The Federal Government has received $85 million out of the controversial Malabu Oil money, the Attorney General and Minister of Justice, Abubakar Malami stated. Malami made the statement at the ongoing consultative meeting on assets recovery in Abuja.
The Malabu oil money is a controversial $1.3 billion payment for one of the richest and most productive oil blocks in the country, Oil Prospecting License, OPL, 245. The bloc, bought by the then military head of State, General Sani Abacha just before his death involved Dan Etete, the then Minister of Petroleum and later on Shell and ENI, who claimed that they paid $1.2 billion to buy the oil well from Malabu Oil and Gas during the Jonathan administration. However, the funds were diverted to private accounts and has caused a public outcry and international investigations.
Malami, while revealing the receipt of the funds, expressed dismay over the reluctance of other countries to release loots deposited in their country despite several treaties signed with the Federal Government to facilitate the return of loot.