Legal & Regulatory

$72bn investments lost as FG dithers on PIB

Nov 6, 2013

The non-passage of the Petroleum Industry Bill (PIB) has cost Nigeria a whopping $72 billion in terms of investment in the last seven years, BusinessDay has learnt. This figure is based on an average investment profile of $12 billion per annum which goes to the oil and gas industry. Analysts believe that the non-passage of…

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PIB passage tipped before 2015

Nov 5, 2013

Contrary to expectations, the passage of long-awaited Petroleum Industry Bill, PIB, may be stretched to before 2015. Ironically, earlier promises made by various arms of government including the executive and the legislature were that the bill will be passed before year end. The hint was dropped in Lagos at the 7th Oil Trading Logistic Expo,…

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FG mulls new law on piracy and robbery at sea

Oct 31, 2013

The Federal Government has commenced the enactment  of new laws that will  checkmate the activities of pirate attacks and related crimes against ships at sea. Disclosing this in Lagos , Senior Special Adviser to the President on maritime matters, Mr. Leke Oyewole said that the move is part of Government efforts at curbing the menace…

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FG gives nod on law against maritime piracy

Oct 25, 2013

Fresh indication emerged on the move by the federal government of Nigeria to propose a bill to the national assembly that will address maritime piracy.. This was made known yesterday in Lagos, by the Senior Special Adviser on Maritime Affairs to the President, Mr. Leke Oyewole while highlighting some of the challenges on the nation’s…

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N1.1bn subsidy scam: Court dismisses Alao’s suit

Oct 22, 2013

Justice Lateefa Okunnu of an Ikeja High Court, yesterday, dismissed the application filed by Abdullahi Alao, son of an Ibadan-based businessman, Alhaji Abdullazeez Arisekola-Alao, seeking to quash the alleged N1.1 billion fuel subsidy fraud charge levelled against him by the Economic & Financial Crimes, EFCC. The trial judge dismissed the application over lack of merit.…

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PIB: Govt may trim involvement in petroleum sector with key exemptions

Oct 22, 2013

The exemption of key institutions from two major Acts of government meant to promote prudent management of Nigeria’s resources in the redrafted Petroleum Industry Bill (PIB) may suggest that the federal government is keen on cutting back its direct involvement in operations within the country’s petroleum industry. The two Acts; the Public Procurement Act 2007…

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Nigerian villagers lose lawsuit against an oil giant

Oct 19, 2013

In a stunning and dramatic legal ruling that echoed from the serene court chambers in the Netherlands to the heart of rural Niger Delta in Nigeria, the District Court of The Hague dismissed all but one of the lawsuits brought against Royal Dutch Shell, an Anglo-Dutch oil and gas company, by a group of farmers…

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Subsidy fraud: EFCC insists oil marketer, Jubril, did not import fuel

Oct 18, 2013

The Economic and Financial Crimes Commission (EFCC) yesterday claimed that an oil marketer, Rowaye Jubril, did not import the petroleum products for which he received N963.7 million subsidy. The EFCC made the allegation through one of its officers, Mrs Tolulola Olanubi, at the resumed trial of Jubril before an Ikeja High Court. Jubril is being…

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Court assumes jurisdiction to hear N5bn suit against Total

Oct 17, 2013

The National Industrial Court, (NIC) has dismissed a preliminary objection filed by oil company, Total E&P Nigeria Limited (TEPNG) challenging the jurisdiction of the court to hear a N5 billion suit instituted against it by a former staff member, Aralu Steve. Ruling on a preliminary objection filed by Total, Justice Oyeyoju Oyewunmi, held that the…

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Subsidy fraud – Court orders arrest of two oil marketers

Oct 8, 2013

An Ikeja High Court on Tuesday issued a bench warrant on two oil marketers, Opeyemi Ajuyah and Olarenwaju Olalusi, for failing to attend their trial without cogent reasons. The warrant for the arrest was issued by Justice Lateefat Okunnu against the two marketers, who were standing trial over alleged N1.1 billion fuel subsidy fraud. The…

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