Legal & Regulatory

NLNG loses objection to NIMASA’s appeal

Jan 29, 2014

The Lagos division of the Appeal Court has struck out an objection filed by the Nigeria Liquefied Natural Gas Limited (NLNG), challenging the decision of the Nigerian Maritime Administration and Safety Agency (NIMASA) to appeal against the refusal of the Federal High Court to discharge an order of interim injunction against the Agency. The said…

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Sanctity of contract key to resolving issues with IOCs, say experts

Jan 28, 2014

Against the backdrop of the recent call from the Central Bank of Nigeria (CBN) for the review of the terms around production sharing contracts (PSC) with international oil companies (IOCs), industry analysts have said that this should only happen if the contracts have expired or clauses for re-negotiation have been met. The analysts stressed the…

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Court extends order against Chevron over sale of three oil blocks

Jan 28, 2014

Justice Mohammed Yunusa of the Federal High Court in Lagos yesterday extended the interim junction restraining Chevron Corporation of the United States and its Nigerian subsidiary, Chevron Nigeria Limited (CNL) and their agents from negotiating the sale of Oil Mining Leases (OMLs) 52, 53 and 54, with Seplat Petroleum Development Company (SPDC) Limited or any…

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Chevron’s Nigeria asset sale ‘blocked’

Jan 27, 2014

Chevron cannot offload some Nigerian onshore assets until it has settled a legal dispute with an interested party said to have tabled the highest offer, according to a report. Local operator Britannia-U has succeeded in having a previous order upheld barring the US supermajor from selling stakes in the country, Reuters reported. Britannia-U is said…

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NIMASA seeks judicial support for anti-piracy efforts

Jan 24, 2014

The Nigerian Maritime Administration and Safety Agency (NIMASA) said it had made several arrests of persons engaged in illegal bunkering, oil theft and piracy-related activities who are yet to be prosecuted due to challenges in the system. This frustration has elicited appeals to judicial and legal officers to come to the aid of the Agency…

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Chevron speaks out on lawsuit

Jan 23, 2014

Chevron, the international oil firm, said it would “vigorously” oppose the $5 billion lawsuit Nigerians have filed against it in the United States. It was reported this week that locals had filed a court case in a California federal court against the American oil giant. The legal action came two years after an explosion occurred…

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Dons seek review of Power Reform Act

Jan 23, 2014

Many of the provisions of the Electric Power Sector Reform Act of 2005 are due for review, experts in energy economics have said. Taking into cognisance the recent privatisation of the power sector and the resultant developments, the experts, who are professors, said some of the provisions of the Act had become outdated. The EPSR…

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N963.7m fuel subsidy fraud: Absence of EFCC counsel stalls trial

Jan 21, 2014

The absence of the counsel representing the Economic and Financial Crimes Commission (EFCC), on Tuesday stalled the trial of an oil marketer, Rowaye Jubril. The News Agency of Nigeria (NAN) reports that Jubril was charged before Justice Lateefat Okunnu, of an Ikeja High Court alongside his company, Brila Energy Ltd. for an alleged N963.7 million…

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Nigerians slam Chevron with $5bn suit for gas explosion

Jan 21, 2014

Chevron is being sued by Nigerians over a 2012 offshore gas exploration rig explosion that killed two workers. Chevron was presented with a $5 billion lawsuit in California federal court according to Law 360 reports. The plaintiffs in the suit are leaders of Niger Delta communities who represent the interests of thousands of locals whose…

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Police recover N6.5bn from oil subsidy, bank fraud

Jan 21, 2014

As part of its continuous quest to curb fraud, the Commissioner of Police Special Fraud Unit (SFU), Tunde Ogunsakin, has said the unit succeeded in recovering the sum of N6.5 billion from suspected fraudsters last year. Ogunsakin, who made this disclosure Monday at the unit’s headquarters in Ikoyi, Lagos, during an interactive session with journalists,…

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