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Abacha’s Son Lays Claims to Malabu Shares

10 Dec 2012

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Mohammed Abacha


By Onwuka Nzeshi 

Mohammed Abacha, the eldest son of the late Head of State,  General Sani Abacha, has accused the former Minister of Petroleum Resources, Chief Dan Etete, of shortchanging  him on  the board of Malabu Oil and Gas Limited.

Abacha, who testified before the House Ad hoc  Committee investigating the sale of Oil Prospecting Licence (OPL) 245, claimed  that he owned 50 per cent shares of Malabu Oil and Gas Limited,  Pecos Energy owned 20 per cent, while Etete had 30 per cent at the inception of the organisation.

Abacha alleged that  Etete  connived with some officials of the Corporate Affairs Commission (CAC) to alter the shares of Malabu and ended up giving  him (Etete)  100 per cent ownership of the company.

He also alleged that the original file of Malabu, which was registered on April 24, 1998 with N20 million share capital ‘got missing in the commission and a temporary file was opened in May 2000.

In a bid to further press his claim, Abacha said he  instituted a civil action in Suit No. FHC/ABJ/CS/59/2010 and FHC/ABJ/CS/51/10 against Malabu Oil and  Gas Limited, other directors and the  CAC.

He alleged that his suit  was however frustrated due to the disappearance of the case file from the court.

He also alleged that between 2009 and 2011, Shell Nigeria Ultra Deep Company (SNUD), Nigeria Agip Exploration Ltd (NAE) and Shell Nigeria Exploration and Production Limited (SNEPCO) entered into negotiation for the acquisition of OPL 245 being an asset of Malabu Oil and  Gas and same was acquired through Etete for a consideration of USD 1.3 billion without recourse to the rightful owners being the complainant.

Abacha said the matter was reported to the Economic and Financial Crimes Commission (EFCC).

Responding, the Chairman of  the EFCC, Mr. Ibrahim Lamorde, said the commission  had commenced investigations  into the  allegations.
He, however, said  the anti-graft agency  was  not in possession of facts relating to the circumstances surrounding the sale of OPL 245 and cannot comment  authoritatively on the matter presently.

“Our investigation into the case is not yet concluded and any position paper from the commission at this stage would be prejudicial to our ongoing investigation,” Lamorde said.

Tags: Nigeria, Featured, Business, Mohammed Abacha

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