Nigerian court acquits Malabu Oil in OPL 245 case — Premium Times Nigeria
The Federal High Court in Abuja, Nigeria, has acquitted Malabu Oil and Gas Limited, the chairman of AA Oil Limited, Aliyu Abubakar, and six other companies in a money laundering case linked to the OPL 245 oil block. As Premium Times Nigeria reports, Judge Inyang Ekwo ruled that Nigeria’s Economic and Financial Crimes Commission had failed to prove the charges beyond a reasonable doubt.
Court findings
The case involved Malabu Oil, A-Group Construction Company, Rocky Top Resources, Mega Tech Engineering, Novel Properties and Development Company, Imperial Union, Carlin International Nigeria and Abubakar. The proceedings concerned alleged illegal transactions surrounding the OPL 245 oil exploration licence.
The judge criticised the EFCC investigation, noting that the investigator had not completed it before filing the charges. According to him, an investigation must provide evidence of work carried out rather than rely on assumptions. Ekwo also drew attention to a 2018 directive by Nigeria’s then attorney general, Abubakar Malami, in which he advised against prosecuting the defendants due to insufficient evidence.
The court concluded that the prosecution had not proved the allegations in counts one through 43 beyond a reasonable doubt and acquitted all eight defendants.
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Allegations concerning the funds
The EFCC alleged that Malabu Oil, together with three individuals who remained at large, gained control of $401.54 million transferred by the Nigerian government to the company’s account at First Bank of Nigeria. Another episode concerned $400 million that was credited to Malabu Oil’s account at Keystone Bank. The commission considered these funds to be proceeds of illegal activity, while the defendants pleaded not guilty.
In a separate ruling, Judge Ekwo also acquitted Abubakar on five counts in a case involving an alleged payment of 300 million naira. The EFCC opened these proceedings in 2017, also against former Attorney General Mohammed Bello Adoke. In April 2024, the court discharged Adoke after upholding his no-case submission, as the prosecution had not provided sufficient evidence.
Malabu obtained the OPL 245 oil block in 1998. It was subsequently investigated in connection with a 2011 deal between the Nigerian government, Malabu, Shell and Eni, estimated at approximately $1.3 billion.
