Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Nigeria oilfield sale to Eni, Shell was legally 'perfect', says ex-oil minister lawyer

Published 02/12/2020, 19:57
Updated 02/12/2020, 20:00
©  Reuters

MILAN (Reuters) - The sale of a Nigerian oilfield to Eni and Royal Dutch Shell (LON:RDSa) was legally "perfect" and there was no proof of any corruption, a lawyer for former Nigerian oil minister Dan Etete said on Wednesday.

Antonio Secci told a Milan court that prosecutors in the case had been unable to show exactly what role Etete was meant to have had in the alleged corruption of Nigerian public officials - if he had corrupted politicians or had simply been an intermediary between the two majors and the Abuja government.

Eni and Shell acquired the offshore OLP 245 field in 2011 for about $1.3 billion from Malabu, a company owned by the former Nigerian oil minister.

Prosecutors allege that about $1.1 billion of that money was siphoned off to politicians and middlemen, half of it to Etete himself.

Shell says the 2011 agreement was a settlement of long-standing litigation, following the previous allocation of the block by the Nigerian government to Shell and Malabu.

Secci told the court the money had first been paid into an escrow account owned by the Nigerian government before then being transferred to Malabu "without any corruption (involving Nigerian public officials) emerging."

He called for his client to be acquitted.

Besides Eni and Shell, another 13 people, including current Eni Chief Executive Claudio Descalzi, are involved in the long-running graft case.

All the defendants have denied any wrongdoing, saying the purchase price was paid into an official Nigerian government account with all subsequent transfers being beyond their control.

© Reuters. FILE PHOTO: The logo of Royal Dutch Shell is seen at a petrol station in Sint-Pieters-Leeuw

Defence lawyers for the former Shell managers involved will be heard in the trial on Dec. 9.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.