Malabu Oil Deal: Italian Prosecutors Seek Confiscation Of $1.092bn From Shell, ENI

Cat:

Related stories

Visualizing Trump’s 2026 Budget Proposal

Key Takeaways The 2026 budget request includes a $114...

Umo Eno: Professing Love For Tinubu Without Joining APC, ‘Anti-party’

By Kolawole Ojebisi The Akwa Ibom State Governor, Umo Eno,...

King Charles Recognizes Beckham’s Impact, Knights Ex-England’s Captain

By Kolawole Ojebisi After a sterling football career spanning two...

Tinubu Mourns Uwais, Says Ex-CJN ‘A Phenomenal Jurist’

By Kolawole Ojebisi President Bola Tinubu has extended his heartfelt...
  • Push For Jail Terms For Dan Etete, Descalzi, Scaroni Others

Italian prosecutors in the ongoing $1.1bn Nigeria’s Oil Processing License OPL 245 criminal corruption trial involving Shell; a Dutch-British Oil and Gas Company and Eni has called for the confiscation of $1.092bn from the oil companies. 

The prosecutors also called for jail terms ranging from ten to five years for all principal actors in what has now been termed as ‘unprecedented corporate corruption trial’.

The ongoing trial at the imposing Aula Bunker Courthouse, adjoining San Vittore Prison in downtown Milan has seen prosecutors in their closing statements, laid out their account of how the $1.1bn OPL 245 deal played out.

The prosecutor started by outlining how Malabu Oil and Gas, a company controlled by the then Nigerian Oil Minister Dan Etete, received the OPL 245 license in 1998, paying only $2m of the $20m required signature bonus, bringing in Shell only to have the license revoked in 2001.

They recounted how Shell then signed a Production Sharing Contract with Nigeria and provided details of how Nigerian officials should have considered the country’s interest in the deal but they did not.

They further explained that the fiscal terms for Deepwater offshore licenses in Nigeria, the deal included a contract titled a “Production Sharing Contract” (PSC) but it is mislabeled as it is only between Shell and Eni, when it must include the state oil company {in this case the Nigerian National Petroleum Corporation} in order for the deal to be a PSC.

The prosecutor pointed to a Shell email memorializing NNPC’s position in a February 2011 meeting ” that NNPC could accept to bend on some issues of PSC, this has to be one-off and not a precedent”.

The prosecutor points out a Shell email mentions that Eni managers also had concerns that the contract was mislabeled.

The prosecutor says that the prosecution expert witness also dealt with the issue of back-in rights, the right for NNPC to re-acquire a stake later. The final deal kept some of Nigeria’s rights but they would have to pay part of the $1.1bn Shell and Eni paid plus costs.

Due to the foregoing, the prosecutor is praying to the court to order the confiscation of $1.092bn From Shell, ENI.

They also asked that principal actors in the case should be sentenced to jail terms ranging from 10 years to 5 years.

The prosecutor requested a ten years jail sentence for Dan Etete and an eight-year jail term for the trio of Eni’s CEO Claudio Descalzi, his predecessor Paolo Scaroni and Luigi Bisignani.

They also requested 7 years and 4 month’s sentence for former Shell board member Malcolm Brinded and Robert Casula – Eni’s Head Of Technology And Development.

They also requested 4 years and 6 months jail term for Peter Robinson, Shell’s former VP for sub-Saharan Africa, Vincenzo Armanna, Ciro Antonio Pagano, Ednan Agaev, Gianfranco Falcioni, John Copleston and Guy Colegate.

The next hearing will come up on the 9th of September when Nigeria’s advocates will present their concluding arguments and are expected to request for damages.

By Babajide Okeowo (content Editor
By Babajide Okeowo (content Editorhttps://newdiplomatng.com/
With a career spanning over a decade spent across the Business, Political and Entertainment beats of prominent media organizations in Nigeria, Babajide Okeowo has carved a niche for himself as a Journalist of repute. As a newsroom guru, he has penned several weighty narratives and designed content that speak to a news medium's values, vision and mission while ensuring that the content resonate pretty well with a variety of critical audiences across Nigeria and beyond. A consummate storyteller whose coverage of the business industry is valuable, Okeowo is blessed with a vast analytical mind and data interpretation skills. In his spare time, he interprets data for a Leading American University while also volunteering for a Non-Governmental Organization on Mindset Transformation. Okeowo is the Content Editor of The New Diplomat.

Subscribe

- Never miss a story with notifications

- Gain full access to our premium content

- Browse free from up to 5 devices at once

[tds_leads input_placeholder="Your email address" btn_horiz_align="content-horiz-center" pp_msg="SSd2ZSUyMHJlYWQlMjBhbmQlMjBhY2NlcHQlMjB0aGUlMjAlM0NhJTIwaHJlZiUzRCUyMiUyMyUyMiUzRVByaXZhY3klMjBQb2xpY3klM0MlMkZhJTNFLg==" pp_checkbox="yes" tdc_css="eyJhbGwiOnsibWFyZ2luLXRvcCI6IjMwIiwibWFyZ2luLWJvdHRvbSI6IjQwIiwiZGlzcGxheSI6IiJ9LCJwb3J0cmFpdCI6eyJtYXJnaW4tdG9wIjoiMTUiLCJtYXJnaW4tYm90dG9tIjoiMjUiLCJkaXNwbGF5IjoiIn0sInBvcnRyYWl0X21heF93aWR0aCI6MTAxOCwicG9ydHJhaXRfbWluX3dpZHRoIjo3NjgsImxhbmRzY2FwZSI6eyJtYXJnaW4tdG9wIjoiMjAiLCJtYXJnaW4tYm90dG9tIjoiMzAiLCJkaXNwbGF5IjoiIn0sImxhbmRzY2FwZV9tYXhfd2lkdGgiOjExNDAsImxhbmRzY2FwZV9taW5fd2lkdGgiOjEwMTksInBob25lIjp7Im1hcmdpbi10b3AiOiIyMCIsImRpc3BsYXkiOiIifSwicGhvbmVfbWF4X3dpZHRoIjo3Njd9" display="column" gap="eyJhbGwiOiIyMCIsInBvcnRyYWl0IjoiMTAiLCJsYW5kc2NhcGUiOiIxNSJ9" f_msg_font_family="downtown-sans-serif-font_global" f_input_font_family="downtown-sans-serif-font_global" f_btn_font_family="downtown-sans-serif-font_global" f_pp_font_family="downtown-serif-font_global" f_pp_font_size="eyJhbGwiOiIxNSIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_weight="700" f_btn_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTEifQ==" f_btn_font_transform="uppercase" btn_text="Unlock All" btn_bg="#000000" btn_padd="eyJhbGwiOiIxOCIsImxhbmRzY2FwZSI6IjE0IiwicG9ydHJhaXQiOiIxNCJ9" input_padd="eyJhbGwiOiIxNSIsImxhbmRzY2FwZSI6IjEyIiwicG9ydHJhaXQiOiIxMCJ9" pp_check_color_a="#000000" f_pp_font_weight="600" pp_check_square="#000000" msg_composer="" pp_check_color="rgba(0,0,0,0.56)" msg_succ_radius="0" msg_err_radius="0" input_border="1" f_unsub_font_family="downtown-sans-serif-font_global" f_msg_font_size="eyJhbGwiOiIxMyIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_size="eyJhbGwiOiIxNCIsInBvcnRyYWl0IjoiMTIifQ==" f_input_font_weight="500" f_msg_font_weight="500" f_unsub_font_weight="500"]

Latest stories

NDN
Latest News
Trump asks aides if they think Musk’s behavior could be related to alleged drug use, source saysVisualizing Trump’s 2026 Budget ProposalUmo Eno: Professing Love For Tinubu Without Joining APC, 'Anti-party'King Charles Recognizes Beckham's Impact, Knights Ex-England's CaptainTinubu Mourns Uwais, Says Ex-CJN 'A Phenomenal Jurist'U.S. Remittance Tax Casts Shadow Over African EconomiesAkwa-Ibom Commissioner Defies Gov Umo Eno, Resigns, Says I Can't Join Gov In APCTrump Vs Musk: JD Vance Declares Support For US President Amid Online RowExclusive: Inside Details Of Sanwo-Olu’s Alleged Strained Ties With TinubuRevealed! The most beautiful city in AfricaElon Musk’s Fortune Plummets By $34 Billion As Feud with Trump EscalatesGov. Umo Eno: Why I Dumped PDP For APC[Video] Akwa Ibom: Gov Umo Eno Officially Defects to APC in Major Political ShiftOtedola Hails Dangote's Refinery As "Eighth Wonder Of The Modern Era"Tears as Mohammed Uwais, ex- Chief Justice of Nigeria, Dies at 89
X whatsapp