Inaction by the Federal Government of Nigeria is hindering the recovery of an $85million loot recovered from a former petroleum minister, Dan Etete, according to the Evening Standard of London.
The $85m is believed to be part of the proceeds from the award of the licence of OPL245 – an oilfield containing an estimated nine billion barrels of crude – made by Etete to Malabu Oil & Gas.
The fraud case is popularly known as the “Malabu Oil Deal.”
According to the Newspaper, the federal government’s failure to send a proceeds-of-crime submission to the judge of a UK court is stalling the recovery of the money which is frozen in a NatWest bank account in London.
“Last week, the two governments agreed criminal assets stolen in Nigeria and seized in Britain can be returned to the West African country, but such breakthroughs are rare,” it said.
“Buhari’s governing style is also a source of frustration. Critics say he is slow in his decision-making, which allows the EFCC to wallow in indecision.
“Buhari’s critics say his approach means that much-needed funds from corruption cases are not bringing in revenue for an ailing economy ravaged by low oil prices, and the oil blocks themselves are not being developed.”