Alleged $1bn Fraud: EFCC Arraigns Malabu Oil Firm, Others
The Economic and Financial Crimes Commission (EFCC) has arraigned Malabu Oil and Gas Limited, six other firms and an Abuja-based businessman, Aliyu Abubakar before a Federal High Court in Abuja.
The EFCC claimed about $1bn and N673m are involved in the alleged money laundering offences.
Other defendants in the case are: A-Group Construction Company Limited, Rocky Top Resources Limited, Mega Tech Engineering Limited, Novel Properties and Development Company Limited, and Carlin International Nigeria Limited.
The defendants pleaded not guilty when an official of the court read to them.
Dressed in white native attire, Abubakar, who is the only natural person among the defendants, was the only one in the dock when the while the proceedings lasted.
After the defendants pleaded to the charge, the prosecutor, Bala Sanga said he was not averse to the court granting bail to Abubakar.
Abubakar’s lawyer, Akin Olujinmi (SAN), commended Sanga for showing understanding and urged the court to adopt the conditions adopted associated with an earlier bail granted his client in this case.
Abubakar is being tried before the court in a separate charge involving him and a former Minister of Justice and Attorney General of the Federation (AGF), Mohammed Adoke (SAN).
Justice Inyang Ekwo acceded to Olujinmi’s request and adjourned till September 7 for trial.
The EFCC, in a count in the charge, claimed that Malabu Oil, and two of its directors (said to be on the run – Seidougha Munamuna and a former Minister of Petroleum Resources, Dauzia Etete, who is widely known as Dan Etete) – “directly or indirectly converted” the sum of $401,540,000 paid from the Federal Government of Nigeria Escrow Account with JP Morgan Chase Bank in London into Malabu Oil’s account with First Bank of Nigeria Limited.
It claimed that they converted the money “knowing that the funds formed part of an unlawful activity, that is, “negotiation and signing of oil block 245 Resolution Agreement with Shell Nigeria Ultra Deep Limited, Nigeria Agip Exploration Limited, Shell Nigeria Exploration and Production Company Limited whereby taxes due to the Federal Government was waived”.
The EFCC alleged that the same set of persons took control of the said sum of $401,540,000 in violation of section 9(a) of the Money Laundering (Prohibition) Act, an act punishable under section 15(3) of the same law.
It claimed that in September 2011, Abubakar and Rocky Top Resources Limited took control of the of $336,456,906.78 which was said to be part of proceeds of unlawful activity in the Malabu Oil deal.
The EFCC alleged that in August 2011, Abubakar and Imperial Union Limited also took control of the sum of $34,540,00 received from Malabu Oil and Gas. The fund was also said to be part of the proceeds unlawful activity in the OPL 245 deal.
Abubakar, whose name appeared in 43 counts, was alleged to have neglected to report in writing to the EFCC certain single-fund transactions involving the bank accounts of his separate companies between 2011 and 2014.
The EFCC alleged that the firms being Designated Non-Financial Institutions, are by virtue of section 10(1)(b) of the Money Laundering (Prohibition) Act 2011, ought to report such huge transactions to the EFCC in writing, failing which is punishable under section 10(3) of the same law.
Abubakar and Carlin International Nigeria Limited allegedly failed to report the lodgment of N300m in the firm’s account by a former Attorney-General of the Federation and Minister of Justice, Mohammed Adoke (SAN) in February 2012.
The EFCC equally alleged that the businessman and A-Group Construction Company Limited failed to report the sum of N32.108m paid to Triax BDC in January 2014; and N38m paid to them by Falana Properties Limited in August 2015.
In August 2011, the businessman and Megatech Engineering were said to have to failed to report the transfer of $180m from Malabu Oil’s account to them.
In September 2016, they were said to have similarly failed to report the transfer of N50m to them.
The EFCC also alleged that the sum of $73.5m paid to Rocky Top Resources by Malabu Oil in September 2013 was not reported. Abubakar and Novel Properties were also accused of failing to report the deposit of $30m from Malabu Oil and Gas into Novel Properties’ account in September 2011.
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