General
Malabu Oil: Again, Court Frees Ex-AGF Adoke of Money Laundering Charges
By Adedapo Adesanya
The Federal High Court in Abuja, on Friday, dismissed money laundering charges filed against a former Attorney General of the Federation (AGF) and Minister of Justice, Mr Bello Adoke.
The judge, Justice Inyang Ekwo, upheld the “no-case-submission” application filed by Mr Adoke after the prosecution, the Economic and Financial Crimes Commission (EFCC), concluded its case and it was the turn of the defendants to present theirs.
A no-case submission is filed by a defendant at the end of the prosecution’s case, asking the court for an acquittal without having him or her present a defence. Such filing is premised on the presumption by the defendant that the prosecution, with all its witnesses and evidence tendered while making its case, failed to link him or her to the alleged crimes.
Mr Adoke was standing trial along with Mr Aliyu Abubakar, a businessman, on money laundering charges in the case.
In his ruling on Friday, Mr Ekwo said the EFCC failed to provide any substantial evidence linking Mr Adoke to the alleged offence.
The judge went ahead to discharge and acquit Mr Adoke of alleged offences.
But, the judge dismissed Mr Adoke’s co-defendant’s no-case-submission, ordering Mr Abubakar to enter his defence in the trial.
The ruling tallies with the judgement of the Federal Capital Territory (FCT) High Court in Jabi, Abuja, which, three weeks ago, freed Mr Adoke of complicity in alleged fraud in the controversial Oil Prospecting Licence (OPL) 245, widely known as Malabu Oil deal.
In the FCT High Court case, Mr Adoke, who was justice minister under former President Goodluck Jonathan’s administration, was charged alongside a businessman, Aliyu Abubakar; Rasky Gbinigie; Malabu Oil and Gas Limited; Nigeria Agip Exploration Limited; Shell Nigeria Extra Deep Limited and Shell Nigeria Exploration Production Company Limited over the Malabu oil scam.
They were arraigned in 2020 on a 40-count amended charge.
EFCC had, in the FCT High Court, conceded that it lacked evidence against Mr Adoke and his co-defendants, but insisted that it had led credible evidence to warrant the former AGF to enter his defence in the matter.
However, in the Federal High Court case in which judgement was delivered on Friday, the EFCC had charged Messrs Adoke and Abubakar, alleging money laundering to the tune of N300 million.
The anti-graft agency had, on August 4, 2020, re-arraigned Messrs Adoke and Mr Abubakar on an amended 14 counts of money laundering.
In count 9 of the charges, the EFCC had alleged that Adoke, sometime in 2013, in Abuja, “made a cash payment of $2,267,400 to Risslanudeen Muhammed” and thereby “committed an offence contrary to the combined effect of section 16(1)(d) and of section 19a) of the Money Laundering Prohibition Act, 2011 (as amended) and punishable under section 16(2)(b) of the same Act”.
There was no mention of the Malabu Oil deal in the case before Mr Ekwo, however, the details of charges featured in the charges that were before the FCT High Court, where the EFCC said the N300 million was a kickback from the sale of the oil block by Malabu Oil & Gas Limited in 2011.
Each of them faced seven counts. They had pleaded not guilty.
The court exonerated Mr Adoke on Friday but ordered the proceedings to continue against his co-defendant, who is now to enter his defence.
Friday’s ruling brings to an end Mr Adoke’s trial in connection with the controversial Malabu Oil scam.
The Malabu scandal involved the transfer of about $1.1 billion by Shell and ENI through the Nigerian government to accounts controlled by a former Nigerian petroleum minister, Mr Dan Etete.
From accounts controlled by Mr Etete, about half the money ($520 million) went to accounts of companies controlled by Mr Aliyu Abubakar, popularly known in Nigeria as the owner of AA Oil.
The transaction was authorised in 2011 by Mr Jonathan through some of his cabinet ministers and the money was payment for OPL 245, one of Nigeria’s richest oil blocks.
The oil resources of the OPL 245 licence have remained undeveloped since the controversies began.
Eni initiated international arbitration proceedings against Nigeria in September, alleging the Nigerian government has breached its obligations by refusing to let the firm develop the licence, which has now expired this May.
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By Modupe Gbadeyanka
About 6,000 jobs have been created, with $379 million collectively raised by startups owned by entrepreneurs who have passed through the Black Founders Fund (BBF) of a tech giant, Google.
Google created the BBF initiative to empower startup owners of African origin. This programme has helped to drive innovation, job creation and business expansions because of the grants received from the sponsor of the scheme.
On Tuesday, past participants of the initiative were at iHub in Nairobi, Kenya, for the Black Founders Fund Alumni Summit, where the organisers unveiled the BFF Impact Report to highlight the significant progress and success of Black-led startups across Africa.
This annual event brought together 45-50 alumni from across the continent including Kenya, Nigeria, South Africa, and Uganda to celebrate their achievements and discuss the future of Africa’s digital economy.
The BFF Impact Report offers a comprehensive look at the remarkable impact that targeted support for Black entrepreneurs has had on the African tech ecosystem.
The report revealed that BFF-supported startups have collectively raised $379 million, created more than 6,000 jobs, and experienced 61% faster growth than their peers, underscoring the importance of strategic investment in fostering sustainable innovation.
Through non-dilutive funding, mentorship, and networking, the Black Founders Fund has empowered entrepreneurs to overcome barriers, scale their businesses, and contribute to Africa’s digital transformation. The BFF Impact Report demonstrates the pivotal role of the program in strengthening the continent’s startup ecosystem, enabling businesses to compete globally and attract significant investment.
“The Black Founders Fund is not just about financial support—it’s about creating an ecosystem of innovation, job creation, and opportunity.
“The BFF Impact Report reflects the incredible progress Black entrepreneurs have made, and how the right resources can empower them to lead Africa’s digital future. The impact we are seeing today will set the stage for an even more vibrant African tech landscape tomorrow,” the Country Director for West Africa at Google for Startups, Olumide Balogun, remarked.
“This report is a celebration of the incredible work being done by Black founders across Africa. The BFF Impact Report proves that, when we invest in these entrepreneurs, we’re not only helping individual startups, but we’re driving systemic change within the broader African tech ecosystem,” the Head of Startup Ecosystem for Africa at Google, Mr Folarin Aiyegbusi, also stated.
In addition, the Black Founders Fund Manager Europe at Google for Startups, Mariama Boumanjal, said, “The BFF Impact Report proves that with the right support, Black founders can not only overcome these challenges—they can lead the way in innovation, job creation, and economic development.”
Business Post reports that through non-dilutive funding, mentorship, and an expansive network, the BFF has empowered over 220 startups, enabling them to scale faster and break down these barriers.
By Adedapo Adesanya
After years of laying fallow, the Port Harcourt Refinery began producing and distribute petroleum products Premium Motor Spirit (PMS) or petrol, Automotive Gas Oil (AGO) or diesel and Household Kerosene (HHK) or Kerosene.
This development has raised expectations regarding Nigeria’s other three refineries not yet operational. These include the second refinery in Port Harcourt as well as the Warri and Kaduna Refinery.
The reactivation of these facilities, according to energy analysts, will help push out more supply of petroleum products, which may help cut down high prices that Nigerians pay while also making the country self-sufficient.
The newly operational refinery was built in 1965 and Port Harcourt II was added in 1989, increasing capacity by 150,000 barrels per day, making the total capacity of the Port Harcourt complex 210,000 barrels per day.
The Warri Refinery was built in in 1978 and is supposed to have an upgraded capacity up to 125,000 barrels per day and the Kaduna Refinery, which was commissioned in 1980, was designed with a capacity of 110,000 barrels per day.
Speaking during a brief ceremony to mark the commencement of products loading at the refinery on Tuesday in Port Harcourt, the Group CEO, Mr Mele Kyari described the commencement of the loadout activities as a monumental achievement for Nigeria which signifies a new era of energy independence and economic growth for the country.
The GCEO further thanked Nigerians for their patience and for the legitimate expectations on the Company to deliver on the other refineries.
Meanwhile, President Bola Tinubu on Tuesday extended his heartfelt congratulations to the NNPC on the successful revitalization of the Port Harcourt refinery and charged the NNPC Limited to expedite the scheduled reactivation of both the second Port Harcourt refinery and the Warri and Kaduna refineries.
He said these efforts will significantly enhance domestic production capacity alongside the contributions of privately-owned refineries and make our country a major energy hub, with the gas sector also enjoying unprecedented attention by the administration.
The President underscores his administration’s determination to repair the nation’s refineries, aiming to eradicate the disheartening perception of Nigeria as a major crude oil producer that lacks the ability to refine its own resources for domestic consumption.
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