Connect with us

News

Our lawyers studying UK’s judgment on oil fraud, says FG

Published

on

The Federal Government, on Wednesday, said its lawyers were still studying the judgment of a United Kingdom Commercial Court that ruled out fraud in the Oil Processing Licence 245 transaction between Nigeria and JP Morgan Chase Bank.

Minister of Information and Culture, Lai Mohammed, disclosed this while answering questions from State House correspondents at the end of the Federal Executive Council meeting presided over by the President, Major General Muhammadu Buhari (retd.), at the Presidential Villa, Abuja.

He noted that government’s lawyers will study the judgment after which they would decide whether to appeal or not.

The PUNCH reports that the Commercial Court of England and Wales, on Tuesday, ruled on the issue in Case No CL-2017-000730 as contained in its 137-paged judgement.

According to the ruling, the Federal Government lost its $1.7bn claim against banking giant, JPMorgan Chase, over the transfer of proceeds from the sale of OPL 245 in 2011.

The government also suffered a similar fate in March 2021, when its application before a Milan court failed.

The application was for an order compelling ENI and Royal Dutch Shell to pay $1.092bn as an immediate advance payment for damages it was claiming, in one of the oil industry’s biggest-ever corruption cases.

In his reaction to a question on the issue, the minister said: “I also read the judgment on Malabu oil. I think, strangely enough, the judge said we were not able to establish that we lost $1.7bn. But I also read further that the lawyer said that they are studying the judgment and they will take the appropriate step on whether to appeal or not.”

Adoke speaks

Meanwhile, a former Attorney-General of the Federation and Minister of Justice, Mohammed Adoke (SAN), on Wednesday advised the Federal Government to refrain from wasting money on legal fees on the matter.

Expressing delight at the court’s verdict in a press statement, Adoke said the Federal Government made numerous attempts to present the transaction as a case of corruption in order to nail him.

He said the intention was to justify what he described as spurious criminal proceedings instituted against him in Nigeria.

“I have been unjustly defamed locally and internationally, and my livelihood has been taken from me; however, I am grateful to friends, colleagues and well-wishers who have stood by me throughout this challenging and depressing period.

“Now that it is clear to all discerning minds that no fraud was perpetrated in the OPL 245 resolution agreement, the Honourable Attorney General of the Federation should be advised to refrain from wasting Nigeria’s hard-earned foreign exchange by way of legal fees on local and foreign counsel in a bid to prove the existence of a fraud that never was,” he said.

News

Governor’s wife advises Jerusalem pilgrims on conduct

Published

on

By

The returnees who participated in the 2022 pilgrimage to Jerusalem and Jordan have held a thanksgiving service to appreciate God for the successful journey.

According to a statement issued by the state government, the service, held at Chapel of Christ The Light, Alausa, was graced by the wife of the Lagos State Governor, Dr Ibijoke Sanwo-Olu.

Represented by the wife of a former Speaker, Lagos State House of Assembly, Mrs Mayowa Ikuforiji, Sanwo-Olu advised the returnees to be true ambassadors of Christ and allow their encounters during the pilgrimage to strengthen their relationship with God and the people around them.

The governor’s wife said, “You cannot afford to go back to your old ways and lifestyles. As you have been described as the light and salt of the world in the Holy Book, it means that you have a lot of tasks ahead of you.”

Sanwo-Olu then thanked God on behalf of the pilgrims for the successful completion of the exercise and the journey mercies experienced.

She said, “We bless the Lord that there was no report of any negative eventuality. It is fitting at this point to state that we are indeed peculiar people with a deep sense of appreciation and we show this trait in praises and thanksgiving to God who specifically called us out of darkness into His marvellous light.”

In her remarks, the Secretary, Lagos State Christian Pilgrims Welfare Board, Mrs Yetunde Gbafe, said the thanksgiving service was in line with God’s injunction as recorded in Psalm 100 where believers were enjoined to come into His presence with praise and thanksgiving.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]

Continue Reading

News

Nigeria needs $12bn to clean up oil spills – Report

Published

on

By

Nigeria needs $12bn to clean up decades-old oil spills in southern Bayelsa State over a 12-year period, a new report revealed on Tuesday, as it singled out two international oil companies, Shell and Eni, for being responsible for most of the pollution.

Oil majors in Nigeria have long faced legal challenges over Niger Delta spills, which they mostly blame on sabotage and vandalism of pipelines and illegal refining.

The Bayelsa State Oil and Environmental Commission said in a report that it started an investigation in 2019 on the impact of spills and looked at evidence from forensic scientists, blood samples from people in affected areas and company data, according to Reuters.

The investigation discovered, among other findings, that toxic pollutants from spills and gas flaring were many times higher than the safe limits in samples of soil, water, air, and in the blood of local residents, the commission said.

“The report finds failures of strategy, prevention, response and remediation by oil companies,” it said.

Reuters stated that a spokesperson for Shell Petroleum Development Company of Nigeria Limited said the oil firm was not privy to the final report and could not comment.

An Eni spokesperson said the oil spills were due to theft to feed illegal refineries as well as illegal exports and sabotage but the company undertook to remedy all spills.

Most of the gas produced from Eni’s Nigerian unit was converted into LNG and fed local power plants, the spokesperson said, adding that “Eni conducts its activities according to the sector’s international environmental best practices, without any distinction on a country basis.”

Toxins that cause burns, lung problems and risk of cancer were widespread while oil company-led clean-ups were often poorly executed and could further contaminate soil and groundwater, the commission’s report said.

Continue Reading

News

Experts advise marketers to leverage technology

Published

on

By

Experts have advised marketing professionals to take advantage of technology to revamp marketing tactics.

The marketers were admonished at the National Institute of Marketing of Nigeria Ikeja Chapter 3rd Annual Public Lecture held recently in Lagos.

Speakers at the event said due to the highly competitive marketing arena, marketers must be willing to adjust their approaches in response to shifting market trends and economic circumstances, to remain competitive and achieve success.

The Ikeja Chapter Chairman of NIMN and Chief Executive Officer of Procon Group, Adebayo Oke, noted that the conference was basically to review the position of things in the institute in the face of the country’s dynamic economy.

He said, “We all know that in terms of political economy, we are going to be having a change very soon. Where we are coming from, there are issues that have affected consumerism in terms of the power of a consumer, choices and whether it will get tougher or better that is why we are here. To also share knowledge among the top practitioners to floor it down.”

According to him, a lot of quacks are in the market and most companies believe marketing is anybody’s function.

“And going forward, we are going to be regulating the practice of marketing across all industries and in partnership with the international brands in the areas of marketing, including the Chartered Institute of Marketing UK, amongst others,” he stated.

He disclosed that the institute would be partnering with most companies to ensure that only certified marketer would be allowed to practice marketing, to enable the institute get rid of all the quacks.

The President and Chairman of Council for NIMN, Idorenyen Enang, in his keynote address, highlighted the significance of marketers harnessing the potential of technology while ensuring that they adhere to ethical principles of the profession.

He said, “The benefits of technology in streamlining operations are widely appreciated. However, concerns about job displacement due to AI have arisen. Marketers must strive for a harmonious implementation of these technologies, striking a balance that mitigates such disadvantages.”

He added that while automation greatly enhances efficiency, there is a potential loss of intellectual capacity as the current generation prioritises speed, brevity, and simplicity.

Also, the Head Sub-Saharan Africa Digital Media & Insights of FrieslandCampina WAMCO Plc, Ifeoluwa Obafemi, said, “In the phase of technological advancement and changes in consumer behaviour, as marketing professionals, we should set our organisation in a future forward mode. For businesses to maintain a competitive edge in the present-day business environment, undergoing a marketing transformation is a necessary process.”

On his part, the Chief Executive Officer of Axiom Intel Limited, Kolawole Oyeyemi, said, “Marketers should attract and retain their customers. Nowadays, customers are now more informed and know your business more than you do because they now compare your services to global best practices.

“There is a revolution in technology which has assisted in creating tools and devices and building platforms to allow customers to interact with companies across the world.”

According to him, it is a volatile environment and things one does not think will connect one’s business may connect from a very long distance.

Continue Reading

Trending