Alleged $875.7m Fraud: EFCC Re-arraigns Malabu Oil, Seven Others

The Economic and Financial Crimes Commission (EFCC) yesterday re-arraigned Malabu Oil & Gas Limited, Aliyu Abubakar and six others before Justice I.E. Ekwo of the Federal High Court sitting in Abuja, on 67 amended charges, bordering on money laundering to the tune of $875,740,000.

The other six defendants are: A Group Construction Company Limited; Rocky Top Resources Limited; Megatech Engineering Limited; Novel Properties and Development Company Limited, Imperial Union Limited and Carlin International Nigeria Limited.

EFCC Counsel, 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 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, when 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 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), when 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.
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 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), when 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.”
An EFCC statement said the defendants pleaded not guilty to all the 67 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.

One thought on “Alleged $875.7m Fraud: EFCC Re-arraigns Malabu Oil, Seven Others

  1. EFCC has succeeded in standing law and order, particularly, Criminal law and proceedings, on its head.

    So to open an account and receive payments in/through it, is a crime as ordained by EFCC?

    It is noteworthy that the hands/persons that *paid* the money in issue *from* Federal Government’s escrow account are not catching the interest of the EFCC.

    I only read the first count of the ydo called Charge. I confess that I am unable to draw a line between a frolicking prose (that this count definitely is)and a Criminal charge as we know it.

    The EFCC definitely believes that it is performing for some sadistic morons.

    Can someone please tell this configured banditry called EFCC to allow us some peace, please.

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