Court to rule on Agip’s $110m oil revenue case April 20 

4TH - Agip

PHOTO CREDIT: SHIPS & PORTS archive

A Federal High Court sitting in Lagos south West Nigeria has fixed April 20, 2019 for judgement in the suit filed by the Federal Government of Nigeria to recover a sum of $110 million from Nigeria Agip Oil Company (NAOC).

The presiding Judge, Mojisola Olatoregun fixed the case for judgement after the parties have adopted their final written addresses.

In the suit, the Federal Government of Nigeria, accused Nigeria Agip Oil Company Limited of under-declaring the volume of crude oil it shipped out of the country between January 2011 and December 2014.

The Nigerian Government alleged that the oil company short-changed it to the tune of $55m.

The government is praying the court to compel the oil firm to pay the sum of $55m with an annual interest of 21 per cent.

It also wants the court to award another $55m against Agip as exemplary damages.

The legal battle has been on since late 2016.

There are similar lawsuits pending against Total E&P Nigeria Plc,Chevron Nigeria Limited and Shell Oil company by the Federal Government.

READ ALSO  Customs recruitment: Experts berate FG over rising youth unemployment rate

In the case of Total, the Nigerian Government sought to recover $245,258,640, “being the total value of the missing revenues from the shortfall under-declared/undeclared crude oil shipments of the Federal Government of Nigeria.”

The Federal Government also sought another $245,258,640 as general damages.

The government said the lawsuits followed a forensic analysis linking the decline in crude oil export and Government revenue at the time to the alleged under-declaration of the volume of crude oil shipped out of the country by the oil companies.

The Federal Government claimed to have uncovered the alleged illegality using high-technology Information Technology system, including satellite tracking systems, which were deployed by its consultants.

The statements of claims were backed up with supporting affidavits deposed to by three United States of America-based experts – Prof David Olowokere, a US citizen and Lead Analyst at Loumos Group LLC, US; Jerome Stanley, a lawyer in the law firm of Henchy & Hackenberg; and Micheal Kanko, founder and Chief Executive Officer, Trade Data Services Company, State of Arizona, US.

READ ALSO  Gulf of Guinea: Nigeria, others lose $777m annually to piracy — UN  

The deponents said about 57 million barrels of crude oil were allegedly illegally exported by Total and sold to buyers in the US between January 2011 and December 2014 without making due remittance to the Federal Government of Nigeria.

 

 

We pay for your stories! Do you have a story for Ships & Ports? Email us at [email protected] or call 0810 359 4873. You can also WhatsApp us here. We pay for videos too. Click here to upload yours. 

 

Copyright Ships & Ports Ltd. Permission to use quotations from this article is granted subject to appropriate credit given to www.shipsandports.com.ng as the source.