Nigeria: Malabu seeks release of frozen funds

Nigeria’s Malabu Oil & Gas has brought a case at Southwark Crown Court in London appealing against the freezing of $85m in proceeds from the OPL 245 deal. The funds were frozen last year at the request of the Italian prosecutor amid an investigation into corruption at Eni relating to the granting of the licence. Malabu, owned by former Nigerian oil minister Dan Etete, is seeking the release of the funds, arguing that the Italian prosecutor was exceeding his powers in getting them frozen in the first place, and that nothing has happened with the Italian investigation to warrant their continued freezing.