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Swiss ready to assist Nigeria in alleged $6bn oil deal fraud

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ABUJA – Switzerland is ready to assist Nigeria in the ongoing investigations into the alleged more than 6.8 billion dollars (N1.1 trillion) fraudulent oil deals involving the NNPC and Swiss oil trading companies.

Mr Hans-Rudolf Hodel, the country’s ambassador to Nigeria, made the pledge on Monday in Abuja.

Hodel told reporters that though no formal request for assistance had been made to his government on the issue by any representative of the Nigerian government, both countries had an existing mutual legal assistance.

This, he said, entails providing banking information and freezing of bank accounts, “if such accounts are identified in the criminal proceedings’’.

Hodel said that the report issued by the Swiss-based NGO, Berne Declaration, which highlighted the transactions between NNPC and Swiss companies, did not represent the official position of the Swiss government.

The News Agency of Nigeria (NAN) recalls that the report entitled “Swiss Traders Opaque Deals in Nigeria”, catalogued the modus operandi employed the “letter box companies” and the alleged partners, to defraud Nigeria.

Following the report, the House of Representatives mandated a joint committee to investigate the alleged involvement of the NNPC with the Swiss oil dealers in the deals.

NAN reports that the NNPC has since denied involvement in the alleged fraud.

Hodel said: “I have no knowledge that we have been contacted by the authorities (Nigeria).

“In case they will start proceedings and they will need our help; of course, with the international legal cooperation we will help them if they approach us but until now they have not approached us,’’ he said.

The Swiss envoy recalled that in a letter dated Sept. 10, 2012, Nigeria had requested legal assistance from his country regarding the fuel subsidy scheme.

He said the request had been forwarded to “the competent Swiss judicial authorities’’ who are in contact with their Nigerian counterparts, but declined further information on the issue because legal proceedings are ongoing in Nigeria courts.

On the return of illicit assets to Nigeria, Hodel said cooperation between both countries culminated in the repatriation of alleged 700 million dollar loot by former Head of State, Gen.

Sanni Abacha.

“The entire 700 million dollars blocked in Swiss bank accounts have been returned to Nigeria and the case has been closed,’’ he said.

The envoy pledged his country’s commitment to combat money laundering and financing of terrorism in West Africa.

He said the Swiss Government and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) would organise a three-day seminar on the issue from Tuesday, Nov. 26 to Thursday, Nov. 28 in Abuja.

He said the seminar would focus on the informal, cash-based aspects of money laundering and financing of terrorism, as well as cross-border cooperation of financial intelligence units.

– NAN

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Oil

FG Introduces New Incentives To Revitalize Nigeria’s Oil & Gas Industry

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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.

 

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Tinubu set to approve ExxonMobil-Seplat oil deal, expands CNG bus initiative

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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.

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ExxonMobil To Invest $10bn In Nigeria’s Deep-Water Oil Operations

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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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