ICPC Opens Investigation Into Controversial Sale Of Malabu’s OPL 245

… Focuses On Obasanjo, Dakoru, Malabu Lawyers
 
SAN FRANCISCO, January 04, (THEWILL) – THEWILL has gathered that the Independent Corrupt And Other Related Offences Commission (ICPC) has opened investigations into the controversial sale of one of Nigeria’s most prolific oil blocks believed to be holding an estimated 9.23 billion barrels of crude valued at about $1.3 billion USD.
 
Oil block OPL 245 was awarded to Malabu Oil and Gas Limited owned by former Petroleum Minister under the indigenization program by the late Sani Abacha dictatorship, but was withdrawn by the Olusegun Obasanjo administration at the inception of his democratic government. Following the seizure, Etete sued the federal government.
 
However, some days before the end of his administration, Chief Obasanjo made a sudden u-turn and handed the block back to Etete’s Malabu Oil after alleged bribes were distributed to Obasanjo, former Minister of Petroleum and King of Nembe, Dr Edmund Dakoru and former Attorney General, Mr. Bayo Ojo. The bribes were allegedly distributed through Malabu’s lawyers, Dele Adesina and Co, a law practice located along Opebi Road in Ikeja, Lagos. Over $50 million were allegedly shared between Obasanjo, Ojo and Dakoru in 2006.
 
A source familiar with the development said ICPC investigators are looking at circumstances surrounding the hurried out of court settlement of the dispute between the NNPC and Malabu Oil.
 
The Jonathan administration recently approved the sale of the block by Malabu to Shell and Agip for $1.3 billion.
 
Several petitions have been written to government agencies and the National Assembly concerning seeking to have them investigate the settlement between Malabu and the federal government on one hand, and also the eventual sale of the Malabu’s stake in the block to Shell and Agip, but no serious actions have been taken.
 
It is however unclear whether the ICPC has the capacity to investigate a matter concerning former President Olusegun Obasanjo who wields an intimidating and towering influence in Nigeria.