Legal & Regulatory

N855m fraud: How Keystone Bank officials, others defrauded Dozzy Oil – Witness

Nov 12, 2013

Justice Kudirat Jose of the Lagos High Court, in Ikeja yesterday heard how three officials of Keystone Bank Plc and one other defrauded Sir Daniel Chukwudozie of Dozzy Oil Limited of the sum of N855,000,000. Testifying as a first prosecution witness in the fraud case, Orji Chukuma, an investigative officer with the Economic and Financial…

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Lagos, experts task NASS on PIB

Nov 11, 2013

Amid insinuations that the Petroleum Industry Bill (PIB) currently before the National Assembly has been doctored to favour foreign oil multinationals, Lagos State Government and experts in the nation’s Petroleum and Gas sub-sector of the nation’s economy have urged the National Assembly to live above board in the discharge of its responsibilities. The state government…

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Ibaka Seaport ownership tussle: NPA seeks out of court settlement

Nov 8, 2013

An imbroglio over ownership of the Ibaka Deep Seaport concept, which ensued between the Nigeria Ports Authority (NPA) and a private firm, Mercury Maritime Concession Company (MMCC) has deepened, prompting NPA to settle the company out of court. LEADERSHIP gathered that conscious of the consequences of an imminent court action against the Akwa-Ibom State Government…

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$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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