Etete, Adoke, Others Charged for Fraud in Malabu Oil Deal Tobi Soniyi in Abuja
Petroleum Resources, Chief Dan Etete, the Chairman A.A. Oil, Alhaji Aliyu Abubakar, former Attorney General of the Federation and Minister for Justice, Mohammed Bello Adoke (SAN) and six
Following months of investigation, the federal government yesterday finally filed a nine-count charge against a former Minister of
companies for their alleged complicity in the payment of $400 million to Malabu Oil and Gas from a Nigerian escrow account with JP Morgan Chase Bank in London. The money was said to
have been paid into Malabu’s account in the defunct Bank PHB Plc, now Keystone Bank Limited. The offence was said to have been committed on or about 24 August 2011.
The six companies charged alongside Etete, Adoke and Abubakar are Malabu Oil and Gas Limited, Rocky Top Resource Nig. Ltd, Imperial Union Limited, Novel Property and Development Co. Limited,
Group Construction Limited, and Megatech Engineering Limited. They were said to have committed an offence contrary Continued on page 6
Arik Air Resumes Flights After Disruption by Aviation Unions...
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Senate: No Going Back on Magu’s Rejection, Ndume Not Our Spokesman Says it did not get two conflicting reports on EFCC chairman Again, Saraki meets Buhari Tobi Soniyi and Omololu Ogunmade in Abuja The Senate yesterday rejected the submission of its Majority Leader, Ali Ndume, that the upper legislative chamber did not reject the confirmation of the acting Chairman of Economic and Financial Crimes Commission (EFCC), Ibrahim Magu last week, insisting that
Magu stands rejected. The Senate last Thursday announced that in view of damning Department of State Services’ (DSS) security report on Magu, it could not confirm him as the substantive chairman of EFCC. But Ndume, while answering questions from State Continued on page 8
CBN to Eliminate Forex Black Market
Obinna Chima with agency report
The Central Bank of Nigeria (CBN) is set to eliminate the foreign exchange black market in Africa’s biggest economy, the Minister of Finance, Mrs. Kemi Adeosun, said yesterday. The naira trades, sometimes 40 per cent below the official rates, against the dollar. Commenting on the wide gap,
Adeosun said the CBN has been mandated to scrap the damaging market, reported AFP. The central bank “has been directed to do this and CBN has promised to do something by putting a system in place to eliminate the black market because it’s damaging the economy”, Adeosun told a Continued on page 8
Oando to Expand Midstream Operations Following $115.8m Helios Deal... Page 11
GHANA’S NEW LEADER COMES VISITING...
President Muhammadu Buhari (right) welcomes Ghanaian President-elect, Mr. Nana Akufo-Addo to the Presidential Villa, Abuja, when the latter came visiting yesterday godwin omoigui