Nigeria: Milan prosecutor probes Shell over OPL 245

Issue 321 - 15 Apr 2016
The Milan Public Prosecutor’s office has placed Royal Dutch Shell under formal investigation for international corruption offences relating to its purchase of OPL 245 in Nigeria. Shell’s headquarters in The Hague were searched on 17 February by Italian and Dutch financial police. The investigation relates to the sale in 2011 to Shell and Eni of the block, which contains the Etan and Zabazaba fields. The companies paid $1.1bn, plus a signature bonus of $200m, to the Nigerian government, which in a back-to-back deal negotiated by the attorney general then transferred $1.1bn to Malabu Oil & Gas, a company owned by former oil minister Dan Etete, to which he had granted rights to the acreage in 1998.

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