Wednesday, Apr 21st 2021 2:11 AM

Market Digest Nigeria


FG unhappy with Italian court’s decision


Malabu oil scandal: FG unhappy with Italian court’s decision to acquit Shell and Eni.


The Federal Government (FG) of Nigeria says it is disappointed in the ruling of the Italian court regarding the Malabu corruption trial.

The Nigerian Government has expressed its disappointment at the Italian Courts for acquitting Shell and Eni in the $1.3 billion purchase of the OPL 245 offshore oilfield in Nigeria in 2011 from Malabu Oil and Gas, a company owned by a former Nigerian oil minister, Dan Etete.

This was disclosed by the FG in a statement revealed by Reuters after the decision was made by an Italian judge.

“The Federal Republic of Nigeria is disappointed in today’s ruling in Milan, but thanks the Italian prosecuting authorities for their tireless efforts.

“The Federal Republic of Nigeria will continue to hold those responsible for the OPL 245 fraud accountable,” the FG said.

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