JUST IN: Robbers attack Dunamis Church, Stab Security Guard
The Dunamis International Centre, Phase 4 kubwa in Bwari area council of Abuja was recently attacked by armed robbers on Monday.
It was gathered that hoodlums, numbering over 10, stormed the premises of the church seeking for money and other valaubles. They attacked and stabbed a security guard, identified only as John, in the stomach and ripped off his intestines.
A source disclosed that the robbers became annoyed on discovering that they could not find anything valuable. “The incident happened around 3am on Monday. The robbers came and John tried to resist them. During the fracas, he was overpowered and stabbed in the stomach.”
“He was rushed to the General Hospital in Kubwa but because doctors were on strike, there was nothing that could be done. He was thereafter transferred to another private hospital in Abuja.”
Speaking on the incident, associate pastor, Mr. Joseph Ogaba said; “Nothing was taken from the church and we cannot question somebody (guard) who is on the sickbed. Until he gets better and we hear from him, whatever you hear will be assumptions.”
“We will prefer you wait to hear from the church before publication.”
‘’Step Down From Leadership, It is Time For Youths To Take Over’’ – Hon. Comrade Ahmadu Jibril Oludare
The Young Parliamentarians Forum (YPF) of the National Assembly have expressed the readiness of youths in Nigeria to take over the affairs of the nation during a two-day national retreat held in Lagos.
The retreat themed ‘Youth Alliance – Towards 2023 General Elections’ is aimed at bringing Nigerian youths together for the purpose of ensuring that power is handed over to the young ones in all sectors of the Nigerian society.
During the event, dignitaries that include the Vice President prof Yemi Osinbanjo, Speaker of the house of Assembly Rt Hon Femi Gbajabiamila, Governor Yahaya Bello of Kogi state amongst Speakers of various state house of assembly and federal and state legislators.
During his speech, Hon Jubril Oludare who represented Kogi state governor reacted against the notion that Nigerian youths are not ready to lead the country. He explained that at the moment, the country has lots of young governors and parliamentarians doing well in their various capacities.
While citing Gov Yahaya Bello of Kogi state as an example, He made it known that the state is enjoying the dividend of having young people in governance as shown in his youthful and purposeful leadership in the state.
He noted that the legacy Nigeria celebrates today were built by our founders when they were youths, hence, the need for them to step down from leadership and provide mentorship to guide the youths coming on board.
He frowned at the rumors by scared political opponents as the momentum for the call for Gov Yahaya Bello to answer the call of the youths to represent them for the glorified seat in villa intensifies. Haven proven to be a young performing Governor and has mustered the necessary experience in Governance to lead our dear nation in this trying times.
He said ” if Yahaya Bello accepts the call to lead our Nigeria youths in the 2023 polls it can only be for the seat of the President. For the youths have come of age to grab that which truly belongs to them”
Although, He recognized the part old leaders play in advising the young ones but reinstated the fact that the youths are now ready to take the entirety of the country come 2023.
‘‘I see all young faces here and I begin to ask myself, how will people say the youths are not ready when we have experience youths on board in governance? We have state governors that are young who are doing very well, we are evident of it in Kogi. We have parliamentarians that are young and are doing the needful. I look at a forum or opportunity where in 2023 as election unfolds, we will take over the entirety of this country’’
‘’In USA, barrack Obama was produced by students, Macron of France was the youngest among those that contested because the youths know what they stood for and ensured he emerged’’
‘’The legacy we celebrate today as Nigerians were built by our founding fathers when they were youths, you cannot be a youth yesterday, a youth today and a youth tomorrow, it’s a process. As you ruled in the era of being youths and advanced into an older age, the best you can do is provide mentorship to guide the youths coming on board’’
‘’We are not disrespectful to our elders as young executives in governance, they are people who have also consulted for guidance but as young people, we need to make our voice known now, we need to sting our feet firm on the ground and say enough is enough, the youth is ready to take over Nigeria’’
Other dignitaries in the event include young members of the national assembly, Speaker of Lagos house of assembly, Hon Mudashiru Obasa, Speaker of Oyo house of assembly, Hon. Debo Ogundoyin, Speaker of Plateau House Of Assembly , Abok Izam, Speaker Of Gombe House Of Assembly, Abubakar Muhammad Luggerewo,Youngest Chief Whip in Nigeria, Honourable Muktar Bajeh, SSA to Governor Yahaya Bello On Entertainment, Hon Juwon ‘Jumabee’ Olorunipa.
Heritage Bank Director, LASAA seeks sustainable PPP model for financing advertising sector
…Commends Lagos State’s smart city project
The Executive Director, Heritage Bank Plc, Jude Monye disclosed that one of the ways out-of-home advertising industry can attain massive growth was via the adoption of public-private-partnership (PPP) model to ensure its sustainability.
Monye commended the Governor of Lagos State, Babajide Sanwo-Olu’s administration for the implementation of the smart city plan with the rollout of 6,000km metro fibre optics, which is the requisite infrastructure for the smart city project.
According to the Bank’s director, “if you have deposit money bank, that is the commercial bank coming in with huge portfolio, you will see massive growth in this industry and to crown it all for me, the governor said what I didn’t know of, all the things that the government is doing with the Fibre optic projects which is towards the smart city that LASAA has also shown to us. With that alone, the PPP model, the banks are going to key into funding this so that the industry can grow.”
He revealed that deposit money banks are careful to lend to the advertising players due to lots of unstructured issues and if tackled, the banks will be willing to lend once they see that the risks in the industry have been reduced.
He, however, stated that the move by Lagos State government for the adoption of digital technology would lead to increased patronage and rev banks’ participation.
“I think lots of unstructured issues that we face and most of the banks that you see on digital media outside is not borne out of the need to advertise because it has not appealled to them, or engaging to their audience, but some of them are just pay back for the loan that they have given,” he stated.
HB LASAA PIX1 R-L: Jude Monye, Executive Director of Heritage Bank Plc; Adedamola Docemo, MD/CEO of Lagos State Signage and Advertisement Agency (LASAA); Joe Igbokwe, Senior Adviser to Governor on Drainage services; Tunji Bello, Commissioner of Environment; Hamzat Obafemi, Deputy Governor Lagos state; Belinda Odeneye, Permanent Secretary, Ministry of Environment & water resources; Adenike Adedoyin-Ajayi, PS Ministry of Tourism; Kayode Pitan, MD of Bank of Industry and kunle Adeniran, MD of Vatebra, during the 2021 Out-of-Home Advertising Conference and Exhibition organised by the Lagos State Signage and Advertisement Agency (LASAA) in partnership with Heritage Bank, held in Lagos recently.
Jude, who reaffirmed that PPP actually was the model, added that there should be a kind of intra-ministerial integrated approach, as this would propel the lending capacity of banks.
Speaking earlier on the topic, “Road map for the Growth of Signage and Out-of-Home Advertisement post-Covid-19 in Lagos,” the Governor who stated that the state was making appreciable progress in the ongoing laying of the metropolitan optic fibre, as well as the installation of smart cameras in strategic locations across the State, affirmed that the technology would help enhance and support the growth of advertising in the Lagos.
Sanwo-Olu, represented by his Deputy, Obafemi Hamzat said his administration would continue to leverage technology to transform the state’s economy while easing impediments for businesses to flourish.
The MD/CEO of LASAA, Adedamola Docemo said the agency would be rolling out policies and programmes that would improve sectoral investment, drive sustainable growth, encourage regular engagement and development of the State.
He stated that with Lagos being the leading state in Out-of-Home advertising investment in Nigeria, the industry has evolved and has consistently contributed its quota over time to the growth and development of Lagos state.
Lagos Lawmakers Campaign for more Investments in Waterways Transportation
More work is needed attract private investments to the Lagos waterways transportation sector, lawmakers at the State House of Assembly have said.
The lawmakers, who belong to the House Committee on Transportation, made the position known during a recent visit to the Lagos State Waterways Authority (LASWA) and the Lagos State Ferry Services (LAGFERRY).
Led by its chairman, Hon. Temitope Adewale, the committee agreed that the government had to improve the environment that would enable such business thrive.
Hon. Adewale noted the interest of the House of Assembly in the success of waterways transportation as an alternative to the ever-growing traffic challenges faced by residents of the state.
To this end, the lawmaker urged LASWA to ensure the security of the state’s waterways through effective collaboration with security agencies.
Adewale expressed belief that securing the waterways would help increase public confidence and boost chances of Public Private Partnership (PPP).
Commending the agency for the success so far recorded, the committee chairman appealed for more efficiency while advising that the waterways must not become escape routes for criminals.
He, therefore, urged for more patrol boats to monitor waterways in the state.
Describing LAGFERRY as one of the agencies that had added value to the governance of the state and the transportation sector, Adewale pleaded for more activities that would help attract investors.
He also promised that the House would continue to assist in areas that would ease the job of the agency and help it meet its goals.
Speaking earlier, Mr. Oluwadmilola Emmanuel, General Manager of LASWA, enumerated the achievements of the agency to include the creation of a control room to monitor the various routes on the waterways.
According to him, this strategy has helped to keep the waterways safe and secured just as he added that the agency currently has two patrol boats for the patrol of waterways to avoid criminal activities on the waterways.
He said the agency had provided 294 life jackets and was expecting 845 more.
The agency, Emmanuel said, also collaborates with security agencies for the protection of the waterways.
He, however, said the Marine Police can be equipped further for effective enforcement.
On his part, the Managing Director of LAGFERRY, Hon. Ladi Balogun, said his agency with a mandate to provide ferry services to ease pressure on road transportation, currently has a fleet of 20 boats.
He noted that at least, 480,000 waterways users routinely patronise the boats.
While explaining that the agency was already setting standards for other operators in the industry, he lamented that recurrent expenditure appropriated for it was not enough as the price of fuel affects business.
‘Why I Called Tinubu Mr. President In London’ – House Of Rep Member Opens Up
The lawmaker representing Suleja/Tafa And Gurara federal constituency of Niger State in the House of Representatives, Abubakar Lado Suleja has been identified as the person who addressed Asiwaju Bola Tinubu as Mr. President recently in London.
It will be recalled that some Northern lawmakers last week, visited the National Leader of the All Progressives Congress (APC), Tinubu in London.
The legislators were led on the visit by the Deputy Speaker of the House of Representatives, Hon Ahmed Idris Wase.
However, a video emerged and went viral of one of the lawmakers during the visit, addressing Tinubu as Mr. President, to which the former Lagos Governor also responded thank you as captured in the video which went viral on the internet.
“Mr President, see you soon,” the lawmaker had said and Tinubu responded by saying “Thank you.”
With Nigerians eager to know the face behind the words, Honourable Suleja has now been revealed as the one who called Tinubu ‘Mr. President.’
When contacted for a confirmation and clarification, the lawmaker acknowledged calling Tinubu Mr. President but, however, added that he put Insha Allah which means ‘by God’s grace.’
Suleja stated this when he was questioned by the Daily Trust correspondent who reached out to him on whether his statement doesn’t imply that Nigeria now has two presidents.
He said: “No, we don’t have two presidents, maybe you didn’t listen to the video very well because when I said Mr President, Insha Allah followed it, which means by God’s grace.”
The lawmaker added that it is their wish for Tinubu to become the next President of Nigeria in 2023.
“We are praying for him to become the future president of Nigeria. We have only one president who is President Muhammadu Buhari, who is the leader of our party and our mentor but we are praying for Asiwaju to be the next president of the Federal Republic of Nigeria and continue from where President Buhari will stop. That is what I meant.”
He also denied speculations that the lawmakers were in London to endorse Tinubu for the 2023 presidency, saying it was rather a visit to check up on him healthwise.
He said it would be wrong to assume they were there for the purpose of endorsement, adding that such a position will insinuate that everyone who had visited Tinubu in London including President Muhammadu Buhari himself were there for endorsement purposes.
“The purpose of our visit was to see his health condition, to pray for him and wish him well. He is very okay and as you can see from the video clip, he looks fine. He stood for almost one hour addressing us.”
He added that, “No, the visit was not for endorsement, we are his loyalists, fans and he is our leader. If people are saying it is for endorsement, then it will mean President Buhari has endorsed him because it was President Buhari who first visited him.”
Zuckerberg loses $6 billion in hours as Facebook nosedive, Drops to No. 5 on world’s richest list
Facebook has removed a Donald Trump ad over ‘Nazi hate symbol’ Facebook bans Myanmar military from its platforms Mark Zuckerberg
Stock plunge knocks his net worth down to $121.6 billion
Mark Zuckerberg’s personal wealth has fallen by more than $6 billion in a few hours, knocking him down a notch on the list of the world’s richest people, after a whistleblower came forward and outages took Facebook Inc.’s flagship products offline.
A selloff sent the social-media giant’s stock plummeting 4.9% on Monday, adding to a drop of about 15% since mid-September.
Zuckerberg is now the world’s sixth richest person after his fortune declined to $121.6 billion in total.
Facebook stock came under pressure from two fronts: an unusually long outage of its namesake platform, Instagram and WhatsApp, a mistake likely costing the company tens of millions of dollars in revenue. (In the latest quarter, it brought in around $330 million a day in sales.)
Facebook last suffered a blackout like this in 2019, when the network shut down for 14 hours. A decade earlier, in 2008, it went dark for a day.
Monday’s outage affected internal systems at Facebook, too, making it impossible for employees to access emails, the internal messaging system known as Workplace, even reportedly some doors at company headquarters.
Britain plans to make Mark Zuckerberg answer for hate crimes
The other matter weighing on Facebook is Tuesday’s Congressional hearing, where a former product manager, Frances Haugen, will testify about her decision to become a whistleblower and leak internal data to the Wall Street Journal.
In a 60 Minutes interview last night, she criticzed Facebook for putting “profits over people” and failing to maintain safeguards against misinformation after the 2020 presidential election.
But Facebook stock has proven surprisingly durable over the past few years of scandals, including last year’s ad boycott and the January 6th riots.
Shares remain near record highs, closing Monday at $326, a more than 150% increase in five years.
The three apps – which are all owned by Facebook, and run on shared infrastructure – stopped working shortly before 5pm. Other related products, such as Facebook Messenger and Workplace, have also stopped working.
The cause of the outage was unclear at the time of filing this report.
WhatsApp loses millions of users after terms update
At time of this report, it is unclear what has caused the issue although the company has suffered outages before.
Few minutes ago, Whatsapp posted on its Twitter handle: “We’re aware that some people are experiencing issues with Whatsapp at the moment. We’re working to get things back to normal and will send an update here as soon as possible. Thanks for your patience!”
In June and April this year, the social media giant’s platforms unexpectedly went down due to a “network configuration issue”.
2023: Badagry traditional rulers endorse Tinubu for president
Traditional rulers in Badagry have jointly endorsed the national leader of the All Progressives Congress (APC), Bola Tinubu for President in 2023.
The traditional rulers made the pronouncement at a town hall meeting organised by the South West Agenda (SWAGA’23) on Sunday in Lagos.
Oba Momodu Afolabi Asafa, Onijanikin of Ijanikin, commended both attendees to the event and the SWAGA’23 team. “I thank every one of us, especially those who are working tirelessly in order to achieve a greater Nigeria. When an individual walks aright, such a person will arrive his or her destination on time. Any group of persons that value the unique roles of traditional rulers towards national development will always succeed. I, therefore, commend the SWAGA’23 team for a job well done,” Oba Asafa said.
According to the Commissioner, Lagos State Audit Service Commission, Kafilat Ogbara, who is also the Secretary of Lagos SWAGA’23, the team will move to Ikorodu and Epe divisions of Lagos on Tuesday 5th, October 2021 and will be hosted to a dinner at the State House in Marina.
The SWAGA’23 team will on Wednesday 6th, October 2021 meet with stakeholders and prominent personalities in the state to chat a way forward while the official inauguration of SWAGA’23 in Lagos will take place on Thursday, 7th October, 2021.
Meanwhile, the National Chairman of SWAGA’23, Senator Dayo Adeyeye thanked the Badagry traditional rulers for gracing the event. He said: “I want to specially thank all our Royal fathers for their support so far. We read in the media that traditional rulers in Lagos met and endorsed Bola Ahmed Tinubu for Presidency in 2023. We all know that the adminstration of President Muhammadu Buhari will come to an end in 2023 and it will be fair that the Presidency should be zoned to Southwest.
“I want to categorically say that Tinubu’s case has gone beyond Lagos State Affairs as most political parties have endorsed him in Ogun, Oyo, Osun, Ekiti, and Ondo States. It is widely known that Tinubu’s philanthropic gestures is second to none. He equally fought for Nigeria’s democracy and performed brilliantly as a governor. I therefore urge all our traditional rulers to key into this project as charity begins at home,” Adeyeye said.
The SWAGA train also visited Badagry to pay homage to the Akran of Badagry, His Royal Majesty De Wheno, Aholo Menu- Toyi I OFR, and other Obas to seek their Royal blessings and endorsement for the APC leader. Reacting to the Prayers, the Akran of Badagry spoke through Oba Agano Toniyoni Aholu of Agbamathen said, “ We are strongly behind Bola Ahmed Tinubu, and we pray that God will make our request a dream come through. Even the blind and deaf in the country can attest to his good deeds. We are also optimistic that Nigerians in their large numbers will give him the necessary support.”
The visit was honoured by Oba Oyekan Ilufemiloye, Possi III, Alapa of Apa kingdom; Oba Moses Ayinde Agboke Joye, Onilogbo of Ilobbo Kingdom; Oba Friday Oladele Kosoko Oniworo of Iworo kingdom, Aholu Saheed Adamson, Aholu of Ajido Kingdom; Oba Isreal Adewale Okoya Okikiola, Onibereko of Ibekereko Kingdom; Oba Abraham Ogabi Oyikilu Ajagun of Imeke Kingdom; Oba Olalekan Ogungbe James Okiki, Arolagbade II, Aholu of Kuweme Kingdom.
Other royal fathers were, Oba Samuel Owolabani; De-Yeti I, Aholu of Ajara Topa kingdom; Oba Agano Toniyoni, Aholu of Agamathen Kingdom; Oba Ebenezer Koshoedo; Thalunno I of Ajara Vetho Kingdom; Oba Samuel Olusegun Wheto, Aholu of Dale-Whedakoh; and Oba Jimoh Fabiyi; De-Sano I, Aholu of Ikoga Kingdom.
Man Who Was Sentenced To Death Commits Suicide In Kuje Prison
A 43-year old businessman on death row has committed suicide inside Kuje prison in Abuja.
Obinna Echianu was sentenced to death for killing Edwin Ali an uber driver, it was gathered.
Echianu was said to have committed the crime alongside Everly Nnorom, a 27-year-old student. However, Nnorom was discharged and acquitted of the crime while Echianu on the other hand was sentenced to life imprisonment.
The prosecutor, Donatus Abah told the court that both men conspired and planned to rob and kill on Dec. 25 2016 which is punishable by death under the law.
The assailants were armed with a revolver pistol and 33 live ammunition and forcefully took the deceased’s Nissan Almera car and a mobile phone at Gosa pedestrian bridge, Airport Road, Abuja. After the robbery, Echianu shot and murdered the driver before fleeing the scene.
A source quoted by Sahara Reporters said Echianu was so unhappy about his sentence that he decided to take his life.
The source said: “He went into the bathroom in his cell and hanged himself. His lifeless body was discovered dangling from a rope around his neck. It is not clear what triggered this last act.
“However, it raises questions about the condition of the prison system in Nigeria. Why could a person on death row have easy access to a means of hanging himself? Also, what is the state of healthcare in the prisons, especially for inmates with mental health issues?
“It is is now too late for anyone to know what would have been the outcome of his appeal. Death of the accused ends every criminal trial.”
The Nerve of a Super Fraud : Aiteo Slams $2.5bn Suit against Shell over Sale of OML 29
*Alleges Fraud, Deceit, Misrepresentation
Seeks compensation As DPR Awards Kugbo West Marginal Field In OML 29 To 7 Waves Petroleum
Fortune and fraud are often in business, uneven cardinal elements; one speaks to value and the other, a vice. Fraught in its pursuit of these discordant factors, the Shell Petroleum Development Company (SPDC), has once again, waded into the eye of the storm. Ultimately, it committed the impious fraud of industry in its sale of the OML 29 to Aiteo Eastern Exploration and Production Company Limited in 2014.
The SPDC perpetrated the contradiction of a business culture that cultivates sincerity and is at the same time manifests a fraud. Ask Aiteo.
The latter has dragged Shell to court over what it alleged as “fraud, deceit, and misrepresentation” in the sale.
In a suit, FHC/ABJ/C8/738/2021, dated July 27, 2021, and filed before a Federal High Court in Abuja, by its lawyer, Kemi Pinheiro (SAN), Aiteo is claiming that the defendant breached a fundamental term of the agreement for assignment dated October 17, 2014, as set out in schedule 1 part 3 – wells, in relation to the Kugbo West and Okiori oil well s listed in schedule 1 of the agreement for assignment.
It accuses SPDC of failing to fully disclose the true nature of the oil wells to it, at the time of the sale, despite receiving the full payment for the transaction.
Shell Petroleum’s conduct was no doubt an invitation for a lawsuit. Describing the oil giant’s action as a “fraudulent misrepresentation,” Aiteo is seeking, among others, the payment of over $2 billion from Shell in general and other collateral damages as a result of the alleged lies and deceit at the time of the sale.
Trouble reared its ugly head immediately Aiteo discovered that the SPDC, from whom it bought the OML 29 in 2014, had transferred the Kugbo West and Okiori Marginal Fields to the Department of Petroleum Resources (DPR) without disclosing this during the negotiations that led to the purchase of the asset.
The flames of discord flared and burned brightly between the parties in the wake of a letter dated September 16, 2021, and titled, ‘2020 Marginal Field Bid Round Award Of Kugbo West Marginal Field Located In OML 29 to 7 Waves Petroleum Limited’, from 7 Waves Petroleum Limited, informing Aiteo that a section of the controversial OML 29 now belongs to 7 Waves, courtesy of the 2020 Oil Bid Round conducted by the Department of Petroleum Resources (DPR).
The letter signed by Daniel Alabi, Managing Director, 7 Waves Petroleum Limited, stated in part:
“7 Waves Petroleum Limited actively participated in the 2020 Marginal field bid round conducted by the Department of Petroleum Resources [DPR] and emerged as the awardee with 100 percent equity interest in Kugbo West Marginal Field in OML 29 upon payment of the statutory signature bonus. The field would be jointly operated with our partner ‘Multiplan Nigeria Ltd’.
“Our firm would be glad to discuss and engage with Aiteo Eastern Exploration and Production Company Limited being the leaseholder for OML 29 with the underlying objective of executing the required Farmout Agreement thus (to) enable our firm commence field development activities essential to meet the timeline set by the DPR.
“We would be glad to set up an introductory meeting to discuss the next steps, kindly notify our firm of a suitable date and time. Thank you for the assistance, we look forward to a mutually beneficial and long-lasting working relationship.”
Aiteo had earlier received the rude shock when DPR notified it of the new development in a letter dated August 3, 2021 and signed by Edu Inyang for Director/CEO, DPR.
The SPDC was the legal and beneficial holder of a 30 percent undivided participating interest in OML 29, which is part of the undivided percentage interest held by the defendant in conjunction with TEPING, NAOC, NNPC amongst others.
Prior to the assignment of the lease to Aiteo, Shell as the operator of OML 29 published Information Memorandum in October 2013 wherein it invited bids from interested entities for the acquisition of their joint undivided 45 percent participating interest in OML 29.
Aiteo claimed it did not only join others to bid for OML 29 but emerged successfully. “As consideration for the agreement, the plaintiff made the following respective payments of; $220,000,000.00 as deposit pending the negotiation, completion, and execution of the transaction documents and relevant agreements and the balance of 2,130,000,000.00 upon the execution of the transaction and acquisition documents and the agreement,” it stated.
The plaintiff further averred that based on the agreement for assignment dated October 17, 2014, the defendant in conjunction with TEPING and NOAC as Assignors transferred to it their entire participating interest in OML 29 together with the rights, interest, obligations thereto and in the process purportedly also transferred their participating interest in the wells, “when they knew or ought to have known that they had surrendered and given the wells to the NNPC/ the federal government about five years earlier for valuable consideration”.
While Aiteo claimed its bid for the acquisition of OML 29 was based upon a complete reliance on the representations in the electronic data room information, IM, and the Agreement, particularly as they concern the wells contained within OML 29, it noted that issues came up in 2020 when it wanted to commence work on the assigned wells.
Aiteo claimed that “In the circumstances, therefore, the plaintiff avers that the representations made by the defendant as aforesaid were made falsely, deceitfully and fraudulently with the intention of depriving the plaintiff the full benefit of the assets and the undivided 45 percent participating interest in the wells.”
Consequent upon the SPDC’s deceit, Aiteo claimed its expectations as it relates to the wells can no longer be achieved and that its financial position has been severely and adversely impacted upon, as it is unable to fully repay its alleged indebtedness to its financiers due to the wrongful actions of the SPDC.
While claiming that it paid the sum of $46.2 million for the wells, the plaintiff argued if the money had been invested in other business ventures at the rate of 9.9 percent interest rate per annum from 2014 till the commencement of the suit it would have yielded an additional sum of $52 million. Plaintiff, therefore, claimed that it is entitled to a refund of $99 million.
Aiteo is also praying the Federal High Court to order Shell Petroleum to refund to it, the sum of $46.2 million as payment attributable to Kugbo West and Okiori oil wells being money had and received for a consideration which has totally failed.
Aiteo is also asking for another sum of $52 million being the interest that ought to have accrued on the sum paid on the two wells. While it is claiming the sum of $500,000 general damages, it is also seeking the payment of $2.1 billion as the amount it would have derived from the sales of 32,000,000 barrels of crude oil and other petroleum products from the Kugbo West and 41,000,000 barrels of crude oil and other petroleum products from Okiori wells.
It would be recalled that the SPDC suffered a huge legal blow earlier in the year, as a court in The Netherlands, compelled it to compensate two Nigerian farmers for damages over 2004/2005 oil leaks.
Its alleged bullying tactics and exploitation of legal technicalities in the production and evacuation of crude oil to allegedly short-change not only the Federal Government but also local operators in the oil and gas business were clearly nipped in the law court.
The SPDC was also mired in a missing crude oil scandal by the local regulator, the Department of Petroleum Resources (DPR) through an illicit metering system, which it allegedly deployed to steal crude and cheat local operators.
