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Nigeria to Lose $4.5 Billion in Malabu Oil Deal

The Acting Chairman, Economic and Financial Crimes Commission, EFCC, Ibrahim Magu, has given assurances that the Commission is revving up its investigations into the Malabu Oil Scandal, and those complicit will be prosecuted.
A statement issued by the Acting Head of Media and Publicity of EFCC, Tony Orilade quoted Magu as giving the assurance while receiving some documents from the President, Resource for Development Consulting, Dr. Don Hubert, on November 29, 2018 at the EFCC Headquarters, Abuja.
Hubert, an extractive industries analyst, was said to have analyzed the terms and conditions for the sale of the controversial Oil Prospecting Lease, OPL 245, otherwise known as Malabu Oil Block, to Shell and Eni.
“In the report, Hubert, pointed out that at least one third of the value of the oil block, which comes from fiscal concessions in the 2011 Resolution Agreement, RA, between Nigeria and the operators of the block, essentially takes away oil profit from the government and the Nigerian people.
While receiving the report, Magu promised to ensure that it is thoroughly dealt with.
“We shall constitute a committee to digest it so that investigation can be extended to all grey areas and charges brought or amended against the suspects accordingly”, he said.
Magu added that the EFCC was taking its time to investigate the scandal, so that “a water tight case” will be made before prosecution.

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