By Ibrahim Ramalan Abuja Board of Directors of ENI (Nigeria Agip Exploration Limited), has declared that all transactions relating to the $1,616,690,656.78 Malabu oil block were not fraudulent. ENI’s position came against the backdrop of the recent seizure of Malabu oil block from four oil giants, pending the conclusion of investigation and trial of those implicated in the $1,616,690,656.78 billion deal. Faulting the stance, the fi rm, in a statement yesterday, said its position followed the commissioning of forensic investigations into the controversy over sale of the oil block, carried out by an independent US law fi rm, which gave it clean bill of health. It reads: “ENI’s Board of Directors today takes note of the outcome of further forensic investigations into the 2011 transaction between Eni and Shell and the Nigerian Government for the acquisition of the OPL 245 licence in Nigeria. “Th e investigations were conducted by an independent US law fi rm.
Th ey were commissioned by Eni’s Board of Statutory Auditors and Watch Structure. “Th e investigations examined the new materials and further information fi led by the Milan prosecutors as part of the closure of the investigation in December 2016.
“Th e law fi rm confi rms the conclusions reached by previous investigations in 2015, stating that there is no evidence of corrupt conduct in relation to the transaction. “Eni’s Board of Directors confi rmed its total confi dence that neither the company nor its CEO Claudio Descalzi were involved in alleged illicit
