Legal

Chad considers handing over $1.4billion oil deal to Exxon

November 02, 2017 | Chad, Government & Regulations, Legal

London, UK | – A disputed debt restructuring plan is leading Chad to reconsider its oil supply deal with Swiss trader Glencore, according to a new report by Reuters. Government documents show Chad is keen on handing over the $1.4 billion oil marketing contract to ExxonMobil, which produces the most oil in the country. Sources close to the matter on behalf of Glencore believe the contract cannot be handed over as planned. Heavy pressure from the International Monetary Fund (IMF) has caused the African nation to …

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 …

US seeks to recover $144 million in Nigeria oil industry bribery case

July 22, 2017 | Legal, Nigeria

London, UK | – The US Justice Department on Friday filed a lawsuit seeking to recover assets that include a $50-million Manhattan apartment and an $80-million yacht that it said were bought using money generated from a scheme to pay millions of dollars in bribes to a former Nigerian oil minister. The civil lawsuit, filed in federal court in Houston, alleged that two Nigerian businessmen conspired with others to pay bribes to the minister, Diezani Alison-Madueke, who oversaw the African country’s state-owned oil company – NNPC. The lawsuit said that …

Nigerian court orders seizure of former oil minister’s $37.5 million property

July 22, 2017 | Legal, Nigeria

London, UK | – A Nigerian court has ordered the temporary seizure of a $37.5 million property owned by a former oil minister, Diezani Alison-Madueke, the state news agency said. This is the latest move related to graft allegations against a lynchpin of the last administration. Diezani Alison-Madueke, a key figure in the administration of former President Goodluck Jonathan who served as petroleum minister in the OPEC member country from 2010 to 2015, has been dogged by corruption allegations over the last year. The U.S. Justice …

Exxon sues U.S. over $2 million fine for breach of Russia sanctions

July 21, 2017 | Eastern Europe & Russia, Government & Regulations, Legal, United States & Canada

London, UK | – American multinational oil supermajor, Exxon Mobil Corporation must pay a $2 million fine for showing “reckless disregard” for U.S. sanctions on Russia while Secretary of State Rex Tillerson was the oil giant’s CEO, the Treasury Department said Thursday. Exxon sued the U.S. government to stop the fine. Treasury said that Exxon violated sanctions when it signed contracts in May 2014 with Russian oil magnate Igor Sechin, chairman of government-owned energy giant Rosneft. The U.S. blacklisted Sechin, Tillerson’s longtime business associate, as …

Addax Petroleum to pay $32 million in Geneva to settle Nigerian bribery charges

July 06, 2017 | Company Operations, Legal

London, UK | – China’s state-owned Addax Petroleum has agreed to pay a 31 million Swiss francs ($32 million) fine in Geneva, Switzerland, to settle charges of suspected bribes given to Nigerian officials, thus ending a four-month old investigation, which uncovered the illegality in the payments. This is coming as oil prices Wednesday fell more than two per cent to end their longest rally in more than five years. The drop was attributed to increases in oil production from Nigeria and Libya, said to have …

Shell taken to court over complicity in 1995 execution of 9 Nigerians

June 29, 2017 | Health, Safety & Environment, Legal, Politics & Social Unrest

London, UK | – Royal Dutch Shell Plc has been accused of complicity in the executions of nine activists in Nigeria in 1995 following the launch of a legal case filed in the Netherlands by widows of four of the “Ogoni Nine,” a prominent human rights watchdog said Thursday The so-called Ogoni Nine were activists from the Ogoni region of Nigeria, who were hanged in 1995 for allegations that were later proven false. The activists were led by Ken Saro-Wiwa and protested both Shell and the Nigerian government, accusing them …