“If you want to hire a yacht, you lease it for two weeks or whatever. You don’t go and sink funds into it at this time when Nigerian oil and gas sector is under all kinds of watch”, she told Aluko. The warning came after he had bought the 65-metre Galactic Star yacht for $80mn.
A former Nigerian oil minister filed a defamation lawsuit against the country’s anti-corruption agency, demanding $215 million in damages.
A London court has ordered commodity trader Glencore to pay £280.97 million in penalties as a result of its bribe paying.
When Anthony Stimler left Glencore Plc in August 2019, he had two big secrets: For a dozen years, he’d paid millions in bribes to African officials and intermediaries. And he was now helping a US Justice Department investigation into the company and numerous former colleagues.
Almost two decades after the collapse of Enron Corp., a former unit of the energy-trading giant is sparring with US and Nigerian authorities over the proceeds of the sale of a luxury yacht.
It has been a long time coming, but Savannah Petroleum has completed its acquisition of Seven Energy, broadening its focus from Nigerien exploration to including Nigerian production.
Nigeria’s state oil company recorded a loss of $1.9 billion in the first eight months of this year mainly because of fuel subsidy spending, it said in a publication that seeks to bring transparency to the organisation.