Tinubu’s Controversial Deal: Is Corruption at Play?

President Tinubu Returns OPL 245 to Eni and Shell

President Bola Tinubu has given back ownership of the highly disputed OPL 245 to European oil giants Eni and Shell. This decision has raised concerns about the ongoing corruption investigation into the deepwater oilfield. However, insiders assert that the president is actively prioritizing personal gain over the well-being of the Nigerian people.

Accusations of Self-Enrichment and Favoritism

Insiders claim that President Tinubu facilitated the deal to increase his wealth. He allowed his nephew Wale Tinubu’s company, Oando, to acquire Eni’s onshore assets in a deal arranged by controversial ally Gilbert Chagoury. This transfer reportedly doubled Oando’s oil reserves to nearly one billion barrels, with the deal estimated to be worth around $500 million, according to Jefferies Group.

Behind-the-Scenes Deals and International Controversy

The deal, which was finalized in London and Paris, involved dropping all existing cases against Shell and Eni from international tribunals. This allowed them to regain control of OPL 245 under the old contract from the Goodluck Jonathan era. This move has raised concerns about potential international corruption controversies, with critics fearing that Nigeria may face consequences.

NNPCL Ends Fuel Import

Pressure from Within

Officials involved in the negotiations revealed that President Tinubu had a personal stake in the deal. Minister of State for Petroleum Heineken Lokpobiri allegedly pressured the Nigerian team to ensure its success. Initially, the Nigerian National Petroleum Corporation (NNPC) opposed the Oando sale, considering it a major breach. However, they reportedly backed down upon learning of the president’s involvement.

Tinubu’s Reputation at Risk

Critics argue that President Tinubu’s handling of the OPL-245 ownership may jeopardize his efforts to combat corruption and restore his image. Despite recent measures, such as suspending a minister accused of mismanagement, the president’s involvement in controversial deals raises questions about his commitment to prioritizing Nigeria’s interests over personal gain.

Reminders of Past Scandals

The OPL 245 has a long history of controversy, dating back to its initial award in 1998 by Sani Abacha to Malabu Oil & Gas Ltd, which was linked to ex-convict Dan Etete. The recent deal with Eni and Shell echoes the Malabu oil scandal of 2011, raising concerns about the president ignoring lessons learned from past corruption cases.

Potential Consequences and Calls for Transparency

As the controversy unfolds, there are calls for transparency and accountability. Critics are urging the NNPC and Nigerian upstream regulator NUPRC to clarify the details of the deal. The international community will be closely watching to see how Nigeria handles this latest episode in its ongoing struggle against corruption.