A Nigerian court has set a hearing over a disputed 2011 oilfield deal for June 18, the country’s financial crimes watchdog said Feb. 15, part of a string of international corruption probes into the purchase.
The case relates to a purchase of the offshore OPL 245 oil field in Nigeria by oil majors Royal Dutch Shell and Eni in 2011. At the core of the case is a $1.3 billion payment from Shell and Eni to secure the block from Malabu Oil and Gas, allegedly controlled by former Nigerian oil minister Dan Etete.
Nigeria’s government has also filed a claim in Britain against JPMorgan Chase over its alleged involvement in the deal.
Nigeria’s financial watchdog, the Economic and Financial Crimes Commission (EFCC), said in its Feb. 15 statement that the defendants are accused of being part of a scheme to defraud the government of 1.1 billion naira (US$2.8 million).
The Nigerian court case is now awaiting the arraignment of the defendants, including former attorney general, ex-ministers of justice and oil and various senior managers, current and former, from Shell and Eni, the EFCC said.
Both Eni and Shell have repeatedly denied any wrongdoing in relation to the deal, which is also being investigated in Italy and the Netherlands, where Eni and Shell are respectively based.
The Nigerian court case has been repeatedly delayed as defendants have failed to appear for hearings.
The government "is still working hard to ensure the presence of the defendants in court" but requested the adjournment as it tries to secure the extradition from overseas of some of those charged, the EFCC said.
Recommended Reading
Chevron Moving HQ, CEO from California to Houston
2024-08-02 - Chevron Chairman and CEO Mike Wirth and Vice Chairman Mark Nelson will relocate to Houston, where much of Chevron’s other top leadership is already based.
Delek Logistics Offering Senior Notes to Pay Off Debt
2024-08-15 - Delek Logistics Partners and its subsidiary plan to use the net proceeds from the senior notes offering to pay off a portion of the outstanding borrowings from its credit facility.
Dividends Declared in the Week of July 22
2024-07-25 - Second quarter earnings are underway, and companies are declaring dividends.
Dividends Declared in the Week of Aug. 2
2024-08-02 - Here is a selection of dividends declared for the week of Aug. 2 for a selection of upstream, midstream and service & supply companies.
Upstream, Midstream Dividends Declared in the Week of July 8, 2024
2024-07-11 - Here is a selection of upstream and midstream dividends declared in the week of July 8.