Former President Goodluck Jonathan is set to preside over the official launching of a Book written by his Attorney General and Minister of Justice, Mohammed Bello Adoke.
The book, titled: “OPL 245: Inside Story Of The $1.3 Billion Nigeria Oil Block,” is scheduled to be launched on July 10, at the Shehu Musa Yar’adua center in Abuja.
The inside story of the OPL 245 saga began with the award on April 29, 1998, of its contract under General Sani Abacha’s rule to Malabu Oil & Gas Ltd, backed by then Petroleum Minister, Dan Etete, who secretly held shares, through a discounted $20 million signature bonus under Nigeria’s Indigenous Concession Programme.
Located offshore, about 150 kilometre from the Niger Delta, it’s estimated to contain about nine billion barrels of oil.
In July 2001, President Oludegun Obasanjo’s government revoked Malabu’s licence and awarding it to Shell, which had farm‑in rights (40 percent).
Jonathan
Shell entered arbitration even as Malabu challenged the revocation. A 2006 out‑of‑court settlement temporarily restored OPL 245 to Malabu, contingent upon paying a now‑raised $210 million signature bonus.
In 2010, Goodluck Jonathan’s administration reaffirmed OPL 245 to Malabu and in April 29, 2011 Federal Government of Nigeria brokered a “Resolution Agreement” in which Shell & Eni deposited about $1.092 billion, plus a $208 million signature bonus, into a JP Morgan escrow in London.
Malabu then sold its entire 100 percent share and dropped disputes with the government and Shell/Eni.
The government then disbursed $1.092 billion to Malabu, with Shell and Eni each taking 50 percent of the block.
Some activists and None Governmental Organizations raised eyebrows and argued that the $1.1 billion paid to Malabu was a disguised bribe to insiders, thereby depriving the Nigerian treasury.
However, cross-border investigations were conducted during which time Italy (Milan), the UK’s Serious Fraud Office, Nigeria’s EFCC, and US/Dutch authorities all launched probes.
At the end of the investigations in 2021, Italy (Milan) Middlemen that were convicted were acquitted and Shell & Eni were cleared based on “no case to answer.”
In June 2022, Nigeria had sued JP Morgan for negligence over escrow release and the case was dismissed.
Meanwhile, the Economic and Financial Crime Commission (EFCC) of Nigeria went ahead to charge Dan Etete and Mohammed Adoke in 2017.
But in March 2024, the no‑case submissions by many defendants including Adoke were upheld by the Federal Capital Territory’s High Court.
OPL 245 held massive value in development and could translate into billions in revenue for Nigeria.
The deal had stirred public anger over perceived misappropriation of funds meant for Nigeria’s development.
It exposed how political appointments, insider ownership, and inconsistent policy across administrations could drive legal battles and corruption risk.
So, Adoke’s upcoming Book is likely to address the OPL 245’s journey, from its Abacha-era award to Malabu, through revocation, global arbitration, a $1.3 billion transaction, and multiple legal proceedings that symbolized deep-rooted issues in Nigeria’s oil governance, including transparency, accountability and the strategic hijacking of national assets.
