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Reps Order Investigation into =N= 155 Billion Oil Block Scandal

By on June 1, 2012

The House of Representatives are not resting on the laurels they received for conducting a thorough investigation of the Fuel Subsidy scheme. The proactive lawmakers have turned their attention towards the N 155 billion oil block scandal that was leaked by Global Witness, and publicized by Premium Times.

OPL 245 is an oil block awarded to Malabu Oil in the late 90’s by Abacha and then Petroleum minister, Dan Etete. Malabu Oil was owned by the Abacha’s and Dan Etete until the latter schemed the former from the transaction. Years of dispute trailed the transaction and in the process Dan Etete picked up a few money laundering convictions. Despite all the controversy surrounding the transaction, the Jonathan administration was party to an agreement that saw Malabu Oil receive N 155 billion for the oil block in 2011.

Reportedly senior members of the Jonathan administration, including possibly the President himself are beneficiaries of the N 155 billion largesse.

Yesterday Robinson Uwak (Oron, Akwa Ibom) moved a motion into the investigation of the scandal.

He said, “There are substantial grounds for the investigation of this matter to determine if there have been violations of the code of conduct and our anti-corruption laws in the course of the transaction.”

Deputy Speaker , Emeka Ihedioha said, “Let us set up the ad-hoc committee to do its work and we will look at the report.”

The committee has been given 3 weeks to investigate and transmit its findings to the House.