The Federal High Court in Abuja has discharged and acquitted Malabu Oil and Gas Limited, its chairman Aliyu Abubakar, and six other defendants. The charges related to money laundering in the OPL 245 deal. Judge Inyang Ekwo delivered the judgement on Thursday. He held that the Economic and Financial Crimes Commission failed to prove the allegations beyond reasonable doubt.
The OPL 245 deal is one of Nigeria’s most controversial oil transactions. In 2011, the federal government sold the oil block to Shell and Eni for $1.3 billion. Most of the money went to Malabu Oil, a company linked to former Petroleum Minister Dan Etete. The deal was investigated in Italy, the Netherlands and Nigeria. In 2021, a Milan court acquitted Shell, Eni and other defendants. The Nigerian case continued. The EFCC charged Malabu, Abubakar and others with money laundering. The case dragged for years. The prosecution called witnesses. The defendants denied wrongdoing.
Judge Ekwo faulted the EFCC’s investigation. He said the investigative officer had not concluded the investigation before the charge was filed. “It was established law that an investigation must be concluded before a charge is filed,” he said. He said the case showed that requirement had not been met. He also faulted the EFCC for proceeding despite a 2018 directive from then Attorney-General Abubakar Malami advising against prosecution due to insufficient evidence. “No prosecuting agency is higher in law than the AGF,” Judge Ekwo said. He held that the prosecution failed to prove the allegations in counts one to 43 beyond reasonable doubt. He acquitted all eight defendants.
Winners: Malabu Oil and Gas, which gains vindication. Aliyu Abubakar, who is acquitted. The defence team, which won. Shell and Eni, which see the Nigerian case collapse. Losers: The EFCC, whose investigation is criticised. The Federal Government, which loses the case. Anti-corruption advocates, who see another high-profile prosecution fail. Taxpayers, who funded the failed prosecution.
Bottom Line: The court acquitted all defendants. The EFCC failed to prove its case. The judge criticised the investigation. The AGF’s advice was ignored. The OPL 245 saga ends in Nigeria. The oil block remains sold. The money remains gone. Justice was served, or it was not. The court has spoken.