Netherlands, Switzerland to repatriate $200m Malabu deal cash –AGF

By FN Editor on 29/07/2020

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Nigeria is awaiting the return of $200m from the Netherlands and Switzerland from the Oil Prospecting Licence 245 deal, the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, has said.

The News Agency of Nigeria reported on Tuesday that Malami said this while declaring open a capacity building workshop and interactive session with judiciary correspondents in Abuja.

Shell and Eni jointly acquired the rights to OPL 245, a Nigerian offshore oil block, for about $1.3bn but the deal had spawned legal cases spanning several countries.

Malami, who gave a scorecard of his ministry in the past one year, said due to the anti-corruption crusade of the present administration, the ministry facilitated the recovery of $62bn arrears from oil companies as part of the Federation Government’s Production Sharing Agreement.

“Also recovered within the period is the sum of $311m from the US and New Jersey, in the third phase of Abacha loot and another $6.3m Abacha loot from the Republic of Northern Ireland,” he was quoted as saying.

Malami said the money had been paid into the federal government treasury for utility development such as Lagos Ibadan Expressway, Kano Abuja Expressway and the second Niger Bridge in line with agreement reached with the foreign partners.

 

He further disclosed that over N685m was recovered through the help of whistleblowers within the last one year while N500m was recovered from forfeited vessels, trucks, and barges.

The AGF said a legal framework introduced by the ministry had helped to raise stamp duty collection from N22bn over the years to N66bn within the last six months of the amendment of the Act.

He said some bills currently before the National Assembly would stimulate the economy when passed into law.

 

 

Posted on July, 29 2020

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