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Home News Economy Malibu Oil: Nigeria expecting $200m from The Netherlands, Switzerland –Malami

Malibu Oil: Nigeria expecting $200m from The Netherlands, Switzerland –Malami

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Nigeria is awaiting the return of $200 million from The Netherlands and Switzerland, as part of OPL 245 Malibu Oil.

Minister of Justice Abubakar Malami, made this known while declaring open a capacity building workshop and interactive session with Judiciary Correspondents in Abuja yesterday.

The Attorney-General, who gave a scorecard of the ministry in the past one year, said due to the anti corruption crusade of the present administration, we facilitated the recovery of $62 billion arrears from oil companies as part of federation government Production Sharing Agreement (PSA).

“Also recovered within the period is the sum of 311million dollars from the U.S. and New Jersey, in the third phase of Abacha loot and another 6.3 million dollars Abacha loot from the Republic of Northern Island.”

Malami said the money have been paid into the federal government treasury for utility development such as Lagos Ibadan Expressway, Kano Abuja Expressway and the second Niger Bridge in line with agreement reached with the foreign partners.

He further disclosed that

over N685 million was recovered through the help of whistle blowers within the last one year while N500 million was recovered from forfeited vessels, trucks, and barges.

The AGF said that a legal framework introduced by the ministry has helped to raise stamp duty collection from a mere total of N22 billion over the years to N66 billion within the last six months of the amendment of the act.

He said some bills which are currently before the National Assembly, including the electronic transaction, electronic evidence act, digital management act and electronic banking act will stimulate the economy when passed into law.

“There are several other acts to regulate emerging digital financial sub sector of the economy.

“Some of these acts will provide for national digital certification authority that will regulate issuance and processing of public and private electronic key validations.

“The expected bills will prepare Nigeria for emerging realities relating to digital cash, bitcom and e-currency,’ the minister add

Solicitor General of the Federation and Permanent Secretary, in the ministry, Dayo Apata, SAN said effective coverage of the Justice sector will help prevent injustice in the country.

“This should be done by shining the spotlight on the actions of Judges, Lawyers and other stakeholders in the justice system”.

He said that the growing interest by the public in what the judiciary sector does, necessitated the workshop. The public is interested in how the sector handles criminal cases, election litigations, fight against corruption among others.

He said the workshop was organised because of complaints that some news organisations send journalists with little training to cover judiciary, without recourse to the complexities and intricacies of the sector.

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