Business
Update: Court asks EFCC to arrest ExxonMobil Nigeria MD over alleged fraud
EFCC to arrest Richard Laing, Managing Director, ExxonMobil Nigeria.

Published
3 weeks agoon

A Federal High Court, Abuja has given the Economic and Financial Crimes Commission, EFCC, the go-ahead to arrest Richard Laing, Managing Director, ExxonMobil Nigeria.
This was disclosed by EFCC via its Twitter handle on Wednesday. The anti-graft agency stated that Justice Okon Abang granted its application for a Bench Warrant to arrest Laing.
READ: EFCC and other anti-graft agencies demand speedy repatriation of stolen funds
It stated, “The Commission is investigating alleged procurement fraud in the Major Integrity Pipelines Project involving Mobile Producing Nigeria as the contracting company, Suffolk Petroleum Services Limited as the main contractor, Saipem Contracting Nigeria, Global Offshore Limited and Van Ord as sub-contractor to SPSL.
“At issue, is the fraudulent creation of Change Orders worth over $213million USD.”
READ: Purported EFCC raid on MTN Nigeria head office might be false
Court Gives EFCC Nod to Arrest Mobil Nigeria MD
A Federal High Court, Abuja has given the Economic and Financial Crimes Commission, EFCC, the nod to arrest Mr. Richard Laing, Managing Director, ExxonMobil Nigeria. pic.twitter.com/CUZsj8pQrm
— EFCC Nigeria (@officialEFCC) February 3, 2021
What you should know: The anti-graft agency approached the Court for a Warrant after three invitations to Mr. Liang were rebuffed.
Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]


Business
More Nigerians don’t trust government, fear losing jobs more than COVID-19 – Report
The 2021 Edelman Trust Barometer has revealed that Nigerians trust NGOs, businesses more than they trust the government.

Published
7 hours agoon
February 24, 2021
A recent survey has revealed that only 24% of Nigerians have trust in the government which is one of the lowest rates in the world. The report also stated that Nigerians have more fear of job losses than Covid-19.
The was revealed in the 21st Edelman Trust Barometer Survey Report on Nigeria unveiled virtually by Edelman and its Exclusive Nigerian Affiliate, Chain Reactions Nigeria, in Lagos on Tuesday, 23 February 2021.
Presenting the 2021 Nigeria findings with the theme: ‘Pandemic’s Ongoing Impact on Trust’, CEO of Edelman Africa, Jordan Rittenberry, noted that Nigerians are looking to civil society organisations and businesses to assist the government in uplifting communities and driving positive change.
The 2021 Edelman Trust Barometer Report revealed that “out of the four institutions of government, business, media and Non-Governmental Organisations (NGOs), Nigerians trust civil society organisations the most, with businesses coming second.”
Highlights of the survey include:
- Most Nigerians expressed distrust for the media and returned the lowest trust quotient in the world for government with 24%.
- Nigerians overwhelmingly placed the highest Trust in their ‘employers’, and in the process revealed their expectations for CEOs and business leaders to be more pro-active in speaking out on societal issues (92%) and driving positive change (79%) rather than wait for government.
- Nigerians fear losing their jobs more than they fear coronavirus, with a high degree of vaccine hesitancy revealed, as only 26% expressed readiness to take the COVID-19 vaccine when made available.
Laolu Akande, the Senior Special Assistant on Media to Vice President Yemi Osinbajo said: “Distrust in government is not peculiar to Nigeria. However, the government does have the responsibility to up its game in communication, to demonstrate responsibility and responsiveness.”
Akande cited the acclaimed National Social Intervention Programmes, and the COVID-19 Survival Fund as some evidence of the Muhammadu Buhari administration’s unprecedented responsiveness to Nigerians.
In case you missed it
Nairametrics reported last month that only 68.8% of Nigerians believe Covid-19 is real. While 39.9% of Nigerians say they will take the vaccine, 63.3% are opposed to another lockdown, in a report by SBM Intel
Business
SEC denies knowledge of Oando shareholder’s court case
SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

Published
8 hours agoon
February 24, 2021
The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.
SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.
It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.
“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”
The attention of the Commission has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the FCT High Court against the Commission. Full Statement –> https://t.co/olT2FpxaEK
— SEC Nigeria (@SECNigeria) February 24, 2021
What you should know
- On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
- He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
- In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.
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