Legal

Afren former executives sentenced for fraud and money-laundering

October 30, 2018 | Company Operations, Legal, Management

London, UK |  – The former CEO and COO of collapsed upstream company Afren were sentenced to up to six years in prison on Monday after they were convicted of fraud and money laundering over a $300 million business deal, Britain’s Serious Fraud Office (SFO) said. Former Afren Chief Executive Osman Shahenshah and former Chief Operating Officer Shahid Ullah laundered more than $45 million, some of which was used to buy luxury properties in Mustique and the British Virgin Islands, the SFO said. “The significant sentences …

JP Morgan says UK govt authorised transfer of $875m to ex-Nigerian oil minister

April 07, 2018 | Government & Regulations, Legal, Nigeria

  JP Morgan responds to lawsuit filed by Nigeria Suit follows oilfield deal involving Shell and Eni JP Morgan denies negligence over transfer of funds Funds went to firm controlled by convicted ex-minister JP Morgan says British agency approved transfer London, UK | – JP Morgan Chase has acknowledged it knew a former Nigerian oil minister convicted of money laundering would benefit when it transferred over $800 million of government funds to a company he controlled, according to a court document seen by Reuters. JP …

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 …