OPL 245: Malami Breaks Silence on 35% Asset Recovery Fee Deal with US Firm

By simplegurl • 2 weeks ago • 5335 views • 777 comments

Attorney-General of the Federation (AGF) and Minister of Justice, Mr. Abubakar Malami (SAN), has denied an alleged federal government’s involvement in an OPL 245 asset recovery deal entered with Drumcliffe, a United States firm.

Drumcliffe, which serves as the litigation funder, established Poplar Falls LLC, a special fund incorporated in Delaware.

Johnson & Johnson, a law firm hired by the federal government in 2016 for the recovery, had reportedly acted on the instructions of the AGF to sign a new deal with the US litigation firm to receive one-third of the recovered fund in the OPL 245 case.

According to a leaked document dated March 5, 2018, the US company is expected to get 35 per cent as a recovery fee.

“Thirty-five per cent to the funder (the recovery percentage) and 65 per cent to the counterpart or its designees,” a part of the agreement read.

But in a message to TheCable yesterday, spokesperson of the AGF, Dr. Umaru Gwandu, said Johnson & Johnson has no power to enter into such a deal on the government’s behalf.

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