Mohammed Abacha, son of Late General Sanni Abacha is set to battle Dan Etete, former minister of Petroleum Resources over 1.092 billion dollars Malabu oil deal. We gathered that the Abacha family-owned firm, Pecos Energy Limited, and Mohammed Abacha had via a letter dated 20th January 2010 from A.A Umar & Co., claimed that they had bought OPL 245 from Malabu Oil and Gas Limited for US$ 1.3 billion and that Malabu had without their knowledge, disposed of their interests in OPL 245 to Shell Nigeria Ultra Deep Limited (SNUD).
The Economic and Financial Crimes Commission (EFCC) has a started a fresh investigation into $1,092,040 billion paid by Shell Nigeria Exploration and Production Company Nigeria Limited (SNEPCO) and Nigeria Agip Exploration Limited (NAE) into an escrow account. Insiders at EFCC disclosed to us that… “We have made significant headway on the ongoing probe of the oil block. The former oil minister is set to state his own side. Etete sent his lawyer to inform the agency of his plans to return to Nigeria for interaction with our team.”
“This is a good development because Etete is central to the auctioning of the oil block and he is a stakeholder in Malabu Oil Limited. This leg of investigation will enable us to track and address how to recover the $85 million in a NatWest Bank account.”
“The cash is said to be part of the $1,092,040 billion remitted into an escrow account by Shell Nigeria Exploration and Production Company Nigeria Limited (SNEPCO) and Nigeria Agip Exploration Limited (NAE). The Federal Government is interested in recovering the $85 million but we must follow the due process. The UK government a few weeks ago, expressed its willingness to return funds but we have to submit substantial proof, beyond reasonable doubt, that such money is ours.”
“We may invite Mohammed Abacha for interaction if Etete lives up to his pledge to meet our team. He is one of those who have raised issues on the Oil Block (OPL 245). The Abachas said they have a lot of documents relating to the deal. You will also recall that OPL 245 was allocated to Malabu on behalf of the Ministry of Petroleum Resources by Mr. Dan Etete in his capacity as the then Presidential Advisor on Petroleum and Energy.”