ENI, officials acquitted of $1.1bn Malabu oil well case | Dailytrust

ENI, officials acquitted of $1.1bn Malabu oil well case

Malabu oil
Malabu oil

Eni, a global oil exploration firm said the company and the management officials have been acquitted by the Court of Milan over a trial on a $1.1 billion Oil Prospecting Licence (OPL) 245 deal in Nigeria.

According to a statement on Wednesday by the oil firm, the acquittal was based on the fact that there was no case against the company, ruled the Court.

“After almost three years of trial, the judgment by the Court has finally established that the company, the CEO Claudio Descalzi and the management involved in the proceedings have all behaved in a lawful and correct manner.

“Eni has throughout maintained its full confidence in the Court’s fair and balanced investigation.

“Today, Eni expresses its gratitude for the trust placed by its stakeholders throughout the course of the trial, particularly in upholding the company’s management and the conduct of its business, and respecting its reputation,” it noted.

According to reports, the case tagged as the Malabu scandal is about the transfer of $1.1 billion by Shell and ENI traced to accounts of a former petroleum minister, Dan Etete. The deal done under former President Goodluck Jonathan in 2011 was for OPL 245, a prospective oil-rich block.

It was also reported that from Etete’s account, nearly $520 million was transferred in bits to accounts traced to Aliyu Abubakar, a popular oil firm owner.

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