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Published On: Sun, Mar 6th, 2016

FG Slams Shell, Chevron, Agip, Others N2trn Lawsuit over Alleged Oil Fraud

LAGOS MARCH 6TH (URHOBOTODAY)-The federal government has reportedly filed lawsuits against multinational oil corporations – Shell, Chevron, Agip and other major oil companies for failing remit N2 trillion crude oil revenue.
The revenue not declared between 2011 and 2014, according to Ynaija, runs into over 57 million barrels of crude oil shipments.

As contained in the lawsuits, which were filed on Thursday, March 3, at a Federal High Court in Lagos, the decline in crude oil revenue recorded in 2014 “necessitated an intelligence based gathering of data, which showed that part of the reasons for the decline in the revenue from crude oil exploration was the refusal to declare and/or under-declaration of crude oil shipments”.
The suit stated that “the crude oil declared to have been exported from Nigeria, was less than what was declared to have been imported into the United States using the same shipment by the same vessel on the same bill of lading’.
In carrying out the shady deals, Agip Oil allegedly used two vessels while namely “Value” and “Cosmic”, while Chevron allegedly used three vessels; “Triathlo”, “Poetic Olympic Future” and “Olympic Flag”.
The oil companies are being accused of illegally shipping 57 million barrels of crude oil, and selling to buyers in the United States alone, between January 2011- December 2014.
Representing the federal government in the civil actions against the firms are Professor Fabian Ajogwu (SAN), Selekeowei Larry (SAN), Wilson Ajuwa and Audu Anuga, the report said.
The government is seeking the court to compel the companies to remit $51,033,180, $462, 681,780, and $145, 848, 551 being the value of the missing payments.
It was gathered that the case has not been assigned to any Judge.

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