FG accuses Shell of crude oil theft, demands $406m .

መግለጫ ጽሑፍ ያክሉ

The amount, according to court papers in Lagos, represents the shortfall of the money paid by the multinational oil firm in the account of the FG with CBN, for crude oil lifted in 2013 and 2014.

Government lawyer, Prof. Fabian Ajogwu, accused Shell of not declaring or under-declaring crude oil shipments during the period, following forensic analysis of bills of lading and shipping documents, Ajogwu, armed with sworn affidavits of three U.S-based professionals, claimed that Shell cheated Nigeria of the revenue.

Among the three professionals employed by the FG are: Prof. David Olowokere, a US citizen who is the lead Analyst at Loumos Group LLC, a technology and oil and gas auditing firm based in the U.S and Jerome Stanley, a counsel in the law firm of Henchy & Hackenberg, a law firm based in U.S and head of the legal team engaged by Loumo Group LLC.

The third professional is Micheal Kanko a citizen of the USA, who is the founder and the current Chief Executive Officer of Trade Data services Company.

The consortium of experts was able to track the global movements of the country’s hydro-carbons including crude oil and gas with the main purposes of identifying the companies engaged in the practices that led to missing revenues from crude oil and gas exports sales to different parts of the world.

In reconciling the export records from Nigeria, with the import records at ports in the United States of America, the experts found mind boggling discrepancies. Nigerian government now seeks a court order compelling Shell to pay the sum of USD 406,751,070 and also demands interest payment at 21% per annum until the entire sum is liquidated.

Shell in addition is being asked to pay general exemplary damages in the sum of $406,751,070 and the cost of instituting the legal action. The presiding judge, Mojisola Olatoregun Isola has adjourned till 20th of Oct. 2016

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