Tuesday, September 27, 2016

Infographics on How Ex-Oil Minister Dan Etete Siphoned $1 billion Nigeria Oil Money

OPL245 – Nigerian oilfield containing an estimated 9 billion barrels of crude
1998 – Dan Etete awards licence to Malabu Oil & Gas for $20 million (firm has no assets and no employees)
2000 – Shell and Malabu battle in court over ownership of the field
2011 – Eventually the field gets sold to Eni and Shell by the Nigerian government
ENI and Shell pay Nigerian government but $1.09bn gets sent to Malabu
Nigeria only retains $208m – the signature bonus paid by Shell
Remaining $1bn-plus gets channeled to bank accounts in London, Switzerland and offshore locations
Missing $1bn is equivalent to 80% of Nigeria’s health budget
Multiple case files have been opened but are often incomplete or missing
Offshore accounts allegedly are controlled by Malabu, Etete and five other Nigerian companies
Investigations into the OPL245 affair continue in the UK, Italy and Nigeria
$85 million frozen in a NatWest bank account in London belonging to Etete is meandering through the UK courts


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