Oil
Oil marketers ask court to quash N1.8 billion Subsidy charge
LAGOS – Two oil marketers, Mahmud Tukur and Alex Ochonogor, has filed a preliminary objection asking an Ikeja High Court to quash the N1.8 billion fuel subsidy fraud charge preferred against them by the Economic and Financial Crimes Commission (EFCC).
When the matter came up before Justice Lateef Lawal-Akapo, the oil marketers said the proof of evidence filed in the charge before the court did not support the alleged offences against them, adding that they should be discharged by the court.
The marketers were docked by the EFCC alongside other defendant, Abdullahi Alao and their company- Eterna Plc on nine-count charge of conspiracy, forgery, use of false document, obtaining money valued at N1.8 billion under false pretences.
The prosecution said the defendants of obtaining the money from the Federal Government for a purported importation of 80.3 million litres of Premium Motor Spirit.
Mr Tayo Oyetibo (SAN), who represented the applicants in his argument said the proof of evidence did not support the offences alleged against them, adding that they should be discharged by the court, adding that the criminal charge preferred against them was an abuse of court process which should be struck out in the interest of justice.
He argued that the whole issue arose from a joint venture agreement between Eterna Plc, Axenergy Ltd., Sahara Energy Resources and Ontario Oil for the importation of fuel into the country.
Oyetibo said it was not proper for Tukur and Ochonogor, who are the Managing Director and Head of Financial Control of Eterna Plc to be charged for the alleged offences.
It is submitted that the proof of evidence does not disclose or support the fact that the first and second defendants obtained money for themselves in the transactions in which the offences were alleged to have been committed.
“All financial dealings involved in those transactions were particularly between Eterna Plc and the other companies mentioned in the proof of evidence,” he added.
He submitted, there is no proof that the alleged fraud was committed as a result of the defendants’ connivance or negligence.
He said: “although a company acts through its officers, those acts of the officers are seen in law, as the acts of the company itself and therefore it is the company that is legally responsible and not the officers.”
Arguing further, Oyetibo who cited Section 65 of the Companies and Allied Matters Act, Oyetibo said did not act in their personal capacities in the transaction.
He, also faulted Section 10 of the Advance Fee Fraud Act which the EFCC claimed gave them power to charge the defendants to court.
He said his clients were being charged in their personal capacity to embarrass and harass them because there was no vicarious liability under the Nigerian criminal law.
Disagreeing with the position, EFCC counsel, Mr Rotimi Jacobs (SAN), said Section 260 (2) of the Administration of Criminal Justice Law of Lagos State prohibited the court from entertaining such applications.
Jacobs said:” A company on its own cannot commit an offence. It has to use human beings to do so.
“The argument that the principal officers of the company are not liable is baseless. It is the evidence that will distinguish the role of each of the defendants when the trial starts.
He urged the court to dismiss the application for being premature and lacking in merit.
The judge adjourned the matter till June 27 for ruling.
– VANGUARD
In a strategic move to revitalize Nigeria’s oil and gas sector, the Federal Government has unveiled two key fiscal incentives aimed at attracting investment and enhancing energy security.
The announcement was made by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy on Wednesday.
The first initiative, the Value Added Tax (VAT) Modification Order 2024, introduces critical exemptions for essential energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment.
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These exemptions are designed to reduce living costs for Nigerians, promote energy security, and accelerate the transition to cleaner energy alternatives.
The second initiative, the Notice of Tax Incentives for Deep Offshore Oil & Gas Production, offers new tax relief options for deep offshore exploration projects.
This measure aims to position Nigeria’s deep offshore basin as a premier destination for international oil and gas investments, boosting the country’s appeal to foreign investors.
These reforms are part of a broader set of policy initiatives, known as Policy Directives 40-42, endorsed by President Bola Ahmed Tinubu.
The directives reflect the administration’s commitment to fostering sustainable development in the energy sector and enhancing Nigeria’s competitive edge in the global oil and gas market.
By Yemie Adeoye
NIGERIA’s President Bola Tinubu has announced that the protracted ExxonMobil-Seplat upstream oil divestment will be formally approved by the Minister of petroleum within a matter of days, just as he announced his government’s intention to expand the Compress natural Gas, CNG buses initiative.
The President who stated this during his Independence day nationwide broadcast stated that the move is in line with his administration’s commitment to free enterprise, free entry and free exit in investments which is the hallmark of his administration investment policy.
“Fellow compatriots, our administration is committed to free enterprise, free entry, and free exit in investments while maintaining the sanctity and efficacy of our regulatory processes. This principle guides the divestment transactions in our upstream petroleum sector, where we are committed to changing the fortune positively. As such, the ExxonMobil Seplat divestment will receive ministerial approval in a matter of days, having been concluded by the regulator, NUPRC, in line with the Petroleum Industry Act, PIA. This was done in the same manner as other qualified divestments approved in the sector.”
The President also seized the opportunity to plead with Nigerians to be patient with his administration’s reform policies. “As your President, I assure you that we are committed to finding sustainable solutions to alleviate the suffering of our citizens. Once again, I plead for your patience as the reforms we are implementing show positive signs, and we are beginning to see light at the end of the tunnel”.
“Our energy transition programme is on course. We are expanding the adoption of the Presidential Initiative on Compressed Natural Gas for mass transit with private sector players. The Federal Government is ready to assist the thirty-six States and FCT in acquiring CNG buses for cheaper public transportation.
Fellow Nigerians, while we are working to stabilise the economy and secure the country, we also seek to foster national unity and build social harmony and cohesion. Our economy can only thrive when there is peace”. he enthused.
As part of the administration’s push to improve Ease of Doing Business (EoDB), Nigeria’s Vice President Kashim Shettima has expressed support for ExxonMobil’s plan to invest $10 billion in the country’s deep-water oil sector.
Speaking on Wednesday, September 25, 2024, during a meeting with ExxonMobil executives at the 79th United Nations General Assembly (UNGA) in New York, Shettima called the investment “a clear testament to the administration’s economic reforms and investor-friendly policies.”
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This announcement follows news that international maritime company DP World intends to develop a multibillion-dollar port project in Nigeria.
Stanley Nkwocha, Senior Special Assistant to the President on Media and Communications, shared the development in a statement on Wednesday. He quoted Shettima as saying: “ExxonMobil’s potential investment aligns with the vision of President Bola Ahmed Tinubu’s administration for a more investment-friendly Nigeria.
We are committed to fostering an environment that supports such transformative projects.”Shettima also discussed the administration’s broader efforts to improve the ease of doing business, highlighting the “Renewed Hope Agenda,” which aims to simplify bureaucratic processes, enhance transparency, and offer fiscal incentives to attract global investors.
“Our administration has taken bold steps to unify the exchange rate, remove fuel subsidies, and implement tax reforms. These measures, though challenging in the short term, are intended to create a stable and predictable business environment in the long term,” he added.
On the oil and gas sector, Shettima mentioned that the government is revising the fiscal framework for deep-water operations to attract investment while ensuring fair returns for the Nigerian people.
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