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Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum - Business (2) - Nairaland

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Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by Yankee101: 8:42am On Mar 04, 2018
Chinese sha. That's why it's better doing business with a Shell or Chevron. You can sue them in their own Country and win. But Chinese firms....oyo!
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by EsmeraldaR1(f): 9:13am On Mar 04, 2018
[quote author=efesodje post=65542969]Sinopec is considering selling its onshore and offshore assets in Nigeria and Gabon.

The Chinese oil and gas group has already hired BNP Paribas, to help it carry out future transactions in both countries.

I fear for my friends who work in Addax. So much uncertainty in the air right now undecided[/quote

Are you serious?
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by EsmeraldaR1(f): 9:17am On Mar 04, 2018
Jethrolite:
I wonder o. And who does that kind of business where you're taxed at such crazy rates.

It is an oil company and trust me the tax is not that high,because they still make profit at the end of the day.

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Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by EsmeraldaR1(f): 9:21am On Mar 04, 2018
FarahAideed:
If you know this case very well you will know the Nigerian govt is the on at fault trying eat it's cake and have it , this case was why the original owners of Addax sold it to the new Chinese owners ...The Nigerian govt should learn to contribute it's own fair quota to PSCs and JVs then all this confusion will stop . The Chinese were deceived into buying Addax believing the disparities and issue would be regularised based on promises from top govt officials but little did they know that this is Africa and a short sighted govt headed by buhari would soon hold sway .

You seems to know more about this,can you share more of what you know ?why did it take Nigerian govt this long to take action?
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by GavelSlam: 9:24am On Mar 04, 2018
FarahAideed:
If you know this case very well you will know the Nigerian govt is the on at fault trying eat it's cake and have it , this case was why the original owners of Addax sold it to the new Chinese owners ...The Nigerian govt should learn to contribute it's own fair quota to PSCs and JVs then all this confusion will stop . The Chinese were deceived into buying Addax believing the disparities and issue would be regularised based on promises from top govt officials but little did they know that this is Africa and a short sighted govt headed by buhari would soon hold sway .

Speak about what you hold competence in and stop trying to sound intelligent when you clearly aren't SalamRushdie.
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by Nobody: 9:26am On Mar 04, 2018
Good move
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by GavelSlam: 9:26am On Mar 04, 2018
EsmeraldaR1:


You seems to know more about this,can you share more of what you know ?why did it take Nigerian govt this long to take action?

He doesn't have a clue.

Go through all his posts and see how any issue, no matter how small or unrelated, he quickly links to Buhari and attempts to besmirch his authority, competence or relevance.
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by Jethrolite(m): 9:49am On Mar 04, 2018
EsmeraldaR1:


It is an oil company and trust me the tax is not that high,because they still make profit at the end of the day.
85% is not high. Who is arguing their profitability. How can one run such a massive operation and have 85% of their profit taken away. Are you even a business person, so you are telling me you can subject your business to such operations? You are funny. And communities where these companies operate will also want all sorts of favours and impose indirect tax.

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Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by vioment: 9:52am On Mar 04, 2018
Take over the company and deport them sharply. No time.
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by FarahAideed: 10:13am On Mar 04, 2018
EsmeraldaR1:


You seems to know more about this,can you share more of what you know ?why did it take Nigerian govt this long to take action?

Addax came into the Nigerian oil scene in 1998 wuththe acquisition of Ashlands oil OML 123 and 124s license on which the struck Joint venture and production sharing contract with the NNPC where as usual the each party was to contribute it's own investment quota to make the venture a reality and as usual with the Nigerian govt and penchant for disregarding core values of JVs the govt of the day encourages Addax to fund investment quota for both parties and deduct the cost of such investment at gross gross before any sharing was yo be done between most parties , what this means is that Addax will fund FGs commitment and then deduct what ever they have invested then the balance is what will be shared by both parties , this agreement was almost gentlemanly as it wasn't properly gazzeted but instead backed by just a letter aid authority from the office of the president ..Over the years the Addax kept making these deduction till the govt of YarAdua disregards the agreement stating that a mere letter was not enough grounds to make such deductions and as such the arrangement was illegal and ultra vires to entity of the federal govt ..Plus minus the govt arrived at 2.8 billion dollars as the number which Addax was owing it in royalties..Addax then takes the govt to court to try make it honour that letter ... The European owners of Addax foreseeing problem ahead quickly unbundled and exited by selling its stakes to Chinese oil giant sinopec without disclosing the full extentvif issues it had with the Nigerian govt ...On takeover Sinopec would try to convince the Nigerian govt of GEJ that it was now a new entity and as such a new contractvshould be drawn up and all burdens of the previous contract be evaporated ...It is believed that Sinopec paid 100s of millions of dollars in bribe to govt officials who worked closely with Jonathan to get this nod but unfortunately for them a Jonathan lost his relection bid and with Buhari they are back to square 1 .
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by Diensam: 12:05pm On Mar 04, 2018
So what is it about these side letters when there is an existing law, and is there no time frame for a side letter na waoooo!
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by airboss33(m): 12:34pm On Mar 04, 2018
And after one monkey will come and carry the money [color=#990000][/color]
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by Nobody: 1:18pm On Mar 04, 2018
Hehehehe...
Bubu i hail o!
So because Obj write letter say make you waka go back go meet your maluu, na im make you dey remember wetin happen for oyel sector when him be presido abi?
Don't worry, na we whe no get anything for you to carry send us black letter go pursue you comot for Aso Rock. E remain IBB own o. No forget say him too talk say make you waka go #BACK2DAURA.
2019 LOADING...
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by TheAlchemist: 3:39pm On Mar 04, 2018
efesodje:
Sinopec is considering selling its onshore and offshore assets in Nigeria and Gabon.

The Chinese oil and gas group has already hired BNP Paribas, to help it carry out future transactions in both countries.

I fear for my friends who work in Addax. So much uncertainty in the air right now undecided
.


While your friends working in addax are already looking forward to some mouth watering severance package!

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Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by Nobody: 3:41pm On Mar 04, 2018
TheAlchemist:
.


While your friends working in addax are already looking forward to some mouth watering severance package!

True but don't forget the prospect of joining the unemployed labour market.
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by TheAlchemist: 3:45pm On Mar 04, 2018
efesodje:


True but don't forget the prospect of joining the unemployed labour market.

.

Do you know with their severance package most of them would not need to work for the rest of their lives.
They should just invest in Treasury Bills, Fixed Deposit, buy up some real estate properties and start earning rental income.
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by Nobody: 3:50pm On Mar 04, 2018
TheAlchemist:
.

Do you know with their severance package most of them would not need to work for the rest of their lives.
They should just invest in Treasury Bills, Fixed Deposit, buy up some real estate properties and start earning rental income.

That's if they have the financial foresight.

Look forget that huge severance pay, I know someone that was laid off in Mobil in 2010 and is struggling today.

With the lifestyle most of my colleagues live, you will need to be very disciplined to invest that money well
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by Sagay212: 4:20pm On Mar 04, 2018
So na chinese people get Addax? na wa for this country ooo. Wetin we wan use our brain do? everything must be foreign investor.
Re: Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum by aerodee(m): 5:15pm On Mar 04, 2018
Silent wars.

Obasanjo wrote a letter, this is the response. Obasanjo's hand is all over this deal through his puns. With a willing America support and effort to push China out of Nigeria/Africa and a Fulani that never forgives, we have a case.

Forget corruption fights, this is more of a vendetta.

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