Court Clears Aliyu Abubakar and Others of Money Laundering Charges in Malabu Oil Case

The Federal High Court in Abuja has acquitted oil businessman Aliyu Abubakar and seven others of money laundering charges linked to the Malabu Oil & Gas Limited deal. The ruling was made on Thursday by Justice Inyang Ekwo.

The Economic and Financial Crimes Commission (EFCC) had accused Abubakar and the others of being involved in the illegal diversion of over $401 million from the Nigerian government. The EFCC claimed that this money was improperly funneled to Malabu Oil’s bank account.

In 2016, the EFCC alleged that Malabu Oil, along with a former Minister of Petroleum, Chief Dauzia Etete, and two other company directors, had unlawfully negotiated agreements that waived taxes owed to the government. The EFCC estimated the total fraud involved in this case to be around $875 million.

During the trial, the defendants denied any wrongdoing. Justice Ekwo concluded that the prosecution did not provide enough evidence to support its claims. He noted that the EFCC had been advised in 2018 by the Attorney General’s office to halt the case due to a lack of sufficient evidence.

The court also dismissed another charge against Abubakar, which involved a former Attorney General, Mohammed Adoke, who was previously acquitted due to weak evidence against him as well.

With the court’s decision, Abubakar and the other defendants are now cleared of all charges related to this case.