Management

Shell announces Senior Appointment

October 05, 2018 | Company Operations, Management

London, UK | – Royal Dutch Shell has announced that Tahir Faruqui, previously General Manager, Origination North & Central America Shell LNG Marketing & Trading, has been appointed as General Manager, Shell Global Downstream LNG. Faruqui will be based in The Hague and takes over from Lauran Wetemans who is moving on to a new position. Faruqui originally joined Shell in 1997 as a Senior Analyst with Shell Services in the US. Shortly after that, he pursued commercial deal making in Shell Capital, focusing on …

Nigeria wasted $1 trillion earned in oil booms, says report

August 23, 2018 | Expenditures & Funding, Management, Nigeria

Abuja, Nigeria | — If not for the recurring wastefulness of Nigeria’s federal government, the country could have used about $1 trillion it earned from its production and sale of crude oil in five different oil booms to develop and diversify its economic base, a report titled “Stabilising Nigeria’s Volatile Economy”, has disclosed. The report which was co-authored by a former Vice President of the World Bank, Africa Region, Dr. Obiageli Ezekwesili; former president of the Nigerian Association of Energy Economics (NAEE), Prof. Adeola Adenikinju; …

Royal Dutch Shell boss handed near-£800,000 pay rise

March 15, 2018 | Company Operations, Management

CEO Ben Van Beurden saw his total pay packet climb 11% to £7.811m last year London, UK | – The Chief Executive Officer of British–Dutch multinational oil and gas company, Royal Dutch Shell has pocketed a near-£800,000 pay rise, lifting his annual package close to £8 million after resurgent oil prices boosted group profits. Chief executive Ben Van Beurden saw his total pay packet climb 11% to £7.811 million last year, with his annual bonus jumping by a quarter to £2.6 million. It followed a …

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 …