Jump to navigation

Vol 55 No 10

Published 16th May 2014


The ripples of OPL 245

Police and regulators are still investigating the consequences of Chief Dan Etete awarding himself an oil licence

The Metropolitan Police's Proceeds of Corruption Unit (POCU) in London has confirmed to Africa Confidential that it is investigating allegations of money laundering through Britain linked to Nigeria's Oil Prospecting Licence 245. Subsidiaries of Royal Dutch Shell and Italy's ENI (Ente Nazionale Idrocarburi) bought OPL 245 from the Nigerian government for US$1.09 billion, which passed most of it to Malabu Oil and Gas. This is a shell company controlled by Chief Dan Etete, aka Dauzia Loya Etete, the Oil Minister under General Sani Abacha, who ruled in 1993-98. The funds paid to Malabu were quickly transferred to other shadowy companies whose beneficial owners are unknown.

End of preview - This article contains approximately 629 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.

If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.