News
Shell, Eni to Lose OPL 245 over $1.1Bn Malabo Fraud
Federal government may retrieve one of Africa’s richest oil blocs from oil giants, Shell and Eni, if the recommendations of the Office of Director of Public Prosecution are implemented, according to the Tide Newspaper.
Not only will the two oil giants lose OPL 245, should President Muhammadu Buhari approve the recommendations, they will also be fined billions of dollars for illegal activities, including paying money to fraudulent public officials and private citizens in order to secure the bloc.
The retrieval of the controversial oil bloc, estimated to contain about nine billion barrels of crude, as well as placing heavy fines on the oil giants, is contained in a far-reaching recommendation by the office of Mohammed Diri, director of Public Prosecution (DPP).
According to the Tide, the recommendation was at the instance of Abubakar Malami, Attorney General of the Federation and Minister of Justice, who is set to advise the Federal Government on how to proceed on a controversial deal that is being investigated by authorities in four different countries.
In arriving at its recommendations, the DPP committee, which included lawyers from his office, called for the cancellation of the ‘settlement agreement’ that ceded the oil bloc to Shell and Eni.
Made on April 29, 2011, the settlement deal is made up of three different ‘Resolution agreement’ signed by the parties involved in the OPL 245 saga.
The first, titled “BLOCK 245 MALABO RESOLUTION AGREEMENT” was signed between representatives of the Federal Government and those of Malabu, which was represented during the discussions by a former petroleum minister, Dan Etete.
The second agreement, titled “BLOCK 245 RESOLUTION AGREEMENT” was between the Federal Government and officials of Shell and Eni/AGIP; while the third agreement, titled “BLOCK 245 SNUD RESOLUTION AGREEMENT”, was signed by officials of the Federal Government and Shell.
Mohammed Adoke, immediate past attorney general of the federation, and Diezani Alison-Madueke, immediate past petroleum minister, signed all the agreements on behalf of the Federal Government.
Both are among officials being investigated by Nigeria’s foremost anti-graft agency, the Economic and Financial Crimes Commission (EFFC), for their roles in the scam.
The agreements saw the transfer of OPL 245, first from the Malabu to the Nigerian government and then from the government to Shell and Eni.
The agreements also effectively cancelled all previous law suits and judgements related to the case.
It was based on these agreements that Shell and Eni paid a total of $1.3 billion into Nigerian government accounts, which as stated in earlier reports, largely ended up in accounts of phoney companies and shady characters.
The committee empanelled by the Attorney General, Malami, recommended that the agreement be cancelled, describing it as “null and void”, and saying it “should not be given any legal effect by the FGN (Federal Government of Nigeria) as doing so would amount to the FGN condoning and perpetuating illegality.”
One of the reasons the panel considered the agreement illegal is that Etete, had no legal authority to negotiate the agreement on behalf of Malabo as he was not a shareholder of the company nor had the permission of the shareholders to do so.
Also, the oil bloc was awarded to Malabo in furtherance of Nigeria’s policy to encourage local companies and part of the conditions for the award was that “foreign participation interest in the blocks (OPL 245 and 214) shall not exceed 40%, i.e. 60/40 indigenous to foreign;” a fact Shell was aware of but chose to ignore.
The committee also sought the cancellation of the agreement based on a resolution by the last House of Representatives, which called for the cancellation and demanded that Shell be “censured or reprimanded… for its lack of transparency and full disclosure in its bid to acquire OPL 245.”
Also, although Shell and Eni claimed they only struck an agreement with the Federal Government and that they did not know, before the agreement, that the money they paid was going to Malabo, evidence by investigators in Italy and the Nigerian anti-graft agency, EFCC, shows that the oil firms knew the payment was eventually going to Malabu accounts controlled by Etete, a man once convicted for money laundering in France.
Apart from calling for the cancellation of the agreement, the DPP panel also recommended the full recovery of the money paid by Shell and Eni, describing it as “proceed of crime.”
Apart from recommending the withdrawal of the OPL 245 from Shell and Eni and calling for the retrieval of the money, the panel also asked the Federal Government to collaborate with all foreign agencies investigating the deal as well as prosecute all individuals and firms that violated local and international laws in the process.
In its recommendation, the panel also stated that the Federal Government can make “close to $10 billion” from the scandal.
To make the money, the panel recommended that Shell and Eni be fined at least $6.5 billion (five times the $1.3 billion Shell and Eni originally paid in the 2011 block).
This, the panel stated, should be done “in accordance with the relevant provisions of our laws in conformity with international best practices via the appropriate courts (at) home or abroad as the case may be.”
In other words, from the fine and the amount to be retrieved of the $1.3 billion, the government could make about $8 billion.
Also, in asking that the oil bloc be returned to Malabu’s original owners, the panel asked that the necessary licensing fees, transfer fees, signature bonus, and tax be paid by the firm; while 50 per cent of the rights to the bloc should return to Nigeria after three years based on original intent of awarding the bloc.
It would be recalled that Malabu oil block was awarded in 1998 with its shareholders being Mohammed Abacha, son of late military dictator, Sani Abacha, (50 per cent); Kweku Amafegha (the fictional character created by Etete, 30 per cent); and Wabi Hassan (wife of Hassan Adamu, former Nigerian ambassador to the US, 20%).
Human rights lawyer, Jiti Ogunye, had argued that the oil bloc ought to return to Nigeria and Malabu’s registration cancelled since it was based on falsehood.
“Section 190 and Section 436 (b) of the Criminal Code Act is applicable to the conduct of the promoter of Malabu, in that a false representation or declaration was made to induce the Corporate Affairs Commission to issue an incorporation certificate,” Ogunye said.
“Owing to the false representation, the Corporate Affairs Commission can approach the Federal High Court under Section 563 of CAMA to seek the withdrawal and cancellation of the Certificate of Incorporation of Malabu.”
The DPP report was to be sent to the Attorney General last week, a source at his office told newsmen, but was delayed due to Malami’s trip with President Muhammadu Buhari to the United Arab Emirates.
The report is about now with both the Solicitor General of the Federation, Taiwo Abidogun, and Malami, with the latter expected to advise President Buhari on the next steps based on the recommendations.
A source at the Presidency told our correspondent that the president was keenly following the matter, and recently received a report on it from the office of the Vice President, who is coordinating the actions of the AGF, EFCC and Petroleum Ministry on the matter.
Both the DPP and the Attorney General, in separate phone interviews, confirmed their offices were working on resolving the OPL 245 issue, but would not comment on the details.
“Malabu is a very sensitive issue, and if there’s any resolution, I will have to get clearance before I can speak to the press on it,” the DPP said.
It was learnt that Shell was already aware of the government’s moves to cancel the agreement, and was lobbying against it.
The Tide said that Precious Okolobo, oil giant’s spokesperson, declined comments on the matter.
Africa Prudential Plc has reaffirmed its commitment to sustainable growth and digital transformation after posting another strong half-year financial performance, driven by robust growth in its core registrar business, technology-driven solutions and increased activity in Nigeria’s capital market.
Speaking during the company’s H1 2026 Investor Call on Tuesday, the management outlined plans to deepen revenue diversification and accelerate innovation as part of efforts to reduce reliance on interest income and strengthen long-term profitability.
The company reported gross earnings of ₦4.28 billion for the first half of 2026, representing a 27 per cent increase from ₦3.34 billion recorded in the corresponding period of 2025.
Profit before tax rose by 22 per cent to ₦2.41 billion, while profit after tax climbed 18 per cent to ₦1.59 billion.
Net operating income also increased by 27 per cent to ₦4.21 billion, while total assets grew by 13 per cent to ₦46.53 billion. Shareholders’ funds similarly rose by 13 per cent to ₦12.52 billion.
According to the company, the impressive performance was driven by sustained growth in its registrar business, increased corporate actions across the Nigerian capital market, stronger treasury earnings supported by the prevailing interest rate environment and rising adoption of its technology-enabled products and services.African Mineral Wealth
Managing Director and Chief Executive Officer, Dr. Catherine Nwosu, said Africa Prudential is steadily evolving from a traditional share registrar into a diversified technology and business solutions provider serving the broader capital market ecosystem.
Addressing concerns from investors about the sustainability of earnings if interest rates decline, Nwosu said the company was deliberately expanding its non-interest income sources.
“Interest rates influence our treasury income positively, but that is why we are deliberately diversifying our revenue streams. Our strategy is to grow recurring fee-based business lines such as our digital solutions, Know Your Customer (KYC) services, AGM technology, probate services and the SabiVest mobile app. Over time, this will reduce our reliance on interest income and create a more balanced and resilient earnings mix,” she said.
She noted that increasing activity in the Nigerian capital market presents fresh opportunities for technology-driven solutions.
“With capital market activity nearly doubling over the past year, demand for seamless digital investor experiences, improved market efficiency and stronger compliance standards continues to grow. We are investing in technology-enabled solutions that position us to capitalise on these opportunities while delivering sustainable value to our shareholders,” she added.
Looking ahead, the company identified five strategic priorities for the second half of 2026, including driving sustainable growth through its core registrar business and new revenue streams, accelerating technology-led product innovation, strengthening brand leadership, investing in talent development and reinforcing corporate governance.
The investor call attracted institutional investors, shareholders, analysts, regulators and other capital market stakeholders, reflecting strong interest in Africa Prudential’s earnings outlook, revenue diversification strategy and long-term growth plans.
News
IHS Nigeria Donates Business-Support Equipment to Empower People with Disabilities in Abuja Community
Communications infrastructure company, IHS Nigeria, has donated business support equipment to empower people with disabilities within the Karonmajiji community in the Federal Capital Territory, Abuja. This is part of the company’s commitment to drive inclusive community development and sustainable livelihood support under its Project Empower initiative.
The equipment was distributed to beneficiaries during a ceremony held in the community on Monday, July 27. The initiative was conceived following a community needs assessment and is designed to empower active traders by providing them with business tools rather than cash grants, thereby strengthening their businesses and ensuring long-term economic impact and accountability.
Speaking at the event, Director, Sustainability, IHS Nigeria, Titilope Oguntuga, described the initiative as a reflection of the company’s commitment to advancing inclusive development by equipping persons with disabilities with the tools and opportunities needed to build resilient livelihoods.
She explained that rather than providing short-term financial assistance, IHS Nigeria adopted an asset-based approach by donating 50 pieces of business support equipment, including sewing machines, freezers, generators and hairdressing kits, to the selected beneficiaries.
According to her, the intervention is designed to create lasting value by supporting entrepreneurship, promoting self-reliance and strengthening household incomes, while contributing to the achievement of the United Nations Sustainable Development Goals, particularly SDG 1 (No Poverty), SDG 8 (Decent Work and Economic Growth) and SDG 10 (Reduced Inequalities).
In his opening remarks, the Chief of the Karonmajiji Disabled Community, Alhaji Sulaiman Muhammed Katsina, represented by the Secretary of the Community, Alhaji Mohammed Dantani commended IHS Nigeria for its commitment to empowering persons with disabilities through practical and sustainable interventions.
He described the initiative as a demonstration of genuine partnership with the community and expressed appreciation for the company’s continued engagement with the Association, noting that the donation of the equipment was a significant investment in improving the livelihoods of persons with disabilities and would create meaningful economic opportunities for the beneficiaries and their families.
The event brought together traditional rulers, government representatives, leaders and members of the Karonmajiji Disabled Community Association, implementing partners, including Field of Skills and Dreams Vocational Technical and Entrepreneurship (FSD VTE) Training Institute and other community stakeholders, reaffirming a shared commitment to promoting inclusion and sustainable community development.
Project Empower reinforces IHS Nigeria’s commitment to advancing sustainable development through strategic partnerships that promote economic inclusion, strengthen community resilience and create opportunities for underserved communities.
The Chartered Institute of Bankers (CIBN) and the Association of Corporate Communication and Marketing Professionals in Banks (ACAMB) have enjoined banks to further deepen and prioritize financial inclusion, women’s empowerment and sustained growth through strategic mandates and frameworks, aimed at closing the financial gap and empowering more small, and medium enterprise (MSME) owners.
Both organisations made this call during a courtesy visit to the newly invested 24th President and Chairman of Council of the Chartered Institute of Bankers of Nigeria (CIBN), Dr. Dele Alabi, Ph.D, FCIB, as part of plans to congratulate him on his investiture as well as seek a stronger alliance between both bodies.
The visit followed Alabi’s investiture where he unveiled his “IMPACT” Vision, themed “Consolidating Our Local Impact, Enhancing Our Global Relevance.”
The vision rests on six pillars: Inclusion across geographic, gender, and generational lines; Membership growth and quality; Professionalism and ethics; Accountability; Competencies and skills development; Technology, automation, and innovation. Other areas of shared interest, include women empowerment, financial inclusion and literacy, as well as MSME clinics, all of which are top on his agenda.
Alabi explained that under him, the institute will be prioritising financial inclusion and women empowerment, because of its realisation that women are often the primary financial managers and caregivers in families. Access to savings, micro-credit, and insurance acts as a safety net during crisis and allows them to significantly improve living conditions.
He added that CIBN would be happy to drive joint knowledge sharing and exchange sessions with CBN and ACAMB across various platforms. “Educating the public through public awareness programmes, with ACAMB as the rallying point, is central to what we do,” he noted.
ACAMB President, Jide Sipe, who led the delegation, spoke in unison with the CIBN president, as he noted that, closing the inbalances in financial access help economies grow faster, reduces inequality, and encourages greater civic participation by all.
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