“I am shocked. This suggests serious weakness either in the UK’s anti-money laundering regime due to a lack of commitment or negligence,” Cable said.
Browsing: Chief Dan Etete
The document further alleged that JP Morgan had transferred the funds to two accounts controlled by Etete, without sufficient due diligence to make sure the money did not leave accounts controlled by the Federal Government.
“This trial should be a wake-up call to the oil industry. Some of the most senior executives of two of the biggest companies in the world could face prison sentences for a deal that was struck under their watch.”
EFCC filed corruption charges against Shell and Eni in March 2017, accusing 11 defendants, including Chief Dan Etete, of “official corruption” in connection with the deal.
The lawsuit said JP Morgan then received a request from finance ministry workers to transfer more than $800 million of the funds to accounts controlled by the previous operator of the block, Malabu Oil and Gas, itself controlled by former oil minister, Chief Dan Etete.
The companies are accused of corruption in the 2011 purchase of OPL 245, an offshore oil block estimated to hold 9 billion barrels of crude, for $1.3 billion.
Malami reiterated the resolve of the government to recover more funds, having signed several treaties to facilitate the return of stolen assets.
“My Lord, the process of getting the defendants to come to court has proven difficult,” the agency’s lawyer, Mr. Ojogbane, told the court.
“Nigeria is still grappling with the negative consequences of the use of opacity by senior members of government and their cronies between 1993 and 1998 awarding themselves juicy contracts in the extractive industry.”
Abacha’s contentions are that he was an original co-owner of Malabu when it was controversially awarded the lucrative oil block in 1998 during his father’s military regime, but that he was illegally excluded when the company transferred the oil well to the two multinational oil companies.
