Justice John Tsoho, of an Abuja Federal High Court has adjourned to March 13, 2017, ruling on applications brought before the court, for variations in an earlier order granted the Economic and Financial Crimes Commission (EFCC) for the forfeiture of the Oil Prospecting License (OPL 245), pending further investigation.
The Federal High Court in Abuja, has fixed March 13 to decide whether or not two multinational oil giants, Shell Nigeria Exploration & Production Company Ltd and Nigeria Agip Exploration Ltd, should be allowed to retain ownership of the disputed Oil Prospecting License, OPL, 245, pending their trial over alleged $1.2 billion fraud. OPL 245 is regarded as one of the biggest oil blocks in Africa.
Justice John Tsoho adjourned ruling on the matter, yesterday, after he entertained arguments from counsel to the oil firms and that of the Economic and Financial Crimes Commission, EFCC. Shell and Agip had in separate applications they filed through their lawyers, Prof. Konyinsola Ajayi, SAN, and Mr. Babatunde Fagbohunlu, SAN, questioned legality of the court order that gave the Department of Petroleum Resources, DPR, the nod to temporarily manage the controversial oil block for the Federal Government, pending conclusion of investigation and prosecution of those involved in the $1.2 billion Malabu oil block bribery scandal.
The interim forfeiture order the court made on January 26, followed a motion ex-parte filed by chairman of the EFCC, Mr. Ibrahim Magu. The court directed the Federal Government to take possession of the oil block pending conclusion of investigation and trial of companies and individuals named in connection with acts of conspiracy, bribery, official corruption and money laundering.
The EFCC boss had in his motion marked FHC/ABJ/CS/14/2017, told the court that investigations revealed that Malabu Oil and Gas Ltd and SPDC secured OPL 245 through fraudulent scheme involving high scale bribery and corruption by top management of the company and some government officials.
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