An ad hoc committee of the House of Representatives on Wednesday reopened investigation into the controversial $1.1bn award of Oil Prospecting Licence 245, better known as ‘Malabu Oil Deal.’
Lawmakers said Nigeria could not afford to lose an equivalent of “N500bn”, the local value of the money, using the current naira to US dollar exchange rate.
The committee, which is chaired by a member from Kwara State, Mr. Razak Atunwa, held a session with some of the key players in the deal at the National Assembly in Abuja.
Among those whose representatives met with the committee, were Shell and Agip.
The Economic and Financial Crimes Commission was also represented at the session where it was directed to provide information on the outcome of its investigation into the deal within two weeks.