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Business

$1.3 billion Malabu oil field sale was lawful – Former Shell Executive

A former Shell Executive has told a court that the $1.3 billion Malabu oil field sale was completely lawful.

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Shell OML 11, Shell joins market rivals, writes down $2.3 billion as US-China trade war bite 

Malcolm Brinded, an ex- Upstream Chief of Shell Petroleum, has told international prosecutors that the sum of $1.3 billion paid by Shell and Eni in 2011 to acquire OPL 245 offshore field was lawful, and he had no reason to think it was illegal.

This was disclosed by the lawyer to the defendants, Marco Calleri, in a Milan court prosecuting the sale of the oilfield to Shell and Eni, which Italian authorities have accused of bribery and corruption related to the deal, as reported by Reuters.

READ: UK court dismisses $1.1billion Nigerian corruption lawsuit against Shell, Eni

Malcolm Brinded told prosecutors that Shell believed the Malabu deal would attract investments and growth to Nigeria’s oil sector and saw the deal as lawful.

I stand by my view that there is absolutely no basis for the charges against me,” Brinded told the court.

READ: FG seizes Dan Etete’s luxury private jet linked to Malabu oil deal

  • Brinded is part of 13 people involved in the corruption case including the CEO of Eni, Claudio Descalzi. Both Eni and Shell have denied cases of corruption against them in the deal.
  • He is also one of four former Shell executives caught up in the long-running bribery case revolving around the purchase of the OPL 245 offshore field.

READ: Shell to cut 9,000 jobs globally due to oil price crash as it shifts to clean energy

What you should know about the Malabu oil field scandal

  • Nairametrics reported last week that Dan Etete, former Nigerian Minister of Petroleum said that the $1.3 billion sale of Malabu oil field to Shell and Eni was legally perfect, with zero trace of corruption in the deal. He pleaded not-guilty and said that the proceeds of the deal were paid into accounts owned by the Nigerian Government.
  • Italian prosecutors claimed that most of the payments were kickbacks to Nigerian government officials and that nearly $1.1 billion was stolen by Nigerian politicians and middlemen, with Dan Etete keeping half.
  • Royal Dutch Shell, announced that it would write down its investment in the controversial Malabu OPL 245 offshore field in Nigeria.

READ: Shell faces Dutch prosecution over Nigeria license

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Business

 Onitsha River Port set to receive 1000 containers from Lagos next week

The National Inland Water Ways Authority says1000 containers from Lagos will arrive Onitsha river port.

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 Onitsha River Port Set To Receive 1000 Containers from Lagos Next Week

The National Inland Water Ways Authority has made public its intention to move 1000 containers from Lagos to Onitsha river port.

The statement was made on Thursday by Jibril Dardau the NIWA general manager of Corporate Affairs.

Mr. Jibril Dardau was speaking of the backdrop of an earlier statement made by the executive director of NIWA Mr. George Moughalu. Mr. George Moughalu said the agency is targeting about 1,000 containers to be hauled per trip from Lagos ports to Onitsha River Port within the maximum duration of 4 days.

Moghalu added that NIWA is engaging the Nigeria Ports Authority (NPA) and other stakeholders to facilitate the commencement of the cargo haulage.

NIWA in an official statement articulated the practical modalities involved in the new initiative. It also mentioned the third party companies it would work it during the operation.

“The idea of hauling containers via Burutu Ports to Onitsha River Port is to deliberately avoid the two small bridges of Gbarekolo and Bumandi,

“Because the two bridges are too tiny and shallow for sea moving badges or vessels to ply through, that is why the company (ACTL) is considering the route from Lagos ports to Burutu Port then to Onitsha River Port as the final destination,” the statement added.

What to know

  • The Recent initiative by the National Inland Waterways Authority is aimed at reducing the gridlock at the Sea Ports in Lagos.
  • The Nigerian Government has been accused of intentionally marginalizing the Southeast region by neglecting their Maritime sector.

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Business

Sanwo-Olu commissions 1.4km Pen Cinema, Agege flyover

Governor Sanwo-Olu has commissioned the 1.4km Dual Carriageway Flyover Bridge in Pen Cinema Junction, Agege.

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The Lagos State Governor, Babajide Sanwo-Olu, on Friday officially commissioned the 1.4km Dual Carriageway Flyover Bridge in Pen Cinema Junction, Agege.

This is part of the effort by the state government to reduce the gridlock and improve the traffic situation on that axis.

During the commissioning of the project, Sanwo-Olu said that the flyover would reduce travel time and save man-hour that would have been otherwise lost to traffic on the road.

According to a report from the News Agency of Nigeria (NAN), the Governor said it would provide a better riding surface, leading to reduced maintenance cost; boost interconnectivity and generally make life more meaningful to commuters in the state.

What the Lagos State Governor is saying

Sanwo-Olu said, ”One of the most critical challenges being experienced on a daily basis by residents/road users along the Agege Pen Cinema area over the years is the heavy traffic volume occasioned by the geometric increase in traffic.

Residents and road users along this area have clamoured for a solution to the suffocating nature of the perennial traffic gridlock occasioned by the huge human and vehicular traffic, flowing through this intersection.

”To address the challenge of this huge traffic burden, our administration decided to continue with the construction of a Precast and Pre-stressed Reinforced Concrete Dual-carriage Flyover and Ramp, with road works, across the Agege Pen Cinema Intersection which was then at about 20 per cent completion.

”This is in line with the first pillar of the T.H.E.M.E.S Agenda which targets the provision of roads as a critical infrastructure that will support economic activities.

“It will also enable commercial interactions and ensure ease of commuting from one part of the state to another through the elimination of traffic gridlocks,” he said.

While speaking at the occasion, the Special Adviser to the Governor on Works and Infrastructure, Mrs Aramide Adeyoye, said that the project in its entirety consisted of a dual carriageway 1.4km Flyover Bridge component with two lanes of 3.65m width each in either direction with ramps, including the rehabilitation of five adjoining roads.

She said that the construction of a flyover across the Pen-Cinema intersection in addition to the spur linking old Abeokuta road which was conceived in September 2017, was seen as the solution to the transport/traffic problem on that axis.

What you should know

  • The Agege Pen-Cinema Flyover project was started by the immediate past administration of the former Governor Akinwunmi Ambode in December 2017.
  • The project is expected to crisscross Oba Ogunji Road and Pen Cinema area and over the railroad, terminating at the Agunbiade Street or Oke-Koto area of the Agege community. The bridge also extends to the old Abeokuta highway into Abule Egba.
  • The flyover which was conceived to solve the perennial traffic on that axis has a total length of approximately 1.4 Kilometres and it is designed to have streetlight facilities and pedestrian walkways.

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