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Nigerian President Goodluck Jonathan speaks to the media on the situation in Chibok and the success of the World Economic Forum in Abuja May 9, 2014. Jonathan said on Friday he believes 200 schoolgirls abducted by Islamist insurgents last month are still in his country and have not been moved to Cameroon. REUTERS/Afolabi Sotunde (NIGERIA - Tags: POLITICS CIVIL UNREST CRIME LAW BUSINESS)

Former president, Goodluck Jonathan summoned by Reps over Malabu oil deal

Former president,Goodluck Jonathan was on wednesday morning invited by the house of representatives ad hoc committee probing the award of oil prospecting licence (OPL) 245 to Malabu Oil and Gas has invited ex-President Goodluck Jonathan to testify in the ongoing investigations.

The sale of the block, which is considered as one of the most lucrative on the continent, has been replete with allegations and lawsuits.

In the deal finally consummated in 2011, only $210 million of the $1.3 billion paid by Shell and Eni for the block went into federal government coffers as “signature bonus”.

The rest was paid to Malabu Oil and Gas, mainly owned by Dan Etete, who, as petroleum minister in 1998, had awarded the lucrative licence to himself.

The sale to Malabu was nullified by Obasanjo in 1999 and assigned to Shell — without a public bid.

Ownership was suspiciously reverted to Malabu thereafter, leading to legal action by Shell who later resorted to negotiating directly with Etete after President Goodluck Jonathan assumed office in 2010.

A year later, the $1.3 billion deal was struck, with Malabu getting $1.1 billion from Shell and Eni to its transfer ownership, while the signature bonus was paid to Nigeria.

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