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Pulse Infographics How ex-oil minister Dan Etete siphoned $1 billion Nigeria oil money

The former Nigerian Minister of Petroleum fraudulently awarded licence to a company without assets or employees

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How ex-oil minister Dan  Etete siphoned $1 billion Nigeria oil money play

How ex-oil minister Dan  Etete siphoned $1 billion Nigeria oil money

OPL245 – Nigerian oilfield containing an estimated 9 billion barrels of crude

1998Dan Etete awards licence to Malabu Oil & Gas for $20 million (firm has no assets and no employees)

2000Shell 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

 

Data: PMNews

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