Connect with us

News and Report

House Of Reps probe AITEO, Seplat, Oando, 45 other oil firms over N9.4trn debt..

Published

on

 

The House of Representatives has launched an investigation into AITEO Eastern E&P Company, Seplat Energy Plc, Oando Plc, Heirs Holdings and 45 other oil companies over failure to remit N9.4 trillion payments to the Federal Government.

 

The Green Chamber has summoned the chief executive officers of the affected oil firms to appear before it from March 3 to 7, 2025.

 

Other companies listed in the probe include Addax Petroleum Exploration Nigeria Limited, All Grace Energy, Amalgamated Oil Company Nigeria Limited, Amni International Petroleum Development Company Limited, Belemaoil Producing Limited, Bilton Energy Limited, Britannia-U, Waltersmith Petroman Limited, Chevron Nigeria Limited (OML 90, 95, 49), Chorus Energy, Conoil Plc, Continental Oil & Gas Company Limited, Dubri Oil Company Limited, Enageed Resources Limited, Shell Nigeria Exploration and Production Company, Energia Limited, and Eroton Exploration & Production Company Limited.

 

 

Also included are Esso E & P Limited (Usan, Erha), First E & P Limited, Frontier Oil Limited, General Hydrocarbons Limited, Green Energy International Limited, Nigeria Agip Exploration Limited (NAE), Panocean Oil Nigeria Limited (OML 147), Neconde Energy Limited, Newcross Exploration and Production Limited, and Newcross Petroleum (OML 152).

 

Other firms named are Network Exploration & Production Limited, Total E&P Nigeria (OML 100, 102, 52 & 99), Niger Delta Petroleum, Nigeria Petroleum Development Company (NPDC) (OML 60, 61 & 63), Lekoil Oil and Gas Investments Limited, Midwestern Oil and Gas Limited, Millennium Oil and Gas Company Limited, Seplat Energy (OML 4, 38 & 41), and Oriental Energy Resources Limited.

 

Oando Oil Limited (OML 60, 61 & 62), Pillar Oil Limited, Platform Petroleum Limited, Shell Petroleum Development Company (OML 27), Universal Energy Limited/Sinpec, Shoreline Natural Resources, Star Deep Water Petroleum Limited, Sahara Field Production Limited, and Mobil Producing Nigeria Limited (OML 67 & 70) are also under investigation.

 

 

Akin Rotimi, the House spokesperson, said in a statement on Sunday that the debt includes unpaid royalties, concession rentals, gas flare penalties, and liabilities arising from Production Sharing Contracts, Repayment Agreements, and Modified Carry Arrangements.

 

“A review of the Auditor-General’s Annual Report on the Consolidated Financial Statement for the year ending December 31, 2021, coupled with further investigations, showed that as of late 2024, multiple oil companies collectively owed approximately N9.4 trillion,” the statement noted.

 

The investigation also found that despite the mandates outlined in the Petroleum Industry Act (PIA), which require settlement within 30 days, the debts remained unpaid as of the last quarter of 2024.

 

 

In response to these findings, the House Committee on Public Accounts, chaired by Bamidele Salam, has scheduled investigative hearings at the National Assembly Complex in Abuja.

 

“Ensuring that oil companies fulfill their statutory obligations is crucial to maintaining the integrity and accountability of our national resources.

 

“We seek a collaborative approach to resolving these discrepancies efficiently,” Salam noted.

 

Earlier this year, on January 28, the Nigeria Extractive Industries Transparency Initiative (NEITI) revealed that it was working in collaboration with the Economic and Financial Crimes Commission (EFCC) to recover $6 billion and N66 billion owed to the federal government by various oil and gas companies.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

News and Report

FG sues MultiChoice, CEO over DStv, GOtv price hike

Published

on

By

 

The Federal Competition and Consumer Protection Commission (FCCPC) has filed charges against MultiChoice Nigeria and its CEO, John Ugbe, for allegedly breaching regulatory directives and hindering an ongoing investigation.

 

A statement issued on Wednesday by Ondaja Ijagwu, FCCPC’s Director of Corporate Affairs, revealed that the charges stem from MultiChoice’s decision to increase subscription rates for its DStv and GOtv packages despite an explicit directive from the commission to suspend the hike.

 

On February 24, MultiChoice officially announced a subscription price increase set to take effect on March 1. This move, coming almost a year after the previous price hike, triggered public backlash, prompting the FCCPC to intervene. In response, the commission instructed Ugbe to appear for an investigative hearing on February 27 to discuss the price increase.

 

 

Despite this directive, MultiChoice proceeded with the hike as scheduled, prompting the FCCPC to take legal action.

 

The commission has filed charges against the company and its CEO at the Federal High Court in Lagos, citing three counts of violations under the Federal Competition and Consumer Protection Act (FCCPA) of 2018. These charges include: Obstructing the Commission’s Inquiry by implementing the price increase against regulatory orders (Section 33(4)). Impeding the Investigation by disregarding the suspension order (Section 110). Misleading the Commission by going ahead with the increase without proper clearance (Section 159(2).

 

The FCCPC emphasized that MultiChoice’s actions amounted to a deliberate attempt to undermine regulatory authority and disrupt fair competition. By implementing the price hike ahead of the March 6 hearing, the commission argued, MultiChoice not only defied regulatory processes but also violated consumer rights and fair market practices.

 

 

In addition to the legal charges, the FCCPC is exploring further enforcement actions, including sanctions and penalties, to ensure that MultiChoice complies with regulations and maintains accountability.

 

The commission reiterated its commitment to protecting Nigerian consumers from exploitative business practices, asserting that it would continue to enforce fair market principles and ensure legal compliance among dominant market players.

 

 

Continue Reading

News and Report

Court orders seizure of N1.37bn Kaduna fund ‘hidden’ in Sterling Bank

Published

on

By

 

 

A Federal High Court in Kaduna has ordered the interim forfeiture of N1.37 billion Kaduna State fund allegedly hidden in a Sterling Bank account with no proper documentation,.

 

The judge, H. Buhari, issued the forfeiture order on February 28, following an ex parte application by the Independent Corrupt Practices and Other Related Offences Commission (ICPC), which had previously filed the motion on February 14.

 

The fund was said to have been misappropriated from the Kaduna State Government’s coffers during the tenure of former Governor Nasir El-Rufai.

 

 

According to the ICPC, the fund, originally allocated for light rail project was diverted during El-Rufai’s administration. The controversial transfer was uncovered after the ICPC traced the funds to a private account.

 

According to the anti-graft agency, the diverted money was funneled through Indo Kaduna MRTS JV Nig. Ltd, a joint venture formed in 2016 between the Kaduna State Government and Indian investors.

 

ICPC’s lawyer, E.O. Akponimisingha, represented the agency during the hearing, which was conducted without the presence of any opposing parties.

 

 

In granting the forfeiture, the court ordered the ICPC to publish a public notice in two national newspapers, inviting anyone with a legitimate claim to the funds to present their case in court. Further proceedings have been scheduled for April 8, 2025.

 

The scandal dates back to December 2016 when, despite the Indo Kaduna MRTS JV Nig. Ltd not being formally incorporated until May 2017, Governor El-Rufai approved payments to the company. Between December 2016 and January 2017, a total of N11.1 billion was transferred to the company’s Sterling Bank account. The ICPC’s investigation revealed that N1.37 billion of this sum was illegally diverted into a private account.

 

In justifying the forfeiture, the ICPC emphasized that the redirection of the funds into public projects aligns with the broader public interest, particularly in enhancing governance and accountability. The commission further asserted that this action would not violate any constitutional rights and would instead serve the greater good by recovering the misappropriated funds.

 

 

The investigation was launched after a petition was filed by lawyer M. Yahaya from NUS’ AB Chambers in Abuja, detailing concerns of severe financial mismanagement during El-Rufai’s administration. Other officials from the former governor’s administration are also facing allegations of fraud and corruption, with some already facing charges before various tribunals and anti-corruption bodies.

 

While the former governor and his associates maintain their innocence, calling the ICPC’s actions “oppression” and an “abuse of power,” they argue that the seizure of funds tied to the light rail project could harm foreign investments in the state.

 

The case is ongoing, and further developments are expected following the adjournment to April 8.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continue Reading

News and Report

Court Stops Senate Committee From Probing Natasha Akpoti.

Published

on

By

 

The federal high court in Abuja has issued an order preventing the senate committee on ethics, privileges, and public petitions from proceeding with disciplinary actions against Natasha Akpoti-Uduaghan.

 

Obiora Egwuatu, the presiding judge, granted the order on Tuesday following an ex parte application submitted by Akpoti-Uduaghan’s legal representatives, the senator representing Kogi central.

 

 

Akpoti-Uduaghan was summoned to appear before the senate’s disciplinary committee after a confrontation with Senate President Godswill Akpabio on February 20.

 

 

The senator disrupted plenary proceedings by rejecting her designated seat, disregarding Akpabio’s directive, and persistently raising a point of order despite being overruled.

 

The senate later referred Akpoti-Uduaghan to the committee on ethics, privileges, and public petitions for a disciplinary review.

 

On February 28, during an interview on Arise TV, the senator claimed that her ordeal in the senate started after she rejected “sexual advances from the senate president”.

 

NULL AND VOID’

 

The legal team representing Akpoti-Uduaghan includes Sanusi Musa, M. J. Numa, Y. M. Zakari, B. J. Tabai, Tijanni Jimol, and M. C. Bekee.

 

The defendants in the suit are clerk of the national assembly, the senate, senate president, and chairman of the senate committee on ethics.

 

According to court documents obtained by TheCable, Akpoti-Uduaghan requested the court to issue an order stopping the senate and the ethics committee from “proceeding with the purported investigation” against her.

 

She further asked the court to declare that any action taken during the pendency of the suit is “null, void and of no effect whatsoever”.

 

 

Additionally, Akpoti-Uduaghan sought permission for the defendants to be served with the originating summons and related documents through substituted means.

 

 

“AN ORDER OF THIS HONOURABLE COURT granting an Interim Injunction restraining the 2nd Defendant/Defendant’s Committee on Ethics, Privileges and Code of Conduct headed by the 4th Defendant from proceeding with the purported investigation against the Plaintiff/Applicant for alleged misconduct sequel to the events that occurred at the plenary of the 2nd Defendant on the 20th day of February, 2025, pursuant to the referral by the 2nd Defendant on 25th February, 2025 pending the hearing and determination of the Motion on Notice for interlocutory injunction,” part of the application reads.

 

In his ruling, the judge directed the defendants to show cause within 72 hours after being served with the order, explaining why an interlocutory injunction should not be granted against them.

 

Egwuatu also approved the request for substituted service on the defendants.

 

The case was adjourned to March 10 for the defendants to present their case on why the applicant’s reliefs should

not be granted.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Continue Reading

Trending