Management

Nigerian court seizes 56 houses linked to ex-oil minister Diezani Alison-Madueke

October 13, 2017 | Legal, Management, Nigeria

Superyachts and luxury apartments around the globe are among assets targeted as Nigeria hunts billions in missing oil revenues. Lagos, Nigeria | – A Nigerian court has ordered the seizure of 56 properties linked to the country’s former oil minister, who is facing corruption allegations. Local media and agency reports said the houses, penthouses and flats in Lagos, Abuja and Port Harcourt were worth between £5.5m and £17m. The properties, bought through front companies, were linked to Diezani Alison-Madueke and her cousin, Donald Chidi Amamgbo. …

Two ex-Afren executives to face charges over $400 million Nigeria deals

October 05, 2017 | Legal, Management, Nigeria

Lagos, Nigeria | – The United Kingdom’s Serious Fraud Office has said it will charge two former executives of collapsed oil company, Afren Plc, with alleged fraud over payments they received through secret companies relating to over $400million business deals in Nigeria. Afren, an Afican-focused oil and gas exploration and production company once valued at $2.6billion on the stock market, collapsed into administration in July 2015 after it was unable to service heavy debts. The SFO, in a statement on its website on Tuesday, said …

Angola’s Sonangol appoints new directors under new government

October 05, 2017 | Angola, Government & Regulations, Management

London, UK | –  Angola’s Sonangol  has appointed three new board members to help restructure the state oil company, the same week President Joao Lourenco was sworn into office after 38 years of rule by Jose Eduardo dos Santos. The former president’s daughter Isabel dos Santos remains the head of Sonangol. She announced plans last year to split the company into three units: exploration and production, logistics and a division handling concessions to international oil firms. Its non-oil interests will be placed in a fund. …

Nigerian Senate votes to halt Eni’s Port Harcourt refinery deal

June 02, 2017 | Management, Nigeria, Refining & Processing

Abuja, Nigeria | Nigeria’s upper chamber of parliament voted on Tuesday to halt a concession agreement with the local division of Italian oil company Eni to repair, operate and maintain Port Harcourt refinery, saying the deal lacked transparency. Nigeria, an OPEC oil producer, has been seeking investment in its energy sector to reduce reliance on imported oil products that consume a large part of the country’s foreign currency reserves. It has a refining capacity on paper of 445,000 barrels per day (bpd), but imports most …

Nigeria’s ex-NNPC Boss loses bid to reverse forfeiture order on $9.8million

May 11, 2017 | Legal, Management, Nigeria

Abuja, Nigeria | – A Nigerian Federal High Court in Kano has dismissed the application filed by a former Managing Director of the Nigerian National Petroleum Corporation (NNPC), Andrew Yakubu, seeking to quash an interim order of forfeiture secured by the Economic and Financial Crimes Commission, (EFCC). Ruling on the application filed by the counsel to Yakubu, Ahmad Raji, Justice Zainab Abubakar said the court has jurisdiction to hear the case, contrary to the argument of Raji. The judge, according to our reporter, also ruled that the …

Massive shake-up In Nigerian National Petroleum Corporation (NNPC)

April 26, 2017 | Government & Regulations, Management, Nigeria

Abuja, Nigeria | – The Nigerian government has ratified a massive management shake-up of the  state-owned energy group, the Nigerian National Petroleum Corporation (NNPC). The group general manager, public affairs division of the NNPC, Ndu Ughamadu, said  in line with the ongoing reforms in the Nigerian National Petroleum Corporation (NNPC), the Management has announced the retirement of some staff and the deployment of others. The retired staff  are: Mrs. Esther Nnamdi-Ogbue, Managing Director, NNPC Retail Ltd; Mr. Alpha P. Mamza, Executive Director, Operations, NNPC Retail …

Sacked NNPC MD, Esther Nnamdi-Ogbue denies ownership of $50m found in Lagos apartment

April 13, 2017 | Management, Nigeria

Lagos, Nigeria | – A former Director of Nigeria National Petroleum Corporation, (NNPC), Esther Nnamdi-Ogbue, has denied owning the apartment where the Economic and Financial Crimes Commission, EFCC, uncovered over $50million in Ikoyi, Lagos State. Reports had earlier filtered online that the former NNPC Director owned the apartment the huge sums was recovered from. However, Nnamdi-Ogbue while speaking through her lawyer, Emeka Etiaba frowned at the report, saying there was no need for “conjecture.” In a statement by Etiaba, the former NNPC Director expressed hope …

Nigeria’s NNPC confirms sack of officials, replacements to be announced soon

April 13, 2017 | Downstream, Government & Regulations, Management, Nigeria

Abuja, Nigeria | – Nigeria state-owned oil company, the Nigerian National Petroleum Corporation (NNPC), on Thursday, confirmed the disengagement of officials linked with missing 130 million litres of petrol. A high ranking source in the ministry, who did not wish to be named, made the confirmation to the Nigerian News agency, NAN  in Abuja. The source said: ”A committee has submitted it’s report and NNPC has recommended their disengagement”. The affected officials were linked to the missing petrol stored at private depots through a thorough …