Malabu Oil Scam: “I’ll make myself available for trial”, says Adoke.

Mohammed Adoke, former attorney-general of the federation (AGF), says he will defend himself against the allegations of the Economic and Financial Crimes Commission (EFCC) over his alleged role in the Malabu oil scam.

Adoke is accused of receiving over $800 million from the federation account as his benefit from the deal.

But in a statement, Adoke said the money laundering charge preferred against him by the EFCC was an attempt to “bring me to public disrepute in order to satisfy the whims and caprices of some powerful interests on revenge mission”.

He said he acted on the authority of former President Goodluck Jonathan to broker a settlement between Malabu Oil & Gas Limited and Shell Nigeria Ultra Deep Limited.

“My attention has been drawn to the charges filed by the EFCC against me and other named individuals and companies in respect of OPL 245 Settlement Agreement involving Malabu Oil & Gas Limited and Shell Nigeria Ultra Deep Limited,” he said.

“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 breach 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.”

He denied benefiting from the settlement agreement between Malabu Oil & Gas Limited and Shell Nigeria Ultra Deep Limited in OPL 245.

“I did not take any benefit from it, I had requisite approvals from the president and commander in chief of the Federal Republic of Nigeria to broker the settlement and execute the OPL 245 settlement agreement,” he said.

“I am therefore unable to rationalise the charge of aiding the commission of money laundering offences preferred against me by the EFCC.  But be that as it may, I hope to at the appropriate time make myself available to defend the charge for what whatever its worth.”

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Adeeko Ademola

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