By Yakubu LAAH InvestAdvocate

Lagos (INVESTADVOCATE)-Italian oil multinational, Eni SpA on Thursday said Claudio Descalzi, its chief executive officer (CEO) is under investigation for a $1.1 billion oil field acquisition in Nigeria.

Reuters quoted a statement by the company through the Italian Stock Exchange that Descalzi and Roberto Casula, Eni’s chief development, operations and technology officer are under preliminary investigation by Milan prosecutors.

The report said the Italian based company did not specify the nature of the investigation; but continues to deny any wrongdoing.

The report quoted the statement saying “Eni is cooperating with the Milan prosecutor’s office, and is confident that the correctness of its actions will emerge during the course of the investigation.”

Prior to this time, Italian newspaper Corriere della Sera had earlier reported Descalzi was being probed for corruption.

The report further affirmed that earlier this year Italian prosecutors opened a probe into alleged corruption relating to the acquisition of the OPL 245 oil field in 2011 by Eni and Shell in which Dan Etete, former Nigerian minister of petroleum was involved.

The company had said it had entered into agreements for the acquisition of the block only with the government of Nigeria and with Shell.

“Eni continues to deny any illegal conduct,” the statement said.

At the end of transactions Thursday on the Italian bourse, Eni’s stock went down 2.2 percent to 18.66 euros at 4:53 p.m. in Milan trading, the fourth-biggest decliner in the Stoxx Europe 50 Index, according to reports.

In May Descalzi was promoted to CEO in Eni which was said to be the biggest corporate appointment under the watch of Matteo Renzi, Italian prime minister. Italy controls Eni through the Treasury and a 26 percent stake owned by state lender Cassa Depositi e Prestiti SpA.