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OPL 245: Nigeria Loses Again For The 5th Time As Italian Court Rejects $1.1bn Compensation Claim

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For the fifth time, Nigeria has lost its case in the long-running OPL 245 saga.

 

On Friday, the appeals court in Milan, Italy, rejected the country’s request for $1.1bn compensation from Shell and Eni, the two energy giants that bought the oil block off Malabu Oil & Gas Ltd in 2011.

 

The Nigerian government had alleged that there was corruption in the deal, leading to a number of criminal trials in Nigeria and Italy.

 

The Milan appeals court has now rejected Nigeria’s civil claims and promised to make its reasons public within 90 days.

 

“We are pleased that these civil proceedings have been dismissed,” Shell said in an emailed comment to the Reuters news agency.

 

“This follows the Milan criminal tribunal’s finding that there was no case to answer for Shell or its former employees when they were fully acquitted in 2021, a decision that was upheld in July 2022, when criminal proceedings ended.”

 

A STRING OF LOSSES

In the fact case — in which the government of Nigeria joined as an injured party — the Court of Milan had ruled in March 2021 after three years of criminal trial that the prosecutors did not establish any proof of corruption, discharging and acquitting Shell, Eni and all the defendants.

 

The prosecutors subsequently filed an appeal but Celestina Gravina, the Italian attorney general, said the case “has no basis… in fact it should have finished earlier” and it was struck out in July 2022.

 

In another case, the High Court of England and Wales ruled in July 2022 that Nigeria did not prove its allegations against Mohammed Bello Adoke, the former attorney-general of the federation, who was accused of corruption in the transaction.

 

Nigeria had sued JP Morgan Bank to court for $1.7 billion for allegedly failing in its “duty of care” when it transferred the payments by Shell and ENI to Malabu Oil and Gas Ltd between 2011 and 2013.

 

The country’s attempt to appeal the judgment was turned down by the judge who said there was no prospect of it succeeding.

 

Friday’s ruling is yet another loss for the federal government which has been trying to prove that the OPL 245 deal was fraught with corruption.

 

Before the Court of Milan judgment of March 2021, the US Securities and Exchange Commission (SEC) and the US Department of Justice had both investigated the transaction and decided against filing charges because of lack of evidence of corruption.

 

Adoke has consistently maintained that he did no wrong and did not collect any bribe, but the government is currently prosecuting him in two different courts in Nigeria.

 

On Tuesday, Aliyu Abubakar, the property developer who was also on trial in Italy over the OPL 245 affair, told a federal high court sitting in Abuja that he was forced by EFCC to implicate former President Goodluck Jonathan and Adoke in money laundering in the same transaction.

 

He said that in December 2019, a statement was prepared for him to sign, failing which he was to be detained by the EFCC under the instructions of Ibrahim Magu, then chairman of the commission.

BIG STORY

NOVA Bank Achieves Global Cybersecurity Milestone With ISO 27032 Certification

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NOVA Bank has achieved a major milestone in its commitment to safeguarding customer data and digital operations by attaining the globally recognized ISO 27032 Cybersecurity Standard certification. This significant achievement positions NOVA Bank among the elite financial institutions in Nigeria with such a distinction.

The ISO 27032 certification focuses on fortifying cybersecurity measures, ensuring robust protection for data, systems, and online transactions amid an ever-evolving cyber threat landscape. In addition to this achievement, NOVA Bank is already certified in ISO 27001 for Information Security Management and BCMS 22301 for Business Continuity Management, further underscoring its dedication to operational excellence and security.

Speaking on the achievement, Acting Managing Director and CEO of NOVA Bank, Mrs. Chinwe Iloghalu, described the certification as a pivotal moment for the Bank and its customers.

“This certification underscores NOVA Bank’s unwavering dedication to maintaining the highest global standards in cybersecurity. As we continue to innovate with customer-centric retail products, cybersecurity remains at the heart of our operations. Our customers can rest assured that their data and transactions are protected by some of the most advanced security frameworks in the industry. Trust is built on security, and NOVA is committed to providing a secure, reliable, and innovative banking experience,” Mrs Iloghalu stated. The Bank’s Executive Director for Operations and Information Technology, Dr. David Isavwe, who also serves as the President and Chairman of the Board of Trustees for the Information Security Society of Africa, Nigeria (ISSAN), emphasized the broader implications of the certification.

“The ISO 27032 certification highlights NOVA Bank’s proactive approach to addressing cybersecurity challenges. It demonstrates our readiness to protect against evolving threats and our ability to adapt to the dynamic landscape of digital banking. This certification reinforces our commitment to delivering secure and uninterrupted services to our valued customers,” Dr. Isavwe remarked.

This milestone aligns with NOVA Bank’s overarching strategy of integrating cutting-edge technology with its trademarked Phygital model—seamlessly blending physical and digital banking experiences, while maintaining an unwavering focus on customer trust and satisfaction.

As the bank prepares to launch a series of innovative retail banking products, this certification highlights its dedication to prioritizing cybersecurity, ensuring a secure and seamless banking experience for all its customers.

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BIG STORY

JUST IN: Customs Hands Over 21 Stolen Vehicles To Canadian Government

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The Nigerian Customs Service (NCS) has transferred 21 stolen “Sport Utility Vehicles” (SUVs) and other assorted vehicles to the Canadian Government, following their recovery from various locations across the country.

 

More to come…

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BIG STORY

Former Kogi Governor Yahaya Bello Now In Our Custody — EFCC

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The Economic and Financial Crimes Commission (EFCC) has revealed that former Kogi State governor, Yahaya Bello, has been detained in the agency’s custody for allegedly misappropriating over N110 billion in public funds.

The EFCC stated that the former governor appeared at its headquarters after months of ignoring invitations and avoiding court summons related to fraud connected to his administration.

EFCC spokesperson, Dele Oyewale, on Tuesday said that Bello had been detained and would be questioned about the allegations against him.

According to reports, Bello responded to the EFCC’s invitation on Tuesday, arriving at the EFCC office with his lawyers, but without his successor, Governor Usman Ododo, who had reportedly been shielding him from arrest.

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