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Business

Italy court to give verdict on Nigerian oil field corruption case by March 2021

A final decision on the long-running graft case could be reached by the end of March 2021.

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Shell ENI, Aliyu Abubakar, AA Oil, Malabu Oil, Italian prosecutors, Netherlands, Niger Delta
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A final decision on the long-running graft case involving Shell and Eni could be reached by the end of March 2021.

Reuters reported that Italian judges are expected to hand down their verdict earlier than expected, according to a top court official.

READ: Malabu Scandal: Netherland, Switzerland to send $200 million to Nigeria

The case, which is one of the oil industry’s biggest-ever corruption trials, is in relation to Oil Production License (OPL) purchase in Nigeria.

READ: FG’s plan for N350 billion revenue from oil field licensing suffers setback

What they are saying

Marco Tremolada, President of the judges that will pass sentence, said:

  • “Lawyers for the two companies would be heard in January, followed by prosecutors and defence lawyers in February. A final decision could then be reached by the end of March.”

READ: Nigeria’s revenue burden to ease off as DPR announces bids for marginal oilfields

What you should know about the oil field corruption case

  • The long-running graft case revolves around the purchase of the Nigerian OPL 245 offshore oil field in 2011 for about $1.3 billion.
  • Prosecutors allege that about $1.1 billion of that was siphoned off to politicians and middlemen.
  • The companies and defendants involved, including Eni’s current CEO Claudio Descalzi, have all denied any wrongdoing.

READ: NNPC GMD says AKK pipeline, Nigeria’s biggest gas project is 15% complete

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

SSKOHN

 

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Adeyemi holds a PhD in Accounting Sciences. He has worked in the Educational Sector and as an Independent Consultant.

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    Business

    Hyundai and Kia to set up an assembly plants in Ghana by 2022

    The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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    Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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    Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

    Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

    READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

    Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

    The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

    READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

    Why this matters

    More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

    Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

    SSKOHN

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    Business

    Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

    The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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    The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

    This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

    What the Minister said

    “On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

    “But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

    READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

    The new passport process

    The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

    “When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

    What you should know 

    • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
    • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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