Nigeria: Malabu Scandal - Nigeria Expecting U.S.$200 Million From Netherlands, Switzerland - Malami

29 July 2020

The Attorney General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami has said that Nigeria is awaiting the return of $200 million from The Netherlands and Switzerland as proceeds from Malabu Oil deal, involving Oil Prospecting Lease (OPL) 245.

Malami made this known yesterday while declaring open a capacity building workshop and interactive session with judiciary correspondents in Abuja.

The minister, who gave a scorecard of the ministry in the past one year, disclosed that "due to the anti-corruption crusade of the present administration, we facilitated the recovery of $62 billion arrears from oil companies as part of federation government Production Sharing Agreement (PSA).

"Also recovered within the period is the sum of $311 million from the U.S. and New Jersey, in the third phase of Abacha loot and another $6.3 million Abacha loot from the Republic of Northern Ireland".

Malami said the monies have been paid into the federal government treasury for utility development such as Lagos-Ibadan Expressway, Kano-Abuja Expressway and the Second Niger Bridge in line with the agreement reached with the foreign partners.

He further disclosed that over N685 million was recovered through the help of whistleblowers within the last one year while N500 million was recovered from forfeited vessels, trucks, and barges.

The AGF said that a legal framework introduced by the ministry has helped to raise stamp duty collection from a mere total of N22 billion over the years to N66 billion within the last six months of the amendment of the act.

He said that some bills which are currently before the National Assembly, including the electronic transaction, electronic evidence act, digital management act and electronic banking act will stimulate the economy when passed into law.

"There are several other acts to regulate emerging digital financial sub-sector of the economy.

"Some of these acts will provide for national digital certification authority that will regulate issuance and processing of public and private electronic key validations.

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