We’re studying judgment on Malabu oil deal, says FG

• Okays repeal of Fire Service Act, N66.9b road rehab, N23.9b airport equipment
The Federal Government, yesterday, said it was still studying the recent judgment, which ruled that there was no evidence of fraud in the OPL 245 transaction between Nigeria and JP Morgan Chase Bank.

The Commercial Court of England and Wales had, on Tuesday, June 14, 2022, ruled on the matter in Case No CL-2017-000730.

An Italian court in 2021 also dismissed all corruption charges in the OPL 245 deal, discharging and acquitting all the defendants.

The Nigerian government, in the judgment, lost $1.7 billion claims against JP Morgan Chase Bank over the transfer of proceeds from the sale of OPL 245 in 2011.

While fielding questions from reporters after a Federal Executive Council (FEC) meeting at the Presidential, Villa, Abuja, Minister of Information and Culture, Lai Mohammed, said government lawyers will study the ruling and decide whether to appeal or not.

The Nigerian government had contended that the contract awarded to former Petroleum Minister, Dan Etete, to explore the deep waters off the Gulf of Guinea was corrupt.

It alleged that the bank “ought to have known” that there was corruption and fraud in the transaction, which saw Malabu sell its 100 per cent stake in OPL 245 to Shell and ENI for $1.1 billion.

Lawyers to the Nigerian government alleged that the bank ignored “glaring” red flags, including “overwhelming” evidence of fraud and stark warnings from its own compliance staff when it authorised the payments.

Mohammed said: “I also read the judgment. Strangely enough, the judge said we were not able to establish that we lost $1.7 billion. But I also read further that the lawyers said they are studying the judgment and they will take the appropriate step on whether to appeal or not.”

MEANWHILE, Minister of Interior, Rauf Aregbesola, who also briefed journalists, disclosed that Council approved enactment of the Federal Fire and Rescue Service Establishment Act 2022.

He said: “The Federal Executive Council today approved the repeal of the 60-year-old Fire Service Act Cap F29, LFN 2004 and in its stead, Council approved enactment of the Federal Fire and Rescue Service Establishment Act 2022, which is meant to bring into currency the operations and professionalism of the Federal Fire Service as it delivers its services to Nigerians.”

Council also approved N66.9 billion for rehabilitation of the Kashimbila-Takum-Chanchangi road in Taraba State.

Minister of Works and Housing, Babatunde Fashola, said the project will boost the transportation network in Taraba and the entire northeast.

Council further approved N23.9 billion for procurement of equipment for airports across the country.

Briefing on behalf of Minister of Aviation, Hadi Sirika, Mohammed said the equipment include radio communication system for control towers and instrument landing systems.