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Shell’s Nigeria Investments At Risk From Corruption Scandal, Investors Warned

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Extracts from an article by Global Witness published on 19 May 2014 by

Royal Dutch Shell’s involvement in a deal which saw $1.1bn diverted into the hands of a former Nigerian oil minister could see the company lose a valuable oil block, says Global Witness. The deal for oil block OPL 245 off the coast of West Africa is being investigated by authorities in the UK, Italy and Nigeria. Shell and Eni have denied paying money to Malabu. Indeed they paid the money to the Nigerian government. However court evidence has revealed that Shell knew that the payment was going to Malabu and had negotiated directly with Etete over “iced champagne”. Etete had awarded the oil block to his own company when he was oil minister under corrupt Nigerian dictator Sani Abacha. In effect, he gave himself one of the most valuable oil blocks in Nigeria and, with this deal was now cashing in.

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