Finance
$1.1billion Fraud: British Judge questions Jonathan’s integrity, stops Etete from getting N17 billion
LONDON-A British Judge on Tuesday refused to release $85 million (N17 billion) to Malabu, a fraudulent company controlled by Nigeria’s former petroleum minister, Dan Etete.
Goodluck Jonathan
In refusing to release the money to Malabu, Justice Edis of the Southwark Crown Court declared that he was not sure the administration of President Goodluck Jonathan acted in Nigeria’s interest when it approved the transfer of the money to Malabu.
“I cannot simply assume that the FGN which was in power in 2011 and subsequently until 2015 rigorously defended the public interest of the people of Nigeria in all respects,” the judge ruled.
PREMIUM TIMES had reported how the Jonathan administration controversially approved the transfer of $1.092 billion from Nigeria’s JP Morgan account in London to Nigerian accounts controlled by Malabu.
The money was paid by global oil giants, Shell and ENi, for Africa’s richest oil bloc, OPL 245.
The former Attorney General of the Federation, Mohammed Adoke, and the former Minister of State for Finance, Yerima Ngama, signed the documents approving the transfer to Malabu.
The fraudulent deal, shaded in various layers of corruption, has been condemned by Nigerians and international transparency advocates and is being investigated by authorities in four different countries.
The seized $85 million
Chief Dan Etete
The $85 million was seized at the request of Italian prosecutors who are also investigating the deal. The money was the last part of the OPL 245 largesse not yet distributed.
Sensing that the Muhammadu Buhari administration was yet to find its feet on international legal matters, Mr. Etete approached the British court and asked that the money be returned to him.
At a two-day hearing that started on November 23, Mr. Etete’s lawyers argued that there was no fraud in the deal and asked that the money be released to him.
While Mr. Etete argued that the money be released to him, the Italian prosecutor argued that “their investigation could lead to a potential forfeiture of the money down the road.” a source who has followed the case and was present at the proceedings told PREMIUM TIMES.
Malabu’s lawyers told the court that freezing the money was an assault on Nigeria and questioned how the court could imagine that Messrs. Adoke and Ngama would be a party to a corrupt deal.
The ruling
While giving his ruling on Tuesday, Justice Edis said while he could not say for certain if the deal was fraudulent pending conclusions of investigations, it would be inappropriate to release the money to Malabu.
“I am not making any findings of fact about misconduct by anyone. I am simply assessing the evidence before me to determine whether a restraint order should be discharged which was granted by way of MLA (Mutual Legal Assistance between the UK and Italy) to support an investigation by the Italian authorities,” the judge said.
The judge also made reference to evidence provided by the Italian authorities that ex-President Jonathan was directly involved in the fraudulent deal.
“The suggestion from the wiretaps is that “Fortunato” was implicated and I am told that this was a reference in code (not subtle) to the former President of Nigeria, President Goodluck Jonathan,” the judge said.
“Aliyu (Abubakar) is said to be associated with him and Aliyu received, in a way which was not transparent, $523m of the money paid for the OPL 245 licence in August 2011.”
PREMIUM TIMES had reported how fictitious companies owned by Abubakar Aliyu, a man referred to as ‘Mr. Corruption’ by anti-graft officials, received over half ($532 million) of the total $1.092 billion.
Mr. Aliyu, a close ally of Mr. Jonathan was recently quizzed by EFCC operatives for the first time despite being a central character in the deal whose investigation was virtually stalled during the Jonathan presidency.
Activists react
Global Witness
Reacting to the ruling, Simon Taylor of Global Witness stated that “Given the gathering pace of the EFCC investigation in Nigeria under new leadership and a call by the Nigerian House of Representatives to cancel the deal in 2014, investors in Shell and Eni should demand to know why they were exposed to such risk.”
The UK based Global Witness has been at the forefront of the demand for transparency in the deal and other similar deals across the world.
Also reacting to the judgement, Dotun Oloko, an anti-corruption campaigner in Nigeria said, “In light of these allegations in a UK court, the role of the senior Nigerian officials involved in this deal, including Goodluck Jonathan, must now be fully investigated.”
With the ruling, Nigerian now has the opportunity to not only claim the money but also another $110.5 million of the funds held in a Swiss bank while investigations continue.
Below is a statement by Global Witness after the court ruling:
Court refuses to unfreeze funds from “smash and grab” raid on Nigerian oil block
Prosecutors allege that “fronts for President Goodluck Jonathan of Nigeria” received US$523m in proceeds of “smash and grab” OPL 245 deal
Southwark Crown Court today rejected an attempt by a company owned by the former Nigerian oil minister Dan Etete to unfreeze US$85m in proceeds of the corrupt deal for the Nigerian offshore oil block, Oil Prospecting Licence 245 (OPL 245), which was sold to Shell and Eni for $1.1bn in 2011.
The funds were restrained at the request of Italian authorities, who are investigating the sale of the block by Malabu Oil & Gas, a company secretly owned by Mr Etete, to the international oil companies.
The Federal Government of Nigeria (FGN) under Goodluck Jonthan acted as a middleman in the deal, and the court received evidence based on wiretaps that prosecutors allege show that the then President, Goodluck Jonathan, was directly involved. The deal deprived the Nigerian people of a sum equivalent to 80% of the country’s 2015 health budget.
“In light of these allegations in a UK court the role of the senior Nigerian officials involved in this deal including Goodluck Jonathan must now be fully investigated,” said Dotun Oloko, a Nigerian anti-corruption campaigner.
Evidence from US authorities presented to the court and included in the judgement “shows payments following circuitous routes which total $523m and which arrived at Abubakar Aliyu, aka ‘Mr Corruption’” […] “Aliyu’s companies are allegedly fronts for President Goodluck Jonathan of Nigeria”. The Crown Prosecution Service, acting at the behest of the Public Prosecutor for Milan (PPM), described OPL 245 as a case of “grand corruption”.
The OPL 245 deal is currently under investigation by the Public Prosecutor of Milan, the UK’s National Crime Agency (NCA), and the Nigerian Economic and Financial Crimes Commission (EFCC). The EFCC have reportedly recently interviewed Abubakar Aliyu in connection with the case, and earlier this year interviewed Dan Etete.
Justice Edis of Southwark Crown Court turned down Malabu’s application to discharge the freezing order rejecting Malabu’s arguments that the Crown had failed to follow proper procedures in securing the freezing. Justice Edis concluded in his judgement:
It is extremely important that what I am about to say is not misunderstood. I am not making any findings of fact about misconduct by anyone. I am simply assessing the evidence before me to determine whether a restraint order should be discharged which was granted by way of MLA to support an investigation by the Italian authorities. That investigation is not complete (and appears to be still at quite an early stage). What misconduct it may ultimately prove, if any, will be a matter for the PPM and the Italian court if proceedings are brought.
However, precisely because I cannot reach firm factual conclusions, I cannot simply assume that the FGN which was in power in 2011 and subsequently until 2015 rigorously defended the public interest of the people of Nigeria in all respects. Mr. Fisher QC who appeared for the CPS used the phrase “grand corruption” to describe the form of corruption in which the state itself is culpable.
The suggestion from the wiretaps is that “Fortunato” was implicated and I am told that this was a reference in code (not subtle) to the former President of Nigeria, President Goodluck Jonathan. Aliyu is said to be associated with him and Aliyu received, in a way which was not transparent, $523m of the money paid for the OPL 245 licence in August 2011.
“Given the gathering pace of the EFCC investigation in Nigeria under new leadership and a call by the Nigerian House of Representatives to cancel the deal in 2014, investors in Shell and Eni should demand to know why they were exposed to such risk,“ said Simon Taylor, a Director of Global Witness.
Suspects named in the Italian case include Eni and its current and former CEOs Claudio Descalzi and Paolo Scaroni, as well the company’s Chief Development, Operations & Technology Officer Roberto Casula and former executive Vicenzo Armanna. Other suspects in the Italian case include Dan Etete and middlemen Emeka Obi, Gianluca Di Nardo and Luigi Bisignani. Shell and Eni have denied any wrongdoing.
“It is clear from evidence in the public domain that high level executives in Shell personally took part in negotiating this deal. Citizens in the UK, US, Netherlands and Nigeria should demand that Shell and its executives are investigated in their respective countries,” said Nicholas Hildyard of The Corner House.
Shell and Eni have invested at least $1.8bn in purchasing and developing the block, which they own 50-50. It reportedly holds probable reserves of 9.23 billion barrels of oil, which if proven, would represent the equivalent of a third of Shell’s proven reserves, and two thirds of Eni’s.
Antonio Tricarico of Re:Common said: “$85 million paid by Eni and Shell for the benefit of Dan Etete’s company Malabu remains frozen in London. The time has come that Eni and Shell come clean about what they knew about this deal and who else this money was intended for.”
Premium Times-
Nigerisa’s Vice President Kashim Shettima
By Modupe Asudo
The 2026 edition of the African Continental Free Trade Agreement (AfCFTA) Summit got underway in Lagos on Monday with regulatory agencies, project promoters, and financial institutions focused on deepening intra-Africa trade, a unified code of standards for professional qualifications and manufactured goods, and expansion of the frontiers of technological development and innovation.
Critical questions addressed include how AfCFTA’s 1.4 billion population and $3.4 trillion economy could achieve “a strategic shift from fragmented economies towards a globally competitive supply chain system”; how Africa could leverage its vast mineral resources, including copper, iron ore, petrochemical, for domestic production of hardware such as Christmas tree (an assembly of valves, fittings on top of a wellhead to control oil production), and how, hypothetically, Tema Shipyard in Ghana could be designated the vessel construction, assembly and repairs hub for Africa.
Related questions were how cables manufactured in Nigeria, hypothetically, could benefit from favourable trade terms in Angola; what compliance requirements a sacrificial anode producer in Nigeria would have to meet in regard to the rule of origin requirement to export anodes to Algeria for protection and longevity of pipelines, storage tanks, offshore platforms, etc., and what other support levers would be required to achieve energy security for Africa besides expanded refining capabilities in Dangote Refinery, laying of continental gas transmission pipelines, and establishment of industrial parks and other support infrastructure.
In a keynote address at the event, the Executive Secretary of the NCDMB, Engr. Felix Omatsola Ogbe, represented by the Director, Corporate Services, Dr. Abdulmalik Halilu, disclosed that Nigeria’s oil and gas industry embraced AfCFTA and developed a framework for domesticating the policy in 2022.
According to him, implementing AfCFTA in the industry was anchored on three broad pillars, namely, Opportunities Identification, Capacity Development, and Capacity Exportation. In regard to opportunities, he said Nigeria’s strength lies in formidable supply chain in oil field services, refining capacity, oil field logistics base, gas supply pipelines, and a pool of qualified oil field technical workforce.
On capacity development, he pointed out that Nigeria’s oil and gas industry, through the local content law, has developed capabilities in the oil and gas value chain spanning marine vessel asset ownership, fabrication, assembly and installation of production systems, including Christmas trees, pressure vessels, and pumps.
What remains unresolved, described by the Executive Secretary as “the next frontier and the reason for convening the Summit,” is capacity exportation. He posited for consideration a unified work permit and visa that would enable, say, “a welder in Senegal to be engaged in Arlec Engineering Works, Johannesburg, South Africa, for fabrication of heat exchangers, storage tanks, pressure tanks, pressure vessels, etc.”
In examining the importance of achieving continental economic integration, Engr. Ogbe explained that strong regional supply chains would shift Africa from exporting raw materials to producing high-value goods. For pathways to integration, he listed regional value chains, infrastructure connectivity, regulatory harmonization, industrial clusters, and small and medium scale enterprises (SME) inclusion.
He assured industry stakeholders and participants maximum support by the NCDMB.
By Modupe Asudo
The Nigerian Content Development and Monitoring Board has outlined a practical framework for positioning Nigeria’s energy sector to access the African Continental Free Trade Area, following a strategic webinar focused on meeting rules-of-origin requirements for continental trade.
The Board held a pre-conference webinar on Wednesday ahead of the Nigeria Local Content AfCFTA Energy Summit scheduled for Monday, February 9, 2026.
The engagement was attended by stakeholders from the oil and gas, power and renewable energy sectors, and they addressed how Nigerian products and services can qualify for preferential market access across 54 African countries with a combined gross domestic product of $3.4tn and a population of about 1.4 billion people.
Entitled ‘Meeting AfCFTA Origin Requirements in Energy Trade’, the webinar focussed on one of the major barriers facing Nigerian exporters under AfCFTA — structuring production and operations to meet origin requirements that determine eligibility for duty-free and preferential trade.
The initiative was supported by the Executive Secretary of NCDMB, Engr. Felix Omatsola Ogbe, and the Acting Director of Planning, Research and Statistics, Mr. Ene Ette, as part of preparations for the forthcoming Nigeria Local Content AfCFTA Energy Summit, with the theme ‘Unlocking Africa’s Energy Future through AfCFTA: Trade, Innovation and Regional Integration’.
Speaking during the session, a communications analyst, Joseph Nwokedi, representing the Acting National Coordinator of Nigeria’s AfCFTA Coordination Office, Mrs Patience Okala, stressed the central role of energy in Africa’s economic integration under AfCFTA.
He urged Nigerian companies to shift their focus from Nigeria’s domestic market of about 200m people to the wider continental market of 1.4bn consumers.
“Without energy, there’s no industrialisation. Without energy, regional value chains remain aspirational,” Nwokedi said. “With AfCFTA, energy transforms from a domestic infrastructure issue into a tradable, investable and exportable sector within an integrated African market.”
He noted that even one per cent penetration of the African market translates to about 14m consumers, underscoring the scale of opportunity available to Nigerian energy firms.
The webinar identified four key pathways through which Nigeria’s energy sector can participate in AfCFTA-enabled trade. First, Nigeria’s Electricity Act of 2023 allows independent power producers to supply electricity directly to industrial clusters and export processing zones, positioning power generation as a foundation for trade-ready manufacturing.
Second, the country has submitted commitments under AfCFTA that enable professionals such as engineers, electricians, geophysicists and energy auditors to export services across Africa, subject to mutual recognition of qualifications.
Third, refined petroleum products, gas derivatives, electricity and renewable energy components can be traded across borders under preferential tariffs, provided they meet AfCFTA rules of origin.
Fourth, AfCFTA’s investment protocol, combined with recent domestic reforms, including the Presidential Directives on Investment Incentives for 2024–2025, strengthens Nigeria’s credibility for attracting cross-border investments in power generation, transmission, renewable energy and storage infrastructure.
Delivering a technical presentation, Assistant Comptroller of Customs, Burhan Sulaiman, explained that AfCFTA would eliminate tariffs on 90 per cent of goods traded within the bloc over five to 10 years, with an additional seven per cent liberalised over 13 years. However, he stressed that these benefits were conditional on meeting origin requirements.
“Companies lose benefits because origin was treated as an afterthought,” Sulaiman said. “You must build in origin compliance from the beginning, not while already running your project. Origin determines whether you export duty-free or pay full tariffs.”
He clarified that origin is determined by where economic production takes place, not by company ownership or registration. Foreign-owned companies producing in Nigeria can export as Nigerian origin, while Nigerian companies importing finished goods cannot claim AfCFTA preferences.
Sulaiman explained that products qualify for preferential access through two routes. “Wholly obtained” goods are entirely produced within AfCFTA member states, such as crude oil and natural gas extracted in Nigeria, as well as locally generated electricity regardless of fuel source.
The second route, “substantial transformation”, applies where foreign inputs are used and requires compliance with one of three tests: a change in tariff classification; a value-addition threshold limiting foreign content to between 30 and 60 per cent of ex-works price; or completion of specific prescribed processes such as distillation, cracking or reforming for petroleum products.
He provided sector-specific guidance, noting that in oil and gas, locally extracted crude and gas qualify, just as refined petroleum products that meet processing requirements. However, simple blending, basic distillation operations and modular refineries using imported crude without substantial transformation do not qualify.
In the power sector, he explained, locally generated electricity and regionally manufactured equipment with deep component transformation qualify, while installation-only activities, imported turbines, transformers and switchgear mounting do not.
“For renewables, regional solar cell and battery cell manufacturing with deep component processing qualify,” he said, adding that panel installation alone, simple module assembly and packaging imported batteries do not meet the thresholds.
Sulaiman warned that without regional manufacturing accumulation, power equipment exports fail origin tests.
According to him, the Nigeria Customs Service applies a five-step verification process for origin claims, including confirming accurate HS codes, reviewing production records, testing for minimal operations, verifying African input origins and ensuring consistency across certificates, production records and cost documentation.
“Weak documentation kills origin claims. Even genuinely originating products can be denied if documentation is incomplete or inaccurate,” he noted.
Both speakers emphasised that origin compliance should be treated as a core business strategy rather than a regulatory formality.
“Origin is not paperwork; it is strategy,” Sulaiman said. “It shapes where you locate facilities, how you source inputs, and where you sign regional contracts. Treat it as strategic from day one.”
Nwokedi urged Nigerian firms to act early. “AfCFTA is happening now. Early movers will shape supply chains, standards and partnerships. Are you going to lead, or simply follow?”
Officials also provided updates on AfCFTA implementation, noting that 92 per cent of rules of origin had been agreed, with negotiations ongoing in the textiles and automotive sectors.
An online dispute resolution mechanism has been established to coordinate Customs authorities, standards bodies and complainants.
Nigeria has deployed a fully operational electronic certification system for paperless trade, while Nigerian Customs is introducing risk-management frameworks that could allow exporter self-certification on commercial invoices.
Following a five-year implementation review led by the Minister of Industry and Investment, Dr Jumoke Oduwole, government sensitisation efforts have intensified through partnerships with the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture; Women’s Chambers of Commerce; zonal outreach programmes and ‘P3 engagements’ involving the press, private sector and public institutions.
“The government will not trade under AfCFTA — our exporters will,” officials said. “If they win, we win.”
Nigerian Customs also reiterated its open-door policy for pre-export origin verification to help businesses avoid delays and additional costs at the border.
The webinar highlighted Nigeria’s potential as a regional energy and transition-fuel hub, building on frameworks such as the West African Power Pool to support cross-border electricity trade.
Key recommendations included structuring projects for origin compliance from inception, forming regional joint ventures, aligning with continental standards and leveraging AfCFTA service commitments to export Nigerian energy expertise.
The session ended with confirmation that the webinar was a technical precursor to the Nigeria Local Content AfCFTA Energy Summit, which will convene policymakers, industry leaders and trade experts to develop strategies for maximising Africa’s energy potential under the AfCFTA framework.
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