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Bayelsa Sues Agip for N1.6tn Over Oil Spill

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  • Bayelsa Sues Agip for N1.6tn Over Oil Spill

The Bayelsa Government has dragged Nigerian Agip Oil Company Ltd. to a Federal High Court in Port Harcourt over an oil spillage from the company’s SBM Sirius in Brass Local Government Area of the state.

The government disclosed this on Friday in an originating summons, filed by the Bayelsa Attorney-General and Commissioner for Justice, Mr. Kemeasuode Wodu.

According to the summons, the state government demanded N1.6tn compensation for general and exemplary damages from the spill which occurred on Nov. 27, 2013.

The originating summons, which is pursuant to Order 3 Rule 9 of the court, said the spill contravened the provisions of Regulation 13 of the Petroleum Regulation made pursuant to the Pursuant Act Cap P10 Laws of the Federation of Nigeria.

The Bayelsa government in the suit is seeking an injunction restraining the defendant, its agents and or servants from further discharging onto or allowing petroleum (crude oil) to escape onto the waters of and around the said SBM Sirius, (Offshore Brass) facility.

Another relief include an order directing the defendant (NAOC) to provide potable drinking water for the communities in Bayelsa State; impacted by the said Petroleum spillage from the said SBM Sirius operated by the defendant.

The plaintiff said the defendant should be ordered to take all appropriate steps toward restoring the land, swamps, rivers and waters, impacted by the spillage and pay compensation to all persons whose properties were destroyed.

The government averred that the spillage contravened relevant sections of the constitution.

It asked the court to declare that the action or conduct of the defendant in allowing or causing petroleum to escape from its SBM Sirius facility was as a result of its operational error into the waters of and around the said SBM facility which flowed into the sea and parts of Bayelsa.

The plaintiff also demanded a declaration that the defendant by allowing or causing petroleum to escape from its SBM Sirius facility as a result of its operational error, into the waters of around the said SBM Sirius facility contravened Regulation 13 of the Petroleum Act Cap P10 laws of the Federation of Nigeria 2004.

The Bayelsa government also wants the court to declare that “the defendant is under a legal obligation to restore the lands, rivers, creeks and the entire environment impacted by the aforesaid petroleum (crude oil) that escaped from the SBM Sirius (offshore brass) facility on Nov. 27, 2013, to their original state before they were impacted’’.

The plaintiff also asked the court to declare that the defendant was under a legal obligation to pay compensation to all persons whose properties were polluted in Bayelsa by the said petroleum (crude oil) that escaped from the SBM Sirius facility.

No date has been fixed for hearing of the case.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Arla Food To Set Up Dairy Farm In Nigeria, Train 1,000 Dairy Farmers

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Arla Foods- Investors King

Arla Foods, makers of Dano Milk, has announced that it will build a state-of-the-art commercial dairy farm in Northern Nigeria where it plans to train and support up to 1,000 local dairy farmers as part of its long-term commitment to developing the Nigerian dairy sector.

The 200-hectare farm, scheduled to open in 2022, will have housing for 400 dairy cows, modern milking parlours and technology, grasslands and living facilities for 25 employees.

The firm said the farm is expected to produce over 10 tonnes of milk per day to supply locally produced dairy products to Nigerian consumers.

Managing Director, Arla Foods, Peder Pedersen said “there was a great need for nutritious food and dairy products to satisfy the growing demand from Nigeria’s fast-growing population.”

“This requires a complementary approach where imported food is crucial to ensuring food security while also supporting the government’s long-term agricultural transformation plan to build a sustainable dairy sector in Nigeria,” Pedersen said.

In 2019 Arla scaled up its commitment to developing a sustainable dairy sector in Nigeria with a new public-private partnership with the Kaduna State government.

It is the first of its size and offers 1,000 nomadic dairy farmers permanent farmlands. Arla is the commercial partner that will purchase, collect, process and bring the local milk to market.

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The Board of Chemical and Allied Products Plc (CAP Plc) Appoints Vitus Ezinwa as a Non-Executive Director

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Chemical & Allied Products (CAP) Plc - Investors King

The Board of Chemical and Allied Products Plc (CAP Plc) has appointed Dr. Vitus Ezinwa as a Non-Executive Director of the company effective from Thursday June 17, 2021, subject to the approval of the Company’s shareholders at the next Annual General Meeting.

The company announced in a statement signed by Ayomipo Wey, Company Secretary/General Counsel, CAP Plc.

Dr. Ezinwa is a seasoned business manager and human resource professional with experience in leading multinational corporations.

He is currently the Chief Operating Officer (COO) of UAC of Nigeria Plc (“UACN”) and previously, the Group Director of HR at UACN.

Prior to Joining UACN, Dr. Ezinwa worked as Group Human Resources Director for Promasidor Africa; Human Resources Director, CocaCola Nigeria & Equatorial Africa with responsibility for 10 countries and Human Resources Director for British American Tobacco, West & Central Africa covering Ghana, Benin, Niger & Togo.

Dr. Ezinwa was, until recently, the Group Human Resource Director for Tropical General Investments (TGI) Group.

He is a member of the Advisory Board of Afterschool Graduate Development Centre, member of the Institute of Directors and a Fellow of the Chartered Institute of Personnel and Development (CIPD) UK.

He is a co-founder and Director of HR Network Africa and was until 2014, a member of the Lagos Business School’s Advisory Board. He holds a Bachelor’s degree in Sociology/Anthropology from the University of Nigeria, Nsukka, MBA in Management from Lagos Business School, a Master’s in applied business research and a Doctorate in Business Administration, both from Swiss Business School, Zurich, Switzerland.

In addition to holding an executive director role on the Board of UACN, Dr. Ezinwa is a non-executive director of Grand Cereals Limited.

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DLM Capital Group Retains Position as Best Structured Finance & Securitization Team in West Africa

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Sonnie Ayere - Investors King

DLM Capital Group, a prominent Developmental investment bank, has once again emerged as the best-structured finance and securitization team in West Africa at the just concluded Capital Finance International (CFI) 2021 awards.

The leading developmental investment bank has won the award in the last three years to affirm its position as the leading investment institution and asset manager in the region.

CFI awards seek to identify the contributions of individuals and organizations that contribute significantly to the advancement of economies and truly add value for all stakeholders.

DLM Capital Group creates bespoke business solutions for alternative financing and harnessing funds for growth. The group focuses on four key sectors — consumer credit, agriculture, microfinance, and education with a mandate to reduce poverty and improve living conditions for Africans, while mobilizing resources for the continent’s economic and social development.

In the past three years, our portfolio management team’s performance has remained consistent, and our clients have benefited immensely from exposure to our solutions, including the NMRC securitization deal and the DLM Primero BRT Securitization,” said Head of Corporate Communications and Marketing, DLM Capital Group, Chinwendu Ohakpougwu.

We are positioned to provide services to an expansive client base of retail, high net-worth and institutional customers. DLM Capital Group remains committed to constantly providing financial solutions that will enable our clients make a difference, and we are honored to be recognized once again as a reflection of the quality of support offered to our clients’,’ she added.

DLM has won recognition in West African capital markets, acting as a sole arranger to over 80 percent of structured finance transactions in Nigeria — and all the securitization transactions. It provides deal structuring, advisory execution and capital raising services across the Nigerian capital market.

The Institution recently launched an asset financing scheme and is preparing a venture into digital banking under its subsidiary, Sofri.

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