₦airaland Forum

In a move seen by industry analysts as a major step by the Buhari administration towards curbing the menace of crude oil theft, the Federal Government of Nigeria has instituted civil actions against Shell, Chevron, Agip and other prominent oil companies to recover over N2 Trillion in missing revenues from over 57 million barrels of crude oil shipments that were either not declared or under-declared between the period 2011 and 2014.

In suits filed on behalf of the Federal Government of Nigeria by a team of Lawyers including Prof. Ajogwu, SAN, Mr. Larry, SAN, Mr. Ajuwa and Mr. Anuga against the oil giants, the FG is praying the Federal High Court to direct the Defendants to pay into the Federal Government of Nigeria’s account with the Central Bank of Nigeria, the sums of over $0.6 Billion (USD 51,033,180, USD 462,681,780, and USD 145, 848, 551) in the first instance being the value of missing revenues accruable to the Government of Nigeria from the shortfall/ undeclared/ under-declared crude oil shipments made by the Defendants.

The significant Crude Oil theft takes the form of accounting fraud, non-declaration or under declaration of crude and gas cargoes. The cases reveal instances where an oil tanker declares that it loaded about 50,000 barrels at Nigeria’s port, but the same vessel on arrival at a port in the USA, it would discharge over 60,000 barrels of crude oil (an impossibility) It is the differences that account for the losses running into billions of dollars in lost revenues.

READ MORE HERE: http://theicon.ng/2016/03/26/exposed-how-shell-chevron-defrauded-nigeria-n2-trillion/

.Major a times I don't like reading Nigerian political news because all you see and hear is money money money which you will end up not been able to pronounce . Honestly a lot is happening in this nation. some group of cabal are milking us dry

ojnnaco:
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well done

All these one Na gragra

finally all this pained mod aff unban me...I deserve an award for the highest banned NL
ffa catch the mod wet ban me ehnnn

wu is to blame

nawa o

I wonder how they intend to collect that kind of money back. We all know how this will go, they'll keep stalling the case till both parties reach an agreement/settlement.

Though, it's a nice effort, prolly this will stop future theft like this..

TonyeBarcanista:
All these one Na gragra

oga, i been dey always think say you be patriotic Nigerian, now i don sabi say PDP money dey block your view

hungryboy:
oga, i been dey always think say you be patriotic Nigerian, now i don sabi say PDP money dey block your view

which money? You no know these lol firms?