The Many Twists And Turns In The Malabu Oil Saga

The controversy surrounding the Malabu Oil and Gas deal has been one interesting case keeping Nigerians entertained, as the constant twists and turns in the case remind one of a well-scripted television drama series. However, to those involved in this web of corruption, deception and theft, this is no drama, as billions of dollars are at stake.

For those having difficulty keeping up with developments surrounding the case, we bring you a timeline of major events in the case as explained by ThisDay.

April 1998

• Malabu Oil and Gas Limited was incorporated, with Mohammed Sani (fronting for the late Gen. Sani Abacha), Kwekwu Amafegha (representing Dan Etete, then Minister of Petroleum Resources) and Hassan Hindu (on behalf of Ambassador Hassan Adamu.) as shareholders. The equity was shared 50%, 30% and 20% respectively
• Ministry of Petroleum, Dan Etete, offers Malabu Oil the deepwater oil block processing license OPL 245.

June 1998

• General Sani Abacha dies leaving Mohammed Sani Abacha as sole heir to his 50% stake

1999-2002

• Mohammed Sani Abacha is imprisoned and unable to participate in the affairs of the company.
• Chief Dan Etete, consultant to Malabu Oil, took over Mohammed Sani Abacha’s books, documents and records in Mohammed’s absence and without his mandate.
• Hindu’s 20 per cent was bought by Fasawe through his company, Pecos Energy Ltd.
• The corporate status and shareholding structure of Malabu Oil were altered severally through forged board resolutions, which eventually divested Mohammed Sani of his shares while new shareholders and directors were appointed fraudulently.

2010

• Mohammed and Fasawe learn of alterations of the shareholding structure of Malabu Oil in its files with the CAC, purporting to divest the three original shareholders of their investments in Malabu Oil and allegedly making Munamuna Seidougha and Amaran Joseph the only shareholders and directors with 10 million shares each.
• They petitioned the then Attorney-General to the Federation, Mr. Mohammed Adoke, asking him to stop the conclusion of the transaction in respect of OPL 245.

2011

• NUD, SNEPCO and NAE entered into a negotiation and allegedly bought over the assets of the first plaintiff, OPL 245, through Munamuna Seidougha, Amaran Joseph and Chief Dan Etete acting as the two directors and consultant respectively for Malabu Oil, for a consideration of about $1.3 billion with the Federal Republic of Nigeria acting as an obligor.
• $1.1 billion is paid to the FG’s Domiciliary Escrow Account, from where the sum of $801,540,000 is transferred to 2 different accounts, one in First Bank and the other in Keystone Bank, upon the instruction of Adoke. Etete is the sole signatory to both accounts.
• The $400 million in Keystone Bank is distributed to several unnamed individuals while $60,000,000 is transferred to another account for forex trading.
• The $401,540,000 paid into the First Bank account, was distributed to several individuals among who were Abubakar Aliyu, AVM Nura Imam, Bashir Galandashi, Adesegah Moses, Abubakar Aliyu, Adeyemi Tunji and Suleiman Ibrahim, none of whom were known to render any service to Malabu Oil.

January 2017

• EFCC drags Mohammed Adoke, Dan Etete, Yerima Lawal Ngama and others to court over their involvement in the sale of OPL 245.

March 2017

• Mohammed and Fasawe drag Kweku Amafegha, Munamuna Seidougha, Amaran Joseph, Corporate Affairs Commission (CAC), Shell, Agip, Federal Government of Nigeria (FGN), AGF, and the Petroleum Minister over the sale of OPL 245