The federal government is now $85million richer following the recovery of the money from the Malabu oil deal.

The Attorney General of the Federation and Minister of Justice, Abubakar Malami, disclosed this on Thursday during a consultative meeting on assets recovery in Abuja.

Malami, however, decried the non-compliance attitude of some countries that are still holding on to stolen assets.

He reiterated the resolve of the government to recover more funds, having signed several treaties to facilitate the return of stolen assets.

The Economic and Financial Crimes Commission (EFCC) had brought back the Malabu case in 2017, seeking a court order to return OPL 245 to the federal government — an order which was granted by the federal high court, Abuja in January.

But Shell and Eni challenged the ruling and contended that the rights of parties to fair hearing was not followed before the ruling was reached.

They prayed the court to reverse the order, and allow the parties address the issue legally. John Tosho, a judge, held that the ownership of the block should return to Shell and Eni.

More to follow...


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