vtuking

Nigerian Government Seizes Former Minister, Dan Etete’s Private Jet In Canada Over $1.3bn Malabu Oil Deal

 

Nigerian Government Seizes Former Minister, Dan Etete’s Private Jet In Canada Over $1.3bn Malabu Oil Deal

The seizure was confirmed to Finance Uncovered by Nigeria’s lawyer, Babatunde Olabode ‘Bode’ Johnson.

 

BY SAHARAREPORTERS, NEW YORK JUN 06, 2020

 

 

The Nigerian Government has seized a private jet bought by Dan Etete, a former Minister of Petroleum, with some of the alleged proceeds of the $1.3bn Malabu oil deal.

 

 

The seizure was confirmed to Finance Uncovered by Nigeria’s lawyer, Babatunde Olabode ‘Bode’ Johnson.

 

Johnson said that the order was served on the jet’s owner, a company called Tibit Ltd, which has until Tuesday next week (9 June) to file court papers opposing the seizure.

 

Tibit Ltd is an anonymously owned company incorporated in the British Virgin Islands.

 

He said government had been on the trail of the Bombardier 6000 jet with tail number M-MYNA since it landed in Montréal-Trudeau International Airport in Canada on May 29.

 

The news medium said a Quebec judge granted the seizure order for the aircraft in the early hours of Saturday morning.

 

The jet had just flown from Dubai via Shannon Airport in the West of Ireland and it is not known whether any passengers were on board.

 

Etete is alleged to have paid a total of $57m for the jet in 2011.

 

It has a range of up to 6,000 nautical miles and a luxurious interior for 17 passengers.

 

The jet was part of an epic spending spree Etete is said to have embarked on after allegedly receiving $336m from the OPL 245 deal.

 

As Nigerian Petroleum Minister in the last weeks of the late General Sani Abacha military regime in 1998, Etete had effectively awarded the prospecting rights of the OPL 245 block to a company he secretly controlled, Malabu Oil and Gas.

 

After Abacha’s death, Etete retained the rights as a private citizen until he offloaded them to oil giants, Shell and Eni in 2011, who paid a combined $1.3bn to the Nigerian Government.

 

Investigators allege that some $336m then trickled down to Etete via several bank accounts and that one of the first payments he made, $54m, was the main installment on this jet.

 

Also in January, a Federal Capital Territory High Court in Gwagwalada issued a warrant of arrest against Etete following an ex-parte application filed by the Economic and Financial Crimes Commission over the deal.

 

In 2011, the Nigerian Government brokered a deal between Malabu Oil and Gas Ltd, the original allotees of the enormously endowed but controversial OPL 245, and Shell/Eni, who wanted to buy the oil block from the company.

 

While Shell and ENI paid a signature bonus of $210m to the Nigerian Government, they paid $1.1bn to buy 100 per cent interest in the oil block from Malabu.

 

The entire $1.3bn was transferred to the account of the Nigerian Government in London, United Kingdom, from where Malabu was paid its $1.1bn.

 

Subsequently, it was alleged that bribes were paid to officials of the government to facilitate the deal, which is considered unfavourable to Nigeria as the value of the oil block is estimated to be worth much more than what was paid for it.

vtuking

34 Comments

  1. Reply

    Good that’s progress

  2. Reply

    Great post

  3. Reply

    Good, we need more of this

  4. Reply

    This is exactly what this country needs, I hope it continues this way.

  5. Reply

    Nice one. You people should stop embezzling public fund

  6. Reply

    God bless you for the time you brought to share this with us

  7. Reply

    Good for them

  8. Reply

    Great

  9. Reply

    Wonderful

  10. Reply

    Wow

  11. Reply

    Nice

  12. Reply

    Really

  13. Reply

    Very cool

  14. Reply

    We should continue this way ooo

  15. Reply

    Nice

  16. Reply

    They should carry all of them

  17. Profile photo ofSommycruz

    Reply

    Great one

  18. Reply

    Good article

  19. Reply

    That is a good step. Buhari and other top criminals should declare their assets too.
    All of them have looted funds too

  20. Reply

    Bihari should declare his asset too

  21. Reply

    Interesting information thanks for sharing with us

  22. Reply

    Good write up

  23. Reply

    Thanks for sharing

  24. Reply

    That’s nice

  25. Reply

    This is just the beginning

  26. Reply

    great

  27. Reply

    Jumboearn is the best

  28. Reply

    Nice information
    Kip me updated on more

  29. Reply

    Good update

  30. Reply

    Nice info

  31. Reply

    Nice one. All these criminals that calls themselves politicians

  32. Reply

    Good info

  33. Reply

    This is something else

  34. Reply

    Nice
    Thanks for sharing

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these <abbr title="HyperText Markup Language">HTML</abbr> tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>