Connecting People to Local Communities Online

Home | Register | News | States News | Health | Autos | Success | Finance | Business | Love and Relationship | Sports | Fashion | MORE..

| Top 500 Local Communities | Join a Local Community | Top 100 Blogs | Top 200 Local Business Directories |

Oil and Gas

1 2 ... 11
clip Forte Oil declares N1.5b interim dividend
May 23, 2019, 12:24:38 AM by Andrew Freelance

Forte Oil declares N1.5b interim dividend


The board of directors of Forte Oil Plc has earmarked about N1.5 billion as interim cash dividend to shareholders of the indigenous oil and gas group.

In a circular yesterday, the board indicated that shareholders on the register of the company as at the close of business on Monday June 3, 2019 will receive interim dividend per share of N1.15. The interim dividend will be paid through e-dividend on June 10, 2019.

The interim dividend might be from the proceeds of the recent divestments by the oil and gas group.

Forte Oil recently indicated that it had entered into share sale and purchase agreements to sell its power and upstream businesses in continuation of complicated divestment programme involving the major shareholder and chairman of board of director, Mr. Femi Otedola.

In a regulatory filing at the Nigerian Stock Exchange (NSE), Forte Oil stated that it had entered into share sale and purchase agreement with Calvados Global Services Limited for the sale of its power distribution company, Amperion Power Distribution Company Limited.

Forte Oil had also entered into share sale and purchase agreement with Gbonka Oil and Gas Limited for the divestment and sale of its shares in Forte Upstream Services Limited.

The two new agreements came as the indigenous energy group confirmed that it had concluded divestment of its shares in AP Oil and Gas Ghana Limited to Cobalt International Services (Ghana) Limited.

Forte Upstream Services Limited, AP Oil and Gas Ghana Limited are wholly-owned subsidiaries of Forte Oil while the indigenous energy group holds majority equity stake of 57 per cent in Amperion Power Distribution Company Limited. Amperion Power Distribution Company Limited holds the majority equity stake in the lucrative Geregu Power Plc.

General Counsel, Forte Oil, Mr. Akinleye Olagbende, stated that the two new share purchase and sale agreements were however subject to the fulfilment of relevant conditions as specified in the respective agreement, including obtaining relevant contractual and regulatory approvals.

In February 2019, shareholders of Forte Oil had approved major resolutions authorising the sale of the company’s subsidiaries to Mr Femi Otedola, the majority core investor in the company. Otedola holds 75 per cent majority equity stake in Forte Oil.

At the Extra Ordinary General Meeting (EGM) in Lagos, shareholders approved a resolution authorising the company to enter into discussions with Otedola or any company representing him in connection with assets to be divested.

In the recent regulatory filing, the company was however silent on the relationship between the bidding companies and Otedola. Global search for identities of both Calvados Global Services Limited and Gbonka Oil and Gas Limited did not provide any links to the companies. A market source said the two companies might be newly incorporated firms or special purpose vehicles formed for the purpose of the acquisitions.

Otedola had also in December 2018 announced that he planned to sell his 75 per cent majority equity stake in Forte Oil to Prudent Energy. The December 2018 announcement came after shareholders had in May 2018 approved a restructuring plan pushed by Otedola-led board of directors aimed at restructuring the group’s operations by divesting from its upstream services and power generating businesses and the sale of its downstream business in Ghana.

clip Cooking gas consumers’ll no longer own cylinders – FG
May 22, 2019, 07:40:14 AM by one9ja
Cooking gas consumers’ll no longer own cylinders – FG


The Federal Government, Tuesday, said it is coming up with a policy that would remove the ownership of Liquefied Petroleum Gas, LPG, cylinders from consumers. Speaking at a stakeholders’ forum on LPG penetration in Abuja, Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, said the policy would require that the ownership of the cylinders rests strictly with the dealers and distributors, adding that this was part of strategy to deepen the penetration of LPG, also known as cooking gas and address issues of safety.

Gas Cooking Gas Kachikwu added that the Federal Government had reached an agreement with two original cylinder manufacturers to deliver 600,000 cylinders to LPG distributors on credit, with a pre-payment period of 18 months. He stated that the Federal Government would in the next couple of days commence the clampdown of illegal roadside LPG dealers, while he directed all skid operators of LPG to immediately convert their outlets to micro distribution centres before the enforcement begins.

Read more at:
clip Nigeria’s oil exports threatened as fire hits 250,000bpd pipeline
May 22, 2019, 12:43:44 AM by Andrew Freelance
Nigeria’s oil exports threatened as fire hits 250,000bpd pipeline


The nation’s crude oil exports have suffered a fresh setback following a fire outbreak on the Trans Forcados Pipeline, one of the nation’s key export routes.

One of our correspondents learnt that the fire occurred late Sunday evening on a section of the pipeline that was undergoing repairs.

It was also gathered that the fire incident sparked tension in Yeye Community in Burutu Local Government Area of Delta State.

The Nigerian National Petroleum Corporation said in December that the TFP accounted for daily production throughput of over 250,000 barrels of crude oil.

The pipeline is the major trunk line within the Forcados Oil Pipeline System, into which multiple branches from onshore fields are fed. The Forcados Oil Pipeline System is the second largest network in the Niger Delta and transports oil, water and associated gas from fields in the western delta to the Forcados oil terminal, which has an oil export capacity of 400,000 barrels per day.

The Chairman, Yeye Community, Pastor Philip Fianka, and the National President of Ijaw People Development Initiative, Mr Austin Ozobo, told one of our correspondents that the inferno was still raging on Monday.

Ozobo, who said the fire broke out around 11:45 pm on Sunday, lamented that the incident had put the residents of the community in danger.

Heritage Energy Operational Services Limited is the operator of the TFP while Shell Petroleum Development Company of Nigeria Limited operates the Forcados export terminal.

When contacted, the General Manager, Community Relations of Heritage Energy Operational Services, Mr Sylvester Okoh, said the fire incident occurred at a crude oil spill site along the pipeline where repair works were ongoing.

Okoh said the fire destroyed some equipment at the scene, adding that a houseboat and gunboats were safely relocated from the scene of the incident.

He said, “The fire outbreak started because of some pressure but current efforts are being made to put it off (which is the most important thing at the moment.) We are trying to curtail the fire first before we can talk of repairs.

“It’s a very critical asset because that is what takes all the crude from the fields to the Forcados terminal for export. It’s not a line used only by Heritage but also by other companies.

“We have quite a number of them – Neconde, Seplat and host of them; it’s not just Heritage. It’s a very critical asset, and that’s why everything is being done to bring it up as quickly as possible.”

According to Okoh, in line with the safety standard, no community is located around the scene of the incident and everything is being done to put off the inferno.

A spokesman for Shell Petroleum Development Company of Nigeria, Mr Bamidele Odugbesan, said the oil major was aware of the shutdown of the pipeline.
 Family demands IPOB member’s whereabouts three years after disappearance

“Any impact on the export programme will be communicated in due course,” he told one of our correspondents.

The NNPC, while clarifying the award of oil infrastructure surveillance contract to Ocean Marine Solutions for the protection of the 87-kilometre TFP, said in December that over $800m was lost to breaches in the pipeline last year.

“In 2018, we lost over 60 days of production due to incessant breaches in the TFP, despite having a security contract in place. In terms of production numbers, this translates to over 11 million barrels of crude oil, which on the face value equates to over $800m in lost revenue to all the stakeholders in the matrix, which includes the NNPC, its JV partners and the Nigerian federation,” the corporation said.
clip NCS West Africa Limited Launched in Nigeria
May 22, 2019, 12:08:48 AM by Charles Dickson
NCS West Africa Limited Launched in Nigeria


The new business entity NCS West Africa Limited (NCS WA) is the Nigeria affiliate of Nautical Control Solutions, LP, (FUELTRAX), and is located in Victoria Island, Lagos, and Onne, Port Harcourt. NCS WA provides in-country presence and support for clients in Nigeria and surrounding areas using FUELTRAX solutions.

There is a growing need for dedicated local support for the users of Electronic Fuel Management Systems (EFMS) in Nigeria. NCS WA will be the first-ever subsidiary for Nautical Control Solutions, LP, the makers of FUELTRAX, and will provide the first EFMS maintenance and calibration facility in West Africa.

A head office has been established in Victoria Island, Lagos, with a facility in Onne, Port Harcourt. The services to be offered at the Onne facility include a turn-key calibration process for Coriolis mass flowmeters, which will allow for FUELTRAX meters to be calibrated locally to ensure that instrument measurement is accurate and within the required limits. Providing this service locally will help clients to reduce overall business costs by minimizing system downtime and associated costs of out-of-country calibration options. Periodic calibration is required in areas where high quality and safety standards remain mission-critical to operations.

FUELTRAX currently operates on over 130 systems on vessels in offshore Nigeria. International Oil Companies (IOCs) in West Africa are driven by the need to demonstrate compliance and ensure fuel accountability. IOCs require the installation of EFMS, such as FUELTRAX, on vessels in West Africa to achieve this goal. FUELTRAX maintains its position as the market leader in West Africa and around the globe. The development of NCS WA heightens its services in Nigeria, by delivering additional assurance and support through advanced calibration services.

West Africa Operations Manager, Bene Okorie, NCS WA, says: “I recall our Nigeria clients requested for an in-country presence, and we promised to deliver that at the FUELTRAX Symposium held in Lagos in June 2018. We are proud to say we have now fulfilled that promise. This also demonstrates our quest to be closer to our clients. With this in place, we will maintain FUELTRAX uptime for our Nigeria vessel operators, assist them to meet their client’s needs, and carry our local and regional vessel owners along as we lead the global Electronic Fuel Management sector.”

CEO and Founder, Anthony George, FUELTRAX, says: “Nigeria has always been where we have seen the greatest need for calibration services and enhanced vessel security solutions. The new business direction with NCS WA has allowed us the opportunity to immediately address these needs through a local calibration offering. We have standardized on Coriolis mass flowmeters, meaning our product provides our customers with the greatest security, reliability, accuracy and intelligence available, and we stand by this decision by providing these maintenance services locally in Nigeria.”
clip NNPC to inaugurate largest cooking gas storage facility in Benin
May 20, 2019, 02:09:30 AM by naijatowns
 NNPC to inaugurate largest cooking gas storage facility in Benin


 (NAN)The Nigerian National Petroleum Corporation (NNPC) says it will unveil the largest Liquefied Petroleum Gas (LPG) also known as cooking gas and Propane Storage and dispensing facility in Oredo, Benin City of Edo State
The Corporation disclosed this in a statement by its spokesman, Mr. Ndu Ughamadu, in Abuja on Sunday.
He said the corporation with its subsidiary the Nigerian National Petroleum Corporation (NPDC) would unveil the facility as part of its efforts to fast-track the consumption of LPG in the country.
“The facility, which is an extension of the Integrated Gas Handling Facility (IGHF) plant, has the capacity to dispense 330tonnes of LPG and 300tonnes of Propane daily, in addition to the 100million standard cubic feet of gas per day (MMscfg/d) and 260 barrels per day Condensate from the IGHF plant,” he said
Ughamadu noted that the Managing Director of NPDC, Mr. Yusuf Matashi, said the IGHF would be a game changer for the National Oil Company, as both facilities (IGHF & LPG bay) when commissioned, would be a huge revenue stream for the Federal Government.
“Before the end of 2019 NPDC would be producing 40 percent of the nation’s LPG requirements,’’ he quoted Matashi as saying.
Ughamadu noted that the NPDC boss said that the facility was centrally positioned to supply LPG to Lagos, South-South; South-East and to the North in order to grow its consumption across the country.“Currently NPDC is the single largest supplier of gas to the domestic market with about 90 percent of gas supply targeted at power generation to drive the nation’s economy positively.
“We are paying greater focus on our 100 percent assets production. NPDC assets will deliver a lot in terms of meeting its (crude oil and gas) volume targets.“We currently contribute 10 percent to daily national production and by end of 2019, the company is looking at 15 percent contribution to daily national production,” Matashi also said in the statement.He further said that production outlook for 2019/2020, was on the bright side, adding that the company was aggressively pursuing its drilling and field development programs as approved by the management of NNPC.
He said that the company had oil reserve base of 3.6billion barrels and gas reserve of 15 trillion cubic feet from its involvement in 29 concessions – 22 Oil Mining Leases (OMLs) and 7 Oil Prospecting Licenses (OPLs).
According to him, the flagship upstream subsidiary of NNPC will continue to be a leading exploration and production company of choice going forward.Masashi noted that NPDC maintained cordial relations with regulatory agencies, such as the Department of Petroleum Resources (DPR) and had maintained its remittance of royalties and Petroleum Profit Tax to the Federal Inland Revenue Service (FIRS).He added that the company and its various host communities were living in peace due to the company’s commitment to sustainable community development policy.
clip Reliance of Nigeria On Imported Fuel Rises
May 14, 2019, 01:43:53 PM by Andrew Freelance
Reliance of Nigeria On Imported Fuel Rises

 Oil production from fields in Nigeria in 2018 were 70,166,496 (70 million) barrels more than what were produced in 2017, a report by the Nigerian National Petroleum Corporation (NNPC) has disclosed.

The document titled: "NNPC Monthly Financial and Operations Report," for the month of January 2019, contained information on the performance of the country's oil sector for the entire year 2018.

It also showed that while more crude oil was produced, the country equally increased its reliance on imported petrol by extending its annual consumption level between 2017 and 2018 by 6,669,744,749.27 litres (over 6 billion litres).

The report showed that in 2017, Nigeria's oil production stood at 690,011,529 barrels with an average daily production of 1,890,443 barrels. The figures for 2018 was however reported by the corporation to be 760,178,025 barrels and 1,784,455 barrels as average daily production data.

This, thus indicated a difference in year-to-year production volume of 70,166,496 barrels.

Notwithstanding the positive production strides which the NNPC related with reforms it had emplaced in its businesses in the industry, the report showed that the country could have produced more oil if it did not record some significant setbacks in its oil production.

For instance, it explained that on the Forcados oil terminal, approximately 35,000 barrels a day (bd) of production into it was cut off because the Brass Creek/Trans Ramos Pipeline (TRP) has been shut down since April 24, 2018 due to leaks in a creek crossing in the Odimodi area. The line, it noted has remained shut to date and repairs still ongoing.

Furthermore, it stated that there was a shut-in on Agbami terminal for the repair of faulty flare and cleaning low pressure separator over a period of 24 days in December with 40,000bd of oil not produced, just as 216,000bd of oil were cut back from the Akpo terminal due to power failure over a period of three days.

At Usan terminal, the report noted: "There was plant shut-down for maintenance activity from 23/11/18- 08/12/18 (7 days in December) with production loss of 90,000bpd. Brass terminal: Addax shut-in production for 9 days as the platform stopped delivery into NAOC's facility due to leakages. The attendant loss was 10,000bpd."

Again, on the Oyo terminal, the NNPC stated, "there was shut down since 16/03/2018 - date due to technical issues with the only producing well. Shut-in was 5kbd for the 31 days in December 2018."

It added that on the Qua Iboe terminal, "there was shut down between 1/12/2018 - 7/12/2018 in Asabo and Ekpe field for Distributed Control System/Electronic Safety Shutdown System (ESSDS) upgrade. Total production cut was 231,000 barrels."

The Escravos terminal it indicated lost 47,000 barrels of oil for 21 days due to maintenance activity on 26" delivery line from Meren/Parabe fields to Escravos, while 20,000 barrels of oil was lost at the Ima terminal over a period of 20 days that there was a controlled process shutdown.

The report stated that for the period under consideration, Nigeria's reliance on imported petrol increased by over six billion litres, to end at 21,100,118,126.30 over 14,430,373,377.03 that it was in 2017. The petrol volumes were imported through a crude-for-product swap arrangement, while supplies from the local refineries dropped from 1,586,283,202 litres that was recorded in 2017 to 729,214,778 litres in 2018.You can read the original article on This Day.
clip Shell Targets 2400MW From New Gas Project in Nigeria
May 14, 2019, 01:31:47 PM by Charles Dickson
Shell Targets 2400MW From New Gas Project in Nigeria

Oil major, Shell, said its ongoing Assa North/Ohaji South gas development in Imo State will produce 600 million standard cubic feet of gas per day, energy equivalent of about 2,400 Megawatts (MW) of electricity enough to provide uninterrupted power to 2.4 million homes.
Noting that 13 per cent of the electricity generated in 2018 came from the 650MW Afam VI power plant, the oil firm noted that the Assa project will further aid energy generation in the country.

Besides, Shell reiterated its determination to support development in Nigeria, by exploring more oil in the deepwater frontier of the country.

With the completion of its invitation to tender (ITT), the company said it was about taking a Final Investment Decision (FID), on the $10 billion Bonga South West Aparo project.

Unveiling the 2018, Shell in Nigeria "Briefing Notes" in Lagos, yesterday, Managing Director, the Shell Petroleum Development Company of Nigeria Limited (SPDC), and Country Chair, Shell Companies in Nigeria, Osagie Okunbor, disclosed that the oil major paid a total of $17.8 billion as taxes, royalties, and levies to the Nigerian Government from 2014 to 2018.

Okunbor also said Shell contributed $2 billion to Niger Delta Development Commission (NDDC), and spent $239 million under its Global Memorandum of Understanding (GMoU), for host community development.

"SPDC took the final investment decision on the Assa North/Ohaji South project last December giving a major momentum to the domestic gas aspiration of the federal government for increased power generation and industrialisation," he said.

Giving a breakdown of the gas production, Okunbor said 300 million standard cubic feet (mscf) of gas per day would be processed at a new gas processing plant owned by the SPDC Joint Venture, while the remaining 300mscf will go to a proposed gas processing plant by Seplat Petroleum.

Okunbor described the project as a game changer in Nigeria's quest for energy sufficiency and economic growth
clip IMF tells Nigeria to Remove fuel subsidy
April 13, 2019, 06:43:16 PM by Isaac Adeniran
IMF tells Nigeria to Remove fuel subsidy

Like This Story

International Monetary Fund chief Christine Lagarde . Photo by Goh Chai Hin / AFP)

•World Bank vows to tackle illicit fund flows from Africa

 The Managing Director, International Monetary Fund, Christine Lagarde, has called on the Federal Government to remove fuel subsidy, saying it is the right thing to do.

Addressing a press conference on Thursday at the on-going joint annual spring meetings with the World Bank in Washington DC, the IMF boss said with the low revenue mobilisation that existed in Nigeria in terms of tax to Gross Domestic Product, it was important for the country to remove fuel subsidy.

By so doing, she opined, the country would be able to move funds into improving health, education, and infrastructure.

The IMF had in its 2019 Article IV Consultation on Nigeria noted that phasing out implicit fuel subsidies while strengthening social safety nets to mitigate the impact on the most vulnerable would help reduce the poverty gap and free up additional fiscal space in the country.

When reminded that the removal of subsidy was a sensitive issue to Nigerians, many of who live below the poverty line, Lagarde insisted that the right thing to do was for Nigeria to embark on total fuel subsidy removal.

She said, “I will give you the general principle. For various reasons and as a general principle, we believe that removing fossil fuel subsidies is the right way to go. If you look at our numbers from 2015, it is no less than about $5.2tn that is spent on fuel subsidies and the consequences thereof. And the Fiscal Affairs Department has actually identified how much would have been saved fiscally but also in terms of human lives, if there had been the right price on carbon emission as of 2015. Numbers are quite staggering.

“I would add as a footnote as far as Nigeria is concerned that, with the low revenue mobilisation that exists in the country in terms of tax to GDP, Nigeria is amongst the lowest. A real effort has to be done in order to maintain a good public finance situation for the country. And in order to direct investment towards health, education, and infrastructure.”

The IMF boss added, “If that was to happen, then there would be more public spending available to build hospitals, to build roads, to build schools, and to support education and health for the people.

“Now, how this is done is the more complicated path because there has to be a social protection safety net that is in place, so that the most exposed in the population do not take the brunt of the removal of subsidies principle. So that is the position we take.”

Between January and November 2018, the Nigerian National Petroleum Corporation spent a total of N623.16bn on fuel subsidy under its under-recovery arrangement.

Although the corporation insisted that it was not paying subsidy on petrol as it had no parliamentary approval for such, it revealed through the document presented to Federation Account Allocation Committee in December 2018, that what the NNPC had incurred as under-recovery in 11 months was N623.16bn.

Lagarde lamented that 70 per cent of the global economy was decelerating and as such, the Bretton Wood institution had cut its forecast across the board.

She said, “But just like nature, the global economy is also currently quite uncertain. As I said a year ago, we were talking about synchronised growth. And 75 per cent of the global economy was going through that phase. As you heard a couple of days ago, we are now talking about a synchronised slowdown by 70 per cent of the global economy.

“So, our forecast for growth this year is 3.3 per cent, going back up, we hope in 2020 based on our forecast, to 3.6 per cent. But we contend that we are at a delicate moment and this expected rebound from 3.3 per cent in 2019 to 3.6 per cent in 2020 is precarious and subject to downside risks, ranging from unresolved trade tensions, yet high debt in some sectors and countries, both public and corporate, to the risk of weaker than expected growth in some stressed economies. And, of course, the consequences of whatever Brexit will be.”

In terms of policy recommendations, Lagarde suggested multiple policies that were country-specific, saying that there was no one size fits all.

“But we certainly would recommend two key principles. One is, do no harm. Second, do the right thing. So, do no harm. The key is to avoid the wrong policies, and this is especially the case for trade,” she added.

Earlier, the World Bank Group President, David Malpass, gave the assurance that the bank would help Africa tackle illicit fund flows because such funds ‘suck resources away from poor people, and from the ability of a country to really grow and develop.’

He added, “The bank has not nearly enough but expanding strength in helping people think about how to best keep track of financial flows and make sure that they are legitimate financial flows.

“This takes the form of technical assistance; it takes the form of close cooperation with the financial officials in the country, and it’s something countries, I think, are rising to the challenge, and trying to make it work better.  But clearly, more can always be done.”

The new World Bank boss decried the rising level of poverty in Africa, adding that the situation was jeopardising the bank’s goal of ending extreme poverty by 2030.

He said, “On current trends, per capita income in growth in sub-Saharan Africa as a whole is now projected to stay below one per cent until at least 2021, which elevates the risk of a further concentration of extreme poverty on the continent. Growth in median income will also be weak.

“This fact is extremely troubling because it jeopardises the World Bank’s primary goal of ending extreme poverty by 2030.

“Globally, extreme poverty has dropped to 700 million at the last count.  That’s down from much higher levels in the 1990’s and 2000’s.  But the number of people living in extreme poverty is on the rise in sub-Saharan Africa.

“By 2030, nearly nine in 10 extremely poor people will be Africans, and half of the world’s poor will be living in fragile and conflict-affected settings.  This calls for urgent action – by countries themselves and by the global community.”

We have to remove subsidy gradually, says finance minister 

Meanwhile, the Minister of Finance,  Zainab Ahmed, noted that Nigeria would look into the advice by the IMF on subsidy removal but cautioned that this would be done in phases.

In an interview with Nigerian journalists, she said, “To the IMF, we just came out of the Article IV review. The review was a positive one and had good advice from the IMF to Nigeria and they have indicated that they are available to provide technical support to improve our liquidity management, our debt management and other fiscal measures.

“The advice from the IMF on fuel subsidy removal was good advice but also we have to implement it in a manner that is both successful and sustainable. We are not in a situation to wake up one day and just remove subsidy.

“We have to educate the people, we have to show Nigerians what the replacement for those subsidies will be. So, we have a lot of work to do. We also need to understand that you don’t remove large amounts of subsidy in one go, it has to be graduated and the public has to be well-informed on what you are trying to do.”

She explained that the President had directed that the Ministry of Finance looked at every area that required reforms.

She added, “I would say that the Sovereign Wealth Authority has been doing well if you look at where we are starting from, we have achieved quite a lot of progress by building more of the fund from where we met it and by utilising the savings at the Sovereign Wealth Authority for projects that are physically visible. We still have some movements to go but the movement is a positive one.”

She further asked the World Bank to review some of the initiatives that it had put in place; initiatives that involved the bank looking at implementation systems when they were providing funding for infrastructure.

“What we found in Nigeria is that the ESS that they have put in place is causing significant delays in the rollout of infrastructure. We understand that it is well intended but we’ve informed them that they need to review how they implement it so that we are not overtly slowed down because of the new proceedings,” she added.

clip International oil company owes FG $1.6bn in taxes
December 19, 2018, 01:10:27 PM by Isaac Adeniran
International oil company owes FG $1.6bn in taxes, EFCC witness alleges

Mr Emefun Etudo, a prosecution witness for the Economic and Financial Crimes Commission, on Wednesday, alleged that Trafigura Beheer BV and Trafigura PTE Ltd, an international oil company, owed the Federal Government of Nigeria $1.6 billion in unpaid taxes.

The News Agency of Nigeria reports that Etudo made this known during cross-examination by Mr Taiwo Osipitan (SAN) during the trial of a foreign oil company and five Nigerian associates over alleged $8.4 million theft at an Ikeja Special Offences Court.

Etudo alleged that Trafigura falsely claimed that they did not have a Nigerian office in a bid to evade taxes due to the Federal Government.

He said: “Trafigura has operational office at Sinari Daranijo Str., Victoria Island, Lagos which is known to everybody, Yusuf Kwande (the third defendant) admitted in an EFCC deposition that he and some people were responsible for the Nigerian operations of the company.

“I know so many things about these people, Trafigura will never register in Nigeria, they lied to the Nigerian government because they didn’t want to pay $1.6 billion in tax due to the FG.

“I was there when Trafigura was invited to the National Assembly, they said they didn’t have an operating office in Nigeria, the third defendant (Kwande) lied to Nigeria.

“Their office is at Sinari Daranijo Street, Victoria Island, they are one of the causes of the problems of Nigeria,” Etudo alleged.

The witness said that all the invoices of Trafigura in Nigeria have inscription Y. Y. K (Yusuf Yahaya Kwande) which is the initials of the third defendant and that Kwande never denied this fact when confronted by the Nigeria Police and the EFCC.

“It was Kwande who issued the controversial proforma invoice of the vessel MT Ozay6 in favour of Jil Engineering.

clip Nigerian firm, WAPCo to supply gas to Togo
December 09, 2018, 12:00:41 AM by Isaac Adeniran
Nigerian firm, WAPCo to supply gas to Togo

Axxela Limited, a Nigerian gas and power portfolio company, has signed a Gas Transportation Agreement with the West African Gas Pipeline Company Limited to transport over 15 million standard cubic feet per day of natural gas via the West African Gas Pipeline to Lome, Togo.

The Chief Executive Officer, Axxela, Bolaji Osunsanya, was quoted as saying at the signing ceremony in Accra, Ghana, “The partnership between Axxela, WAPCo, and the West African Gas Pipeline Authority, portends major benefits for the West African gas markets.”

He said, according to a statement, that the flow of new molecules beyond the existing foundation contracts would diversify gas supply sources into the WAGP.

1 2 ... 11
Powered by SMFBlog by

Naijasky:2012-2019 | Contact | About Us | Local Communities | Non-local Communities

Advertise Nationwide or on your Local Community: call, sms or whatsapp Wale 08033181698