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Malabu Deal: Mohammed Abacha, Fasawe Give Details of How $1.1bn was Shared….• Adoke, Etete, others for arraignment April 3

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Court processes sighted by THISDAY, which have not been verified, have shown details of how the $1.1 billion paid by Shell Nigeria Ultra-Deep (SNUD) Ltd, Shell Nigeria Exploration and Production Company (SNEPCO) Ltd and Nigerian Agip Exploration (NAE) Ltd to the federal government in 2011 for the purchase of Oil Prospecting Licence (OPL) 245 originally held by Malabu Oil and Gas Limited was shared by some prominent Nigerians.

This is just as a Federal High Court in Abuja has fixed April 3 for the arraignment of the former Attorney General of the Federation (AGF) and Minister of Justice, Mr. Mohammed Adoke, a former Minister of Petroleum Resources, Chief Dan Etete, and others charged with various alleged offences for their roles in the transaction.

According to court papers, a son of the late military Head of State, Sani Abacha, Mohammed, and a known associate of former President Olusegun Obasanjo, Oyewole Fasawe, gave details of how OPL 245 was allegedly taken from them and sold to the SNUD, SNEPCO and NAE consortium in 2011.

They also provided insight into how the $1.1 billion paid by the consortium for OPL 245, which was facilitated by the Nigerian government, was shared by some prominent individuals, without the knowledge and involvement of a majority of the actual owners of Malabu Oil.

Abacha and Fasawe equally gave details, in their joint plaintiffs’ statement of claims, in a suit they recently filed at the Federal High Court, Abuja, of the roles allegedly played by former Ministers of Petroleum, Justice and Finance – Etete, Adoke and Yerima Lawal Ngama, respectively – in the transaction leading to the sale of OPL 245 and the lodgment of the proceeds from the deal in the federal government’s escrow account.

The Economic and Financial Crimes Commission (EFCC), in a court document filed earlier this year, had stated among other things that Malabu Oil was incorporated in Nigeria sometime in April 1998 with shareholders, namely: Mohammed Sani (fronting for the late Gen. Sani Abacha), Kwekwu Amafegha (representing Dan Etete, then Minister of Petroleum Resources) and Hassan Hindu (on behalf of Ambassador Hassan Adamu.)

The commission stated that in the same month, the Ministry of Petroleum Resources offered Malabu Oil a deepwater oil block processing licence in respect of OPL 245.

EFCC said that upon the death of Gen. Abacha in June 1998 and between 1999 and 2000, the corporate status and shareholding structure of Malabu Oil were altered severally through forged board resolutions, which eventually divested Mohammed Sani of his shares while new shareholders and directors were appointed fraudulently.

In their court documents filed on March 20, 2017, Abacha and Fasawe, who claimed to own a 70 per cent stake in Malabu Oil, said they were fraudulently divested of their shares.

The suit has Malabu Oil and Gas Ltd, Mohammed Sani and Pecos Energy Ltd as plaintiffs, with Kweku Amafegha, Munamuna Seidougha, Amaran Joseph, Corporate Affairs Commission (CAC), Shell, Agip, Federal Government of Nigeria (FGN), AGF, and the Petroleum Minister as defendants.

The plaintiffs stated that at inception, Malabu Oil’s equity holding of 20 million was shared among its initial subscribers thus: Mohammed Sani: 10 million (equivalent of 50 per cent), Kweku Amafegha: 6 million (30 per cent) and Hassan Hindu: 2 million (20 per cent).

They said Hindu’s 20 per cent was later bought in 2000 by Fasawe through his company, Pecos Energy Ltd.

They stated that while Abacha was imprisoned between 1999 and 2002 and could not actively participate in the affairs of Malabu Oil, Chief Dan Etete (also known as Chief Dauzia Loya Etete), the consultant to the first plaintiff (Malabu Oil) whose function was in an advisory capacity, took over the first plaintiff’s books, documents and records in the absence of the second plaintiff (Mohammed Sani) without any mandate to do so.

The plaintiffs further stated that sometime in 2010, they learnt of some fraudulent alterations of the shareholding structure of Malabu Oil in its files with the CAC, purporting to divest the three original shareholders of their investments in Malabu Oil and allegedly making Seidougha and Joseph the only shareholders and directors with 10 million shares each.

They added that upon realising the alleged fraudulent alteration of the company’s share structure and the plan to sell its core asset, OPL 245, they wrote a letter dated May 24, 2011 to then AGF, Adoke, “Complaining of the fraudulent alteration of the shareholding structure of the first plaintiff and the need to prevent the conclusion of the transaction in respect of OPL 245.”

They added: “Sometime in April 2011, SNUD, SNEPCO and NAE entered into a negotiation and allegedly bought over the assets of the first plaintiff, OPL 245, through the second and third defendants (Seidoougha and Joseph) and Chief Dan Etete acting as the two directors and consultant respectively of the 1st plaintiff, for a consideration of about $1.3 billion with the Federal Republic of Nigeria acting as an obligor.

“The said transaction was carried out through a series of agreements signed and dated between 29th and 30th April 2011 by Seidougha Munamuna purportedly acting as a director of the first plaintiff and Mr. Rasky Gbinijie purportedly acting as company secretary of first plaintiff, with the fifth, sixth and seventh defendants – Shell, Agip and FGN.”

They stated that conscious of the possible consequences of their (plaintiffs’) complaints and protests about the alleged illegality of the transaction leading to the sale of OPL 245, Shell and Agip “requested the involvement of the FGN as a form of guarantee and security for the investment they sought to engage in”.

The plaintiffs said: “Following the execution of the several agreements, $1,092,000,000.00 was paid into a Federal Republic of Nigeria Domiciliary Escrow Account No: 41454193 domiciled in JP Morgan Chase Co., London to be passed to the first plaintiff as consideration for the alleged surrender of its asset – OPL 245.

“On 16th August 2011, the FGN through the then Minister of State for Finance, Dr. Yerima Lawan Ngama and the AGF, Mohammed Bello Adoke (SAN) instructed the release of the money from the said Domiciliary Escrow Account of the FGN in the following manner: $401,540,000 paid into Account No: 2018288005 purportedly belonging to the first plaintiff in First Bank of Nigeria Plc, and $400,000,000 paid into supposed first plaintiff’s account No: 3610042472 with Keystone Bank Limited.

“Out of the $1,092,000,000.00, the sum of $801,540,000 was paid into the first plaintiff’s account with First Bank of Nigeria Plc and Keystone Bank Limited allegedly opened and run by the first plaintiff, yet Chief Dauzia Loya Etete (aka Chief Dan Etete) is the sole signatory to the two accounts.”

On how the money was eventually shared, the plaintiff stated that on August 24, 2011 when the Keystone Bank account, of which Etete was the sole signatory, was credited with $400 million, $336,456,906.98 was transferred to Account No: 1005556552 allegedly owned by Rocky Top Resources in Keystone Bank, Abuja CBD branch.

They added that the balance of $60,000,000 was transferred to account No: 3610042596 for forex trading.

The plaintiffs, who stated that Rocky Top Resources Ltd was owned by Abubakar Aliyu and Bashir Adewumi, explained that the money transferred to the Keystone Bank account was further transferred to other unnamed individuals, leaving a balance of $171,135,960.63.

They also stated that the $401,540,000 paid into the First Bank account, was distributed as follows:

• A Group Construction Co. Ltd. (owned by Abubakar Aliyu and others) of No. 2378 Limpopo Street, Maitama was paid $157 million.

• Mega Tech. Engr. Co. Ltd. (owned by AVM Nura Imam, Bashir Galandashi and others of 14C Durbin Katsina Road, Kano) got $180 million.

• Imperial Union Ltd of Plot 14 Wempco Road, Ikeja (owned by Omochonu Josef and Adeyemi Adeyinka) got $34 million.

• Novel Property and Development Ltd of No. 22 Capitol Road (owned by Adesegah Moses, Abubakar Aliyu, Adeyemi Tunji and Suleiman Ibrahim) got $30 million.

The plaintiffs added that by the statement of account of Rocky Top Resources Ltd’s Account No: 1005556552 in Keystone Bank, a transfer of $54 million was made to Bombadier as payment for the purchase of an aircraft.

They further stated that none of the persons listed as having been paid from the proceeds of the sale of OPL 245 sale rendered any known service to Malabi Oil and that no aircraft has been delivered to date.

The plaintiffs noted that at the time of the transaction leading to the payment of the money, the first plaintiff operated from the offices of Mr. Rasky Gbinijie on the 3rd Floor of No. 30 Catholic Mission Street, Lagos.

They added that it (Malabu Oil) has no office notwithstanding the $401 million allegedly received by it.

“The first plaintiff’s purported Account No: 1040659338 in Keystone Bank Plc to which the proceeds of the alleged surrender of the first plaintiff’s OPL 245 was paid, has as its sole signatory one Chief Dauzia Loya Etete, who is neither a shareholder nor a director of the first plaintiff and it is the said Chief Dauzia Etete that frittered away the whole proceeds paid to the first plaintiff,” the plaintiffs said.

None of the defendants has responded to the suit while the case is yet to be assigned to a judge for hearing.

Meanwhile, Justice John Tsoho has‎ fixed a new date for the arraignment of Adoke, Etete and others for alleged corruption, after the EFCC failed to turn up in court last Thursday when the two charges it filed against the accused involved in the Malabu deal were mentioned.

None of the defendants was also represented in court.

An official of the court later drew the judge’s attention to a letter from the EFCC seeking an adjournment to enable it tidy up some issues regarding the case, in view of the fact that most of the defendants were said to be currently outside the court’s jurisdiction.

Justice Tsoho acceded to the request by the EFCC and adjourned to April 3 for possible arraignment of the defendants.

Shell, Agip, Adoke, Etete and others have been charged to court by the EFCC over alleged corruption involving the sale of OPL 245.

Agip’s parent company in Italy, ENI, and its CEO are facing similar corruption charges in Italy.

After obtaining a temporary forfeiture order on OPL 245 to the federal government, EFCC’s attempt to get a permanent forfeiture order on the oil lease was blocked recently when the court ordered that the oil block be returned to Shell and Agip.

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House Of Reps committee indicts oil firms for tax evasion….

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….As FIRS rejects allegations by the House Committee that he is not doing enough to recover outstanding taxes and bring evaders to book..

 

The House of Representatives ad hoc committee investigating the Structure and Accountability of Joint Venture (JV) Business and Production Sharing Contract (PSC) of NNPC has indicted several oil companies for alleged tax evasion to the tune of trillions of naira.

The committee also blamed and seek the prosecution of the Chairperson of the Federal Inland Revenue Service (FIRS), Mamman Nami, for allegedly not doing enough to recover the outstanding taxes from the oil companies, a charge the FIRS boss rejected, saying his agency is working hard to bring all tax evaders to book.

Responding to the allegations levelled against his boss by the committee, the spokesperson for the FIRS chairperson, Johannes Oluwatobi Wojuola, described the claim as untrue, telling PREMIUM TIMES the tax agency is investigating and prosecuting several tax offenders.

According to the report obtained by the News Agency of Nigeria (NAN), investigation by the committee span 1991 till date with alleged tax evasion running into trillions of naira.

The report is expected to be laid before the lawmakers this week.

The ad hoc committee investigation, chaired by Abubakar Fulata, revealed that the JVs and PSCs of NNPC sold Nigerian oil at lowest cost to their own subsidiaries in a ”tax haven”.

The committee alleged that the company subsequently sold the same oil to other buyers at full price, while inflating the cost of their Nigerian production operations and under-reporting the volume of oil they produced.

This, apart from outright circumvention of the Nigerian tax laws, the committee said is abusive and contrived tax avoidance scheme to minimise their tax liability.

The ad hoc committee is praying the house to adopt the recommendations with a view to bringing sanity in the oil and gas operation in Nigeria.

This according to the report of the committee would be a greater benefit to the citizens.

The committee report also showed that all international and national oil companies who enjoyed capital allowance in Nigeria had no Certificate of Acceptance of Fixed Asset (CAFA) as prescribed by the Industrial Inspectorate Act.

The report, however, said all oil companies that benefited from capital allowance without obtaining CAFA as prescribed by the Industrial Inspectorate Act be made to refund all the monies to the government treasury.

NAN reports that on 1 November, 2022 the House ad hoc committee investigating the structure and accountability of the Joint Venture (JV) Businesses and Production Sharing Contracts (PSCS) of the Nigerian National Petroleum Limited began probing oil companies accused of tax evasion.

The probe was at the backdrop of alleged tax evasion by some oil companies operating in Nigeria, which led to the constitution of the committee by Speaker Femi Gbajabiamila.

Mr Fulata, at a meeting with stakeholders in the oil and gas industry, cited relevant sections of the 1999 Constitution as amended.

“This committee is relying on Section 88 and 89 of the 1999 Constitution of the Federal Republic of Nigeria as amended and we are asking heads of agencies who failed to forward their submissions to do so.

“This committee cannot fail in its mandate and we might resort to the use of Police and other security agencies to compel heads of agencies to do so.”

Mr Fulata decried that tax evasion by oil companies, particularly the International Oil Companies (IOCs) has negatively affected the revenue for the country.

Mr Fulata has expressed disappointment that several letters of invitation sent out to some organisations were not responded to, revealing that those who responded did so shabbily.

NAN reports that on 16 November, 2022, the house committee summoned the chairman of the FIRS.

The representatives of the FIRS, a director and special assistant, were not permitted by members of the committee to make presentations as they insisted that only the chairman is expected to speak on behalf of the agency.

The FIRS representatives had earlier told the committee that the service does not have access to the Stock Certificate of crude oil being lifted.

The representatives said the tax agency only relied on the invoice produced and presented to it by the oil companies. The committee then described the arrangement as ridiculous.

(NAN)

 

 

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Dapo Abiodun, Amosun Trade Words Over Dangote Refinery Siting In Lagos

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Ogun State Governor, Dapo Abiodun and his predecessor, Ibikunle Amosun have traded blames over the siting of the Dangote Petroleum Refinery and Petrochemical Plant at the Lekki Free Trade Zone in Lagos State.

The refinery with capacity to produce 650,000 barrels per day which is owned by Africa’s richest man, Aliko Dangote was inaugurated on Monday by President Muhammadu Buhari and four other African Presidents.

A chieftain of the Peoples Democratic Party (PDP), Segun Sowunmi reportedly blamed the Ogun State Government for losing the siting of the behemoth Dangote Refinery to neighbouring Lagos State.

Interestingly, both Amosun, who was the Ogun State governor from 2011 to 2019; and Abiodun who has been the governor since 2019, attended the inauguration of the refinery.

The two politicians are members of the All Progressives Congress (APC) but operate from opposing camps in the state with Amosun preferring another candidate over Abiodun who won his re-election in the March 2023 poll.

‘Amosun Frustrated Dangote’s Efforts To Locate Refinery In Ogun’
In a statement, Abiodun’s Chief Press Secretary, Kunle Somorin said it is painful that the huge investment that should have accrued to the state was lost, especially when the mega project had been initially planned to be located at the Olokola Free Trade Zone, in the Ogun Waterside Local Government Area of the state.

“In truth, everyone knows that Segun Sowunmi is referring to the immediate past governor, Ibikunle Amosun, as the man who frustrated the efforts to locate the refinery in Ogun State.

“We are all aware that the penultimate administration made appreciable and concerted efforts to ensure that the Olokola deep sea port and other ancillary projects in the OKFTZ, become a reality, by rallying major players in the oil and gas sector, including Dangote Group.

“The present governor, Dapo Abiodun, served as the Chairman of the Committee on the Olokola Free Trade Zone projects during the first term of the immediate past governor,” the statement partly read.

Dangote Took Business Decisions — Amosun
However, Amosun, in a counter-statement by his media office signed by Bola Adeyemi, said the Olokola Free Trade Zone project was not solely owned by the Ogun State Government.

He noted that Dangote took a business decision by siting the refinery in Lagos after initial consideration for the Olokola Free Trade Zone.

“From its conception in 2007, it was a Joint Venture. The Federal Government of Nigeria owned the majority 51%, Ondo State Goverment (14.5%), Ogun State Goverment (14.5%), and strategic core investors (20%). Alhaji Aliko Dangote, according to the information availed us when we took office, subsequently bought, and took over the 20% equity of the core investors,” the statement partly read.

“Ogun State was a minority equity stakeholder only, without proprietary strength and capacity to take sole decisions on the Joint Venture enterprise.

“As mere holder of 14.5% equity interest, it is most uncharitable for anyone to churn out lies that Ogun State was in a position to unilaterally frustrate the project or was responsible for the logjam.

“With respect to all sides, it accords more with logic to appreciate the fact that Alhaji Aliko Dangote took business decisions of his own in accordance with the goals of his business strategy and risk assessment.

“No amount of concocted lies, blackmail and orchestrated falsehood will blight these unparalleled facts.

“It is, therefore, interesting to read that the present Ogun State governor holds me responsible for allegedly scuttling the Olokola project.”

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FrieslandCampina WAMCO DDP Revolution Delivers Nigeria’s First Girolando Crossbreeds

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FrieslandCampina WAMCO DDP Revolution

Delivers Nigeria’s First Girolando Crossbreeds

 

FrieslandCampina WAMCO has announced the successful crossbreeding and birth of 25 Crossbreed Girolando calves achieved locally across various farms in Oyo, Ogun and Kwara states, thus spearheading a production revolution and transformation of Nigeria’s dairy sector.  

 

The announcement made by the dairy company’s Executive Director, Corporate Affairs, Ore Famurewa, explained that the Girolando breed is a composite of ‘Milking Gir’ from Brazil and Holstein Friesian from the Netherlands and has produced tremendous results for many decades in Brazil, leading to its transformation to a world power in dairy production. 

 

“In addition to having a high milk yield, the Girolando breed is heat-tolerant, tick-borne disease resistant and possesses other characteristics ideal for production in tropical countries like Nigeria. The Girolando calves are the first generation of a new high milk producing breed in Nigeria” Famurewa said.

 

FrieslandCampina WAMCO continues to contribute to the development of the dairy sector and national food security through its Dairy Development activities and partnerships such as the Value4Dairy Consortium.

 

Launched in April 2021, the Value4Dairy Consortium made up of four strategic partners namely FrieslandCampina WAMCO (Nigeria’s foremost dairy Company), URUS (the largest cow genetics company in the world), Barenbrug (a leading grass seed company) and Agrifirm (a leading feed and supplement company in the Netherlands).

 

The consortium is making progress in implementing sustainable strategies to fast-track growth and development of the Nigerian dairy sector, with proven track records in various agri-related value chains.

 

Two partners of the Consortium, FrieslandCampina WAMCO and URUS Group LP, the global leader in cattle breeding and dairy herd management programs, selected the Girolando breed for introduction to Nigeria and subsequently signed an agreement with a local breeding farm-SMAP Farms Limited. The strategic partnership will maximize success in crossbreeding and increased milk yields on local farms in a sustainable way.

 

In 2022, 1400 Girolando semen straws were produced and 610 artificial inseminations achieved, and 25 Crossbreed Girolando calves have been birthed till date. FrieslandCampina WAMCO sees this key milestone achievement as an important step to give smallholder farmers access to affordable good yield dairy cows in Nigeria.

 

FrieslandCampina WAMCO and other partners of the Value4Dairy Consortium remain committed to providing scalable solutions to agri-related challenges in the Nigerian dairy sector. 

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