• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Business News

Why Nigeria is insistent on Agip Oil paying back $110m

Emmanuel Abara Benson by Emmanuel Abara Benson
November 7, 2018
in Business News, Company News
Nigeria Agip Oil Limited

Nigeria Agip Oil Limited

Share on FacebookShare on TwitterShare on Linkedin

The Nigerian Government on Tuesday, November 6th, closed its prosecution in the $110 million court case instituted against Nigeria Agip Oil Company Limited.

Counsel to the Federal Government, Prof Fabian Ajogwu, had prayed the court to mandate Agip to pay the sum of $55 million with a twenty-one percent (21%) annual interest, and another $55m for damages.

The suit, which was filed by the Government in 2016, alleged that the oil company had short-changed it to the tune of $55 million when it continuously under-declared the volume crude oil that was shipped out of the country.

RelatedStories

NDDC partners with Chevron to construct 70.75km road connecting Warri to Escravos 

NDDC partners with Chevron to construct 70.75km road connecting Warri to Escravos 

November 21, 2024
Why 65 agencies have never been audited, yet still funded by FG – Reps Committee

Escravos Gas-to-Liquids Project: Reps probe $7.8 billion cost increase

October 5, 2022

The alleged short-changing was said to have happened for four consecutive years between January 2011 and December 2014.

Nigeria Agip Oil Company Limited will, today November 7th, begin its defence in the highly-contentious court case.

Nigeria has recently been taking tough actions on these oil companies 

Nigeria Agip is not the only company that the Federal Government of Nigeria has been tough on in recent times. The Government, recently, instituted similar suits against Chevron Nigeria Limited and Total E&P Nigeria Plc.

In the case of Total E&P Nigeria Plc, the Government fought to have the company return the sum of $245,258,640 which it said was “the total value of the missing revenues from the shortfall under-declared/undeclared crude oil shipments of the Federal Government of Nigeria.” The Government also sought the same amount as general damages.

Technology has played a huge role in uncovering the illegalities

According to the Federal Government, the use of high-tech information technology system such as satellite tracking systems played a part in helping to expose the crimes.

The recent lawsuits followed forensic analysis which linked the declining crude export and government revenue to the alleged under-declaration of crude by the oil companies.

Affidavits deposed by some US-based experts also show that Total E&P Nigeria Plc had illegally exported and sold some 57 million barrels of crude to some unnamed US buyers between January 2011 and December 2014. Again, the company did not remit any proceed from the transaction to the Federal Government.

From the foregoing, it can be seen that the Government is bent on having Agip Oil pay the $110 million as a way of deterring subsequent offenders.


Follow us for Breaking News and Market Intelligence.
Tags: Chevron Nigeria LimitedNigeria Agip Oil Company LimitedNigeria's Federal GovernmentTotal E&P Nigeria Plc
Emmanuel Abara Benson

Emmanuel Abara Benson

Emmanuel Abara Benson is an experienced business reporter and editor. He currently edits articles at Nairametrics. Reach him via email on Emmanuel.abara@nairametrics.com and follow him on Twitter @Mr_Abara for his personal opinions.

Related Posts

NDDC partners with Chevron to construct 70.75km road connecting Warri to Escravos 
Real Estate and Construction

NDDC partners with Chevron to construct 70.75km road connecting Warri to Escravos 

November 21, 2024
Why 65 agencies have never been audited, yet still funded by FG – Reps Committee
Business News

Escravos Gas-to-Liquids Project: Reps probe $7.8 billion cost increase

October 5, 2022
Chevron Nigeria invests $1.45 billion in local content development
Energy

Chevron says it has no plan to move Nigerian jobs outside the country

October 3, 2020
Chevron Nigeria Limited
Energy

Chevron to sack 25% of its workforce in Nigeria

October 2, 2020
Chevron Nigeria invests $1.45 billion in local content development
Business News

Chevron Nigeria invests $1.45 billion in local content development

September 15, 2020
NUPENG threatens to embark on strike, Chevron Nigeria Limited, Nigeria Union of Petroleum and Natural Gas Workers, Nigerian National Petroleum Corporation, Petroleum and Natural Gas Senior Staff Association of Nigeria, NUPENG and PENGASSAN, Chevron concludes gas sale deal with GenCo, one other , Chevron considers divesting from Nigeria, to focus on U.S Shale Oil, Chevron crisis continues as NUPENG issues new threat, Chevron bows to pressure, set to recall workers  
Business News

We called off strike, as Chevron agreed to recall workers- NUPENG  

January 9, 2020
Next Post
Forbes, PricewaterhouseCoopers, PWC, Unemployment, NBS, Buhari, Election

At 182m, Nigeria has the world's 7th largest population

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • CBN Forbearance hits FUGAZ stocks—except GTCO
  • EFCC arraigns Oil Magnate over alleged N750 million bank fraud in Port Harcourt 
  • FIRS extends tax office operations to weekends in June 2025 

Follow us on social media:

Recent News

GTCO to write off Aiteo loan and switch to aggressive recovery plan

CBN Forbearance hits FUGAZ stocks—except GTCO

June 17, 2025
EFCC: Achimugu’s case unrelated to Atiku, Sanwo-Olu, agency says

EFCC arraigns Oil Magnate over alleged N750 million bank fraud in Port Harcourt 

June 17, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics