(Ecofin Agency) - The Federal government of Nigeria has gained back ownership of OPL 245 nineteen years after it was awarded to Malabu Oil & Gas, under the Sanni Abacha government.

According to Sahara reporters, the Economic and Financial Crimes Commission (EFCC) got a court order authorizing the return of the oil block to the federal government pending the conclusion of investigations.

Let’s be reminded that OPL 245 became the subject of investigation in at least five countries in 2011, after Shell and Italian oil major, Eni, paid about $1.1billion into the government account in London to take control of the oil block.

More than 70% of the funds were then transferred controversially into Malabu accounts controlled by Dan Etete, who was the petroleum minister from 1995 to 1998.

Etete afterwards transferred over half of what he got into accounts of fake companies allegedly controlled by Aliyu Abubakar, who was believed to have acted as a front for politically exposed persons as well as former president Goodluck Jonathan and his attorney general, Mohammed Adoke, as well as Shell and Eni staff.

The EFCC in December filed charges against Etete, Abubakar, and Adoke and a week after, Italian prosecutors also filed charges against Shell, Eni, officials, and Etete for their roles in the scandal.

OPL 245 is considered the largest oil block in Africa with over 9 billion barrels of crude. The block is located in Niger Delta and is thought to be very prospective. Two oil and gas discoveries; Etan and Zabazaba, have been made on this block.

Anita Fatunji