Former Minister of Petroleum Resources, Dan Etete is now said to be on the run as the Economic and Financial Crimes Commission (EFCC) is looking for him. He has been charged with money laundering and fraud in Italy and Nigeria over his involvement in $1.1 billion fraud through his company, Malabu Oil & Gas Limited.

Insiders at the EFCC disclosed to us that: “We have been trying to contact Etete, but from all indications, he seems to be on the run. Now that he has been charged in an Italian court, the Office of the Attorney General of the Federation will coordinate with the Italian government. We have transferred the Malabu fraud case to the AGF and he will decide on the next line of action. It is doubtful that he is in Nigeria, but we will continue to look for him.”

“Since he is under investigation in the United Kingdom, Italy and the United States, he will not be able to hide. All the relevant security agencies will join hands in finding him.”

It is interesting to know that the UK authorities froze $85million in Etete’s bank account while $170million was frozen in its Switzerland account. Justice Edis of the Southwark Crown Court in London described the Malabu scam as questionable. If Dan Etete is found guilty of fraud in Italy, they risk spending 12 years in jail.