The consultant says the bloc should cost more.
A consultant who stood as witness before an Italian court in Milan on Thursday faulted the valuation of the controversial Oil Prospecting License 245 by oil giants Eni and Shell.
The Malabu scandal involved the transfer of about $1.1 billion by Shell and ENI through the Nigerian government to accounts controlled by a former Nigerian petroleum minister, Dan Etete. Speaking on Thursday, Mr Rogers raised concerns about the valuation of the oil block by the two oil giants. Eni’s expert had valued the block higher at $4.543 billion. They argued however that despite the valuation, the price paid was reasonable because of various risks.
It is expected that the next hearing will have Eni’s expert witness on valuation, the first of five experts witnesses they intend to call.
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