Legal & Regulatory

Lonestar: Shell blames litigation for delay in liquidating $20m debt

Jun 28, 2013

Shell Petroleum Development Company of Nigeria Limited, SPDC, yesterday, blamed the crisis currently rocking Lonestar Drilling Nigeria Limited for its inability to liquidate its US$20 million (N3.2 billion) indebtedness to the firm. According to a statement by Mr. Precious Okolobo of the Corporate Affairs department of the company, SPDC is aware that Lonestar is presently…

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Court orders arrest of 2 oil marketers over N979.6m subsidy fraud

Jun 26, 2013

An Ikeja High Court on Tuesday issued a bench warrant on two oil marketers, Oluwaseun Ogunbambo and Habila Theck, for failing to attend their trial without cogent reasons. The warrant was issued by Justice Adeniyi Onigbanjo on the marketers who are standing trial for an alleged N979.6 million fuel subsidy fraud. The  judge also revoked…

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NIMASA further delays NLNG ships over dispute on freight levies

Jun 26, 2013

Exports of Liquefied Natural Gas, LNG, from Nigeria’s LNG plant located on Bonny Island, Rivers State, were delayed for the fourth day after the state-run maritime security agency blocked ships from accessing the Bonny terminal over disputes on freight levies, Nigeria LNG Ltd said. The Nigerian Maritime Administration and Safety Agency, NIMASA, has barred ships…

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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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