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Naijababe, come see yam don finish o!
The biggest goat has shown up.
Leno Adesanya again!!!

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Court hammer



Davidson Iriekpen

The French Court of Appeal in Paris has ordered the Nigerian National Petroleum Corporation (NNPC) to pay LUTIN Investments (BVI) Limited (Lenoil Group) the sum of $477 million, about N95 billion using interbank rate.


The dispute, which started 22 years ago, has seen both LUTIN and the corporation traversing the courtrooms and arbitration centres in Nigeria and France.


According to the document made available to THISDAY, the case started in July 1993 when NNPC illegally terminated $300 million strategic reserve contract with LUTIN; and agreed to pay compensation.


Failing to pay, the matter was referred to an arbitrator (retired and late Supreme Court Justice Uche Omo) in 1994.


Dissatisfied with the arbitrator, NNPC sued the arbitrator and LUTIN in 1994.


In 2006, after losing at the Federal High Court, and Court of Appeal), the Nigerian Supreme Court ruled against NNPC, and the matter was returned to the arbitrator for adjudication.


In May 2007, the arbitrator ruled that NNPC should pay LUTIN the sum of $55,281,000, N20,400, and N4,690,000; plus compound interest of 10 per cent, 10 per cent, and 21 per cent respectively from 1993 till full payment is made.


In October 2009, the late President Umaru Musa Yar`Adua, directed the board of NNPC and the Solicitor-General of the Federation to sign a settlement agreement with LUTIN, and pay the sum of $55,281,000 as full and final payment.


On October 7, 2009, LUTIN signed a settlement agreement and terms of settlement with NNPC.


The then Group Managing Director of the corporation, Mr. Austen Oniwon, Company Secretary, Prof. Yinka Omorogbe, the then Minister of Petroleum, Dr. Rilwanu Lukman and Attorney-General of the Federation and Minister of Justice, Mr. Michael Aonodoaka, witnessed the agreements.


On October 29, 2009, NNPC obtained a consent judgement from the FHC, which called on NNPC to pay LUTIN within seven days.


However, NNPC filed an application at the Federal High Court in Abuja, claiming that those who signed the agreements were not authorised to do so and therefore refused to comply with the consent judgement.


In 2010, the Federal High Court in Abuja proceeded to garnish NNPC’s bank accounts in Nigeria, but NNPC challenged the garnishee nisi.


Frustrated with NNPC’s inability to comply with signed agreements, and almost 18 years of litigation in Nigeria, LUTIN applied for enforcement of the Supreme Court backed Arbitral Award in West Africa, Europe, and the United States in 2011.
In December 2011, the Senegalese High Court ruled that NNPC must pay the full award of $330 million, and ordered the seizure of NNPC’s crude oil.


After numerous appeals to President Goodluck Jonathan, the President in February 2012 directed the Justice Ministry and NNPC to honour the consent judgement of the Federal High Court in Abuja; but NNPC and the Petroleum Minister refused, and advised Mr. President investigate LUTIN for “possible fraudulent activities in 1993”.


In spite of the numerous advices for an out-of-court settlement by the late Chief Bola Ige, SAN, Chief Kanu Agabi, SAN, Chief Bayo Ojo, SAN, Chief Kayode Adetokunbo, SAN, Mr. Mohammed Bello Adoke, SAN, and senior officials of the Ministry of Justice, NNPC continued the litigation for 22 years.


However, after the submission of its two years investigation by Economic and Financial Crimes Commission (EFCC), the commission recommended that President Jonathan should comply with the court rulings.


On October 14, 2014, the French Court of Appeal in Paris heard NNPC’s appeal against the enforcement of the Arbitral Award. Part of NNPC’s defence was that settlement agreements were not authorised by the boards of LUTIN, and NNPC; therefore, the agreements should be disregarded by the French court.


In late November 2014, NNPC paid LUTIN the sum of $55,281,000.00, and filed new settlement agreements with the Paris court; to avoid a $500,000,000.00 judgement.


On December 2, 2014, the French court ruled against all the defences put up by NNPC, including the settlement agreements, and ordered NNPC to pay LUTIN the sum of $477,365,000.00 (N96 billion); or $503,000,000.00 as of today (May 23, 2015).


“Since Nigeria is a signatory to the International Chamber of Commerce (ICC), and United Nations Charter on International arbitration, it is hopeful that NNPC will be made to comply with the French court ruling; to avoid its assets (crude oil, bank accounts, and refined petroleum products) from being seized and/or confiscated outside Nigeria,” said one of the lawyers who represented LUTIN during the trial in Paris.


In addition to a strong legal team in New York, Paris, and Dakar, LUTIN was represented by a team of Nigeria’s brightest Senior Advocates: Mr. Uche Nwokedi, SAN, Dr. Gbolahan Elias, SAN, Chief Femi Falana, SAN, Mr. Tokunbo Williams SAN, Mr. Ricky, Tarfa, SAN, Chief Afe Babalola, SAN, Late Chief FRA Williams, SAN; while NNPC was represented by Dr. Wale Babalakin, SAN

Dele momodu can praise a dog in his moment of need.
Dokpesi is nothing to write home about. Boss of all bosses indeed.

I am not interested in this cock and bull story.
My own issue is this; how and why is Sam Amadi a public official flying first class?
Govt should be funding such ostentatious lifestyle and neither should he be able to afford it. That is if it is true.

Was Sahara reporters also seated in the first class section of the plane?

ocelot2006:
And you OBVIOUSLY arent a PHC resident. Wike's victory.and Amaechi's defeat/disgrace at the polls was widely celebrated as the later was seen as a traitor, a lousy talker, and pretty a non performer who's leaving behind a large number of incomplete projects, destroyed homes and roads, and a massive white elephant project. Regardless of what some APC clowns in far away Lagos may think, Wike's victory is welcomed and he will be sworn in.

I agree almost completely with you but for that traitor bit.
Traitor to what cause? There is almost zero impact of Jonathan's presidency in the south-south, so i wonder why anyone will consider anyone a traitor for a presidency they did not benefit from?

Secondly, Wike did not win because he is a better candidate. He won because he has an almost impregnable political machinery, the politics of rivers state has nothing to do with ideology and also because Amaechi has zero political machinery despite being in the corridors of power for 16 years.

mulattoclaro:
if fresh elections are still conducted, wike will still win. I don't think you know how the south south hates Amaeshit.

Let us stop spreading this lie around.
Nobody hates Amaechi. He might be a loquacious character who talks more than he thinks but he is not hated.
This notion that the south south hate Amaechi for pitching his tent against Jonathan is silly, bogus and devoid of truth.
The man has a right to support whoever he wishes and he exercised that right.
What good did Jonathan do to the Niger delta that should warrant them hating anyone who opposes him?
Have you been to Bayelsa lately?
Have you seen the East west road that has been under construction for over 5 years?
Why exactly should Amaechi be hated?
I am no fan of Amaechi as i feel he held so much promise, started well but got lazy in his second term.
He could easily fight Jonathan and his crass wife without performing sub-par in rivers state.
However, this lie that anybody hates him and will vote against his candidate because he fought Jonathan is a lie.
Wike won because he has a formidable structure in rivers state. Something Amaechi failed to do in 8 years as governor and 8 years as speaker. Jonathan has nothing to do with it.
Amaechi was outrigged. QED.

Joe igbokwe is abusing his right to free speech.
He should be making this speech through his lawyer at the tribunal.
Wike eon because Amaechi lacks a political structure in rivers state. He was outrigged.
As for the whole of Rivers state, they stood aside and allowed Wike to amass the political machine he built. They will pay the price for their indifference. For all his bad points, four years of Wike will make Amaechi look like a great Democrat.

you can never find Abia State in such lists.

Ochendo was a gift from the fiery furnace sent to torment Abians.

Myself2:
Trust Buhari at your own risk.
Once a thief, always a thief.

Who knows maybe the Midland bank account is dormant and he wants to go and reactivate it.

Instead of opening a new one in Cayman or Switzerland?places where privacy is guaranteed? Did you actually think this through before posting?
Once a dunce, always a dunce.

Mogidi:
Buhari's constant travel to the UK is bothering many people, and for a good reason too.
Check this :
He went to the UK at least 5 times last year and this is his 2nd trip to the UK this year, he last visited in March just before the election.

I hope Buhari has stopped operating that Midland bank account, same account that mysteriously has 2.8billion deposited then removed in 1984/85.
Can't his daughter in the UK manage his account or Buhari doesn't trust her?

I was reading your post thinking you were going to refer to medical reasons for the travel.
I did not know you were this small minded. So in your small mind, he has to travel to the UK to operate a clandestine account? A man who has 2.8 billion in an account does not need to go to the bank, the bank comes to him.
Try and enlarge your horizon and maybe your thinking might be liberated for the good of your beer parlour tales.

shakazuldadon:
The man ate money... plenty money but worked for his state.... very hard.


Some south south governors really worked to improve their states except Amechi

||||||

Is Tropicana complete yet

Hater below me

The man tried. He matched his work with stealing.
However, I find your singling out Amaechi to be slightly silly. Amaechi did no worse than the test. The onlybpaimful part is that Amaechi started well but ended very badly.

MeAndYou:
Even though this may sound good, it is absolutely impossible in today messy political climate of Nigeria.
How then would you compensate those Governors and political heavyweights that funded your election.

Buhari, the Nigerians you are trying to deceive are not available right now, pls try again later.

They will have a say but he will have his way hope fully.

Mogidi:
What's Tinubu's official role in Nigeria now? Prime minister or what?

Godfather

Excellentmind:
In your usual attempts to show your love for Nigeria, which never existed in the first place, your sycophancy is exposed.

You live in VGC and your father live in mod house.

No excuse for failure or resign!

Stop spreading silly lies.
That man is not even his relative. Simply a man he met during campaign.
His father is late and his mother is living as well as a pensioner can.

On a related note, what the heck is Peter Mandelson doing here? First it was war mongering Blair, now his side kick Peter.

2rutalk1:
My spirit tells me this Osinbajo will be the dumbest VP in the history of Nigeria. A stooge to Tinubu coupled with lack of background in National politics. Academics is different from politics. After all there are many Professors in the National Assembly who have neither moved nor sponsored a single motion. If you think Sambo is a dulard, wait for OSINBAJO and you will understand that SAMBO is a learner in political dumbness.

Stop exposing your ignorance in public. Your spirit is grossly misleading you.
This is the man that transformed the Lagos state judiciary. Lagos state judiciary is a million miles away from the federal judiciary. The records are there for ignorant folks like you to see. Secondly, besides academics the man is a proven advocate of the law not just in Theory but also in practice.
Comparing a man like Osinbajo with the likes of Atiku and Sambo is an insult that should warrant an automatic ban in properly organized fora.
They are not his match either in intellect, integrity nor administrative sagacity.
Your disdain for Tinubu must not affect your sense of reasoning.
Ability to arrange political thugs and snatched ballot boxes is not a measure of a man's political acumen.
Desist from equating same.

He should resign and handover to Sambo to continue

Atorise's bleaching needs deliverance.

pearly1:
No be only private jet na private part.na so e easy?hiss

don't mind them.
Some people just talk without engaging their brains.
Oshiomole resemble person wey go buy jet for girl when him never buy better jeep for himself?
dem never cook that jazz.

190theclown:
This Oshomole is one of the MOST to ever grace Nigerian soil

I wonder why people still regard him as a

after he don finish benin girls he stands there saying his wife is a virgin

what or who is he trying to brag to.

I just dont understand people at times.

And finally why on earth would he buy a private jet for his wife family with which money?

The roads in edo state are not safe, No Jobs, No water, No light!!

yet a private JET

Make God just don come sef cos this world don tire all man

such silly arguments (in bold)do not tell well on you.

ideylaff:
Baba Osho wetin be all these stories now..... haba

I know for a fact Osho baba blasts @ least 2 to 3 women at the same time in Edo Government house


he cannot come here and start to form bn holy holy holy for me mehn


Hes speciality is having 2 to 3 women orgies at the sametime...

In the governors circles hes know as baba omor meta.... 3 ladies man... which seems to be back in vogue last few years

Osho shld conduct himself in the right way mehn... we dont need all thes stories ooo

I have no right to judge him but i heard such tales about him right from his trade union days.

I used to think this man was intelligent.
No intelligent person spews such info in public.

grandstar:
If the government had slashed the labour force and removed the subsidy after the increase of in the minimum wage to 18,000, government freed as much as 1.8trillion.

The lack of political will to cut the size of the civil service and remove the subsidy is the cause of the problem.

Will Buhari be bold to do the needful?

The elephant in the room.
The drain of an inefficient civil service rivals corruption as the twin evils dragging this nation back.

The debt is not a problem. It's use or lack of use is the wahala.

winnieG1:
Guys No Gobe for GTB, they simply removed the money and possibly used it as part of their capitalization fund, they are definitely going to withdraw from their capital fund . if u know how much they had made with the fund if they ve done biz with the fund, then u will realize that GTB was very smart and took advantage of the CBN policy.

Did you actually read the original post?

Funpeter:
this got me laughing like a baby.

I almost peed while reading it.

kay29000:
WHAT!!? 5 Billy? Where TF are they gonna get that? But really, people make this much from court cases? Men! That's some crazy ish! Anyway,if you have problem lasting long in bed, hit me up on BBM- 7C22F6EC.

Na so you Wan take make your own 5 billion?

PDPwayoo:
thieves.... Azagba is always waiting for any govt. in power to pay homage and drop some cheque/check........ I hate traditional rulers, i dont know why. Maybe because they are very greedy and self centered.

Politicians and traditional rulers are allies in looting...... they are inseparable partners in crime and corruption.

I thought I was alone.
In my books it is a case of guilty until otherwise proven.
Reason why I was the only one not shocked by the divisive and corrosive words of that ex-policeman. I am wired to expect the worst from traditional rulers.

akoaki:
One thing nigeria has in abundance is ignorance, followed closely by poverty. Nigerian leaders (be it political, traditional or religious) must learn how to carefully choose words spoken in public as done by their counterparts in the civilised world. The position of leaders is that of high responsibility and that ingredient must be seen in their public utterances. In other climes, there are consequences for unguarded public utterances, regadless of who is involved.

You think they don't know what they are doing?
They use ethnicity and religion to befuddle and confuse the masses but they see no division among themselves when it is time to plunder the Commonwealth.
I have stopped taking these clowns serious irrespective of the acronym under which they congregate at each given moment.

coputa:
The positiom in question is a sensitive one,the north should not hijack it.North is north,the 3 geo political zones,not withstanding.APC is a pro northern party,Tinubu,Amaechi and the other traitors will regret their action soon.

idiotic comments like this should attract an automatic ban.

barcanista:
A minimum of 50% resource derivation, political restructuring and Regional Federalism. Otherwise, we demand Referendum!

You are beginning to sound like attention seekers like Uwazurike.
You did not ask for a referendum in the last 6 years when GEJ was enforcing his cluelessness and ineptitude on the polity.
I have no problem with 90% resource control, my problem is that the crooks called leaders in ND (as the rest of the country) cannot be entrusted with a farthing. If Buhari comes and does right by the masses of the ND, people like you will be pelted with poo in plastic bags when you canvass your referendum propaganda in public. derivation is not the issue. too many thieves in public places is the issue. Take a trip to Bayelsa and shudder and the state of the place.