DOCSLIB.ORG

Neiti-Oil-Gas-Report-2015-Full-Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Neiti-Oil-Gas-Report-2015-Full-Report FULL REPORT Final Report on 2015 NEITI Oil and Gas Industry Audit FINAL REPORT ON THE FINANCIAL, PHYSICAL AND PROCESS AUDIT OF THE NIGERIA OIL AND GAS INDUSTRY: AN INDEPENDENT REPORT ASSESSING AND RECONCILING PHYSICAL AND FINANCIAL FLOWS WITHIN NIGERIA’S OIL AND GAS INDUSTRY - 2015 Prepared by: Haruna Yahaya & Co, (Chartered Accountants) Ahmadu Bello House, Shiroro Road Minna, E-Mail: [email protected] 27th December, 2017 The Executive Secretary, 1 Final Report on 2015 NEITI Oil and Gas Industry Audit Nigeria Extractive Industries Transparency Initiative (NEITI), 4thFloor Murjanatu House, 1, Zambezi Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja. FINANCIAL, PHYSICAL AND PROCESS AUDIT OF THE NIGERIA OIL AND GAS INDUSTRY: AN INDEPENDENT REPORT ASSESSING AND RECONCILING PHYSICAL AND FINANCIAL FLOWS WITHIN NIGERIA’S OIL AND GAS INDUSTRY - 2015 The Firm of Messer HARUNA YAHAYA & CO. (Chartered Accountants) was appointed by National Stakeholders Working Group (NSWG) of the Nigeria Extractive Industries Transparency Initiative (NEITI) as the Fifth Independent Administrator to undertake the review and reconciliation of Financial, Physical and Process Audit of the Nigeria Oil and Gas Industry for the year ended 31st December, 2015 in line with the requirements of NEITI Act 2007. The engagement was carried out in accordance with the International Standards on Related Services (ISRS 4400), applicable to agreed-upon procedures. The procedures performed were as set out in the Terms of Reference (ToR) appended to this report as appendices. In the ToR, it was the responsibility of the Management of the covered entities to provide us with the required information/data on production level and financial flows to the Federation Account while it is our responsibilities to carry out independent review of the information/data provided and report our observations together with recommendations to NSWG. The methodology and approach adopted for this engagement, were not designed to constitute an investigation/audit or review engagement made in accordance with International Standards on Auditing or on review of engagement. Accordingly, we do not express any assurance on the transaction beyond the explicit statement set out in this report. This report is solely to inform the NSWG on all matters set out in our terms of reference and relates only to the subject matter specifically set out herein and does not extend to any financial statement of any entity taken as a whole. Yours Faithfully, Haruna N. Yahaya, FCA Managing Partner/CEO 2 Final Report on 2015 NEITI Oil and Gas Industry Audit Contents CHAPTER 1 ................................................................................................................................................14 1 INTRODUCTION ...................................................................................................................................14 1.1. BACKGROUND TO THE GLOBAL EITI .............................................................................................................14 1.2. BRIEF ON EITI IMPLEMENTATION IN NIGERIA .................................................................................................14 1.3. APPROACH AND METHODOLOGY ................................................................................................................15 1.4. OBJECTIVES OF THE AUDIT ........................................................................................................................16 1.5. SOURCES OF DATA ..................................................................................................................................16 1.6. BASIS OF ACCOUNTING ............................................................................................................................17 1.7. BACKGROUND TO EITI STANDARD .......................................................................................................17 1.8. EITI REQUIREMENT (MATERIALITY THRESHOLD) ...................................................................................17 1.9. DATA QUALITY AND ASSURANCE .........................................................................................................20 1.10. OBJECTIVE OF DATA QUALITY ...................................................................................................................20 1.11. COVERED ENTITIES ................................................................................................................................22 1.12. SUMMARY OF FINANCIAL FLOWS ..............................................................................................................23 1.13 SUMMARY OF PHYSICAL FLOWS AND PROCESS PROCEDURES ........................................................................23 CHAPTER 2 ................................................................................................................................................25 2 SUMMARY OF AGGREGATED FINANCIAL FLOWS ..................................................................................25 2.1 INTRODUCTION .......................................................................................................................................25 2.2 TREND ANALYSIS OF 2015 FINANCIAL FLOWS AGAINST 2011 TO 2014 AUDIT CYCLE FINANCIAL FLOWS .......................27 2.3 SUMMARY OF PROCEEDS OF SALES OF FEDERATION EQUITY CRUDE OIL AND GAS....................................................29 2.4. SUMMARY OF VOLUMETRIC GAS SALES AND FEEDSTOCK ..................................................................................31 2.5 COMPANY’S LEVEL FINANCIAL FLOWS ...........................................................................................................32 2.6 SUMMARY OF CASH CALL PAYMENTS ...........................................................................................................36 2.7 SUMMARY OF JOINT VENTURE ALTERNATIVE FUNDING ARRANGEMENT ................................................................37 2.8 SUMMARY OF SOCIAL EXPENDITURE AND INFRASTRUCTURE PROJECT ...................................................................37 2.9 QUASI FISCAL EXPENDITURE .......................................................................................................................39 2.10 TRANSPORTATION REVENUE .....................................................................................................................39 2.11 SUMMARY OF NLNG DIVIDEND AND INTEREST PAYMENT ................................................................................40 CHAPTER 3 ................................................................................................................................................41 3 NON-FINANCIAL FLOWS .......................................................................................................................41 3.1 IN-KIND PAYMENTS TO GOVERNMENT: ................................................................................................41 3 Final Report on 2015 NEITI Oil and Gas Industry Audit 3.2 ALTERNATIVE FUNDING ARRANGEMENTS IN JV OPERATIONS: ...............................................................43 CHAPTER 4 ................................................................................................................................................45 4 JOINT DEVELOPMENT ZONE - SÃO TOMÉ AND PRÍNCIPE (STP) AND NIGERIA .........................................45 4.1 INTRODUCTION .......................................................................................................................................45 4.2 MANAGEMENT STRUCTURE ........................................................................................................................45 4.3 JDZ ACTIVITIES .......................................................................................................................................45 4.4. TOTAL FINANCIAL FLOWS ..........................................................................................................................46 CHAPTER 5 ................................................................................................................................................47 5 PRICING METHODOLOGY OF FEDERATION CRUDE ................................................................................47 5.1. INTRODUCTION ......................................................................................................................................47 5.2. FINDINGS ON PRICING METHODOLOGY ........................................................................................................47 CHAPTER 6 ................................................................................................................................................50 6 FEDERATION EXPORT CRUDE OIL, GAS AND FEEDSTOCK SALES .............................................................50 6.1 INTRODUCTION .......................................................................................................................................50 6.2 FEDERATION EXPORT CRUDE SALES ..............................................................................................................51 6.3 COMPARISON OF NNPC COMD SALES PROFILE WITH DPR LIFTING RECORD ..........................................................54 6.4 SUMMARY OF CRUDE OIL, GAS AND NLNG FEEDSTOCK SALES VOLUME & VALUE ...................................................55 6.5 EXPORT CRUDE OIL & GAS RECEIVABLES CONTROL ACCOUNT .........................................................................59
Load more

Recommended publications
  • Nigeria: from Goodluck Jonathan to Muhammadu Buhari ______
    NNoottee ddee ll’’IIffrrii _______________________ Nigeria: From Goodluck Jonathan to Muhammadu Buhari _______________________ Benjamin Augé December 2015 This study has been realized within the partnership between the French Institute of International Relations (Ifri) and OCP Policy Center The French Institute of International Relations (Ifri) is a research center and a forum for debate on major international political and economic issues. Headed by Thierry de Montbrial since its founding in 1979, Ifri is a non- governmental and a non-profit organization. As an independent think tank, Ifri sets its own research agenda, publishing its findings regularly for a global audience. Using an interdisciplinary approach, Ifri brings together political and economic decision-makers, researchers and internationally renowned experts to animate its debate and research activities. With offices in Paris and Brussels, Ifri stands out as one of the rare French think tanks to have positioned itself at the very heart of European debate. OCP Policy Center is a Moroccan policy-oriented think tank whose mission is to contribute to knowledge sharing and to enrich reflection on key economic and international relations issues, considered as essential to the economic and social development of Morocco, and more broadly to the African continent. For this purpose, the think tank relies on independent research, a network of partners and leading research associates, in the spirit of an open exchange and debate platform. By offering a "Southern perspective" from a middle-income African country, on major international debates and strategic challenges that the developing and emerging countries are facing, OCP Policy Center aims to make a meaningful contribution to four thematic areas: agriculture, environment and food security; economic and social development; commodity economics and finance; and “Global Morocco”, a program dedicated to understanding key strategic regional and global evolutions shaping the future of Morocco.
    [Show full text]
  • UNITED STATES of AMERICA, ) ) Plaintiff, ) VERIFIED COMPLAINT ) - V.- ) ) REAL PROPERTY LOCATED in LOS ) Civil No
    Case 4:20-cv-02524 Document 1 Filed on 07/16/20 in TXSD Page 1 of 47 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ______________________________________ ) UNITED STATES OF AMERICA, ) ) Plaintiff, ) VERIFIED COMPLAINT ) - v.- ) ) REAL PROPERTY LOCATED IN LOS ) Civil No. 4:20-cv-02524 ANGELES, CALIF., COMMONLY ) KNOWN AS 755 SARBONNE ROAD, LOS ) ANGELES, CALIF. 90077, AND ALL ) APPURTENANCES, IMPROVEMENTS, ) AND ATTACHMENTS LOCATED ) THEREON, AND ANY PROPERTY ) TRACEABLE THERETO, ) ) Defendant In Rem ) _________________________ ) ) Comes now the Plaintiff, the United States of America, through its undersigned attorneys, and alleges, upon information and belief, as follows: I. NATURE OF THE ACTION 1. This is an action in rem to forfeit a parcel of luxury real estate derived from an international conspiracy to obtain lucrative business opportunities in the Nigerian oil and gas sector in return for corruptly offering and giving millions of dollars’ worth of gifts and benefits to the former Nigerian Minister for Petroleum Resources, Diezani Alison-Madueke (“ALISON- Case 4:20-cv-02524 Document 1 Filed on 07/16/20 in TXSD Page 2 of 47 MADUEKE”); and to subsequently launder the proceeds of the illicit business opportunities into and through the United States. 2. From in or about April 2010 until in or about May 2015, ALISON-MADUEKE— who was often referred to as “the Madam” or “Madam D”—was Nigeria’s Minister for Petroleum Resources. In that role, she was responsible for overseeing Nigeria’s state-owned oil company,
    [Show full text]
  • Evaluation of Corruption and Conflict in Nigerian Oil Industry: Imperative for Sustainable Development
    International Journal of Sociology and Anthropology Research Vol.5, No.5 pp.1-14, September 2019 Published by European Centre for Research Training and Development UK (www.eajournals.org) EVALUATION OF CORRUPTION AND CONFLICT IN NIGERIAN OIL INDUSTRY: IMPERATIVE FOR SUSTAINABLE DEVELOPMENT Okpan, Samuel O.1 and Njoku Precious C.2 1.Department of Sociology and Anthropology Evangel University, Akaeze, Ebonyi State, Nigeria 2.Nigeria Deposit Insurance Corporation Plot 447/448 Constitution Avenue Central Business District Abuja, Nigeria ABSTRACT: Not only can corruption keep African states in cycles of violence by funding armed groups and criminal networks, it can also prevent the development of effective institutions of governance. When money and resources are diverted by corrupt African officials to private accounts and businesses instead of being channeled to inclusive citizen’s needs, the clock turns back on social and economic development. This, in turn, can create further instability. In these ways, corruption, conflict and sustainable development are linked. Since its return to civil rule in May 1999, the country, especially the oil producing Niger Delta region, has drifted from one violent conflict to another, often with devastating consequences on human life and socio-economic development. Most analysts blame this violence on the many injustices perpetrated by the central authorities (especially the inadequacies of the current revenue sharing formula that denies oil bearing states their dues). The paper examines the relationship between corruption in oil sector, conflict and sustainable development and was anchored on resource curse theory. This study recommends amongst others that the award of oil block, contract, and licensing and production right should follow due process and transparent process.
    [Show full text]
  • Oil+Gas 116Th Edition June 2017
    BRADE Consulting Limited is a project management company focused on delivering projects for clients in Nigeria and the rest of Africa. The company undertakes projects from a single defined technical study up to full field development with its integrated team of Drilling & Completions Engineers, Subsea Engineers, Geoscientists and Petroleum Economists. With over 200 years of combined experience in the oil and gas industry, the company has executed and delivered projects within time and budget, and has capacity to support the technical needs of the Oil & Gas industry in Nigeria and Sub-Saharan Africa. In the last two years, the company in alliance with some of its partners; · provided well delivery services to Marginal Field Producers in Nigeria · delivered OCTG (Casing & Tubings) to NPDC-SEPLAT JV projects in Nigeria · provided project management services to an indigenous operator in the Niger-Delta, Nigeria Currently the company is; · negotiating provision of IPM services for drilling & completion to a major E & P company in Nigeria · NOV's partner for implementing SEABOX-SWIT, a novel subsea water treatment & injection technology in Nigeria / Ghana. Technology approved by NNPC, DPR, NAPIMS; introduced to major IOCs in Nigeria and Ghana Well Construction and Delivery Services Integrated Field Development Subsea and Topside Engineering Heavy Duty Equipment Supply (OCTG, Wellheads and X-mas trees) Engineering, Procurement, Commissioning, Installation and Maintenance (EPCIM) Halliburton Energy Services Limited (Nigeria) Shandong Molong Petroleum Machinery Company National Oil well Varco (NOV) - SEABOX/SWIT Technology Schlumberger Nigeria Limited Stefan & Kevin West Africa Limited Kerogen Logistics Limited BRADE West Africa Limited BRADE Oil & Gas Limited OCTG, Line Pipe and Large-diameter Pipes Marine & Land Transportation EPCI, IPM, Procurement, Asset Integrity Services Subsea Engineering, Top Side Engineering Contacts: Stephen Amartey Close, Nima Residential Ghana P.
    [Show full text]
  • Inside NNPC Oil Sales: a Case for Reform in Nigeria
    Inside NNPC Oil Sales: A Case for Reform in Nigeria Aaron Sayne, Alexandra Gillies and Christina Katsouris August 2015 ACKNOWLEDGEMENTS The authors would like to thank those who reviewed the report. Lee Bailey, Dauda Garuba, Patrick Heller, Daniel Kaufmann and several industry experts offered valuable comments. We are also grateful to various experts, industry personnel and officials who provided insights and information for this research project. Cover image by Chris Hondros, Getty Images CONTENTS EXECUTIVE SUMMARY ........................................................................................................ 2 OVERVIEW DIAGRAM ..........................................................................................................12 INTRODUCTION ......................................................................................................13 OBJECTIVES AND METHODOLOGY .............................................................................14 THE BASICS OF NNPC OIL SALES ................................................................................16 REFORM IN THE CURRENT CONTEXT .......................................................................20 TARGETING URGENT PROBLEMS WITH NNPC CRUDE SALES ..................29 Issue 1: The Domestic Crude Allocation (DCA) ................................30 Issue 2: Revenue retention by NNPC and its subsidiaries ............34 Issue 3: Oil-for-product swap agreements ........................................42 Issue 4: The abundance of middlemen ..............................................44
    [Show full text]
  • Financial, Physical and Process Audit: an Independent Report Assessing and Reconciling Physical and Financial Flows Within Nigeria’S Oil and Gas Industry 2012
    Financial, Physical and Process Audit: An Independent Report Assessing and Reconciling Physical and Financial Flows within Nigeria’s Oil and Gas Industry 2012 Presented by TAJU AUDU & CO 10th March, 2015 Taju Audu (Chartered&C Accountants) 20B Mombassa Street Wuse Zone 5 Abuja. 08033119089,(09)2913734 Email:[email protected] www.tajuaudu.com 1 10th March, 2015 The Executive Secretary, Nigeria Extractive Industries Transparency Initiative (NEITI), 4thFloor Murjanatu House, 1,Zambezi Crescent, Off Aguiyi Ironsi Street, Maitama, Abuja. Financial, Physical and Process Audit-An Independent Report Assessing and Reconciling Physical and Financial Flows within Nigeria’s Oil and Gas Industry-2012 TAJU AUDU & CO.(Chartered Accountants) in association with Efectivo Consortium was appointed by the NSWG in accordance with the requirements of NEITI Act 2007 to carry out an Assessment and reconciliation of Financial , Physical and Process Flows within Nigeria’s Oil and Gas Industry for the year ended 31st December, 2012. The Engagement was undertaken in accordance with the International Financial Reporting Standards (IFRS) on Related Services applicable to agreed-upon procedures engagements. The procedures performed were those set out in the Terms of Reference appended to this report except stated otherwise in this report including its appendices. We set out our findings in the following report; the procedures adopted in this engagement were not designed to constitute an audit or review made in accordance with the International Standards on Auditing (ISA). We therefore do not express any assurance on the transaction beyond the explicit statement set out in this report. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
    [Show full text]
  • World Bank Document
    Independent Power Projects in Sub-Saharan Projects Africa Independent Power Public Disclosure Authorized Public Disclosure Authorized DIRECTIONS IN DEVELOPMENT Energy and Mining Eberhard, Gratwick, and Antmann Morella, Eberhard, Independent Power Projects in Public Disclosure Authorized Sub-Saharan Africa Lessons from Five Key Countries Anton Eberhard, Katharine Gratwick, Elvira Morella, and Pedro Antmann Public Disclosure Authorized Independent Power Projects in Sub-Saharan Africa DIRECTIONS IN DEVELOPMENT Energy and Mining Independent Power Projects in Sub-Saharan Africa Lessons from Five Key Countries Anton Eberhard, Katharine Gratwick, Elvira Morella, and Pedro Antmann © 2016 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 4 19 18 17 16 This work is a product of the staff of The World Bank with external contributions. The findings, interpreta- tions, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) http:// creativecommons.org/licenses/by/3.0/igo.
    [Show full text]
  • Case 4:17-Cv-02166 Document 33-1 Filed in TXSD on 10/19/17 Page 1
    CaseCase 4:17-cv-02166 4:17-cv-02166 Document Document 33-1 35 Filed Filed on in 10/20/17TXSD on in10/19/17 TXSD Page Page 1 1 of of 54 54 UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION ______________________________________ ) UNITED STATES OF AMERICA, ) ) Plaintiff, ) FIRST AMENDED VERIFIED ) COMPLAINT - v.- ) ) THE M/Y GALACTICA STAR, BEING A ) Case No. 4:17-cv-02166 65-METER MOTOR YACHT BUILT BY ) HEESEN SHIPYARDS WITH ) INTERNATIONAL MARITIME ) ORGANIZATION NUMBER 9679830, ) AND REGISTERED UNDER THE LAWS ) AND FLAG OF THE CAYMAN ISLANDS ) AT THE PORT OF GEORGE TOWN, ) INCLUDING ALL FIXTURES, FITTINGS, ) MANUALS, STOCKS, STORES, ) INVENTORIES, AND EACH LIFEBOAT, ) TENDER, AND OTHER ) APPURTENANCE THERETO, ) INCLUDING, BUT NOT LIMITED TO, ) THE TENDER BOAT RECORDED AS A ) 7.5 METER DARIEL “GUEST TENDER” ) WITH ID/SERIAL NO. DRLDT759G313, ) AND ANY PROPERTY TRACEABLE ) THERETO; ) ) ANY AND ALL FUNDS, PROCEEDS, ) CASH, OR BENEFITS TO BE ) DISBURSED OR OTHERWISE OWING ) TO ONE57 79 INC., OR TO ITS ) SUCCESSORS OR ASSIGNS, OUT OF ) ANY SURPLUS FUNDS RESULTING ) FROM THE FORECLOSURE AUCTION ) OF REAL PROPERTY LOCATED IN ) NEW YORK, N.Y., AND COMMONLY ) KNOWN AS 157 WEST 57TH STREET, ) UNIT 79, NEW YORK, N.Y. 10019; ) ) REAL PROPERTY LOCATED IN NEW ) YORK, N.Y., COMMONLY KNOWN AS ) 1049 FIFTH AVENUE, UNITS 11B AND ) CaseCase 4:17-cv-02166 4:17-cv-02166 Document Document 33-1 35 Filed Filed on in 10/20/17TXSD on in10/19/17 TXSD Page Page 2 2 of of 54 54 12B, NEW YORK, N.Y. 10032, AND ALL ) APPURTENANCES, IMPROVEMENTS, ) AND ATTACHMENTS LOCATED ) THEREON, AND ANY PROPERTY ) TRACEABLE THERETO; ) ) REAL PROPERTY LOCATED IN ) MONTECITO, CALIF., COMMONLY ) KNOWN AS 807 CIMA DEL MUNDO ) ROAD, MONTECITO, CALIF.
    [Show full text]
  • Following Document Regarding Air Liquide Nigeria
    You are advised to read and understand the contents of this Rights Circular. If you are in any doubt about the actions to be taken, you should consult your Stockbroker, Accountant, Banker, Solicitor or any other professional adviser for guidance immediately. Investors are advised to note that liability for false or misleading statements or acts made in connection with the Rights Circular is provided in sections 85 and 86 of the Investments and Securities Act No. 29, 2007 (the “Act”) For information concerning certain risk factors which should be considered by prospective investors, see Risk Factors on pages 22 to 24 RC2078 AIR LIQUIDE NIGERIA PLC RC2078 Rights Issue of 414,000,000 Ordinary Shares of 50 kobo each at N=5.00 per Share on the basis of 23 new Ordinary Shares for every 10 Ordinary Shares held as at the close of business on 15 October 2019 The rights being offered in this Rights Circular are tradable on NASD Plc for the duration of the Acceptance period of the Issue. Payable in full on Acceptance ACCEPTANCE LIST OPENS: Monday, 04 November 2019 ACCEPTANCE LIST CLOSES: Friday, 29 November 2019 Issuing House: RC1031358 This Rights Circular and the securities which it offers have been cleared and registered by the Securities and Exchange Commission. The Investments and Securities Act No. 29, 2007 provides for civil and criminal liabilities for the issue of a Rights Circular which contains false or misleading information. The clearance and registration of this Rights Circular and the securities which it offers do not relieve the parties of any liability arising under the Act for false and misleading statements or for any omission of a material fact in this Rights Circular.
    [Show full text]
  • Selected Corporate Records Searches Carried out in 2015
    NAME OF COMPANY: AZENITH ENERGY RESOURCE LIMITED RC NO: 200987 DATE OF INCORPORATION: 28/07/92 REGISTERED OFFICE ADDRESS: 110 Herbert Macaulay Street, Ebute-Metta, Lagos PREVIOUS NAME: None MAIN OBJECT: To carry on business as energy sourcers, oil explorers, miners and conductors of seismographic searches. SHARE CAPITAL AT INCORPORATION: N500,000.00 SHARE INCREASE: N25,000,000.00 (Resolution dated 19/09/12, filed 02/10/12 and registered 04/10/12) COMPANY SECRETARY: Oni Balusi Femi, 11A East Pavilion, TBS, Lagos ANNUAL RETURNS LAST FILED: 2012 ISSUED SHARE CAPITAL: N25, 000,000.00 DIRECTORS: AKPATA OSAGIE 6, Usuma Close, Maitama, Abuja AKPATA IYEN 46B, Glover Road, Ikoyi-Lagos SHAREHOLDERS: ORDINARY SHARES HELD AKPATA OSAGIE 24,790,000 AKPATA IYEN 210,000 NAME OF COMPANY: BONO ENERGY LIMITED RC NO: 609822 DATE OF INCORPORATION: 27/10/04 REGISTERED OFFICE ADDRESS: 2 Lomani Close, Maitama, Abuja PREVIOUS NAME: None MAIN OBJECT: To engage in the import, export, trading, storage, movement, sale and distribution of all types and grades of crude oil, refined and or unrefined petroleum products SHARE CAPITAL AT INCORPORATION: N1,000,000.00 SHARE INCREASE: N5,000,000.00 (Resolution dated 20/10/11, filed 21/11/11 and registered 24/11/11) N25,000,000 (Resolution dated 26/04/13, filed 02/05/13 and registered 07/05/13) N50,000,000(Resolution dated 31/01/14, filed 07/02/14 and registered 14/02/14) COMPANY SECRETARY: Osuntogun Babatunde, 12A, Enugu Close, Crystal Estate, Mile 2, Lagos ISSUED SHARE CAPITAL: N50,000,000.00 DIRECTORS: OMISORE OLUMUYIWA
    [Show full text]
  • World Bank Document
    Independent Power Projects in Sub-Saharan Projects Africa Independent Power Public Disclosure Authorized Public Disclosure Authorized DIRECTIONS IN DEVELOPMENT Energy and Mining Eberhard, Gratwick, and Antmann Morella, Eberhard, Independent Power Projects in Public Disclosure Authorized Sub-Saharan Africa Lessons from Five Key Countries Anton Eberhard, Katharine Gratwick, Elvira Morella, and Pedro Antmann Public Disclosure Authorized Independent Power Projects in Sub-Saharan Africa DIRECTIONS IN DEVELOPMENT Energy and Mining Independent Power Projects in Sub-Saharan Africa Lessons from Five Key Countries Anton Eberhard, Katharine Gratwick, Elvira Morella, and Pedro Antmann © 2016 International Bank for Reconstruction and Development / The World Bank 1818 H Street NW, Washington, DC 20433 Telephone: 202-473-1000; Internet: www.worldbank.org Some rights reserved 1 2 3 4 19 18 17 16 This work is a product of the staff of The World Bank with external contributions. The findings, interpreta- tions, and conclusions expressed in this work do not necessarily reflect the views of The World Bank, its Board of Executive Directors, or the governments they represent. The World Bank does not guarantee the accuracy of the data included in this work. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. Nothing herein shall constitute or be considered to be a limitation upon or waiver of the privileges and immunities of The World Bank, all of which are specifically reserved. Rights and Permissions This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) http:// creativecommons.org/licenses/by/3.0/igo.
    [Show full text]
  • Big Business, Low Profile
    Big business, low profile Shedding light on oil trader Vitol’s operations in Nigeria Saskia van Drunen & Ilona Hartlief & Chinedu Bassey & Ken Henshaw October 2020 Colophon Big business, low profile Shedding light on oil trader Vitol’s operations in Nigeria October 2020 Authors: Saskia van Drunen, Ilona Hartlief, Acknowledgements Chinedu Bassey and Ken Henshaw The authors would like to thank the following Published by: SOMO and CISLAC individuals for their valuable insights and Layout: Frans Schupp thoughtful comments: Rhodante Ahlers, Cover photo: Chunyip Wong Mariëtte van Huijstee, Jorrit Kamminga, Vincent (this picture does not show Vitol facilities) Kiezebrink, Floortje Klijn, Luis Scungio, and ISBN: 978-94-6207-153-7 Anna Zalik. Though the authors benefitted greatly from the insights provided by these individuals, the content of the paper remains the sole responsibility of the authors. Stichting Onderzoek CISLAC Multi nationale Ondernemingen Civil Society Legislative Advocacy Centre Centre for Research on Multinational Corporations Flat 3, No. 16 P.O.W. Mafemi Crescent, Sarphatistraat 30 Off Solomon Lar Way, Behind Chida Hotel 1018 GL Amsterdam Utako District, Abuja, Nigeria The Netherlands T: +234 7034118266 T: +31 (0)20 639 12 91 [email protected] [email protected] https://cislacnigeria.net/ www.somo.nl CISLAC is a non-governmental organisation The Centre for Research on Multinational Corpo- registered in Nigeria. The organisation under- rations (SOMO) is an independent, not-for-profit takes research and advocacy for good governance, research and network organisation working on transparency and accountability in Nigeria, where social, ecological and economic issues related to legislators and policy makers (duty bearers) are sustainable development.
    [Show full text]