Son of the late Head of State General Sani Abacha, Mohammed and a known associate of former President Olusegun Obasanjo, Otunba Oyewole Fasawe, have gone before the Federal High Court in Abuja to, among others, seek an order voiding the ownership claim of two foreign oil firms over Oil Prospecting Licence (OPL) 245.
The plaintiff stated that the purported agreement was executed without the consent and knowledge of its (Malabu Oil’s) major investors – Mohammed and Pecos Ltd.
He said at the incorporation of Malabu Oil in 1998, it had a total share capital of 20 million ordinary shares, with him (Mohammed) holding 10 million, Amafagha Kweku (holding six million) and Hindu Hassan (holding four million).
Mohammed stated that in line with the April 29, 2011 agreement, SNEPCO and NAECO allegedly agreed to pay $1.3 billion to Etete “purportedly in the name of the plaintiff, but through the 1st defendant acting as a facilitator.
Mohammed added that sometime between August and September 2011, the FGN allegedly directed the payment of $801,540,000, from the escrow account, into two bank accounts purportedly opened by Etete or at his instance.