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How Nigeria lost $10bn to Malabu oil deal — Reps

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HEDA calls for revocation, review of OPL 245 license
Senator Iroegbu
The chairman, House of Representatives Committee on Financal crimes, Hon. Kayode Oladele, has revealed that Nigeria will lose an estimated $10 billion to the controversial deepwater block OPL 245 deal, popularly known as the Malabu oil and gas scandal.
Oladele disclosed this at an anti-corruption situation room on public presentation of expert analysis on the OPL  245 deal by Human and Environmental Development Agency(HEDA) in partnership with Global witnesses, Re: Common and the Corner House on Wednesday in Abuja.
The report, which was presented by the president Development conducting for Global witness, Dr. Don Hubert,  concluded that the deal will cost the Nigerian Government oil profit  to the tune of  $4.5 billion.
Oladele explained that Nigeria will lose  over $10 billion and not the estimated $6 billion.
 “It is correct to say that the loss to Nigeria was well over $10 billion,” he added.
He also revealed that the deal was deceptive and never in the interest of Nigeria while the real beneficiary was Malibu oil and gas.
He said: “As you may recollect, the House of Representatives in February 2014, ordered the cancellation of the sale of a lucrative oil block, OPL 245 to oil firms in what was considered a shady deal facilitated with the payment of $1.1 billion to a former Petroleum Minister, Mr. Dan Etete.
“Emerging facts show that the Multinational Companies (ENI and Shell) were alerted by Nigerian Civil servants that the transaction was deceptive and the terms contains hiding clauses.
“The new discoveries on the OPL 245  based on the report by Dr. Hubert showed that the fiscal terms from the Resolution Agreement of 2011 and the PSA signed between ENI and Shell in 2012 are not consistent with the essence of a normal production sharing.”
To this end Oladele charged the Federal Government to review the controversial OPL 245 oil licence between by Shell and ENI “considering discoveries that provided insight into the rip off”.
In the same vein, the Chairman of HEDA Resource Centre, Mr. Olarewaju Suraju, said the essence of the report was to enable  Government identify and punish the individuals and organisations involved in the deal
Suraju also strongly recommend that the OPL 245 license be revoked.
“We now have both economic and legal basis to challenge the deal. All those who were involved in the scam should be duly punished and the block revoked and returned to Nigeria,” he said.


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