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Tuesday, June 25, 2024

AGF Malami dismisses allegations of $2.4bn revenue loss from illegal sale of crude oil

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In December 2022, the House resolved to constitute an ad-hoc committee to probe the allegation of illegal sale of crude oil exports and sales by Nigeria from 2014 till date, following a motion sponsored by Isiaka Ibrahim from Ogun State. The committee was mandated to investigate all crude oil exports and sales by Nigeria from 2014 to date with regards to quantity, insurance, revenue generated, remittances into the federation accounts, or other accounts, as well as utilization of the revenue for the period under review. Ibrahim had alleged that 48 million barrels of Nigeria’s Bonny Light crude oil were stored in several ports in China under the authorization of the Nigerian National Petroleum Corporation (NNPC) to sell the cargo.

Malami, who appeared before the committee on April 28, 2023, said the allegations relating to the 48 million barrels were baseless, unfounded, and lacked merit. The AGF argued that the prosecution of the petitioners which started in 2019 suffered setback as a result of series of adjournments caused by the absence of the accused persons. He further disclosed that his office was instrumental to the recovery of various sums of funds, including $322 million recovered from Switzerland in 2016, $311.4 million from US/UK, and £12.2 billion recovered from Ibori.

The AGF’s appearance before the ad-hoc committee investigating the alleged sale of crude oil exports and sales by Nigeria from 2014 to date has attracted several search terms, including AGF Abubakar Malami, illegal sale of crude oil, Nigeria, ad-hoc committee, constitutional oversight, missing crude oil exports, criminal suit, whistle-blower policy. The ongoing investigation initiated by the House has also generated interest from the public, as Nigerians await the outcome of the committee’s findings. However, Malami’s statement that his office was unable to confirm the veracity of the allegations relating to the missing crude oil exports in China in 2016 may have dampened the hopes of some Nigerians who were looking forward to the recovery of the alleged stolen crude oil.

Malami’s appearance before the ad-hoc committee investigating the alleged sale of crude oil exports and sales by Nigeria from 2014 to date has shed more light on the issue, with the AGF dismissing the allegations as baseless and lacking merit. Malami’s statement that his office was unable to confirm the veracity of the allegations relating to the missing crude oil exports in China in 2016 has also put a dent on the hopes of some Nigerians who were looking forward to the recovery of the alleged stolen crude oil. It remains to be seen what the outcome of the committee’s investigation will be, as Nigerians await the committee’s findings

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