Home / abubakar / Alleged $876m fraud: EFCC re-arraigns Malabu Oil, Abubakar, others

Alleged $876m fraud: EFCC re-arraigns Malabu Oil, Abubakar, others

The Financial and Monetary Crimes Fee (EFCC) on Tuesday re-arraigned Malabu Oil & Gasoline Restricted, Aliyu Abubakar and 6 others earlier than Justice I. E. Ekwo of the Federal Excessive Courtroom sitting in Abuja.

Others had been: A Group Development Firm Restricted, Rocky High Assets Restricted, Megatech Engineering Restricted, Novel Properties and Improvement Firm Restricted, Imperial Union Restricted and Carlin Worldwide Nigeria Restricted.

They had been all arraigned on 67 amended prices, bordering on cash laundering to the tune of $875,740,000.

Bala Sanga, EFCC Counsel, instructed the court docket that he was able to prosecute the amended prices and for the eight defendants to take their pleas.

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Rely one stated Malabu Oil, Seidougha Munamuna (at giant), Amaran Joseph (at giant) and Douzia Loya Etete (at giant), on or concerning the twenty fourth day of August 2011, in Abuja, took management of the sum of $401,540,000 paid from Federal Authorities of Nigeria’s escrow account no: 0041451493 IBAN 30CHAS609242411492 with JP Morgan Chase Financial institution in London under consideration 2018288005 of Malabu Oil & Gasoline Restricted domiciled with First Financial institution of Nigeria Restricted.

EFCC stated they must have identified that the funds shaped a part of illegal exercise in respect of the Block 245 Decision Settlement between the FGN with Shell Nigeria Extremely Deep Restricted, Nigerian Nationwide Petroleum Company, Nigeria Agip Exploration Restricted, and Shell Nigeria Exploration and Manufacturing Firm Restricted, whereby taxes, accruals and royalties as a result of Federal Authorities of Nigeria had been unlawfully waived.

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Rely two famous that on identical day, they took management of the sum of $400,000,000 assist from FGN escrow account no: 0041451493 IBAN 30CHAS6092424411492 with JP Morgan Chase Financial institution in London into the account No. 1005552028 of Malabu Oil & Gasoline Restricted domiciled with Financial institution PHB Plc (now Keystone Financial institution Restricted, Account No. 3610042472).

Rely three stated on or about thirtieth August 2013, in Abuja, they took management of the sum of $74,200,000 paid from FGN escrow account bo: 0041451493 IBAN 30CHAS609242411492 with JP Morgan Chase Financial institution in London into the account No. 1005552028 of Malabu Oil & Gasoline Restricted domiciled with Financial institution PHB Plc (Now Keystone Financial institution Restricted Account No.3610042472).

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After the studying, the defendants pleaded not responsible to all of the sixty-seven prices.

Sangan then prayed the court docket to grant trial graduation date.

Justice Ekwo adjourned the matter to September 10, 2020.

The choose presumed that the defendants proceed with their bail.

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