$1.1bn Malabu Oil Deal: UK Returns $85m To Nigeria

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Yemisi Izuora

The Federal Government has confirmed that the United Kingdom has returned $85 million as part of the stolen funds from the Malabu $1.1 billion oil deal.

It also said that negotiation with Switzerland on the return of $321 million recovered from the late Sani Abacha family had been concluded.

It stressed that with the conclusion of negotiation, the Memorandum of Understanding will be signed by parties at the Global Forum on Assets Recovery meeting coming up from December 4 – 6, 2017 in Washington and that the repatriation would follow within weeks as agreed by the parties.

Abubakar Malami, Attorney General of the Federation and Minister of Justice, stated these in his opening remarks at the pre-Global Forum on Asset Recovery (GFAR) consultative meeting with the theme ‘Building an Enduring Framework for Asset Recovery in Nigeria’ in Abuja.

This is coming as the Economic and Financial Crimes Commission (EFCC) on Thursday expressed frustration in locating Mohammed Adoke, former Attorney-General of the Federation (AGF) and Minister of Justice as well as Dan Etete, former Minister of Petroleum Resources, who are expected to appear before a Federal High Court, Abuja on February 15, 2018 over the Malabu scandal.

The former ministers would be joined by Aliyu Abubakar, ENI SPA, Ralph Wetzels, Casula Roberto, Pujatti Stefeno, Burrafati Sebestiano and Malabu Oil and Gas Limited.

According to Malami, the non-compliance attitude of some countries that are still holding on to stolen assets from Nigeria is worrisome.

“I am also pleased to announce that Nigeria has recovered the sum of $85 million on the Malabu fund from the UK.

“Therefore, I wish to use this forum to reiterate the need for the international community to ensure implementation of mergers considered and adopted at the London Anti-Corruption Summit in May 2016,” he said, while soliciting the cooperation of the international community in the fight against corruption.

He also lamented the attitude of some countries perceived not to be giving Nigeria the needed support.

“It is fortunate to state at this point that recovery and repatriation of our stolen wealth search approach continues to be very tedious in spite of several bi-lateral and multi-lateral agreements entered into between Nigeria and other jurisdictions.

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