How Iyabo Obasanjo benefitted from deal

According to the Corporate Affairs Commission (CAC), Iyabo Obasanjo-Bello is one of the beneficiaries of the illegally distributed oil blocks. She is the major shareholder of All Grace Energy, which was registered on July 12, 2006 with N30 million share capital.

Mrs Obasanjo-Bello has six million shares, followed by other directors/shareholders: Abe Magnus Ngei (2 million), Mrs Abiri Dorcas (3 million), Dr. Adenikinju Adeola (3 million), Ugbeya Donatus (1 million), Alabi Yekini (1 million) and Alhaji Abubakar Abdullahi (1 million).

A source at DPR said that the process of awarding the oil blocks to Iyabo actually started during Obasanjo’s administration but “a disagreement between Shell and DPR over the area to farm-out could not be reached until recently when the Malabu oil block deal was sealed between the Federal Government and the multinationals.

Spokesperson for the DPR, Mrs Belema Osibodu, did not confirm or deny that Iyabo’s company was given the oil block but said the marginal fields were awarded based on some conditions.

According to her, the conditions included the development/execution of a public private partnership (PPP) model for three pilot projects under the small scale gas utilisation scheme.

How DPR shot itself in the leg
Checks on DPR’s list of marginal field owners, revealed just 30 companies officially registered.

Iyabo Obasanjo’s All Grace Energy and other 29 were registered as “Already Producing Fields” however, reports coming from Ubima community in Ikwerre local government area where the field is cited, revealed there was no indication that such onshore project is being developed.

According to CAC records, the company was registered “to operate marginal fields for the purpose of producing petroleum, natural gas, liquefied petroleum gas etc,” but had filed annual returns only up to 2007.