• 4 minutes Why Trump Is Right to Re-Open the Economy
  • 7 minutes Did Trump start the oil price war?
  • 11 minutes Covid-19 logarithmic growth
  • 15 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 18 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 28 mins America’s Corona Tsar, Andrew Fauci, Concedes Covid-19 May Be Just a Bad Flu With a Fatality Rate of 0.1%
  • 5 mins Saudi Arabia Can't Endure $30 Oil For Long
  • 2 hours TRUMP pushing Hydroxychloroquine + Zpak therapy forward despite FDA conservative approach. As he reasons, "What have we got to lose ?"
  • 1 min Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 6 hours Oxford Epidemiologist: Here’s Why That Covid-19 Doomsday Model Is Likely Way Off
  • 5 hours Where's the storage?
  • 18 mins Western Canadian Select selling for $6.48 bbl. Enbridge charges between $7 to $9 bbl to ship to the GOM refineries.
  • 1 hour China extracts record amount of natural gas from Gas Hydrates in South China Sea
  • 6 hours Hillary Clinton tweeted a sick Covid joke just to attack Trump
  • 3 hours Wait till America opens their Q1 401k Investment Statements and see they have lost 35% of their retirement savings. They can blame the Authoritarian Chinese Communist Party..
  • 4 hours There are 4 major mfg of hydroxychloroquine in the world. China, Germany, India and Israel. Germany and India are hoarding production and blocked exports to the United States. China not shipping any , don't know their policy.
  • 11 hours Dr. Fauci is over rated.
Economic Activity Hits A Decade-Low

Economic Activity Hits A Decade-Low

Economic activity has plunged to…

Don’t Believe The Oil Bulls

Don’t Believe The Oil Bulls

Oil prices have rebounded this…

Millions In Jewelry, Golden Iphone Seized From Corrupt Nigerian Ex-Oil Minister

Madueke

A Nigerian court has ordered the seizure of $40 million of luxury items, mainly jewelry and a customized golden iPhone belonging to the ex-minister of Nigeria’s petroleum resources Diezani Alison-Madueke, according to Reuters.

In addition to the customized iPhone, the items seized included—but was not limited to—419 bangles, 315 rings, and 189 wristwatches, according to Sahara Reporters. The items will be permanently forfeited to the federal government after a 14-day waiting period. Madueke already had her $37.5 million apartment seized in 2017.

The items were seized in connection to a money laundering and bribery case involving former Nigerian President Goodluck Johnathon in the high-profile Malabu oil deal/ OPL 245 case which has embroiled Shell, Eni, and JPMorgan in legal battles in multiple countries across the globe, as well as a case involving Duke Oil Company and Trafigura—the goings on which are murky at best.

Madueke was the head of the petroleum ministry from 2011 until 2015.

Nigeria issued an international arrest warrant for Madueke, standing accused of misappropriating public funds. The United Kingdom also wanted a crack at prosecuting the Nigerian oil minister, but her whereabouts are currently unknown. UK detectives were in Nigeria just days ago gathering evidence against the oil minister.

Madueke has formerly been in Dominica—the irony of it being a money laundering hotspot not lost—but has also spent time in London, where she was arrested for the same criminal activity in 2015 before being released on bail.

Madueke was the first female president of OPEC.

Meanwhile, the offshore oilfield OPL 245 remains one of the largest untapped oil resources in Africa at 9 billion barrels of oil reserves. Eni and Shell still hold the rights to develop the field, but both are named in a $1 billion lawsuit that is unlikely to wrap up quickly.

By Julianne Geiger for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage




Leave a comment
  • S A on July 07 2019 said:
    It’s the Commonwealth of Dominica, not the Dominican Republic.

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News