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Author Topic: $1.6 Billion Malabu Oil deal: I acted on Jonathan’s instruction – Adoke  (Read 302 times)

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Offline jchima14

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A former Attorney-General of the Federation and Minister of Justice, Mr. Mohammed Bello Adoke (SAN), yesterday faulted the charge of alleged involvement in a $1.6billion Malabu Oil deal against him by the Economic and Financial Crimes Commission (EFCC).

He said although the charge was irrational, he was prepared to make himself available to defend it at the appropriate time.He said he did not benefit in any way from the auctioning of Oil Prospecting Licence 245(OPL 245), popularly referred to as Malabu Oil Block.

Adoke, in a statement, said he got requisite approvals from the former President Goodluck Jonathan to broker the settlement and execute the OPL 245 Settlement Agreement.

The statement reads: “My attention has been drawn to the charges filed by the EFCC against me and other named individuals and companies in respect of OPL 245 Settlement Agreement involving Malabu Oil & Gas Limited and Shell Nigeria Ultra Deep Limited.

“The charge of aiding the commission of money laundering offences preferred against me has finally confirmed the orchestrated plans to bring me to public disrepute in order to satisfy the whims and caprices of some powerful interests on revenge mission.

“I wish to reiterate that I acted within the actual and ostensible authority of the office I occupied to broker a settlement between Malabu Oil & Gas Limited and Shell Nigeria Ultra Deep Limited in order to ward off the over $2billion liability in damages for breach of contract which the country would have been exposed to in the likely event of the success of Shell Nigeria Ultra Deep Limited’s claim before the International Centre for the Settlement of Investment Disputes (ICSID).

“The Terms of Settlement ensured that the interests of the Federal Government of Nigeria, Malabu Oil & Gas Limited and Shell Nigeria Ultra Deep Limited were duly acknowledged and provided for in the Settlement Agreement.

“The Federal Government of Nigeria was entitled to the Signature bonus which was duly paid; Malabu Oil & Gas Limited surrendered its title to OPL 245 for a consideration and Shell Nigeria Ultra Deep Limited was re-allocated OPL 245 which it had previously substantially de-risked in consideration for withdrawing their over US$ 2billion claim for breach of contract against the Federal Government of Nigeria.”

Adoke gave more insights into why the Jonathan administration executed the Settlement Agreement.

He added: “Since the Parties aforementioned, faithfully discharged their respective obligations under the Settlement Agreement, one cannot comprehend how the Office of the Attorney-General of the Federation which brokered the Settlement was expected to renege from the agreement by denying Malabu Oil & Gas Limited the benefits associated with the relinquishing of their title to OPL 245 already warehoused in a joint FGN/Shell Escrow account, or to prevent the subsequent re-allocation of the relinquished OPL 245 to Shell Nigeria Ultra Deep Limited when the company had already furnished consideration for it to the Federal Government of Nigeria.

“I am of the respectful view that it should be clear to any person dispassionately reviewing the transaction to confirm that I had no personal interest in the transaction; I did not take any benefit from it, I had requisite approvals from the President and Commander in Chief of the Federal Republic of Nigeria to broker the settlement and execute the OPL 245 Settlement Agreement.

“I am therefore unable to rationalise the charge of aiding the commission of money laundering offences preferred against me by the EFCC. But be that as it may, I hope to at the appropriate time make myself available to defend the charges for what whatever its worth.”



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