SPECIAL FORUM OF THE ANTI-CORRUPTION SITUATION ROOM
Posted on 25 Apr, 2019 by
29 April, 2019 by 10:00 AM
REIZ CONTINENTAL HOTEL, ABUJA
The fight against corruption is no doubt a continuous effort that requires consistency. Often
times, the needed energy to sustain the war on corruption is allowed to go dissipate, due to
inadequate reportage and capacity, short-term commitment as well as short attention span from the public on high profile corruption cases. However, the Malabu OPL245 case is an example of an anti-corruption fight that has been kept alive as a result of consistent efforts geared towards the attainment of justice for the people of Nigeria.
The analysis together with our investigations have found that the 2011 deal did not just hand the OPL 245 license to Shell and Eni but also radically altered Nigeria’s expected revenue from development of the oil block. The latest report also found that the Nigerian state’s ability to buy their rights back was heavily restricted in the deal with Nigeria having to pay $870m up front to re-acquire a stake worth an estimated $2 billion in future revenue. These rights would still leave Nigeria with a far lower share of the oil production than recommended by the IMF, and 15% or $3.5bn lower than previous terms for the same license.
This is an Invitation Only event.
Add to Calendar
04/29/2019 10:00 AM
Africa/Lagos
SPECIAL FORUM OF THE ANTI-CORRUPTION SITUATION ROOM
REIZ CONTINENTAL HOTEL, ABUJA
The fight against corruption is no doubt a continuous effort that requires consistency. Often
times, the needed energy to sustain the war on corruption is allowed to go dissipate, due to
inadequate reportage and capacity, short-term commitment as well as short attention span from the public on high profile corruption cases. However, the Malabu OPL245 case is an example of an anti-corruption fight that has been kept alive as a result of consistent efforts geared towards the attainment of justice for the people of Nigeria.
The analysis together with our investigations have found that the 2011 deal did not just hand the OPL 245 license to Shell and Eni but also radically altered Nigeria’s expected revenue from development of the oil block. The latest report also found that the Nigerian state’s ability to buy their rights back was heavily restricted in the deal with Nigeria having to pay $870m up front to re-acquire a stake worth an estimated $2 billion in future revenue. These rights would still leave Nigeria with a far lower share of the oil production than recommended by the IMF, and 15% or $3.5bn lower than previous terms for the same license.