Legal & Regulatory

World extractive industries transparency body EITI deems NNPC transparent

Mar 25, 2019

The gale of transparency and probity which has pervaded the operations of the Nigerian National Petroleum Corporation (NNPC) under the current dispensation received global affirmation over the weekend with the conferment of the highest discloser status by the global extractive industries watchdog, Extractive Industries Transparency Initiative (EITI). The accolade is the most prestigious and credible…

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Buhari declines assent to NOSDRA Amendment Bill

Mar 14, 2019

President Muhammadu Buhari has declined assent to the National Oil Spill Detection and Response Agency Amendment Bill 2018 recently passed by the national assembly. His decision to reject the bill was conveyed in a letter dated January 17 and addressed to Senate President Bukola Saraki, who read it at the start of plenary on Wednesday.…

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Nigeria attains “satisfactory progress” status in extractive industry rankings

Mar 12, 2019

Nigeria has been credited with exceptional performance in two of the 33 criteria set for the 52 extractive industries transparency initiative (EITI) implementing countries for the attainment of ‘Satisfactory Progress’ status validation. The Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Waziri Adio, said this on Wednesday in Abuja. Mr Adio said the…

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Nigeria oil deals part of US probe into Glencore

Mar 4, 2019

The US regulatory investigation into Glencore’s activities in Nigeria and Venezuela is focused on agreements to secure oil supplies for its trading arm, according to the company’s annual report. The Swiss-based group was ordered in July to hand over records related to its compliance with US money-laundering laws and the Foreign Corrupt Practices Act (FCPA)…

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Dutch prosecutors target Shell over OPL 245 oil deal

Mar 1, 2019

Dutch prosecutors are preparing criminal charges against Royal Dutch Shell over the $1.3 billion acquisition of an Nigerian offshore oilfield, ramping up pressure on the energy firm that already faces bribery charges in Italy over the case. Within hours of Friday’s announcement on the Nigerian case, the Dutch prosecution said the oil and gas giant…

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Court grants Nigeria right to prosecute JPMorgan Chase over $875m Malabu oil fraud

Feb 22, 2019

A High Court in London headed by Justice Andrew Burrows has granted Nigeria’s plea to allow it proceed with the trial of JPMorgan Chase. The bank is alleged to have enabled the misappropriation of state funds totalling $875 million over the Oil Prospecting License, OPL 245. Mr Salihu Isah, Special Adviser on Media and Publicity…

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NERC orders DisCos to complete customers’ survey in 42 days

Feb 18, 2019

The Nigerian Electricity Regulatory Commission (NERC) has directed all Distribution Companies (DisCos) to complete the enumeration of their customers by March 31, 2019. The Commission also urged all electricity consumers to cooperate with the DisCos in this exercise within the 42 day period that is left from today. In a publication directed at the DisCos,…

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DPR seals 10 illegal LPG gas plants in Abuja, environs

Feb 18, 2019

The Abuja zonal office of Department of Petroleum Resources (DPR) has commenced a crackdown of plants illegally selling liquefied petroleum gas (LPG) commonly called domestic or cooking gas within the Federal Capital Territory (FCT) and its environs as part of efforts to reduce the incident of gas explosion. LEADERSHIP Sunday can authoritatively report that at…

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Court fixes April 30 for FG’s suit against oil companies over missing oil revenue

Feb 13, 2019

The 69 million dollars suit filed by the Federal Government (FG) of Nigeria against Chevron Petroleum Nigeria Ltd, seeking to recover Oil Revenue has been adjourned to 30 of April by a Federal High Court in Lagos on Wednesday. The FG filed the suit against Chevron Nigeria Ltd, and Chevron Petroleum Nigeria Ltd, as first…

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NIMASA detains LPG ship for breaking cabotage law

Feb 11, 2019

The Nigerian Maritime Administration and Safety Agency, NIMASA, has said it detained a Liquefied Petroleum Gas vessel, MT Navigator Capricorn, for contravening sections of the country’s cabotage Act as part of its efforts at clamping down on vessels that do not comply with the provisions of the Cabotage Compliance Strategy. The agency said in a…

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