Nigeria: Malabu Deal - Reps Relaunch Probe of U.S.$1.1 Billion Proceed

6 December 2012

The House of Representatives will today begin a fresh probe into the role played by the federal government and two multinational oil giants (Agip and Shell) in the alleged round tripping of proceeds in the sale of the contentious Oil Prospecting License (OPL) 245 in favour of Malabu Oil and Gas Limited.

In a deal federal lawmakers described as "shady", reports fingered top presidency officials of perpetuating one of the biggest financial heists in the country's history, following the out of court settlement between the listed parties and the subsequent payment of $1.1 billion to Malabu Oil and Gas.

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