Former Nigeria’s Petroleum Minister, Dan Etete is set to lose his luxury private jet over his alleged involvement in the $1.1 billion Malabu oil scam as the jet was alleged to have been purchased with proceeds from that oil deal.
The seizure was confirmed to finance uncovered by the legal counsel to Nigeria, Babatunde Olabode Johnson, who was appointed by the Nigerian government in 2016 to recover assets from the OPL 245 deal.
Johnson said that the order was served on the jet’s owner, a company called Tibit Ltd, which has until Tuesday next week (June 9) to file court papers opposing the seizure. Tibit is an anonymously owned company incorporated in the British Virgin Island.
The asset recovery lawyers acting on behalf of the Nigerian government swooped last week, after the Bombardier 6000 jet, tail number M-MYNA, touched down at Montreal Trudeau International Airport in Canada on Friday May 29.
A Quebec judge is understood to have granted a seizure order for the aircraft in the early hours of Saturday morning.
Giuseppina Russa, who was named on the Montreal court order, is Tibit’s sole director according to records of the British Virgin Island firm.
It was uncovered that Johnson had made a deal with an American litigation funder, Drumcliffe Partners, to help fund the recovery of OPL 245 assets. They are to receive 5% of any funds successfully recovered and returned to Nigeria.
Dan Etete is alleged to have paid a total of $57 million for the jet in 2011, which was part of the spending spree that the former petroleum minister was alleged to have embarked on after allegedly receiving $336 million from the OPL 245 deal.
Etete, during his days as the petroleum minister, awarded the prospecting rights to the huge OPL 245 block to Malabu Oil and Gas, a company he secretly controlled. After the death of the then head of state, Sani Abacha, he retained the rights to the oil block as a private citizen until he offloaded them to oil giants, Shell and Eni in 2011, who both paid $1.3 billion to the Nigerian government.
The entire OPL 245 deal is now subject to a corruption trial in an Italian court, where Etete is an accused, together with alleged middlemen and some top executives from Shell and Eni. All parties in the Milan trial have denied the charges against them.
About Article Author
Latest Nigeria News
- Resident doctors abandon Covid-19 treatment centres
- Magu battles Malami as suspended EFCC boss gets bail
- Father forces 12-year-old daughter into 2 marriages in one month
- PDP scolds Ize-Iyamu over APC false alarm
- BREAKING: Jan Oblak’s transfer to Stamford Bridge is good news for Chelsea fans
- First female pilot not dead
- Another N5.8bn pension fund scandal rocks Niger state
- Malami crushes Magu, EFCC, undertakes burial of anti-corruption war in Buhari’s govt
- Data war: More Nigerians dump MTN, Airtel for Glo
- More heads roll as Buhari goes after EFCC top officials
- NEXIM Bank explains ‘missing N50bn’ claims, exonerates MD
- Boko Haram demands N20 million ransom for kidnapped girls
- Osinbajo, others to attend 2020 MSMEs Awards
- Covid19: Cases approach 13,000 in Lagos
- Edo 2020: Ize-Iyamu incurs Oshiomhole’s wrath, engages in self-defeatist campaign
- GTbank, Access, others drag NSE to negative close
- Police arrest parents for domestic violence on 12-year-old daughter
- Brutalised! How 14-year-old had her genitals damaged
- How baby survived in a cave with her dead mother
- Police arrest Man, 24, for burning 10-year boy with hot knife
- Gruesome murder of Gokada founder begins to unravel
- No more hiding place for loan defaulters as CBN issues new guidelines
- BREAKING: Good news for the Red Devils fans as Manchester United finally ‘agrees’ Jadon Sancho transfer to Old Trafford
- Lagos Assembly Correspondents Mourn Lawmaker, Tunde Braimoh
- E-payment transaction declines by N96bn in April
- Aide opens up on conspiracy against Osinbajo, 2023 ambition
- COVID-19 and It’s Adverse Implications on Globalization
- Ekweremadu to chair PDP committee on Ondo governorship primaries
- Here’s what killed Nigerian professor of infectious diseases in Abuja quarantine
- Prediction: Manchester United vs. Southampton
- Secret of Magu’s Dubai meeting with alleged front exposed
- Magu reacts to alleged missing interest on recovered N550bn
- Fresh pressure on Buhari to fire Buratai, others over uncontrollable bloodshed in north
- Ex-NDDC MD raises fresh allegations against Akpabio, drops another bombshell
- Covid-19: Okotie attacks Gates, others
- Afenifere blows hot over lopsided appointments in NPA
- Police rescue American lady, held captive in Lagos hotel for 16 months
- BREAKING: Manchester City win fight against UEFA ban as EPL top four heightens
- Jada’s entanglement with August: 50 Cent makes joke after joke on Will Smith