Connect with us

News

OML 11 and 39 others: Nigerian Lawyer wants Shell investigated over alledged fraud of $200 million

Published

on

The Principal partner of Abuja based law firm, ‘Beulah Law Partners’, Barr. Mela Oforibika has petitioned the Attorney General of the Federation and Minister of Justice, Abubakar Malami, the Economic and Financial Crimes Commission, (EFCC) to carry out a criminal investigation into the activities of Shell Petroleum Development Company Limited.

Advertisements

In statement he personally signed and made available to CAPITAL POST in Abuja on Monday, the lawyer alledged that the oil giant connived with officials of Nigerian Petroleum Ministry to extend the lease terms of OML 11 and 39 other OMLs for the next 30 years that would see the Nigerian government losing $200 million, describing the situation as illegal and unlawful.

Advertisements

Citing relevant sections of the Constitution, the insisted on immediate action to save the Nigerian State of wholesale corruption.

The statement said: “We write to institute a Criminal complaint against Shell Petroleum Development Company of Nigeria Limited, a foreign subsidiary of Royal Dutch Shell Plc which is involved in grand scale corruption against the Nigerian state and in breach of Articles 177 & 363 of the Dutch Criminal Code and bribery Act 2017 of United Kingdom.

“We demand for an urgent investigation into this criminal complaint and seek redress in line with all enabling law and international best practices.

“We are a law firm run by patriotic Nigerians with expertise in Oil and gas law, with zero tolerance for corruption, having been involved in several litigations regarding the unscrupulous and illegal practices of oil companies in Niger Delta and represent a Non-Governmental Organization called Citizens Enlightenment and Participation Forum (CEPAF).

“We deem it expedient to draw your attention to the monumental fraud and brazen illegality as regards the renewal of Oil Mining Leases in Nigeria especially by the Shell Petroleum Development Company of Nigeria Limited/NNPC Joint Venture.”

He further pointed out that some sections of the Petroleum Act, 1969 have been clearly breached, particularly that the lease terms cannot be more than twenty years.

“We have however noticed that rather than comply explicitly with the provisions of the Petroleum Act 1969 as “amended”, Shell petroleum Company of Nigeria Limited and its Joint Venture partners (SPDC/NNPC JV), have consistently and constantly defrauded the Federal Republic of Nigeria by acting contrary amongst others to the Provisions of Paragraph 10 of the First Schedule to the Petroleum Act which states as follows;

“The term of an Oil Lease shall not exceed twenty years but may be renewed in accordance with this Act”.

“It is therefore clear that the term for the grant of an Oil Mining Lease in Nigeria is twenty (20) years and no more.

It is therefore our submission that SPDC/NNPC JV corruptly influenced the Nigerian officials in the Ministry of Petroleum Resources to illegally and unlawfully breach the express provisions of Paragraph 10 of the First schedule to the Petroleum Act 1969b (As Amended) to gain additional Ten (10) years for each of renewal from 1959 to 1989 and Ten (10) extra years from 1989 to 2019.

“It is based on the foregoing that we write to request for a vigorous and in-depth investigation of the activities of Shell Petroleum depriving the Federal Government of Nigeria and the people of revenue from fees, rents and royalties of about $100,000,000.00 (One hundred Million US Dollars ) making a total of about $ 200,000,000.00 in lost/stolen revenue.

“We are prepared to give evidence whenever called upon in the course of your investigation and prosecution of the said companies and officials of the Netherlands”, the statement concluded.

But effort to have the media and public relations of Shell Petroleum react to CAPITAL POST’s inquiries did not yield result having made effort for two days.

Advertisements

News

Plane carrying Israeli students to Poland makes emergency landing in Turkey

Published

on

The Education Ministry said it is in contact with security and education officials and is coordinating with admins and parents.

Advertisements

A plane carrying a group of 150 Israeli students on a trip to Poland made an intermediate landing in Antalya, Turkey, the Education Ministry said on Monday.

Advertisements

The landing was made following concerns about a technical malfunction, and for reasons of caution, a decision was made to stop in accordance with aviation rules.

N12 reported that a bird had entered the plane’s engine during the flight.

The high school student delegation – from Ein Kerem High School in Jerusalem – was en route to Poland on a standard school trip to learn about the events of the Holocaust. They were accompanied by security personnel from the Shin Bet, as is customary for any delegation to Poland.

The Education Ministry said that they are in continuous contact with security and education officials and are in coordination with school administrations and parents.

The Auschwitz-Birkenau concentration camp in Poland. September 19, 2021. (credit: NATI SHOHAT/FLASH90)
It was reported that all the students “are feeling well, staying in a safe and protected area within the airport, and are closely accompanied by the teaching staff who are with them at all times.”

In addition, the ministry was informed that a replacement plane is on its way to them, and it is estimated that at 3:00 p.m., they will take off for Krakow to continue their educational journey.

Holocaust learning
Israeli school trips to Poland typically take place in the winter and the summer, and, according to Education Minister Yoav Kisch, aim to allow “students to commemorate the victims of the Holocaust, to be exposed to the atrocities that took place, and to prove the victory and resurrection over the attempt to destroy the Jewish people.”

In November 2023, the ministry announced it would cancel the winter Poland trips due to the rise of antisemitism worldwide in the aftermath of the Israel-Hamas war.

Advertisements
Continue Reading

News

FY 2024: Fidelity Bank records a 210.0% growth in PBT to N385.2bn

Published

on

…Declares a total dividend of N2.10 per share

Advertisements

Lagos, Nigeria, March 29, 2025: Leading financial institution, Fidelity Bank Plc, released its 2024 full-year Audited Financial Statements, reporting a 210% growth in Profit Before Tax to N385.2 billion.

Advertisements

According to the Bank’s results released on the Nigerian Exchange (NGX) on Friday, 28 March 2025, Gross Earnings increased by 87.7% to N1,043.4bn, driven by 106.9% growth in interest and similar income to N950.6bn. The increase in Interest Income was led by a combination of improved yield on earnings assets and 51.6% expansion in earnings base to N6.3tn. This led to a Profit After Tax of N278.1 billion, representing a 179.6% annual growth.

Commenting on the results, Dr. Nneka Onyeali-Ikpe,OON, Managing Director/Chief Executive Officer, Fidelity Bank Plc said, “We are delighted with our 2024 full-year (FY) performance, which showed strong growth across key revenue lines, improved asset quality, and significant traction in our strategic business segments. Our impressive results led to a triple-digit increase (210.0%) in Profit Before Tax (PBT), rising from N124.3bn in 2023 to N385.2bn in 2024.”

A further review of the financial performance revealed that the bank’s net interest income increased by 127.1% to N629.8 billion, driven by a high-yield environment in 2024. To optimize its margin, the bank sustained its asset yields above funding cost by maintaining a high low-cost deposit profile at 92.6%. This led to an increase in its Net Interest Margin from 8.1% in 2023 FY to 12.0%.

Similarly, the bank continued to deepen its market share in both the corporate and retail segments, with customer deposits increasing by 47.9% from N4.0trn in 2023FY to N5.9trn. The increase was driven by strong double-digit growth across all deposit types. The Retail Banking Business gained significant traction with savings deposits increasing by 28.8% to N1.1trn, marking the 10th consecutive year of double-digit annual growth in savings deposits.

Despite the difficult economic terrain in 2024, the bank has continued to support the real sector of the economy by increasing its Net Loans & Advances from N3.1tn in 2023FY to N4.4tn in 2024FY.

“This remarkable performance demonstrates our capacity to deliver superior returns to our shareholders. In line with our commitment to them, we have declared a final dividend of N1.25 per share, bringing our total dividend for the 2024 financial year to N2.10 per share”, explained Onyeali-Ikpe.

Having consistently paid dividends since 2006, Fidelity Bank will pay investors a total dividend of N2.10 per share for the 2024 financial year, subject to shareholders’ approval at its Annual General Meeting (AGM) on 29 April 2024. The dividend will be paid on 29 April 2025 to shareholders whose names appear on the register of members as of 15 April 2025.

It will be recalled that the bank successfully completed the first phase of its capital raising exercise through a Public Offer and Rights Issue in 2024, which were oversubscribed by 237.92% and 137.73%, respectively. The positive result is a testament to the strength of the Bank’s franchise in the capital market. A total of N175.9bn was recognized as fresh capital in 2024 financial year from the exercise, which had a positive impact on its Capital Adequacy Ratio (CAR) at 23.5%. The bank plans to conclude the second phase by Q3 2025, ahead of the Central Bank of Nigeria’s deadline, which will further strengthen its capital base and reaffirm its attainment of Tier 1 Bank status in the Nigerian Banking Industry.

Fidelity Bank Plc is a full-fledged commercial bank with over 9.1 million customers who are serviced across its 251 business offices and various digital banking channels in Nigeria and the United Kingdom.

The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.

Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.

Advertisements
Continue Reading

News

Jungle Justice and the collapse of Law in Nigeria

Published

on

By Sunday James

Advertisements

The gruesome killing of 16 innocent northern hunters in Uromi, Edo State, over false accusations of kidnapping is yet another damning indictment of the failure of law and order in Nigeria.

Advertisements

Time and again, innocent lives have been lost to the mindless brutality of mob justice, a savage and inexcusable act that has become far too common across the country.

This is not an isolated incident. Nigeria has witnessed several tragic cases of jungle justice where angry mobs, fueled by misinformation and misplaced aggression, have taken the law into their own hands.

The Aluu Four incident in 2012, where four young university students in Rivers State were falsely accused of robbery, beaten, and burned to death in a horrific public spectacle, remains one of the most chilling examples.

In 2022, Deborah Samuel, a young student in Sokoto State, was lynched by fellow students over alleged blasphemy, an incident that sparked outrage but yielded little justice. In Lagos, several suspected petty thieves were set ablaze by mobs in broad daylight without any fair trial.

Across the country, from Anambra to Kano, Port Harcourt to Abuja, numerous cases of public executions by mobs continue to surface, often with little to no legal consequences for perpetrators.

The rise of mob justice is fueled by a cocktail of systemic failures that have left Nigerians disillusioned with formal justice mechanisms.

The breakdown of law and order, where the Nigerian police fail to deliver swift and transparent justice, has led to public distrust, encouraging citizens to take matters into their own hands. Rising insecurity, including the surge in kidnappings, banditry, and violent crimes, has left many communities in perpetual fear, triggering knee-jerk reactions to perceived threats. Ethnic and religious tensions have also played a major role, with deep-seated biases making certain groups more vulnerable to targeted attacks.

The proliferation of unregulated local vigilante groups and security outfits has further emboldened extrajudicial actions against innocent civilians. Additionally, the slow pace of criminal trials and the failure to punish perpetrators of jungle justice have normalized impunity.The Edo killings, like many before them, must not be swept under the rug.

The government must ensure immediate arrest, prosecution, and conviction of all those involved in this heinous act. Strengthening law enforcement agencies to curb vigilante excesses and restore public trust is paramount.

There must be massive public enlightenment campaigns to educate citizens on legal redress rather than mob action. Strict penalties must be enforced against communities and groups involved in jungle justice to deter future occurrences.The Nigerian government must wake up to its responsibility of protecting lives and ensuring justice for all.

If mob justice continues unchecked, no one is truly safe. This latest atrocity in Edo should be the final warning: justice delayed is justice denied. The killers must be held accountable, and a nationwide crackdown on jungle justice must begin immediately. Enough is enough. The rule of law must prevail.

Advertisements
Continue Reading

Trending


Address: 1st Floor, Nwakpabi Plaza, Suite 110, Waziri Ibrahim Crescent, Apo, Abuja
Tel: +234 7036084449; +234 7012711701
Email: capitalpost20@gmail.com | info@capitalpost.ng
Copyright © 2025 Capital Post