Malabu Oil Deal: I Acted Within The Law – Adoke

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Former attorney-geneeral of the Federation andd minister of Justice, Mohammed Bello Adoke, yesterday, said he accted within the law in the $1.1billion Malabu oil deal.

The Economic and Financial Crimes Commission has filed charges against Adoke and others, accusing them of fraud in the Malabu deal.

In his reaction to the 9-count charge yesterday, Adoke, a Senior Advocate of Nigeria said the charge filed against him was intended to bring his name to disrepute.

Adoke said, “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 US$2 Billion Dollars liability in damages for  reach 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 its had previously substantially de-risked in consideration for withdrawing their over US$ 2 Billion Dollars claim for breach of contract against the Federal Government of Nigeria.

“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.”

Credit: Leadership

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