Legal & Regulatory

Ladan, DPR Director bows out

Jun 24, 2019

Following the expiration of the tenure of Mr. Mordecai Ladan as the Director of Petroleum Resources, and in line with the provisions of Circular Ref. No.SGF.50/S.II/C.S/268, the former Director has formally handed over the affairs of the Department to the most senior officer Mr. Ahmad Rufai Shakur, the Deputy Director and Head, Corporate Services Division in…

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DPR seals 14 illegal cooking gas plants in Abuja

Jun 22, 2019

The Department of Petroleum Resources (DPR) in conjunction with the Nigeria Security and Civil Defence Corps (NSCDC), yesterday, clamped down on illegal Liquefied Petroleum Gas (LPG) otherwise called cooking gas retail outlets and their owners in Abuja. During an operation to rid the FCT and environs of the illegal activities of LPG retailers and skid…

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High Court affirms judgment restraining LADOL from interfering in Samsung’s operations

Jun 21, 2019

A Lagos High Court in Igbosere has dismissed an application by Global Resources Management Limited and LADOL Free Zone seeking to stay the judgment of the court delivered five months ago in a suit between it and Samsung Heavy Industries Nigeria Limited (SHIN) and its subsidiary SHI-MCI FZE. Justice Abdul-Fata Lawal reaffirmed his earlier order…

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Italy laments delay by Swiss in releasing evidence relating to Nigeria oil bribery case

Jun 21, 2019

Italian prosecutors have complained to Switzerland about lengthy delays in obtaining evidence they have requested in an international corruption case involving oil firms Shell and Eni, a source familiar with the matter said. Milan prosecutors wrote in April to the Geneva prosecutors’ office in a previously undisclosed letter, describing their three-year wait for documents to…

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Court grants Tinubu, Boyo leave to challenge Oando sack

Jun 14, 2019

Justice Ayotunde Faji of the Federal High Court in Lagos has granted leave to the embattled group chief executive officer of Oando Plc, Wale Tinubu to file an application for a judicial review of the decision of the Securities and Exchange Commission (SEC) asking him and his deputy to step down as directors of the…

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International firm seeks $9bn Nigerian asset seizure over unpaid gas project arbitration

Jun 13, 2019

A firm incorporated in the British Virgin Islands will ask a British court on Friday for the right to seize up to $9 billion of Nigerian government assets – some 20% of the oil-rich nation’s foreign reserves – over an aborted gas project. The case highlights a risk to Nigeria’s foreign assets, potentially clouding its…

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Updated PIB now with Buhari – Senior Special Assistant

Jun 13, 2019

The Senior Special Assistant to the President on National Assembly matters, Ita Enang, has said that the updated the Petroleum Industry Bill (PIB) is now with President Muhammadu Buhari. Enang made the disclosure on Channels TV “The Core” programme that features policy makers and a live audience. The programme looks at the relationship between the…

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Court adjourns FG’s $406.7m debt recovery suit against Shell until June 19

Jun 8, 2019

A Lagos Division of the Federal High Court on Thursday adjourned until June 19, hearing in a debt recovery suit filed by the federal government against Shell Western Supply & Trading Ltd, over an alleged $406.7 million shortfall in crude oil shipment. The suit numbered FHC/L/CS/336/16 was filed by FG’s counsel, Fabian Ajogwu, a professor…

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DPR revokes six oil block licences due to ‘legacy debts’

Jun 6, 2019

Nigeria’s Department of Petroleum Resources has revoked six oil block licenses due to “legacy debts”, it said in a public notice on Thursday. The notice, carried in some Nigerian newspapers, said the move was “in furtherance of the presidential directive”. The oil mining leases (OML) and oil prospecting licences (OPL) affected are OML 98, 120,…

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High Court restrains SEC from removing Oando directors

Jun 4, 2019

The Federal High Court in Lagos yesterday restrained the Securities and Exchange Commission (SEC) from removing Mr Wale Tinubu as Group Chief Executive Officer of Oando Plc. The court also barred SEC from imposing a fine on Tinubu and carrying out its decision to bar him and his deputy Mr Omamofe Boyo from being directors…

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