Vanguard cartoon from allAfrica.com article: “Nigeria: U.S. Report Shows Corruption, Rights Abuses”
FROM A REGULAR CONTRIBUTOR
Safe Sex and Corruption in Nigeria – OPL245
In the Economist article from last year – Safe sex in Nigeria – the numbers simply do not add up. The explanation given is that “others” had benefited from the proceeds of the OPL 245 sale to Shell and Eni.
The obvious conclusion is that these would have been people directly connected to the Nigerian government and Etete.
One possible conclusion that is not discussed is that people within ENI and/or Shell may also have benefited during the distribution of the funds. It would not be the first time that “conflicts of interest” had arisen in Shell and ENI.
Approval for expenditure of this magnitude has to come from the very top. Shareholders should be asking for some clarification.
EXTRACT FROM THE SECTION IN THE ECONOMIST ARTICLE – “WHERE DID THE MONEY GO?”
The attorney-general has rejected as “without basis” claims in the Nigerian press that much of the money the government paid to Malabu in the 2011 deal was “round-tripped” back to bank accounts controlled by public officials. But where that money did end up is shrouded in mystery. Of the $1.1 billion, $800m was paid in two tranches into Malabu accounts. This was then transferred to five Nigerian companies that appear to be shells. One of these, Rocky Top Resources, received $336.5m, some of which seems to have been passed on to unknown “various persons”, according to the EFCC’s report. Some $60m went to an account controlled by Mr Etete, who has said that he received $250m in total for his role in the deal. He said in court that “Malabu shareholders decided to spend their money the way they deemed fit” and that he is investing on their behalf.