Malabu Oil Deal: I Got Only N37bn says Dan Etete 15 June 2013
Former minister of petroleum, Dan Etete, has told a British High Court that he is not the owner of Malabu Oil and Gas. He also denied receiving $1.1 billion (N173 billion) transferred to Malabu by the federal government. The money was allegedly paid by oil giants, Shell and Eni on behalf of the federal government to Malabu.
Etete in a testimony he gave on a breach of contract suit brought against him over the sale of the controversial oil block OPL 245, said that he only made N37.5 billion ($250 million) working as a consultant for Malabu.