REVEALED | Ex-Head of State, Senate President and Others Named in $1.09bn Oil Deal

Some prominent Nigerians have been named as beneficiaries of the $1.092b Malabu oil deal...
The Economic and Financial Crimes Commission is investigating the scandal. A businessman, who is being grilled by EFCC over the deal, is said to have named a former Head of State, a former Senate President, a former National Security Adviser (NSA), some senators, some serving and ex-House of Representatives members.

EFCC is not taking chances again, all the suspects will be invited for interrogation by the anti-graft agency to determine their level of complicity.

The Nation learnt that besides the businessman, the EFCC has grilled a former Permanent Secretary in the Federal Ministry of Finance and some chief executives of international oil companies (IOCs).

The suspects remain unnamed because of what a source described as the “sensitivity” of the matter.

The businessman may serve as a key witness because of his “deep insights”, the source said.

“The list is outside the six former ministers who the EFCC was closing in on as at press time. We are looking into the accounts of some of those named in line with the timelines of the bribery,” another source said, adding: “Preliminary investigation has shown that the nation was shortchanged in the controversial $1.092bbillion Malabu Oil Block deal (OPL 245)."

The EFCC is seeking the whereabouts of $1,092,040billion paid by Shell Nigeria Exploration and Production Company Nigeria Limited (SNEPCO) and Nigeria Agip Exploration Limited (NAE) into an escrow account.

By the terms of Block 245 Resolution Agreement, Shell agreed to release the outstanding Signature Bonus and to appoint an escrow agent for paying the Federal Government $1,092,040billion.

It was learnt that NAE contributed $982,040,000 to the settlement. SNEPCO $110,000,000 to make up the required $1,092,040billion for the Federal Government to settle all claims over OPL 245 in accordance with the agreement.

There were fears that the $1,092,040billion in an escrow Account was “used for the settlement of the FGN-Malabu Oil Limited agreement on OPL 245.”

The EFCC is trying to find out whether or not the cash was paid to the government or if the appointed escrow agent managed the $1,092,040billion and shared the cash.


  1. This is the same deal GEJ got the name Don Fortunato Jonathan from. I believe EFCC will invite those Italians involved in the same deal

  2. Hmmmm na wa. They should all pay for their atrocities.

  3. Nice one, they should not give any chances.

  4. Hassan Aderemi29 August, 2016 19:29

    No sacred cow & no looter must go unpunished.

  5. Dose involved in fraud should b checked well, dey aren't psychologically balanced, dere brain needs 2 b analyzed properly, cos dunno how a sane person will steal outrageous sum even wen its nt needed @ d detriment of sum people dt r in dire need of it..


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