Crude Oil Money: Read How GEJ’s Campaign Chief, Others Corrupted Zambian Officials

Shady Crude Oil Deals By GEJ's Administration Uncovered.

One of the most fraudulent crude oil deals executed by the administration of former President Goodluck Jonathan has been uncovered.

According to Premium Times report, a campaign official and some other suspected cronies of Jonathan reportedly got up to 50 per cent commission from the proceeds of a foreign crude oil lifting contract, which turned them into instant billionaires.

Nigerian oil and gas company, Sarb Energy, was said to have acted as middleman in the shady, non-transparent government-to-government crude oil sale between the Nigerian and the Zambian governments.

Records at the Corporate Affairs Commission shows that the directors of the company when it was incorporated on September 19, 2008, were Nimi Barigha-Amange, a former Peoples Democratic Party’s senator from Bayelsa (2007-2011), who also served as director of planning, research and strategy for Mr. Jonathan’s re-election campaign in 2014; Sylva Ogbogu, a retired Brigadier General; Akpan Ekpene, the managing director of the company, who executed the deal; and Ogba Properties and Investment Company Limited, a company whose real ownership remained unclear.

A deal was sealed on April 20, 2011, with the Nigerian National Petroleum Corporation, that the Zambian government was to lift eight million barrels of crude oil worth N155.4 billion ($969.6million) and Sarb made an initial deposit of $2.5million to the NNPC in the name of the Zambian government.

It was agreed that Sarb would sell the commodity to other traders, split profit 50-50 with the government and then remit the Zambian government’s share to official administration accounts but that didn’t happen.
Rather, the Nigerians sold the crude and failed to make payments into Zambian government accounts as parts of the proceeds were diverted into an account held by Iexoria, a Singapore-based company allegedly controlled by Henry Banda, the Zambian president’s son.

Details on Premium Times.

Title : Crude Oil Money: Read How GEJ’s Campaign Chief, Others Corrupted Zambian Officials
Description : Shady Crude Oil Deals By GEJ's Administration Uncovered. One of the most fraudulent crude oil deals executed by the administration o...