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EFCC Re-arraigns Malabu Oil & Gas Limited, 7 Others Over $875.7 Million Alleged Fraud

by on September 8, 2020
 

The Economic and Financial Crimes Commission, EFCC, on Tuesday, re-arraigned Malabu Oil & Gas Limited, Aliyu Abubakar and six others before Justice I.E Ekwo of the Federal High Court sitting in Abuja.

The anti-graft agency disclosed this in a statement by its Media and Publicity unit.

According to EFCC they were arraigned on 67 amended charges bordering get on money laundering to the tune of $875,740,000.

Counsel to EFCC, Bala Sanga told the court that he was ready with the amended charges and for the eight defendants to take their pleas:

Count one of the charges read:
“That you Malabu Oil Gas Limited, Seidougha Munamuna (at large), Amaran Joseph (at large) and Douzia Loya Etete (at large), on or about the 24th day of August 2011, in Abuja, within the jurisdiction of this Honourable Court took control of the sum of $401,540,000.00(Four Hundred and One Million, Five Hundred and Forty Thousand United States Dollars) paid from the Federal Government of Nigeria Escrow Account No: 0041451493 IBAN 30CHAS609242411492 with JP Morgan Chase Bank in London into account 2018288005 of Malabu Oil & Gas Limited domiciled with First Bank of Nigeria Limited.

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“You reasonably ought to have known that the funds formed part of an unlawful activity to wit: negotiation, signing and payment in respect of the Block 245 Resolution Agreement between the Federal Government of Nigeria with Shell Nigeria Ultra Deep Limited, Nigerian National Petroleum Corporation, Nigeria Agip Exploration Limited, and Shell Nigeria Exploration and Production Company Limited, whereby taxes, accruals and royalties due to the Federal Government of Nigeria were unlawfully waived and you thereby committed an offence contrary to Section 15(2) (d) of Money Laundering Prohibition Act.”

Count two of the charges read:

“That you Malabu Oil & Gas Limited, Seidougha Munamuna (at large), Amaran Joseph (at large) and Dauzia Loya Etete( at large) on or about the 24th day of August 2011, in Abuja, within the jurisdiction of this Honourable Court took control of the sum of $400,000,000.00( Four Hundred Million United States Dollars) aid from the Federal Government of Nigeria Escrow Account No: 0041451493 IBAN 30CHAS6092424411492 with JP Morgan Chase Bank in London into the account No. 1005552028 of Malabu Oil & Gas Limited domiciled with Bank PHB Plc (Now Keystone Bank Limited, Account No. 3610042472).

“You reasonably ought to have known that the funds formed part of an unlawful activity to wit: negotiation, signing and payment in respect of the Block 245 Resolution Agreement between the Federal Government of Nigeria with Shell Nigeria Ultra Deep Limited, Nigerian National Petroleum Corporation, Nigeria Agip Exploration Limited, and Shell Nigeria Exploration and Production Company Limited whereby taxes, accruals and royalties due to the Federal Government of Nigeria were unlawfully waived and you thereby committed an offence contrary to Section 15(2) (d) of the Money Laundering Prohibition Act 2011(as amended) and punished under section 15(3) and 15(4) of the same Act.

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Count three of the charges read:
“ That you Malabu Oil & Gas Limited, Seidougha Munamuna ( at large), Amaran Joseph( at large) and Dauzia Loya Etete (at large) on or about 30th August 2013, in Abuja, within the jurisdiction of this Honourable court took control of the sum of $74,200,000.03(Seventy Four Million, Two Hundred Thousand United States Dollars, Three cents) paid from the Federal Government of Nigeria Escrow Account No: 0041451493 IBAN 30CHAS609242411492 with JP Morgan Chase Bank in London into the account No. 1005552028 of Malabu Oil & Gas Limited domiciled with Bank PHB Plc(Now Keystone Bank Limited Account No.3610042472),

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“You reasonably ought to have known that the funds formed part of an unlawful activity to wit: negotiation, signing and payment in respect of the Block 245 Resolution Agreement between the Federal Government of Nigeria with Shell Nigeria Ultra Deep Limited, Nigerian National Petroleum Corporation, Nigeria Agip Exploration Limited, Shell Nigeria Exploration and Production Company Limited whereby taxes, accruals and royalties due to the Federal Government of Nigeria were unlawfully waived and you thereby committed an offence contrary to Section 15(2) (d) of the Money Laundering Prohibition Act 2011(as amended) and Punishable under section 15(3) and 15(4) of the same Act.”

The defendants pleaded not guilty to all the sixty-seven charges.

Thereafter, Sanga prayed the court to grant a date for commencement of trial.

Justice Ekwo adjourned the matter to Thursday, September 10, 2020 for commencement of trial and granted that the defendants continue with their existing bail. “I presume the defendant will continue with their bail”, he said.

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