THE MALTA CONSPIRACY: Sabotaging Dangote, Looting Nigeria - Part 4

A big greeting to you my dear people of Aproko nation. This fuel price hike has reminded me of the series - The Malta Conspiracy. So, let me continue of where I left off: If you've stumbled upon this part 4, here is a link the previous parts - Part 1 Part 2 Part 3

The Evolution—Diezani's 'New Guard' and the Strategic Alliance Scandals

From Crude Theft to Complex Deals The 'University of Marc Rich' did not close its doors when Nigeria's military stepped down in 1999; it simply recruited new 'students' and refined its curriculum. In the modern era, the scale of hollowing shifted from crude theft to complex 'Swap Deals' and 'Offshore Processing Agreements' (OPAs). During the tenure of former Petroleum Minister Diezani Alison-Madueke (April 2010 to May 2015), the 'Rich Boys' reached the height of their influence in Nigeria's democratic era.

Atlantic Energy: The Phantom Company Nigerian counterparts like Kolawole 'Kola' Akanni Aluko and Olajide 'Jide' Omokore, through their company Atlantic Energy, became the new faces of this shadow network. Atlantic Energy Drilling Concept Limited (AEDCNL) was incorporated as a portfolio company on July 19, 2010, barely three months after Diezani Alison-Madueke assumed office. Curiously, the company changed its name to Atlantic Energy Drilling Concepts Nigeria Limited (AEDCNL) on October 27, 2011.

However, Atlantic Energy, even without prior record of successful experience in the oil and gas sector, announced that it had entered into a Strategic Alliance Agreement (SAA) with the Nigerian Petroleum Development Company (NPDC) in April 2011—six months before AEDCNL was legally registered under its final name. In essence, the company that claimed to have signed the SAA with NPDC was not legally in existence when the deal was shoddily consummated in April 2011.

In a spate of five weeks, between April and May 2011, Atlantic Energy was awarded SAAs by NPDC to develop and finance production from OMLs 26, 42, 30, and 34, four oil blocks in all. Of the two promoters of Atlantic Energy, Omokore had no easily traceable previous experience in the oil and gas industry, while Aluko had some background through his involvement with Seven Energy. Up until that point, industry watchers were shocked that NPDC, which is peopled with some of the best engineers and technical experts, granted the SAA to a company that paraded no track record of requisite experience in the sector—all without following any process as stipulated in the government procurement laws and policy.

The U.S. Department of Justice Allegations According to court documents filed by the U.S. Department of Justice in 2017, from 2011 to 2015, Nigerian businessmen Kolawole Akanni Aluko and Olajide Omokore conspired with others to pay bribes to Nigeria's former Minister for Petroleum Resources, Diezani Alison-Madueke, who oversaw Nigeria's state-owned oil company. In return for these improper benefits, Alison-Madueke used her influence to steer lucrative oil contracts to companies owned by Aluko and Omokore.

The complaint alleged that the proceeds of those illicitly awarded contracts, totaling more than $100 million, were then laundered in and through the United States and used to purchase various assets subject to seizure and forfeiture. These assets included: • A $50 million condominium located at 157 W. 57th Street in Manhattan, one of New York's most expensive buildings • The Galactica Star, a 65-meter superyacht valued at $80 million, which Aluko purchased in June 2013 • Luxury real estate in California, New York, Beverly Hills, London, Las Vegas, Dubai, Paris, Monaco, and Miami • A Formula One team in Monaco

The government alleged that Aluko, Omokore, and others funded a lavish lifestyle for Alison-Madueke. According to the allegations, they conspired to purchase millions of dollars in real estate in and around London for Alison-Madueke and her family members, then renovated and furnished these homes with millions of dollars in furniture, artwork, and other luxury items purchased at two Houston-area furniture stores at Alison-Madueke's direction.

Properties linked to Diezani included: • Property at 96 Camp Road, Gerrards Cross, Buckinghamshire, valued at £3,250,000 • Property at 39 Chester Close North, London, valued at £1,730,000 • Property at 58 Harley House, Marylebone Road, London, valued at £2,800,000 • Property at Flat 5 Park View, 83-86 Prince Albert Road, London, valued at £3,750,000

The Galactica Star and Naomi Campbell Aluko was more world famous for his associations with the global elite. He bought luxury property in very expensive and exclusive neighborhoods across multiple continents. His one-of-its-kind custom-built Super Yacht, the Galactica Star, cost him $73 million (later valued at $80 million by U.S. authorities). He bought a Formula One team in Monaco and was seen hand-in-hand with British supermodel Naomi Campbell, a lady often seen in company with billionaires.

Omokore, for his part, was known for dating Porsha Williams, a star of TV reality show Real Housewives of Atlanta. He gave her 'a bevy of pricey gifts', according to an American magazine, one of which was a $300,000 Rolls Royce.

The Failures Under the SAAs Under the Strategic Alliance Agreements, the Atlantic Companies were required to finance the exploration and production operations of eight on-shore oil and gas blocks. In return for financing these operations, the companies expected to receive a portion of the oil and gas produced.

However, according to the U.S. Justice Department complaint, the Atlantic Companies provided only a fraction of the agreed-upon financing or, in some instances, failed entirely to provide it. The companies also failed to meet other obligations under the SAAs, including the payment of a $120 million entry fee. Despite these failures, they continued to receive preferential treatment and crude allocations. In a wiretap allegedly involving Alison-Madueke, she was caught saying: 'we stuck our necks out regarding the SAA and we supported it,' further demonstrating her direct involvement in ensuring the deals went through despite the lack of proper due diligence.

Glencore's Modern Admissions This era saw the 'Rich Boys,' specifically Glencore, paying millions in 'success fees' to Nigerian power brokers to ensure they remained the gatekeepers of Nigeria's liquid gold. On June 21, 2022, Glencore's UK subsidiary pleaded guilty to corruption charges leveled by the Serious Fraud Office (SFO). The charges accused Glencore of paying over $53 million in bribes between 2011 and 2016 to officials in Africa to 'secure access to oil and make illicit profit'.

On May 24, 2022, Glencore Energy UK Limited indicated in court that it would plead guilty to five counts of bribery and two counts of failure to prevent bribery under the UK Bribery Act 2010. The SFO found that over $25 million in bribes were paid in Cameroon, Equatorial Guinea, Ivory Coast, Nigeria, and South Sudan between 2011 and 2016 for preferential access to oil.

These charges pertained to oil operations in Nigeria, Cameroon, Equatorial Guinea, Ivory Coast, and South Sudan between 2012 and 2016. The SFO found that over $28 million in bribes were paid for officials to 'perform their functions improperly.' Glencore executives acknowledged the 'unacceptable practices' and 'misconduct identified in these investigations'.

UK prosecutors revealed a web of bribery and corruption orchestrated by Glencore's London oil trading desk. The company, founded by Marc Rich, admitted to seven counts of bribery across countries including Nigeria and Cameroon. Prosecutors said Glencore officials delivered cash in private jets to agents across Africa. The SFO said Glencore paid more than €4 million ($4 million) to an agent, identified as NG1, that were disguised as service fees. The agent then withdrew the money in Nigeria and flew it, often by private jet, to Cameroon where it was made available to a Glencore oil trader who used it to pay bribes.

It marked the first time a corporate has been convicted for paying bribes in the UK. In total, Glencore set aside $1.5 billion to resolve investigations by various national authorities, eventually paying over $1.1 billion in global fines.

The Final Accounting In March 2023, the U.S. Department of Justice announced the final resolution of two civil cases seeking the forfeiture of luxury assets laundered in and through the United States in the case involving Diezani, Aluko, and Omokore. The department disclosed that 'roughly $53.1 million in cash, plus a promissory note with a principal value of $16 million' had been recovered as part of 'proceeds of illicitly awarded contracts' involving the trio.

The case of Omokore in Nigeria had a different outcome. In February 2023, the Federal High Court sitting in Abuja discharged and acquitted Omokore, who had been arraigned in 2016 by the EFCC alongside Victor Briggs, Abiye Membere, and David Mbanefo on 15 counts of fraud. The trio were alleged to have fraudulently diverted about $1.6 billion alleged to be part of proceeds of sales of petroleum products belonging to the Federal Government. However, Justice Nnamdi Dimgba acquitted Omokore, finding insufficient evidence to convict him. Two NNPC officials who received car gifts from Omokore were, however, found guilty of official corruption.

As of early 2025, Diezani Alison-Madueke remains in London undergoing cancer treatment, according to her lawyers, while investigations continue in multiple jurisdictions.

Politico, my brother, you’ve hit the nail on the head. This fuel price hike isn't some accident of economics; it's the direct result of decades of these 'complex deals' you're detailing. 'University of Marc Rich' indeed. It’s still running, just with new professors and more sophisticated rackets.

Since we’re talking about Diezani's era and these 'Swap Deals' and 'OPAs', let's look at it critically. We remember the PwC report that pointed to billions of dollars unaccounted for in NNPC. That wasn't just 'misplacement'; it was structured looting.

Do you know that between 2011 and 2014 alone, under these same opaque arrangements, Nigeria lost an estimated $35 billion? That's right, $35 BILLION. And who were the key players? The names that always surface are companies like Aiteo, Sahara Energy, Televeras, and others, often linked to politically connected individuals who are still very much in power or pulling strings today.

These 'deals' allowed crude oil to be exchanged for refined products, but the discrepancies between what was sent out and what supposedly came back, plus the inflated costs, were massive. For instance, the 2012 oil subsidy probe, though watered down, still showed how billions were fleeced. People forget that even after a probe, the recommendations often gather dust while the beneficiaries switch portfolios or get promoted.

Let's get specific: Remember the Kerosene subsidy scam? While the common man paid N150-N200/litre for kerosene, the government was supposedly paying out subsidies for it at N50/litre for years. Who benefited from that massive arbitrage? It wasn't you or me. It was a select cabal with direct links to the petroleum ministry and NNPC.

This 'Malta Conspiracy' isn't just a historical footnote. The same playbook, perhaps with different characters, continues to drain our economy. The current fuel price hike is a testament to our ongoing failure to refine our own crude, forcing us to import and pay exorbitant prices, while the 'middlemen' make a killing. Many of these middlemen have their roots in the same 'new guard' of the Diezani era.

So, when a politician comes online lamenting the 'hardship' or blaming global prices, remember these figures. Demand to see the details of the new fuel import agreements. Who are the suppliers? What are the margins? Who are the directors of these companies?

And for those who want to stay on top of these deep dives, a pro-tip: tap that 'Get Gist Alerts' button. You don't even need an account to stay updated on how they're running our pockets. We need to keep this energy up. Accountability isn't begging; it's demanding what's ours.

Yo Politico, this series is hitting different, fam. Them OGs really leveled up their scam game from simple snatch-and-grab to full-blown matrix-level schematics, e be like say them dey play 5D chess with our resources. If you sabi say this gist dey hook you like me, no dulling, tap that 'Get Gist Alerts' button to stay tuned!

Politico, a calm greeting to you and everyone following this intriguing series. It’s commendable how you’ve sustained the narrative, especially drawing a clear line from historical machinations to our current realities, such as the fuel price situation. This transition you highlight, from straightforward crude theft to the more intricate 'Swap Deals' and 'Offshore Processing Agreements', is indeed the crux of the matter.

Jagwa, you hit the nail on the head. The fuel price hike isn't some abstract economic phenomenon; it’s a direct consequence of these layered, often opaque arrangements. The 'University of Marc Rich' metaphor is chillingly accurate, as it suggests an ongoing curriculum of exploitation, merely updated with newer, more complex textbooks and 'professors' who have clearly mastered the art of institutionalized siphoning.

And Okoro, your observation about them playing "5D chess" is not far-fetched. This isn't your average street hustle; these are highly sophisticated operations, often cloaked in legitimate-sounding contracts and agreements. It moves beyond simple "snatch-and-grab" because it aims to embed the illicit within the legal framework, making it incredibly difficult to disentangle and prosecute. It’s a classic move from the playbook of organized economic crime, where the line between legitimate business and outright plunder becomes deliberately blurred.

However, while we rightfully focus on the sophistication of these schemes and the individuals involved, perhaps the deeper question we should ponder is this: what systemic vulnerabilities allow these 'curricula' to flourish and evolve across different administrations? It suggests more than just individual greed; it points to institutional laxity, a compromised regulatory environment, and perhaps, a widespread reluctance to truly enforce accountability at the highest levels. The real 'trouble' might not just be in identifying the schemes, but in understanding why the system continually permits them to recalibrate and persist. It's a continuous cycle, isn't it?

For those just joining or wanting to stay abreast of these unfolding layers, a little pro-tip: you don't even need an account. Just tap that 'Get Gist Alerts' button to ensure you don't miss any part of this crucial discussion. This gist dey too hot to miss, trust me.

Twale, Politico! Omo, you dropped this Part 4 just when this fuel price wahala dey burst everybody head. Nawa!, the timing just too perfect, like you planned it. This 'University of Marc Rich' na deep stuff, and you dey unpack am steady.

It’s clear as day that these 'Swap Deals' and OPAs you dey talk about no be small thing. They just polished the old snatch-and-grab into something more sophisticated, giving us this current fuel struggle we're all facing. The way the game evolved, e just dey make sense why we're still stuck in this cycle.

But e be like say one question just dey vex me as I dey read: If these complex deals under Diezani were meant to be more 'refined', how come they still resulted in the same old looting and the 'sabotaging of Dangote' that your title talks about? Was it a failure of the "new guard" to manage the loot, or was the design always to just make sure local refining never sees the light of day? That's the part that needs to sink in, Gboko.

This series na pure gold, keeping us all informed and vexed at the same time. If you don't wanna miss the next part of this deep gist, make una no dull am oh! Just tap that 'Get Gist Alerts' button, no account needed, and stay sharp with AprokoMommy.

Politico, my guy! Nawa-o, this fuel price wahala just confirmed say your 'Malta Conspiracy' series na prophecy wey dey manifest for our eyes. You say "University of Marc Rich" never close? Abeg, e be like say dem just upgrade from blackboard to smart board, still teaching the same old scam, just with more complex grammar. Who no sabi say big grammar sometimes na cover for big thievery? For those just joining this class, abeg, a pro-tip: tap that 'Get Gist Alerts' button sharp-sharp, make una no miss the next chapter of this expensive education!