu Oil's OML was illegal, null and void. At that point Shell had to make payment to Malabu Oil.

Kindly assist with the interpretation of the proceedings in the link below:

http://www.lawpavilionpersonal.com/lawreportsummary_ca.jsp?suite=olabisi@9thfloor&pk=CA/A/99/M/06&apk=41440

Please share any information or link where it was confirmed that the revocation was null and void.

Why did Shell and Eni pay to FG? Why did the FG pay immediately to Malabu?

These baggers we defend are responsible for the untold hardship we suffer today. We must demand justice so that the pokes in power today will not repeat the evil, irresponsible and wicked history of looting.

Further to the comments on this thread https://www.nairaland.com/2803797/1.1b-fraud-british-judge-questions about the fraudulent sale of OPL 245, an alleged 9 billion barrels reserve oil bloc, I wish to summarize the history of this controversial bloc:

1. Dan Etete was appointed Minister of Petroleum in March 1995 by Abacha.
He remained in this position until Abacha died in June 1998.

2. It was alleged that he awarded OPL to Malabu for a paltry sum, two weeks before Abacha died, a company rumored to be owned by him and the Abachas.

3. Until today that it was said that lawyers representing Malabu in the forfeiture of $83m in British Courts were representing Etete, he refuted
and claimed to be a consultant to Malabu.

3. Obj in 2001 cancelled the Malabu license on the basis that the allocation was inappropriate. The ownership reverted to the FG.

4. Etete later claimed in court many years after that Obj demanded for a bribe in deference to this bloc.

5. In 2011, the FG under Jonathan sold OPL 245 to Shell and Eni for $1.1b and another $207m as signature bonus. The buyers refused to deal with Malabu but the FG.

6. In few days after about 90% of the payment was made to Nigeria's JP Morgan London account, the FG transferred the payment to Malabu's account and thereafter over $500m was wired to companies owned by a certain Aliyu Abubakar.

7. The Italian Prosecutor at the British Court claimed they have a wire tap that confirmed Abubakar was a front for former President Jonathan, code named "Fortunato".

8. #Malabugate has been in the limelight and news since 2011 when the deal took place.

9. We are reading about it today because Malabu and Etete's lawyers are seeking for the release of the frozen balance payments between $85m to $170m in British and Switzerland Banks.

10. Etete went on exile in 1998 after the demise of Abacha allegedly on his complicity of over $800m missing from the CBN coffers. He was convicted in France in 2007 for money laundering. Sentenced to 3 years in prison which he appealed and lost, and was asked to pay $10m. He was also rumored to be involved in the #Halliburtongate.


Further reading below:

http://oilprice.com/Energy/Energy-General/British-Police-Investigating-1.3-Billion-Shell-ENI-Nigerian-Oil-Bloc-Corruptio.html

http://www.premiumtimesng.com/news/headlines/168992-malabu-oil-deal-corrupt-nigerian-officials-bought-private-jets-armoured-cars-with-n83-billion-bribe.html

http://www.premiumtimesng.com/parliament-watch/161880-malabu-opl-245-fraud-etete-sues-nigerias-house-reps.html

https://www.nairaland.com/947002/nigeria-malabu-oil-scam-how

http://saharareporters.tumblr.com/post/23544198137/jonathan-shell-etete-in-fresh-n155billion

smellmyanus:
Who da 4uq is the useless Nairaland goat of a
moderator who banned me and put a muslim
quotation on my damned page?
Do I look or sound like a jihaddist to you
muda4ukazz??
Get that sh!t about your Allah and muhammed
off my page, you schmucks!




lalasticlala
seun
etc. una well so? ??

Rflmao. I fell on the floor reading your post. Chai

This is by far the worst time to write such an article on an irresponsible ex-President.

Few comments on supposed Legacies:

1. Of what use is a TSA idea planned for implementation 2 years ago with no results? A new head implements same in less than 6 months and you have the guts to praise the one who had no will or never cared to act?

2. TAM of Refineries - What did GEJ do about it? Instead himself and his cronies preferred the oil swap deals.

3. Equipping of the Military - Please research on the number of mutinies under GEJ's administration due to inadequacy of Military Hardware. Nonetheless, his government kept budgeting huge sums. The recent revelations by his National Corruption Adviser should make any supporter of GEJ spit at him in shame.

4. Electricity - Power reform programmes have been developed since the days of Obj. Just like the reform of the Rail System. The reform is still ongoing. GEJ made good efforts in deference to progressing this. However, until a larger cross section of Nigerians begin to earn the benefits, it remains pointless. Past governments had enough time to make very positive impacts but made none of notable significance. I can buy a generator and dump it at your doorstep. If not commissioned for use, it remains useless.

I think the new government should be commended for making efforts to redirect and correct the lopsided use of our commonwealth.

Jonathan's legacies for the 5 years spent are summarized in his favorite quote "Stealing is not Corruption". He was a Santa Claus and an amateur Magician whose show of shame was bound to bring him disgrace. He kept scratching the surface and never achieved any tangible results.

The art of sex has no age limit.

Respect for the young "uncle".

I may be wrong, but that looks like Radisson Blu Hotel, Sandton reception in Johannesburg.

Nice pic though!

bestads:
Let he come out publicly to apologise for his past misdeed and stop being arrogant.

see FFK's response http://www.vanguardngr.com/2015/12/the-caliphate-the-emir-and-nigerias-master-race/

I think everyone is entitled to freedom of speech and expression. He had a right to his opinion at the time. Loads of politicians including FFK will need to apologize to others for misguided remarks made in the past due to unequaled ignorance.

What is pertinent is for Sanusi's allies from other tribes to see how extreme he was as a person. Hence duty of care should be taken in collaborating with him, should he still harbor some level of internal resentment against other tribes.

My views though.

Bishopmayowa:
Sanusi, we will not allow U to insult the Yoruba elders all in the name of trying to make a point.

bestads:
But the yoruba Elders like Tinubu Joined hands with him to form APC

tonychristopher:
Lol
Sanusi ..why do you love insulting these yorubas ....well what you said is a historical fact
Then watch them call Igbo here ....trust this thread will be derail they will term it Igbo
Who wants to bet ?

Gents, anyone who reads the post MUST surely know this was written before the 1999 elections.

We get too emotional sometimes.

I enjoyed the post because Sanusi's egocentric position about his supposed aristocratic kinsmen was proved wrong. Obj eventually emerged winner and President as against his Shinkafi, and today same Sanusi aligns with the Yorubas he loathed so much in this article.

I'm sure Sanusi has learnt more about Nigerian politics over the years, away from his very biased toddler views at the time of writing the article!

My opinion:

If Jonathan had been reelected, he would have devalued the naira further to N300 to 1$.

Would have not survived the present price of crude oil at $35.

He would have cleared the treasury through Okonjo-Dasuki rail line.

He would have been stoned!

Damn!

I give up!

Little drops make an ocean.

Little gestures of excellence by astute leaders will spread the culture to the governed.

May Nigeria leaders be given the wisdom to lead nu example. Amen

Tanzania is lucky. The country has the real change!

Drills are bery commendable.

However the number of stakeholders is high. The entire team should be centralized or assigned to a team of two Agencies!

Wish you guys wisdom!

Everyone is enlightened.

Everyone now has a voice.

#SocialMedia is the key.

Great letter by the young intelligent chap. Reason #SocialMedia should not be regulated. Someday a 5 year old will write to erring Governors or the President!

kaboninc:
realborn.....

Does your project analysis considers issues like "challenges", "uncertainty", "them say, we say, we get" and their effects on project deliverables?

Also, I think the Budget Office of the Presidency handles most of these activities you mentioned. The last administration had a Coordinating Minister and the economic policy of this administration will be driven by the Office of the Vice President.

Yes, risks and available resources were considered in allocating timelines to the Gantt Chart at the time it was prepared.

MizMyColi:
Yes, true talk.
If it's only that Fashola completes that Niger Bridge, then as far as I'm concerned, he is a success.

The 2nd Niger Bridge generated lots of controversy and many claimed that Buhari purposely stopped ongoing plans.

It will quell emotions and give a generally favourable impression that he means well for south easterners.
If the bridge ever gets completed in Buhari's tenure....
I owe GEJ a knock.

Lolol. I am hopeful. Despite the dwindling oil prices, despite the annoying slow pace of governance today, I see a better Nigeria in 4 years...

realborn:
Great feedback ma'am.

Your suggestion is very valid. I'm also of the opinion that provision of infrastructure and basic amenities boosts economic activities in localities where they have been provided, and in turn providing employment.

Infrastructure is the most tangible direct impact the people feel. A friend and I just had a chat about the declining patronage of traders and resellers to Aba. One of the reasons he cited is poor roads. The completion of the 2nd Niger Bridge is very crucial to development in the South East and revisiting the PPP arrangement to forestall a toll is quite pertinent. Completion of Lagos-Ibadan expressway is also a critical project that should meet the short term portfolio.

I will be glad to update accordingly if you can elucidate on the suggested sub-activities under the heading "Employment".

The key strategy is prioritizing amidst limited resources.

Thanks for the remarks and inputs once again..

MizMyColi,

I was very delighted to see that Fashola's short term proposal (https://www.nairaland.com/2788892/fashola-unveils-agenda-roads-power) on Infrastructure ( included the recommendations (Lagos-Ibadan Expressway and 2nd Niger Bridge) in the above post.

Portfolio Management is the way to go!