Legal & Regulatory

NIMASA denies existence of court order over dispute with NLNG

Jun 24, 2013

The Nigerian Maritime Administration and Safety Agency (NIMASA) has disputed the claims of the Nigerian Liquefied Natural Gas (NLNG) Limited of a court order against it or any suit brought by the NLNG against the maritime regulator. The clarification came as the operations of the NLNG, which accounts for 10 per cent of global supply…

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Oil marketer, cargo surveyor get N2bn bail in subsidy fraud case

Jun 21, 2013

A Federal High Court sitting in Lagos, Thursday, granted bail in the sum of N2 billion to an oil marketer and cargo surveyor, charged with N1.7 billion fuel subsidy fraud. The judge, Justice Ibrahim Buba, however, ordered the accused to be remanded in custody, pending the perfection of their bail. The accused, Samuel Owa and…

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NLNG Sues NIMASA over disputed levies

Jun 19, 2013

The Nigeria Liquefied Natural Gas (LNG) Limited (NLNG) Tuesday dragged the Nigerian Maritime Administration and Safety Agency (NIMASA) to a Federal High Court in Lagos, seeking judicial clarity and interpretation on the legality or otherwise of the various levies imposed on it by the maritime regulator. This is coming as the NLNG said it was…

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Oil tycoon, Michael Prest to pay ex-wife £17.5m divorce settlement, UK court rules

Jun 13, 2013

Former wife of Nigeria’s oil tycoon, Michael Prest, Yasmin, on Wednesday, won a United Kingdom Supreme Court ruling giving her the right to force offshore companies owned by her former husband, Michael Prest, to turn over assets as part of a 17.5 million pound ($27.4 million) divorce settlement. The court ruled he must give his…

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Enugu Disco affirms ownership of Aba electric firms

Jun 12, 2013

Interstate Electrics, winner of the Enugu Electricity Distribution Company, Enugu Disco, has said that the lease agreement of April 28, 2005, that purportedly granted the Aba Power Limited and Geometrics Power Aba Limited the power to distribute electricity within the areas specified in the lease (the ring-fenced islands) was made at a time they did…

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Federal Government set to tackle Aturu’s deregulation suit

Jun 11, 2013

Having been caught unaware at the lower court, the federal government has fortified its legal team to challenge the decision of Justice Adamu Bello of the Federal High Court to nullify its powers to deregulate downstream sector of the oil industry. Davidson Iriekpen examines the appeal When human rights lawyer, Mr. Bamidele Aturu, filed a…

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New laws needed to grow power sector investment

Jun 10, 2013

An energy law expert, Ayodele Oni, has called for new laws to create more incentives for investment in the “power value chain.” He stated that Nigeria needs a few new regulations on “renewable” and on other engineering standards, cabling, among others. Oni, a senior member of the bar, spoke at the presentation of his new…

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The Nigerian Production Sharing Contract: An Overview

Jun 6, 2013

The Production Sharing Contract (PSC) was widely introduced in 1993 to address some of the issues faced by the Joint Operating Agreement (JOA) and also to provide a suitable agreement structure for encouraging foreign investment in offshore acreage. Under these arrangements, the NNPC is the holder of the concession while the IOC is the contractor.…

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The Evolution Of Upstream Contracts In The Nigerian Oil And Gas Industry

Jun 6, 2013

Nigeria’s oil industry has always struggled with the challenge of devising appropriate legal regimes and fiscal policies aimed at maintaining the balance between meeting national objectives and at the same time responding to developing trends in the global oil industry and encouraging investment. A result of this has been the use of various types of…

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Protecting The Interests Of Parties To A Production Sharing Contract: A Look At Stabilisation And Renegotiation Clauses

Jun 6, 2013

According to Taverne, the production sharing contract (PSC) is the oldest form of risk contract and has been utilised within the petroleum industry for over 25 years. Against this backdrop are the aims of the parties when entering into these types of agreements. In terms of mineral development the main aim of the multinational firm…

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