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Joyce Banda

Former President Joyce Banda is facing arrest in Malawi after accusations that she misused proceeds from the Nigerian crude oil deal during her time as president.

Banda signed the deal in 2013 which allowed Malawi to buy and sell 30000 barrels of crude oil from Nigeria per day.

In 2013, the country earned royalties amounting to $1.2 million dollars from the deal.

Malawi24 understands that the Anti-Corruption Bureau (ACB) is investigating the former president who is suspected to have misused the proceeds Malawi earned from the crude oil deal.

Joyce Banda
Joyce Banda: Being probed.

According to reports, the royalties were transferred into National Oil Company of Malawi (Nocma) Foreign Currency Dominated account for crude (Afcda) maintained at National Bank of Malawi but it is not known how the money was used.

Under the deal, Nigeria was expected to supply crude oil to Malawi which the southern African country was then at liberty to sell or process. Malawi however had to pay the oil producing nation K1 billion as upfront payment.

Banda made it a priority to get the deal done in order to solve a fuel crisis which had begun during the reign of late Bingu wa Mutharika.