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Business News

How Mobil allegedly shortchanged Nigeria of $1.9 billion

Mobil Oil, other oil companies under probe

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How Mobil allegedly shortchanged Nigeria of $1.9 billion

The Federal Government of Nigeria has accused Mobil Oil Producing of allegedly shortchanging the federation in the payment for the oil blocks they acquired and remittance of taxes.

In view of the shortchanging, the President Muhammadu Buhari-led administration is investigating multinational giants, including Mobil Oil Producing.

This development came after an Italian expert, Dr Don Hubert, in his analysis of the report on OPL 245, noted that the Malabu deal from the onset was designed to shortchange Nigeria as the agreement took out areas that were meant to generate revenue for the country.

A senior presidential assistant and Chairman of the Special Panel on Recovery of Public Properties, Okoi Obono-Obla, said at a press conference in Abuja, that Mobil Oil Producing committed the act in 2009 after it acquired an oil block for $2.5 billion but remitted only $600 million into the federation account and is yet to pay the balance of $1.9 billion.

Obono-Obla, who spoke at an Anti-Corruption Situation Room on Public Presentation of Expert Analysis of OPL 245, otherwise known as Malabu Oil, disclosed that apart from Mobil Oil Producing Nigeria, the panel is also investigating a lot of multinational oil companies in Nigeria over their failure to pay taxes to the government.

“We are investigating Mobil over their failure to remit over $1.9 billion to the federation account arising out of the purchase of oil block by Mobil in 2009. The price of that oil block was about $2.5 billion and Mobil paid only $600 million, so we want to recover the $1.9 billion that is outstanding.

“We are also investigating a lot of oil companies because of their failure to pay tax, a lot of them don’t pay tax, you can imagine how much they are making and yet a lot of them don’t pay tax; that is a classic example of lawlessness and causing economic adversity to the country.”  – Obono-Obla

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Appointments

Greenwich Merchant Bank appoints Bayo Rotimi as MD/CEO

Bayo Rotimi has been appointed the new MD/CEO of Greenwich Merchant Bank.

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Greenwich Merchant Bank has announced the appointment of Mr Bayo Rotimi as its new Managing Director/ Chief Executive Officer.

This is according to a notification made available on the bank’s social media handle, seen by Nairametrics.

As part of his responsibilities, Mr Rotimi is expected to provide leadership and direction to the management team and take charge in optimizing the company’s overall strategic objectives and operational performance, in a bid to deliver optimal value for stakeholders, without compromising quality and standards.

About Bayo Rotimi

Mr Rotimi is an experienced investment banking professional with over 27 years’ experience. He worked for various financial institutions such as Lead Merchant Bank and FCMB Capital Markets, where he rose through the echelons to become the CEO of the latter in 2008. Prior to his recent appointment, he was the chairman of the investment committee of ARM’s Discovery, Aggressive, Growth, Ethical, Money Markets, Fixed income and Eurobond funds with over N110 billion under management.

What they are saying

Commenting on the recent development, Chairman of Greenwich Merchant Bank, Kayode Falowo said: “Bayo’s track record and pedigree speaks for itself and offers a reassuring nexus between the corporate ideals that Greenwich is reputed for and proactive dynamism required to stay on the cutting-edge of innovation, product development and stakeholder satisfaction.”

What you should know

  • Recall that Greenwich Trust Limited was officially renamed Greenwich Merchant Bank in September 2020, after obtaining regulatory approval from CBN to operate as a Merchant Bank.
  • Greenwich Merchant Bank Limited was incorporated on the 25th of February, 1992 and subsequently commenced operations in June 1994.

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Sports

Police raid FC Barcelona’s Camp Nou, ex-President, three others arrested

Spanish police raided the headquarters of F.C. Barcelona, seizing evidence and detaining four people.

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Mossos d’Esquadra, Catalonia’s regional police force has carried out a search on Monday morning on all the offices of the Spanish giants, FC Barcelona and reportedly arrested four people in the process.

The raid carried out by the Police was in search of evidence in relation to the “Barcagate” social media scandal that happened in February, where the Catalan giants allegedly paid third party companies to produce disparaging contents about some people including former players that are opposed and critical of former president, Bartomeu’s administration. A similar raid was also carried out in the club last year June.

The companies allegedly hired by the Spanish giants include I3 Ventures SL, NSG Social Science Ventures SL, Tantra Soft SA, Digital Side SA, Big Data Solutions SA and Futuric SA. There were allegations made that I3 Ventures SL were behind fake social media accounts despising as Barcelona fans that produced disparaging contents about the likes of Victor Font, the club’s presidential candidate. It also attacked high profile players like Lionel Messi and Gerard Pique and also former players like Xavi, Guardiola, etc.

According to reports, those arrested were former Barcelona president, Josep Bartomeu; the club’s chief executive, Oscar Grau; Roman Gomez Ponti, the head of legal services and Jaume Masferrer, an adviser to Bartomeu. The decision to arrest them was not the court’s decision. The arrests were made by the exclusive decision of the Mossos d’Esquadra. The Instructing Court number 13 in Barcelona which is in charge of the case only ordered for a search.

The Catalan giants have been mired in political turmoil and debt prompted by the coronavirus pandemic and this further stains the club’s image.

The raid comes less than a week before the club’s presidential elections are to be held which is coming up on March 7. Three candidates – Victor Font, Joan Laporta and Toni Freia – are on the final ballot for the crucial vote.

In a statement, Barcelona has offered to give their full collaboration regarding the ongoing investigations.

The club stated: “Regarding the entry and search by the Catalan Police force this morning at the Camp Nou offices by order of the Instructing Court number 13 in Barcelona, which is in charge of the case relating to the contacting of monitoring services on social networks, FC Barcelona have offered up their full collaboration to the legal and police authorities to help make clear facts which are subject to investigation.

“The information and documentation requested by the judicial police force relate strictly to the facts relative to this case.

“FC Barcelona express its utmost respect for the judicial process in place and for the principle of presumed innocence for the people affected within the remit of this investigation.”

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