UK finalises return of Nigeria’s $85m Malabu oil loot


After many years of legal fireworks, the United Kingdom has given the final clearance for Nigeria to draw down a whopping $85 million seized from entities embroiled in the controversial Malabu Oil scam, Vanguard reports.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, SAN, who confirmed the development last night in Abuja, said the money was not yet in the coffers of Nigeria but would soon be repatriated. Malami said: “Final judicial order for the remittance of the money to the Federal Government of Nigeria was granted by the UK’s court on Friday and the money is now due for remittance any moment from now.”

It will be recalled that a British judge had ruled that the amount, being part of the Malabu oil deal loot, should be returned to the federal government. The amount forms part of the $1.1 billion sales of the rich offshore oil block, OPL 245, that has been enmeshed in corruption allegations and prolonged legal tussles between the federal government and local and external entities with vested interests in the oil block.