Monday 12 August 2013
Wednesday 3 July 2013
NEITI recovers $2bn education tax from defaulters
The Nigeria Extractive Industries and Transparency Initiative (NEITI) has disclosed that it recovered only $2 billion from the $9.8 billion uncovered by its audit reports as differential between what was paid and what government received.
The balance of $7.8billion, the agency said was still in the hands of companies.
NEITI said it also welcomed the recent bold decision of the Tax Appeal Tribunal which ordered Mobil to pay $83.4 million to the Federal Inland Revenue Service (FIRS).
The judgment by the Tax Appeal Tribunal represented Education Tax liability of the company to the Federation Account in year 2008.
NEITI said it found the courageous judgment by the Tribunal as a fundamental positive development in its efforts to draw national attention to the findings and recommendations on the issues of underpayment and underassessment in royalties, taxes, signature bonuses, rents exposed by its independent audit reports of the oil and gas sector over the years.
In a statement signed Orji Ogbonaya Orji, Director of Communications, NEITI said the “judgment was also a vindication of its 2006 – 2008 findings of the independent audit of the Oil and Gas sector. In that audit, NEITI clearly revealed that Mobil owed $83.28 million Education Tax for 2008. However, before the litigation and landmark judgment by the Tax Appeal Tribunal, Mobil had insisted that it had no Education Tax liability to the Federation.
“It is on record that NEITI has consistently alerted the nation that out of $9.8 billion uncovered by its audit reports as the difference between what was paid and what government received, only $2 billion has been recovered through NEITI efforts, leaving a balance of $7.8 in the hands of companies.
“The judgment by the Appeal Tribunal was therefore a wake-up call for government agencies to rise up to the challenge and engage companies to remit outstanding revenues due to government.
“It is noteworthy that the judgment is coming at a time when Nigeria through the Petroleum Industry Bill(PIB), the European Union member countries, United Kingdom and United State are putting in place stringent regulations to compel extractive industry companies to embrace contract transparency, due diligence and corporate social responsibility.
UK Police Officer Ibori Accused Of Corruption Is Cleared
By SaharaReporters, New York
Mr. McDonald was arrested last year after the British Parliament began investigating an allegation that a private investigation agency made illegal payments to police officers involved in Mr. Ibori’s money laundering case. British law enforcement had initially ignored the allegation, regarding it as a desperate ploy by Mr. Ibori and his defense team to undermine the integrity of the officers who investigated his extensive money laundering scheme.
However, British parliamentarians pressured police authorities to look into the matter.
Mr. Ibori and his jailed lawyer, Bhadresh Gohil, had orchestrated a campaign of calumny against the police officers involved in investigating the former governor’s network of corrupt activities around the globe.
Mr. Ibori and Mr. Gohil claimed that some serving officers of the Metropolitan police as well as a few retired officers employed by a private investigation agency took money and sold information regarding Mr. Ibori's investigations in order to pervert the course of justice.
Backed by powerful lawyers hired by Mr. Ibori, the allegation eventually received the attention of the UK parliament.
A UK-based Nigerian blogger, Daniel Elombah, used the allegation to write a series of propaganda reports believed to have originated from Mr. Ibori’s lawyers in the UK. SaharaReporters learnt that Tony Eluemunor, Mr. Ibori’s spokesman in Nigeria, arranged for Mr. Elombah to meet with the former governor’s lawyers in London.
In his reports, Mr. Elombah went as far as predicting that the criminal case against Mr. Ibori would collapse under the weight of allegations of corruption against his British police investigators. After Mr. Ibori pleaded guilty and was sentenced to jail, the bloggers and media sympathetic to him focused their attacks against the police officers that helped jail him.
A source within the Ibori camp stated that the former governor and Mr. Gohil, his rogue former lawyer, calculated that their convictions would be reversed on appeal if their propaganda succeeded in casting doubt on the integrity of the officers who investigated Mr. Ibori’s slew of money laundering activities. In the end, the appellate Royal Court of Justice declined an appeal to reduce Mr. Ibori’s prison sentence.
A press statement received by Saharareporters from Eddie Townsend of the UK Metropolitan Police revealed that three other persons involved in the investigation are to return to the police in September. It also stated that no further action would be taken against Mr. McDonald.
Wednesday 19 June 2013
African countries supply 12% world’s oil – PwC
… As Nigeria, Libya, Algeria and Egypt produce 91% natural gas
PrincewaterhouseCopper yesterday said Africa currently supplies about 12 per cent of the world’s oil, boasting significant untapped reserves estimated at 8 per cent of the world’s proven reserves.
The report said the continent has natural gas reserves of 513 trillion cubic feet (Tcf) with 91 per cent of the annual gas production of 7.1Tcf coming from Nigeria, Libya, Algeria and Egypt.
According to a review issued by PwC, the oil and gas industry is grappling with the severe stresses of a challenging economic and political environment on the African continent fueled by poor physical infrastructure, corruption, an uncertain regulatory framework, and a lack of skills.
PwC Africa Oil & Gas Industry Leader and Deputy Country Senior Partner, Nigeria, Uyi Akpata, said: “The challenges facing oil and gas companies operating in Africa are diverse and numerous. Political interference, uncertainty and delays in passing laws, energy policies and regulations are stifling growth, development and investment in a number of countries around Africa.”
He added: “PwC’s ‘Africa oil and gas review’ analyses what has happened in the last 12 months in the oil and gas industry and in the major African markets.
The survey draws upon the valuable experience and views of industry players in Africa, including international oil companies operating on the continent, national oil companies, service companies, independent oil organisations and industry commentators, to provide insight into the latest developments affecting the industry.
The review shows that the oil and gas industry in Africa is poised for momentous growth due to recent large gas finds in East Africa. “Large gas finds in Mozambique and Tanzania, and oil potential in Uganda and Kenya, have sparked a flurry of exploration activity across Africa,” Akpata added.
Speaking on developing the business, he said that the major challenges identified by organisations in the oil and gas industry have remained largely unchanged with the top four issues in 2010 continuing to remain the biggest challenges in 2012. Adding that poor infrastructure and an uncertain regulatory framework were the two top challenges identified by the new emerging players/markets, particularly in Nigeria, Ghana, Kenya, Tanzania and Uganda.
In Nigeria, the Petroleum Industry Bill (PIB) continues to face opposition from oil companies and politicians, and is likely to require further changes.
PrincewaterhouseCopper yesterday said Africa currently supplies about 12 per cent of the world’s oil, boasting significant untapped reserves estimated at 8 per cent of the world’s proven reserves.
The report said the continent has natural gas reserves of 513 trillion cubic feet (Tcf) with 91 per cent of the annual gas production of 7.1Tcf coming from Nigeria, Libya, Algeria and Egypt.
According to a review issued by PwC, the oil and gas industry is grappling with the severe stresses of a challenging economic and political environment on the African continent fueled by poor physical infrastructure, corruption, an uncertain regulatory framework, and a lack of skills.
PwC Africa Oil & Gas Industry Leader and Deputy Country Senior Partner, Nigeria, Uyi Akpata, said: “The challenges facing oil and gas companies operating in Africa are diverse and numerous. Political interference, uncertainty and delays in passing laws, energy policies and regulations are stifling growth, development and investment in a number of countries around Africa.”
He added: “PwC’s ‘Africa oil and gas review’ analyses what has happened in the last 12 months in the oil and gas industry and in the major African markets.
The survey draws upon the valuable experience and views of industry players in Africa, including international oil companies operating on the continent, national oil companies, service companies, independent oil organisations and industry commentators, to provide insight into the latest developments affecting the industry.
The review shows that the oil and gas industry in Africa is poised for momentous growth due to recent large gas finds in East Africa. “Large gas finds in Mozambique and Tanzania, and oil potential in Uganda and Kenya, have sparked a flurry of exploration activity across Africa,” Akpata added.
Speaking on developing the business, he said that the major challenges identified by organisations in the oil and gas industry have remained largely unchanged with the top four issues in 2010 continuing to remain the biggest challenges in 2012. Adding that poor infrastructure and an uncertain regulatory framework were the two top challenges identified by the new emerging players/markets, particularly in Nigeria, Ghana, Kenya, Tanzania and Uganda.
In Nigeria, the Petroleum Industry Bill (PIB) continues to face opposition from oil companies and politicians, and is likely to require further changes.
Eagles attack worries Keshi
It was a mixed feeling for Coach Stephen Keshi yesterday after his boys beat Tahiti 6-1 to set a possible competition record. He was happy with the final result and the competitive edge it has given the Super Eagles, but was quick to add that his attackers were wasteful, a situation that worries him.
He was also delighted that none of the players was injured. “That is a big relief for me”, he remarked, saying that was what he was concerned about before the game, having lost four vital players of his African Cup winning side to injury.
“That would have compounded my headache as I know that the competition is now going to get tougher”. Despite rejoicing over the score line, he expressed worry over the wasted chances that the strikers could not convert. “The valuable chances they lost can prove crucial in the long run, considering that Spain and Uruguay will also still play Tahiti and score many goals.
“Worse still, they allowed Tahiti to pull a goal back and that boosted their morale and confidence as they dominated the game momentarily for about five minutes. “If the trend continues, we will be in great difficulty soon”. He said he would now focus on strategy that may see the Super Eagles eliminate Uruguay tomorrow, so as to ease tension when the Super Eagles face Spain on the last match day of the group stage.He said even though he was not expecting the thunderous booing from the Brazilian crowd, he could not believe that it was owing to the dented image of the Super Eagles over the bonus crisis. “It is common for the weaker side to be supported, so that the standard of play can rise”, he said. “The booing did not have any impact on my players”, he remarked.
While Enyeama on Sunday said the issue of match bonus had not been resolved, Keshi said the issue was over and almost had an unsettling impact on the team. Monday’s win coincided with the defeat of another Oceania team by an African side in the Confederations Cup four years ago.
Subscribe to:
Posts (Atom)