Nigeria Expecting $200m From Swiss, Dutch Governments Over Malabu Oil Deal – Malami

Mr. Abubakar Malami, SAN, Nigeria's Attorney-General and Minister of Justice.

BEVERLY HILLS, July 28, (THEWILL) – Minister of Justice and Attorney General of the Federation (AGF), Abubakar Malami, has said Nigeria is expecting at least $200million from the governments of Switzerland and the Netherlands in the OPL245/Malabu Oil Scandal.

According to NAN, Malami stated this at a capacity building workshop and interactive session with judiciary correspondents on Tuesday.

Several groups had asked Malami to give details of properties and assets recovered by the federal government from the Malabu oil scandal.

The OPL 245 scandal has been on for years with Shell and Eni also involved in the case. Both energy companies have been answering cases at various Italian courts, in a case of high governmental interest.

Speaking at the event, Malami highlighted some achievements of the ministry of Justice in the past one year, noting that in line with the anti-corruption fight of the present administration, the sum of $62 billion dollars in arrears from oil companies have been recovered as part of the production sharing agreement (PSA).

“Also recovered within the period is the sum of $311 million from the US and New Jersey in the third phase of the Abacha loot, and another $6.3 million Abacha loot from the Republic of Northern Island,” he said.

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Malami said the Abacha loot has been spent on the Lagos-Ibadan, and Kano-Abuja Expressways while the Second Niger Bridge is also a beneficiary of the recovered loot.

Speaking further, the Minister said a new legal framework has helped Nigeria raise more from stamp duties. He said, from a previous N22bn raised from stamp duties per annum, the figure has been tripled to N66bn.

“There are several other acts to regulate emerging digital financial subsector of the economy,” he said.

“Some of these acts will provide for national digital certification authority that will regulate issuance and processing of public and private electronic key validations.

“The expected bills will prepare Nigeria for emerging realities relating to digital cash, bitcom and e-currency.”