February 23, 2018


BlackBerry putting itself up for sale -

Wednesday, August 14, 2013

FERMA: A convergence of intent, engagement & perception -

Sunday, August 11, 2013

Nigeria Hits CNN’s List of World’s 12 sexiest accents…. -

Wednesday, August 7, 2013

N452t infrastructure funds from capital market coming -

Tuesday, August 6, 2013

Getting the right staff for your business -

Tuesday, August 6, 2013

Nigeria, others to re-evaluate Trans-Saharan gas project -

Monday, August 5, 2013

How Nigerians use social media -

Friday, August 2, 2013

NSIA to manage N3.4tr pension funds -

Friday, August 2, 2013


Friday, August 2, 2013

Nigerian Troops Return from Mali, Storm Borno -

Thursday, August 1, 2013

Our role in the $1.09b Malabu Oil mess, by Shell -

Wednesday, July 31, 2013

FG Can’t License Hotels, Hospitality Operators, Says Fashola -

Tuesday, July 30, 2013

Why FG Must Urgently Invest in Efficient Rail System -

Monday, July 29, 2013

Lagos community begins energy generation from waste -

Monday, July 29, 2013

FG to privatise BoI, BoA in 2014 -

Monday, July 29, 2013

Cassava takes pride place in Nigeria’s agro-economy -

Monday, July 29, 2013

Future of Africa in food production depends on training, emerging technologies —Kabba college provost -

Friday, July 26, 2013

Will this fresh initiative against cyber crime work? -

Friday, July 26, 2013

Investors prefer Southwest, says LCCI -

Friday, July 26, 2013

Fed Govt stops project variation beyond 15% of initial cost -

Thursday, July 25, 2013

Our role in the $1.09b Malabu Oil mess, by Shell

Our role in the $1.09b Malabu Oil mess, by Shell... NAIJA INTEL

The controversy over the $1.092, 040,000 Malabu Oil deal continues with one of the parties, Shell Nigeria Ultra Deep Limited (SNUD) opening up on how it acquired 40 per percent equity in Oil Prospecting Licence (OPL) 245 in 2000.

The company insisted that it followed due process and consulted with relevant officials in the administration of ex-President Olusegun Obasanjo.

It also claimed that it received verbal assurances from the then Vice-President Atiku Abubakar that there was no objection from the Federal Government to Shell acquiring an interest in OPL 245.

It attributed the current crisis to the withdrawal of the allocation of OPL 245 to Malabu in July 2001 and how Obasanjo allegedly made a u-turn on March 25, 2002 leading to threats of legal action from Malabu Oil and Gas.

Shell admitted that the revocation of the oil block was shocking as “no explanation was given”. The Anglo-Dutch firm said it paid $210million as signature bonus for the oil block and operates the block on a Production Sharing Contract (PSC) basis.

It said S$ 209 million of the $210million signature bonus had remained in an escrow account ever since and with accruing interest; it grew to S$231, 299, 884.04 as of February 2008.

These facts were contained in a Claimant’s Memorial filed by SNUD before the International Centre for Settlement of Investment Disputes.

A copy of the Memorial was exclusively obtained yesterday by our correspondent.

Mutiu-Sunmonu..Our role in the $1.09b Malabu Oil mess, by Shell... NAIJA INTEL

Mutiu-Sunmonu..Our role in the $1.09b Malabu Oil mess, by Shell… NAIJA INTEL

The memorial is expected to be tabled before the UK Police which has stepped into the investigation of the Malabu Oil deal.

The memorial said: “In 1998, during the Gen. Sani Abacha military regime, OPL 245 had been allocated to Malabu on behalf of the Ministry of Petroleum Resources by Mr. Dan Etete in his capacity as the then Presidential Adviser on Petroleum and Energy. Malabu was an indigenous Nigerian company, incorporated on 24 April 1999, with Nigerian shareholders, apparently for the purpose of petroleum prospecting.


IMAGE: www.bloomberg.com



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