EFCC Arraigns Malabu Oil, 6 Others Over $1 Billion Fraud

The Economic and Financial Crimes Commission, EFCC, on Wednesday, arraigned Malabu Oil & Gas Limited, six other companies and an oil tycoon, Aliyu Abubakar before the Federal High Court on a 48-count fraud charge.

The Defendants were docked over their involvement in alleged fraudulent transfer of controversial OPL 245, considered as one of the richest oil blocks in Africa.

Other defendants in the charge marked FHC/ABJ/CR/268/2016, are A-Group Construction Company Limited, Rocky Top Resources Limited, Mega-Tech Engineering Limited, Novel Properties and Development Company Limited, and Carlin International Nigeria Limited.

EFCC alleged that they were involved in money laundering to the tune of about $1billion and N673million.

According to the anti-graft agency, Malabu Oil & Gas Ltd and two of its directors who are currently at large- Seidougha Munamuna and a former Minister of Petroleum Resources, Dauzia Etete, known as Dan Etete- “directly or indirectly converted the sum of $401,540,000 paid from the Federal Government of Nigeria Escrow Account with JP Morgan Chase Bank in London into Malabu Oil’s account with First Bank of Nigeria Limited”.

The Defendants were said to have converted the money, even when they knew that the funds formed part of unlawful activity, to wit: “negotiation and signing of oil block 245 Resolution Agreement with Shell Nigeria Ultra Deep Limited, Nigeria Agip Exploration Limited, Shell Nigeria Exploration and Production Company Limited whereby taxes due to the Federal Government was waived”.

EFCC alleged that they took control of the sum of $401,540,000 in violation of section 9(a) of the Money Laundering (Prohibition) Act, an act punishable under section 15(3) of the same law