Global Markets

Nigeria sets up committee to investigate Malabu oil deal

Nigeria has set up a committee in its lower house of parliament to investigate an oil deal involving Malabu Oil and Gas.
By Staff reporter 13 April 2017 0 25491

Nigeria has set up a committee in its lower house of parliament to investigate an oil deal involving Malabu Oil and Gas – a firm owned by Dan Etete, who has been convicted of money laundering, Reuters has reported.

The investigation centres on the award of prospective licence OPL 245 to supermajors Shell and Eni. The companies paid a combined $1.3 billion for access rights to the concession.

Around $1.1 billion was deposited into an account held by Malabu. Former Nigerian President Goodluck Jonathan may...