Shell Petroleum Development Company
Shell Petroleum Development Company (SPDC) has said it is working to secure expeditious discharge of court order freezing its accounts, which was obtained by AITEO Eastern (E&P) Company Limited.
AITEO had sought an ex-parte order from a Federal High Court in Ikoyi, Lagos for an injunction directing 20 commercial banks to block accounts of SPDC and affiliates of the Royal Dutch Shell company operating in Nigeria in a bid to recover cash value of more than 16 million barrels of crude allegedly diverted by the oil giant.
Justice Oluremi Oguntoyinbo gave the order in suit no FHC/L/CS/52/2021, directing the 20 banks where Shell companies operate accounts in Nigeria to “ring-fence any cash, bonds, deposits and all forms of negotiable instruments.”
The introduction of technology in the nation’s oil and gas industry will enhance transparency and accountability, writes Jackson Onyukwu
The Department of Petroleum Resources (DPR), is the statutory regulatory agency for petroleum in Nigeria. Oil is the main foreign exchange earner for the nation. Therefore oil is the fiscal breath of Nigeria.
This explains why all eyes are on crude oil. Government officials are watching. Nigerians can’t stop talking crude and its value chain. This places a huge burden on DPR. It must be alert and alive to its duties otherwise the nation loses. From its journey in 1971 functioning with different names under different ministries through 1988 when it was renamed DPR and given full autonomy to regulate the petroleum industry till late 2019, DPR has discharged its responsibility to the best of its ability. But question marks still persisted on its ability and courage to stop the haemorrhage in both the upstream and downstream sectors of the industr
Businesses should be wary of class action lawsuits as groundbreaking Shell decision has global reach
Class actions are becoming increasingly common in the UK.
Class action lawsuits are becoming increasingly popular in the UK, and a combination of the coronavirus, Brexit and previous claimant-favourable outcomes will mean UK companies see more action against them in the coming years.
Britain is part of something of a third wave of class action lawsuit popularity.
The practice of collective claims started in the United States, where it is still rife, then moved to Australia, where it became so popular the Australian government is looking at ways to regulate the sector. Class actions are now growing in popularity in Britain.
By Emmanuel Addeh
The Executive Secretary of the Nigerian Content Development and Monitoring Board (NCDMB), Mr. Simbi Wabote, has disclosed that the Nigerian Oil and Gas Park in Emeyal 1, Bayelsa State, would be completed in the fourth quarter of 2022.
Speaking after inspecting the construction work at the project site alongside senior management of the board, Wabote said his assessment visit was a prelude to the planned tour by the Minister of State for Petroleum Resources, Chief Timipre Sylva, to the board’s major projects.
A statement from the NCDMB stressed that the oil and gas park projects at Emeyal 1 and Odukpani in Cross River State and the Composite Gas Cylinder Manufacturing facility at Polaku are some of the projects to be visited.
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