Festus Akanbi and Emmanuel Addeh, with agency report
The federal government, in a London lawsuit, is pushing that the internal memo sent by the compliance unit to the bank’s managers should be scrutinised. “In light of Malabu’s reported connection to the alleged Nigerian corruption scheme, there would be great risk presented if JPMC continues to process wires involving Malabu,” a compliance officer based in the United States wrote in a memo dated Aug. 23, 2013 and quoted by Bloomberg.
The federal government had alleged that most of the $1.3 billion purchase price for the licence for the offshore oilfield known as OPL 245 was siphoned off to politicians and middlemen under previous administrations. The case became even more complex when Mohammed Abacha, son of the former ruler, launched a legal challenge arguing that Etete pushed him out of his partial ownership of Malabu.
In 2019, a Nigerian judge issued arrest warrants for Dan Etete, and an Eni manager over the sale of the oilfield.
Just one more scandal that expresses Nigeria’s commitment (so-called) to the fight (so-called) against corruption.
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