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EFCC Commences Probe Of $2B Malabu Oil Deal

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The Economic and Financial Crimes Commission (EFCC) has begun a discreet probe into the $2billion Malabu Oil deal to ascertain whether the country was short-changed.

The anti-graft agency may invite who were parties to the agreement including five former ministers, an ex-Group Managing Director of NNPC and top officials of the Department of Petroleum Resources.

A former Attorney-General of the Federation and Minister of Justice, Mohammed Bello (SAN), had already written to the EFCC on how the deal was struck with Shell Nigeria Ultra Deep Limited (SNUD).

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He said although the 2006 transaction predate his appointment as the nation’s former AGF, it was transparent and value-driven.

It would be recalled that Justice Edis of the Southwark Crown Court, London, last December 14 stopped payment of N17 billion to Malabu Oil and Company.

The judge said he was not sure that the Goodluck Jonathan administration acted in the interest of Nigeria by approving the transfer of the money to Malabu.

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