Obasanjo, Fayemi, Others INDICTED In Ajaokuta Scandal

Former president Olusegun Obasanjo has been allegedly indicted in a deal associated with the August 1, 2016 modified reconcession agreement of Ajaokuta Steel Company of Nigeria (ASC).

Kogi State-born activist and legal practitioner, Barr. Natasha Hadiza Akpoti, who has continually decried the mismanagement of the steel company, alleged in an open letter to Nigerians, entitled: “Corrupt Practices Surrounding Ajaokuta And Itakpe” that the former Attorney General of the Federation, Mohammed Bello Adoke, and current Minister of Steel and Solid Mineral Kayode Fayemi were also culpable.

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Barr. Akpoti further alleged that “Obasanjo’s washed hands are still very dirty.”

She revealed that while Nigerians are deceived into believing we are still dealing with “Indians, Gov. Bello Yahaya of Kogi state knows who the real owner of GINL is.”

She said that even though the Ajaokuta steel is a federal project, I urge the Governor to act fast.

The Legal practitioner disclosed that the country had a good chance to reclaim both ASCN and NIOMCO, Itakpe based on unequivocal evidence but that the activities of one ‘Alhaji’, PwC and Adoke has made it impossible.

It would be recalled that on August 1, 2016, the federal government signed a modified re-concession agreement with an Indian firm, Global Infrastructure Nigeria Limited, GINL which led to Nigeria reclaiming the ASCN and the National Iron Ore Mining Company, NIOMCO, Itakpe.

According to Akpoti however, the August 1, signing ceremony appeared to be a flash in the pan as Nigerians were made to believe what happened then was nothing but the truth.

She alleged that the Minister of Steel and Solid Mineral, Dr. Kayode Fayemi lied to President Buhari and Nigerians that the country had no evidence against GINL in the London Court of Arbitration.

She further stated that Fayemi told Nigerians that “Nigeria already agreed that we were liable to pay somewhere in the region of $500 to $700m to GINL as estimated by BPE etc…”, and since Nigeria couldn’t afford that, it was agreed to give Itakpe back to the GINL in compensation for 7 years.

“Like Halliburton and Malabu oil scandals, Ajaokuta and Itakpe suffered greatly in the hands of Adoke who happens to be a son of Itakpe.

“One would have expected utmost care in executing his duties as the then Attorney General of Nigeria and lead representative of Nigeria at the Arbitration proceedings instituted in the London Court of International Arbitration by the GINL against Nigeria on the termination of Ajaokuta and Itakpe concessions by the late President Yar’Adua administration. But, he betrayed Nigeria. How?

“Nigeria had a very good chance of winning the arbitration case against the Indians as there were tons of evidence mainly from Inuwa Magaji’s report, amongst others.

“GINL feared the anticipated lose and engaged Price Waterhouse Coopers (PWC) to help them ‘work’ victory out through Nigeria’s corridors of power.

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$1.6b Malabu Oil Fraud: Ex-AGF, Adoke 'IMPLICATES' Jonathan

A former Attorney-General of the Federation and Minister of Justice, Mr. Mohammed Bello Adoke (SAN), yesterday faulted the charge of alleged involvement in a $1.6billion Malabu Oil deal against him by the Economic and Financial Crimes Commission (EFCC), saying his involvement in the oil deal was ordered by former President Goodluck Jonathan, The Nation Newspaper reports

He said although the charge was irrational, he was prepared to make himself available to defend it at the appropriate time.

He said he did not benefit in any way from the auctioning of Oil Prospecting Licence 245(OPL 245), popularly referred to as Malabu Oil Block.

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Adoke, in a statement, said he got requisite approvals from the former President Goodluck Jonathan to broker the settlement and execute the OPL 245 Settlement Agreement.

The statement reads: “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.

“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 $2billion 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 it had previously substantially de-risked in consideration for withdrawing their over US$ 2billion claim for breach of contract against the Federal Government of Nigeria.”

Adoke gave more insights into why the Jonathan administration executed the Settlement Agreement.

He added: “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.

“I am of the respectful view that it should be clear to any person dispassionately reviewing the transaction to confirm that I had no personal interest in the transaction; 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.

“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 charges for what whatever its worth.”

Malabu Oil Scandal: Ex-AGF Adoke Quizzed By Netherlands Police

Embattled former Attorney General of the Federation and Minister of Justice, Mohammed Adoke, is reported to have been questioned by Netherlands security officials over his role in the Malabu oil, Guardian Newspaper says

It would be recalled that Adoke, in a letter to Vice-Presdient Yemi Osinbajo, stated that he is currently pursuing a university degree in Netherlands, hence his inability to honor the invitation by the Economic and Financial Crimes Commission (EFCC) to answer questions on his role in the oil deal.

He also denied any wrong doing, saying that his detractors were making false allegations against him.

According to the Guardian Newspaper, Dutch Prosecutors have opened a case file on the ex-AGF- based on documents passed across to them by the Italian government investigators, who are investigating the role played by an Italian company, ENI, in the Malabu oil deal.

A source, who spoke to Guardian, confirmed that the Italian investigators have a “huge file” on the oil scandal, and are collaborating with the Netherlands to investigate Adoke.

According to the source: “They told us that they have already visited him once. He was not arrested but they have had a meeting with him already.”

The source also revealed that the government was also investigating several individuals who were given money in foreign currencies after the settlement was concluded.

However, the unnamed source stated that nothing was found on a particular individual who was not a direct beneficiary of the deal.

“I must tell you that this particular person was smart. We didn’t find anything on him even though he shared what came out of it. He used fronts – shell companies – so it is taking more time to track anything to him. Those already fingered in collecting money include two former ministers and a Senior Advocate of Nigeria. They were said to have got $10 million dollars each,” the source was quoted to have said.

EFCC is yet to comment on the development.