By Our Correspondent
Oil giants Royal Dutch Shell and Eni SpA recently faced criminal charges from Nigeria’s anti-graft agency, Economic and Financial Crimes Commission, EFCC, over the $1.1 billion acquisition of Nigeria’s prolific oil blocs in 2011.
The court filing alleges that the companies paid a bribe of $801 million to the former Oil Minister of Nigeria, Dan Etete and his allies for the purchase of Oil Prospecting License (OPL) 245.
The government received only $210 million from the deal. The Nigerian Court has seized the oilfield assets from the companies and ordered the transfer of oil blocs to the government.
The Inside Story OPL 245 is considered to be one of the richest oil blocs in Nigeria comprising over nine billion barrels of crude oil.
Former Nigerian President, Goodluck Jonathan had handed over OPL 245 to Malabu Oil, a company with questionable credentials secretly established by Dan Etete.
Since Malabu Oil was thought to be a fraudulent company, Etete decided to cash in on the bloc. Through various middlemen, Shell and Eni were asked to purchase the bloc.
Due to Etete’s scandalous records, former Justice Minister Adoke became the mediator for the transaction.
The companies denied being involved in the crime and claimed that the money was paid into the Nigerian government account. Various investigations, however, reveal that the companies were guilty. Several senior executives of both the companies have faced a trial over these corruption allegations.
About Royal Dutch
Shell Headquartered in Netherlands, is one of the largest integrated energy companies, engaged in the production, refining, distribution and marketing of oil and natural gas.
About Eni
Based in Rome, Italy, Eni’s major business segments are Exploration and Production (E&P), Gas and Power, and Refining and Marketing.