Legal & Regulatory

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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English court lacks jurisdiction, Ibori’s defence tells court

Oct 7, 2013

The former Governor of Delta State, Chief James Ibori, has told the Southwark Crown Court in London that the British court system lacks the power and jurisdiction to determine and reach a conclusion for the Nigerian Code of Conduct Bureau to confiscate his assets. Ibori is currently serving a jail term in a London prison.…

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Ibori has no shares in Ocean and Oil Services, Oando – Witness

Oct 2, 2013

The Crown prosecutor, who has been vigorously contesting the legality of assets belonging to the former Delta State Governor, Chief James Ibori, Tuesday failed to gain upper hand especially on the numbers of shares Ibori controls in Oando Plc. At the Southwark Crown Court, London, venue of the assets confiscation hearing, the Crown prosecutor, Sasha…

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UK court rejects document linking Ibori to Oando shares

Sep 27, 2013

The hunt by the Crown prosecution for the hidden assets of former Delta State governor, James Ibori, suffered a set-back yesterday at the Southwark Crown Court, United Kingdom (UK), when the judge, Mr. Anthony Pitts, upheld an objection that a vital document linking Ibori to a substantial holding of the shares of Oando Oil Plc…

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Ibori: British prosecutor retracts claims on Oando shares

Sep 26, 2013

As the asset forfeiture case involving Chief James Ibori, continues in London, the British Crown prosecution has denied suggesting that the former governor of Delta State owns 30 per cent of Oando Oil. Giving evidence yesterday, while under cross examination from QC Krolic, James Ibori’s counsel, detective constable, Peter Clark, stated: “Your honour, Mr. Krolic…

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Stakeholders apprehensive over Oando’s shares decline

Sep 24, 2013

Stakeholders in the oil and gas industry are becoming apprehensive over the decline inOandoPlc shares, which dropped by 10 per cent on the Nigerian Stock Exchange last week. The drop in the Oando share price was attributed to the revelationsmade at a Southwark, London Court, lastweek by the former Governor of Delta State, James Ibori,…

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Oando to publish list of shareholders – Tinubu

Sep 22, 2013

Group Chief Executive, Oando Plc, Mr Wale Tinubu, on Friday said the company would publish names of shareholders on its web site to ensure sustainable corporate governance. Tinubu said this in Lagos at a meeting with the stockbrokers at the Nigerian Stock Exchange, NSE, to explain its stance on former Gov. James Ibori’s alleged ownership of 30 per…

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Oando, Notore fault British prosecutor on Ibori assets

Sep 20, 2013

Oando Plc has accused British prosecutor, Sasha Wass, of distorting facts concerning it in the ongoing asset confiscation hearing of the convicted former Delta State Governor, James Ibori. The Deputy Group Chief Executive, Oando, Mr. Mofe Boyo, who spoke at a press conference in Lagos on Thursday, said Wass chose to sensationalise the facts in…

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Nigerian firm threatens to sue GE Oil & Gas for contract breaches

Sep 18, 2013

Salof Industries Nigeria Limited has formally served notice to General Electric (GE) Oil and Gas Incorporated of its intention to explore legal options to resolve issues of contract breach in the acquisition of Salof Refrigeration Companies USA (a designer and manufacturer of small-scale liquefied natural gas technologies). In a letter dated July 3, 2013 to…

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We have right to handle LASG, PHCN case – NERC

Sep 18, 2013

The Federal Government may soon delve into the case involving the Lagos State Government and the Power Holding Company of Nigeria, PHCN, Ikeja Electricity Distribution Company Plc, Eko Electricity Distribution Company Plc and Transmission Company of Nigeria, TCN over alleged breach of electricity supply obligations to the territory and people of Lagos State as well…

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