Alleged $875.7m Fraud: EFCC Re-arraigns Malabu Oil, Seven Others

The Economic and Financial Crimes Commission (EFCC) yesterday rearraigned Malabu Oil & Gas Limited, Aliyu Abubakar and six others before Justice I.E. Ekwo of the Federal High Court sitting in Abuja, on 67 amended charges, bordering on money laundering to the tune of $875,740,000.

The other six defendants are: A Group Construction Company Limited; Rocky Top Resources Limited; Megatech Engineering Limited; Novel Properties and Development Company Limited, Imperial Union Limited and Carlin International Nigeria Limited.

EFCC Counsel, Bala Sanga told the court that he was ready with the amended charges and for the eight defendants to take their pleas: Count one of the charges read: “That you Malabu Oil Gas Limited, Sei dough a Mun am una( at large ), A mar an Joseph( at large) and Douzia Loya Etete (at large), on or about the 24th day of August 2011, in Abuja, within the jurisdiction of this Honourable Court took control of the sum of $401,540,000.00 paid from the Federal Government of Nigeria Escrow Account No: 0041451493 IBAN 30CHAS609242411492 with JP Morgan Chase Bank in London into account 2018288005 of Malabu Oil & Gas Limited domiciled with First Bank of Nigeria Limited, when you reasonably ought to have known that the funds formed part of an unlawful activity to wit: negotiation, signing and payment in respect of the Block 245 Resolution Agreement between the Federal Government of Nigeria with Shell Nigeria Ultra Deep Limited, Nigerian National Petroleum Corporation, Nigeria Agip Exploration Limited, and Shell Nigeria Exploration and Production Company Limited, whereby taxes, accruals and royal ties due to the Federal Government of Nigeria were unlawful ly waived and you thereby committed an offence contrary to Section 15(2) (d) of Money Laundering Prohibition Act.”