FG Loses Oil Block To Shell, Agip …As Court Reverses Forfeiture Order

The interim order of forfeiture granted the antigraft agency, the Economic and Financial Crimes Commission (EFCC) in respect of the Oil Prospecting License OPL 245 otherwise known as Malabu oil block to the Federal Government was Friday reversed by an Abuja Federal High Court.
It would be recalled that, the court gave the forfeiture order on January 26, based on a motion ex-parte filed by EFCC, retrieving the ownership of the oil block from two multinational oil companies. Shell and Eni.
Following the forfeitiore order, Shell and Eni approached the court with an application challenging the ruling.
They argued that, the rights of parties to fair hearing was not properly followed before the ruling and prayed for a reversal and to enable the parties address the issue legally.
Delivering ruling Friday in two seperate applications of Shell Nigeria Exploration and Production Company Limited and Agip Exploration Limited, Justice John Tsoho, held that, the order of forfeiture ought not to have been granted EFCC boss in the first instance.
Tsoho said, the reversal was predicated on the fact that EFCC did not meet the required conditions to enjoy such forfeiture order.
The court upheld that, having vacated the interim forfeiture order, it issued to the Federal Government, there is no longer a suit on the matter pending before him.
As it stands, Nigeria has lost the Malabu oil block which is believed to be the richest oil block in Afrrica to the two oil multinationals, Shell and Agip.