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Court fixes Dec. 8 for FG’s suit against Shell over $406.7m crude oil theft

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Shell
By Sandra Umeh
Lagos, Oct. 20, 2016 (NAN) A Federal High Court in Lagos on Thursday fixed Dec. 8 for the hearing of a suit filed by the Federal Government against Shell Western Supply & Trading Ltd over alleged 406. 75 million crude oil theft.

The suit no. FHC/L/CS/336/16 was filed by FG’s Counsel, Prof. Fabian Ajogwu (SAN) before Justice Mojisola Olatoregun.

Defendants in the suit are Shell Petroleum Development Company of Nigeria Ltd and its subsidiary — Shell Western Supply & Trading Ltd.

The News Agency of Nigeria (NAN) reports that the suit which had earlier been fixed for Thursday could not be heard because of the absence of the trial judge.

No reason was, however, given for her absence.

A new date of Dec. 8 has been  fixed for hearing of the suit.

Meanwhile, the plaintiff has filed a motion to amend its statement of claim, and has yet to move same before the court.

In the suit, the plaintiff (FG) is claiming the sum of 406.75 million dollars from the defendants, representing the shortfall of money paid by it into the Federal Government account with the Central Bank of Nigeria (CBN) being money for crude oil lifted in 2013 and 2014.

In the supporting affidavit, the FG had accused the Anglo-Dutch company of not declaring or under-declaring crude oil shipments during the period.

It said that this was discovered following forensic analysis of bills of laden and shipping documents, adding that Shell cheated Nigeria of the revenue.

According to the affidavit, the consortium of experts tracked the global movements of the country’s hydro-carbons, including crude oil and gas.

They identified the companies engaged in the practices that led to missing revenues from crude oil and gas export sales to different parts of the world.

They also revealed discrepancies in the export records from Nigeria with the import records at U.S. ports.

The plaintiff averred that the undeclared shipments between January 2013 and December 2014 brought the total value of the entire shortfall to 406.75 million dollars.

The defendants were said to have failed to respond to a Federal Government letter through its lawyer, seeking clarification as to the discrepancies.

The Federal Government is, therefore, seeking a court order to compel the two companies to pay 406.75 million dollars, being the total value of the missing revenue and interest payment at 21 per cent per annum.

In addition, the government is also asking Shell to pay general and exemplary damages in the sum of 406.75 million dollars as well as the cost of the legal action it has instituted.

NAN also recalls that the Federal government had also sued Chevron, Total and Agip, in a similar case before the court.

The FG is asking for a total of 12.7 billion dollars over alleged non-declaration of 57 million barrels of crude shipped to the U.S. between 2011 and 2014.

They are among 15 oil majors targeted by the government for the recovery of 17 billion dollars in deprived revenue. (NAN)
UNS/DA
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Edited by Dele Akinsola

Speed limiter: FRSC inspects 1,630 commercial vehicles in Jigawa

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Inspection
By Muhammad Bashir
Dutse, Oct. 20, 2016 (NAN) The Jigawa Command of the Federal Road Safety Commission (FRSC) said it had inspected 1,630 commercial vehicles for compliance with the installation of the Speed Limiting Device.

The corps’ Sector Commander in the state, Mr Angus Ibezim, said this in an interview with the News Agency of Nigeria (NAN) on Thursday in Dutse.

NAN reports that FRSC began the advisory enforcement of the installation of the device on commercial vehicles on Oct. 1.

Ibezim, however, said the level of compliance among commercial drivers across the state was not encouraging.

He, therefore, said that the corps would collaborate with various transport unions and other relevant stakeholders , including religious leaders and traditional rulers to ensure compliance.

“Already we are in talks with NURTW, NARTO on this issue and I am sure these unions will make their members to comply.

“We are also on advocacy visit to all the five Emirate Councils in the state in order to collaborate with our royal fathers in achieving this.

According to him, the corps is also visiting Mosques, Churches, markets and other public places to mobilise people to comply with the installation of the device. (NAN)
MNB/AMY/AMY
Edited by Abdullahi Yusuf

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Forex
By Sumaila Ogbaje
Abuja, Oct. 20, 2016 (NAN) Mr Ken Ukuoha, President, National Association of Nigerian Traders (NANT), has cautioned the Central Bank of Nigeria (CBN) against providing special foreign exchange intervention for some selected sectors of the economy.

Ukuoha told the News Agency of Nigeria (NAN) on Thursday that while he appreciated the fact that the apex bank was committed to revamping the economy, it must act with caution.

He suggested that whatever intervention the CBN decided to give must be based on genuine reason, adding that the current recession had affected every sector of the economy.

According to him, there must be a clearly spelt out criteria for selecting any sector for such intervention which the CBN has not done before announcing the intervention for airlines and those other sectors.

“While I appreciate that sectors are being assisted, I, however, want us to play on the side of caution.

“Caution in the sense that whatever intervention we need at this time of recession should be across board and must not be a selective because there are other sectors that are agile.

“Every sector is suffering and for you to select, you must have a reason for selection, you must have a criteria spelt out for the selection of such sector.

“We have not seen the criteria; we have not seen an analysis that brought out this selection and the rationale for which they were selected,’’ he said.

Ukuoha said that CBN could end up short changing Nigerians by giving special intervention to some selected sectors, adding that intervention should be holistic.

He added that the apex bank did not give reasons for selecting some specific sectors and did not also reach agreement with all stakeholders on the need for such intervention.

According to him, the recession is hitting on every sector across board, if there is any intervention, it must also go that same line.

“So, by the time you begin to select, you may eventually be short changing Nigerians because this is tax payers’ money; the money belongs to the whole Nigerians.

“Therefore, for such intervention to go to a specific sector, there must be reason, there must also be agreement that these sectors really require bail out because it is a kind of bail out.

“We must also know the economic implication in terms of impact on the economy, so that it doesn’t go the same way that 41 items were selected by the CBN and eventually we are now regretting.

“So, this intervention must be evidence-based,’’ he added.

The CBN recently approved Special Secondary Market Intervention Retail Sales for airlines, raw materials and machinery for manufacturing companies and agricultural chemicals.

The apex bank explained that the intervention was a one-off exercise dedicated to the clearance of the backlog of matured Foreign Exchange obligations. (NAN)
OYS/OFN
Edited by Felix Nwadioha

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Screening
By Yashim Katurak
Abuja, Oct. 20, 2016 (NAN) Garki Hospital in the Federal Capital Territory (FCT), on Thursday, offered free eye screening and distributed drugs, eye glasses to not less than 70 residents.

Dr Sewuese Bitto, Head, Department of Ophthalmology, told the News Agency of Nigeria (NAN) that the hospital partnered with Norvatis to carry out the screening.

NAN reports that Novartis is a global healthcare company based in Switzerland that provides solutions to meet the evolving needs of patients worldwide.

Bitto said the hospital organised the screening as part of measures to reach out to residents especially those who could not afford the cost of treatment.

“What we observed during the screening is that most people were suffering from allergic conjunctivitis.

`This is not unusual because this eye disease is predominant when the seasons are changing.

“Another disease we saw is the endemic viral conjunctivitis that is called the Apollo; we have seen quite a number of patients with this condition in recent times also due to the seasonal change.

“We also see cases of glaucoma, cataract, and persons suffering from refractive error.

“The aspect of refractive error we have seen most is the ‘Presbyopia’.

“This refers to the type of error that occurs in individuals around the age of 40.

“At this age, the individual is not fully equipped to accommodate the process that takes place when one looks at a distant object and tries to focus on the near object.

“The person finds it difficult to do so because the ability to do that is weakened because of age,” Bitto said.

She said that eye glasses and drugs were distributed to patients were needed.

Bitto urged the public to ensure they go for medical checkup frequently to ensure they received appropriate assistance as the state of wellness does not mean the absence of disease. (NAN)

KRY/EAL/AEA
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Edited by Ekemini Ladejobi

VP Osibanjo arrives Benin for coronation of Crown Prince Erediauwa
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Osibanjo
By Deborah Ogedemgbe
Benin, Oct. 20, 2016 (NAN) Vice President Yemi Osibanjo has arrived Benin ahead of the coronation of Crown Prince Eheneden Erediauwa as the 39th Oba of Benin Kingdom.

Edo Gov. Adams Oshiomole in the company of Chief John Oyegu, National Chairman of the All Progressives Congress (APC), received the Vice President on arrival at the Benin airport.

The Vice President’s plane touched down at 10:41 a.m. (NAN)
DCO/KOO/MST

Edited by Muhammad Suleiman Tola

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Youth
By Olayinka Owolewa
Ilorin, Oct. 20, 2016 (NAN) Gov. Abdulfatah Ahmed of Kwara on Thursday promised that his administration would do everything possible to empower the youth.

A statement issued by Dr Muyideen Akorode, the governor’s Senior Special Assistant on Media and Communications, indicated that Ahmed made the promise in Washington DC, U.S.

Ahmed said he was aware of the pains the youth were going through, especially their inability to secure decent jobs.

He urged the people of the state, especially the youth, not to give up hope in spite of the economic challenges in the country.

The governor gave the assurance that his administration would continue to implement pragmatic programmes and policies to tackle the challenges.

The governor said part of the measures taken was to place greater emphasis on youths and women in the government’s micro-credit intervention scheme for small business owners.

Ahmed also advised the youth with creative business ideas to take advantage of the scheme to improve their businesses and revenue base. (NAN)
OOH/AOM/DCU
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(Edited by Abdullahi Mohammed and Donald Ugwu

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Talk
Brussels, Oct. 20, 2016 (dpa/NAN) EU leaders are expected to address some of the challenges facing the bloc’s at a summit in Brussels starting on Thursday.

The challenges included EU’s sour relationship with Russia; Britain’s looming departure from the bloc, migration and ways of tackling it.

The discussion to smoothen relationship with Russia is necessitated by the tension generated by Russia’s role in the crisis in Ukraine

Russia’s crisis with the union had been exacerbated by Moscow’s role in the Syrian regime’s bombardment of Aleppo.

“We all recognise that Russia is a great power and a major player in the world with whom we need if we possibly can, to forge a different strategic relationship,” one EU diplomat said.

“However, the context has changed radically,” he added,

The German Chancellor Angela Merkel and French President Francois Hollande would brief the meeting on the talks they had with Russian President Vladimir Putin.

Merkel said that the option of imposing sanctions on Russia for its role in Syria should remain on the table, “but no decisions are expected on Thursday.

British Prime Minister Theresa May will also attend the meeting.

She is expected to reassure EU leaders of her constructive approach on handling the issues of her country’s exit from the union.

The leaders would also take stock of progress made on tackling migration. (dpa/NAN)
OYE/AEA
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(Edited by Damilola Oyewole/Archibong Asuquo)

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IMF
By Chinyere Joel-Nwokeoma
Lagos, Oct. 20, 2016 (NAN) Some financial experts have advised the Federal Government to place more emphasis on infrastructure development to maintain Nigeria’s position as the largest economy in Africa.
They told the News Agency of Nigeria (NAN) in Lagos on Thursday that well developed infrastructure would make the country’s informal sector to be more vibrant.
The financial experts were reacting to the IMF which reported that Nigeria’s economy was still the largest in Africa.
Prof. Sheriffadeen Tella of the Department of Economics, Olabisi Onabanjo University, Ago-Iwoye, told NAN that activities in the nation’s informal sector were very huge and should be encouraged.
Tella said that government should pursue policies that would strengthen the development of the informal sector as the sector was the driver of the nation’s economy.
“Nigeria economy will continue to be the largest in Africa if the relevant authorities take cognisance of activities in the informal sector,” Tella said.
He said that there were huge markets all over the country whose activities were not captured in the Gross Domestic Product (GDP).
Tella said that government through its agencies needed to capture activities in all sectors of the economy to know their actual output and income, adding that the funds outside the banking sector were still huge.
“I don’t think there is anything wrong in the IMF latest report because we have what it takes to be the largest economy in Africa taking into cognisance the depth of our informal sector,” Tella said.
Mr Sola Oni, the Chief Executive Officer, SOFUNIX Investment and Communications Ltd., also said there must be a deliberate policy of government to invest in the nation’s infrastructure.
Oni said that the astronomical and unacceptable cost of running government in Nigeria should be reduced.
“There is no doubt as to what government should do, there must be a deliberate policy to invest in infrastructure,” he said.
Oni said that government should take advantage of the capital market for infrastructure development.
“It is not an overstatement that the IMF said that Nigeria’s economy will bounce back and overtake some African countries’ economies.
“But policy formulation and implementation have always remained the river between Nigeria and its economic growth and development,” he added.
Malam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., said that the IMF was playing with figures because it was devaluation that really affected Nigeria.
Kurfi said that Nigeria was still the largest in Africa in terms of population and economy.
He said that the country’s productivity would improve if the closure of the borders was properly enforced.
Kurfi said government should continue to check the influx of foreign goods into the country.
Dr Uche Uwaleke, the Head of Banking and Finance Department, Nasarawa State University, Keffi, said that it was not yet time to roll out the drums on the 415 billion dollars GDP estimated by the IMF.
Uwaleke said that it was difficult to reconcile the IMF estimate with the country’s poor macro economic performance in the last few months occasioned by the drastic fall in oil revenue.
He said government should not make a big issue out of the report, but must remain focused in its efforts toward getting the economy out of recession.
NAN reports that IMF October Report affirmed Nigeria’s economy as the biggest in Africa, ahead of South Africa and Egypt.
Nigeria was reported to have lost its spot as Africa’s biggest economy to South Africa in August 2016, following the recalculation of the country’s GDP.
The IMF World Economic Outlook for October 2016 puts South Africa’s GDP at 280.36 billion dollars from 314.73 billion dollars in 2015.
The latest estimates from the IMF put Nigeria’s GDP at 415.08 billion dollars, from 493.83 billion dollars at the end of 2015. (NAN)
JNC/MO/TA
Edited by Morayo Omolade/Tajudeen Atitebi

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Appeal
By Suleiman Shehu
Ibadan, Oct. 20, 2016 (NAN) Dr Kanayo Nwanze, President of the International Fund for Agricultural Development (IFAD) has advised Africa leaders to invest in youths, through agriculture, to eradicate hunger.

Nwanze gave the advice on Wednesday evening during the 50th anniversary of the International Institute for Tropical Agriculture (IITA) in Ibadan.

The News Agency of Nigeria (NAN) reports that Nwanze spoke on theme: ‘’Rejuvenation of Africa through IITA’S interventions and the impact of the youth engagement in agriculture.’’

The IFAD President said that the hope of the continent, particularly Nigeria, depends on the youths, adding that steps must be taken to engage them in agriculture to become better citizens.

“It is the responsibility of the old and leaders of any country to take some important steps for the sake of the youth and the future of the country.

“Africa and Nigeria in particular is blessed with fertile soil and abundant rainfall that will make it easier to invest in agriculture.

“No other continent is so gifted like Africa, it has a brighter future in agriculture and offers a huge opportunity for the youth that will discourage the search for white-collar job,’’ Nwanze said.

He said that Nigeria needed to revive the decay of the past on agriculture and invest in rural transformation that would assist easy transportation of agriculture produce.

The IFAD president said that the countries where Nigeria bought the imported food items from used the money generated to develop their economies.

Nwanze said that investing in agriculture would save Africa and Nigeria in particular a lot of money, which can be channelled toward the development of other infrastructure.

He, however, urged youths to see the challenges of today as opportunities they could maximise to better their lots.

Nwanze said that IITA had provided a lot of assistance in terms of agriculture by reducing hunger in Africa, and expressed willingness to be part of the event commemorating its anniversary. (NAN)
SYS/DUA/AFA
Edited by Dada Ahmed/Felix Ajide
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Promoter
By Vezi Isike
Lagos, Oct. 20, 2016(NAN) Femi Adeniran, a music promoter, on Thursday expressed his frustration at the difficulties being experienced by up coming musicians in the promotion and marketing of their brand.

Adeniran told the News Agency of Nigeria (NAN) in Lagos that the cost of promoting songs have become very expensive and largely unaffordable for budding musicians.

According to him, the industry is slowly losing its finest because of the prevailing situation in the entertainment industry.

He stressed that the cost of promoting a single song on radio and television, was far more expensive than the production cost of an album.

“There are lots of brilliant musicians and lyricists who litter the streets, because they find it difficult to raise the resources to promote their songs.

“It beats my imagination why it is almost cheaper to produce 10 songs than promote and market just one song before it goes viral,” he said.

Adeniran told NAN that the structure used for playing songs abroad, was more to the advantage of the artistes since it allowed them to recoup funds spent on production.

“’The rule for a radio or television station to play an artist’s song abroad, required the station to take permission and even most times pay the artist royalty for using his song.

“But here it is the artist that spends his money in producing his song and same time takes it to the radio station, pay them for his song to be played,” he said.

The entertainer called on the relevant authorities to take a critical look at the issue, and come up with corrective solution that would bring relief to struggling artistes.

“If the governing bodies like PMAN and COSON don’t take action, the struggle to promote songs will triple and have adverse effect on the industry.

“The ripple effect will no doubt stunt the growth of upcoming artistes and prevent them from showcasing their talent to the world,” he said.(NAN)
VOI/ERO/MZA
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(Edited by Emmanuel Okara/Maharazu Ahmed)