Legal & Regulatory

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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Lekoil expects ruling on OPL 310

Feb 10, 2019

LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on Africa, provides an update on OPL310 with reference to the Company’s Application for a Declaration regarding Ministerial Consent filed at the Federal High Court, Lagos on March 26, 2018. Further to LEKOIL’s announcement on 25 January 2019, a Federal…

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JPMorgan asks U.K. court to dismiss $87m Nigerian lawsuit

Feb 5, 2019

JPMorgan Chase & Co. asked a London court to dismiss a lawsuit brought by the Nigerian government that accuses the bank of failing to prevent $875 million in corrupt payments. The lender said it got the correct approvals from Nigerian officials before transferring the funds to accounts controlled by a former oil minister who’s been…

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Stakeholders raise concerns over renewal of 42 oil leases

Jan 27, 2019

Despite Friday’s assurance by the Federal Government that there were no irregularities in the ongoing renewal of over 42 oil licences, stakeholders in the oil and gas sector, yesterday, raised the alarm over the ongoing exercise. Even though the Petroleum Act of 1969, as well as the Petroleum (Drilling & Production) Regulation of 1969 (as…

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Petroleum Ministry clarifies process of oil, gas lease renewals

Jan 26, 2019

The Ministry of Petroleum Resources says there are no sharp practices in the on-going renewal of oil and gas leases as claimed by the House of Representatives. The Ministry made its position known in a statement signed by Mr Idang Alibi, Director of press, in Abuja. Alibi said the early lease renewal embarked upon by…

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NERC takes steps against foreign dominance in Nigeria’s power sector

Jan 26, 2019

The Nigerian Electricity Regulatory Commission (NERC) has commenced the implementation of a new law that will efficiently regulate the deployment of foreign equipment, workforce, and other services in Nigeria without allowing them to dominate operations in Nigeria’s electricity market. NERC explained that the law titled: ‘Regulation on National Content Development for the Power Sector,’ was…

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Reps to probe Kachikwu over alleged irregularities in oil & gas lease renewals

Jan 26, 2019

The House of Representatives on Thursday said it would investigate the Minister of State for Petroleum Resources, Dr Ibe Kachikwu, over alleged irregularities in the ongoing oil and gas lease renewal. The lawmakers said it would also probe the involvement of the Department of Petroleum Resources (DPR) on the said allegations. This followed a motion…

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Lekoil gets new hearing date for declaration on Nigerian offshore license

Jan 25, 2019

LEKOIL (AIM: LEK), the oil and gas exploration, development and production company with a focus on Africa, provides an update on OPL310 (the “Block”) with reference to the Company’s Application for a Declaration regarding Ministerial Consent filed at the Federal High Court, Lagos on March 28, 2018. Further to the Company’s announcement on 23 January…

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Bayelsa govt drags three oil multinationals to court over spills

Jan 24, 2019

A Federal High Court sitting in Yenagoa, Bayelsa State yesterday, began hearing in multiple cases filed against oil companies by the Bayelsa State Government. The government through the office of the Attorney-General and Commissioner for Justice, Kemasuode Wodu, instituted a number of suits challenging the reckless degradation of the state’s environment by oil companies operating…

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Reps criminalise estimated billing by power distribution firms

Jan 24, 2019

The House of Representatives yesterday criminalized estimated billing by electricity distribution companies as it passed for third reading a bill mandating distribution companies to issue pre-paid meters to electricity consumers or face a jail term of six months or fine ranging from N500, 000 upon conviction. In passing the bill, the House outlawed estimated billing,…

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