General
P&ID: EFCC Re-Arraigns British Nationals for Money Laundering
By Adedapo Adesanya
The Economic and Financial Crimes Commission (EFCC) on Monday re-arraigned two British nationals, Mr James Nolan and Mr Adam Quinn (at large), before Justice Donatus Okorowo of the Federal High Court in Abuja.
They were brought to court for their alleged complicity in the controversial Process and Industrial Development (P&ID) gas processing contract, leading to the $9.6 billion arbitral awarded to P&ID Limited by a United Kingdom commercial court.
Recall that P&ID, a firm based in the British Virgin Islands, won a $9.6 billion arbitration award against the Nigerian government after the collapse of a 2010 gas project.
However, the Nigerian government had also recorded some victories, including getting the company to make the payment of more than £1.5 million to Nigeria within 21 days to cover legal costs in an ensuing legal battle between both parties as well as granted the power to make a fraud challenge against the $9.6 billion arbitration award obtained by P&ID well outside the normal time limits.
The defendants, both directors of Goidel Resources Limited – a Designated Non-Financial Institution (DNFI) – and ICIL Limited, were re-arraigned on 32 counts bordering on money laundering.
One of the counts of the charge read, “That you, ICIL LIMITED, JAMES RICHARD NOLAN and ADAM QUINN (at large) between January and December 2008 in Abuja within the Abuja Judicial Division of the Federal High Court, used the total sum of N52,202,392.91 when you reasonably ought to have known that the said fund formed proceed of your unlawful activities to wit: tax evasion and failure to submit value-added tax returns, and you thereby committed an offence contrary to section 15 (2) (d) and punishable under section 15 (3) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012).”
Another count read, “That you, ICIL LIMITED, JAMES RICHARD NOLAN and ADAM QUINN (at large) between January and December 2009 in Abuja within the Abuja Judicial Division of the Federal High Court, used the total sum of N26,366,748.91 when you reasonably ought to have known that the said fund formed proceed of your unlawful activities to wit: tax evasion and failure to submit value-added tax returns, and you thereby committed an offence contrary to section 15 (2) (d) and punishable under section 15 (3) of the Money Laundering Prohibition Act, 2011 (as amended by Act No. 1 of 2012).”
After the charges were read to them, the third defendant (Nolan) pleaded “not guilty” to the charges.
Mr Quinn, who is at large, was not available to take his plea but the prosecuting counsel, Mr Ekele Iheanacho, requested that his plea be recorded as “guilty” which the judge granted.
In view of Mr Nolan’s not guilty plea, Mr Iheanacho asked the court for a trial date.
The counsel to Mr Nolan, Mr Micheal Ajara, on his part applied to the court for the defendant to continue enjoying the bail granted to him by Justice Okon Abang, which the prosecuting counsel did not oppose.
Justice Okorowo, thereafter, adjourned the matter until December 13 for the commencement of the trial.
General
Olam Agri to Sustain Significant Investments in Workforce, Food Value Chain
By Aduragbemi Omiyale
The managing director of Olam Agri in Nigeria, Mr Anil Nair, has assured us that more investments in the company’s workforce will be made for economic growth.
He gave this assurance while reacting to the recognition of the organisation as a Top Employer for the fifth consecutive time by the Top Employers Institute.
“As we celebrate this recognition, we also look to the future. Olam Agri is committed to scaling our HR practices to ensure alignment with global standards.
“We will continue to make significant investments in our people and the food value chain, enriching lives and driving economic growth.
“Our goal is to create an environment where our employees can excel and thrive, and we are dedicated to achieving this.
“Olam Agri’s continued success as a Top Employer reflects its unwavering dedication to fostering growth, well-being, and excellence in its operations,” he stated.
Also commenting, the firm’s Regional Head of Human Resources, Jaideep Biswas, said, “Our people-centric strategy aligns with the dynamic demands of the global talent landscape, embedding diversity, equity, and inclusion at the core of our operations.
“This certification validates our approach, but we’re not stopping here. We remain committed to helping our workforce thrive in a rapidly evolving work environment.”
In the annual HR Best Practices Survey of the Top Employers Institute, Olam Agri in Nigeria was named the Top Employer because of its exceptional workplace culture, innovative HR strategies, and growing appeal to talent locally and globally.
“Consistency in a not-so-consistent world is remarkable. Amidst technological advances, economic shifts, and evolving social landscapes, it’s inspiring to see organisations like Olam Agri rise to the challenge.
“This year’s certification celebrates those who continue to lead with people-first strategies, setting the standard for enriching the world of work,” the chief executive of Top Employers Institute, Mr David Plink, said.
The institute evaluates organisations based on a comprehensive survey covering six key HR domains and 20 topics: People Strategy, Work Environment, Talent Acquisition, Learning, Diversity, Equity and Inclusion, and Wellbeing.
Since 2020, Olam Agri’s operations in Côte d’Ivoire, Ghana, Nigeria, South Africa, and the Africa region have consistently earned top rankings, solidifying its reputation as an employer of choice.
As a leading agribusiness in food, feed, and fibre, Olam Agri is deeply committed to making a positive impact on its workforce, customers, host communities, and stakeholders.
General
Proposed NLC Protest Over Tariff Hike Unnecessary—Subscribers
By Adedapo Adesanya
The National Association of Telecommunication Subscribers (NATCOMS) has distanced itself from the planned industrial action by the Nigeria Labour Congress (NLC) against the recently approved telecommunication tariff hike.
According to NATCOMS President, Mr Deolu Ogunbanjo, in a statement on Thursday, the proposed protest was unnecessary, warning that it could send negative signals to investors.
Earlier this week, the Nigerian Communications Commission (NCC) approved a 50 per cent tariff adjustment in response to rising operational costs following over 11 years of discussion.
The move has raised worries and one of the parties which have been vocal about is NATCOMS.
The subscribers’ group and the labour union criticized the move, describing it as excessive and burdensome for Nigerian consumers.
On the part of the union, Mr Joe Ajaero, the NLC President, called on the industry regulator and the National Assembly to halt the 50 per cent implementation, urging Nigerian workers and the public to reject the hike, suggesting a nationwide boycott of telecommunication services as a possible course of action.
“This is for our dignity, our rights, and our survival as a people. The NLC remains resolute in defending the interests of Nigerian workers and the masses.
“We will resist this injustice and demand that the government prioritizes the interests of its citizens over corporate interests,” Mr Ajaero said.
But NATCOMS has advocated legal action and not the proposed protest.
“We do not support the Nigerian Labour Congress’ call for industrial action. No, we don’t! NATCOMS is not in support,” Mr Ogunbanjo stated.
“To investors and businesses, it is a wrong signal. Negotiation is still ongoing, and the tariff hike is scheduled for February. We still have eight days,” he added.
Business Post had reported that NATCOMS is engaging with the NCC to find a resolution and is prepared to approach the courts if consultations fail.
General
Five Firms Get N16.3bn for 68km Rural Roads in Oyo
By Modupe Gbadeyanka
Five construction companies have sealed a deal worth N16.3 billion to construct about 68 kilometres of rural roads under phase 1 of the Oyo State Rural Access and Agricultural Marketing Project (Oyo RAAMP).
The roads, according to the Commissioner for Agriculture and Rural Development, Mr Olasunkanmi Olaleye, cut across five local government areas of the state.
He said the project was expected to have a positive impact on lives of rural communities, farmers, and traders as well as market hubs to reduce post-harvest loss of agricultural products.
The Commissioner urged the firms to execute quality and satisfactory jobs since they emerged from the highly competitive bidding and procurement processes.
Mr Olaleye explained that the phase 1 intervention roads of backlog maintenance/rehabilitation and cross drainage structures would include the Fashola Farm settlement road networks in Oyo West, the Oloko Oyo Junction-Ikere Junction in Iseyin Local Government, the Alako-Idiya-Batake-Olowa Farm settlement in Ido Local Government, the Adebayo-Alata-Aba Oje in Oluyole local government, the Okudi-Oyada road in ATISBO Local Government, and the Tewure-Ila junction road in Oriire local government.
The contractors awarded the road projects are Dephhanny’s Venture Limited, Messrs CGC Nigeria Limited, Messrs Coastline Engineering Limited, Messrs Lopek Engineering and Construction Limited, and Messrs E.A.A Engineering Limited.
Speaking at the signing ceremony, the Permanent Secretary in the Ministry of Agriculture and Rural Development, Mrs Abosede Owoeye, said that the objectives align with the vision of Governor Seyi Makinde to support farmers with the necessary equipment to enhance food security, adding that this was one step closer to achieving its goals of promoting economic growth, improving livelihoods, and enhancing food security.
She, therefore, thanked the federal government, the World Bank, and the French Development Agency for the support.
In her remarks, the Oyo State Project Coordinator for Rural Access and Agricultural Marketing Project, Ms Adeola Ekundayo, urged the contractors to cooperate with stakeholders who will be monitoring their activities.
-
Feature/OPED5 years ago
Davos was Different this year
-
Travel/Tourism8 years ago
Lagos Seals Western Lodge Hotel In Ikorodu
-
Showbiz2 years ago
Estranged Lover Releases Videos of Empress Njamah Bathing
-
Banking7 years ago
Sort Codes of GTBank Branches in Nigeria
-
Economy2 years ago
Subsidy Removal: CNG at N130 Per Litre Cheaper Than Petrol—IPMAN
-
Banking2 years ago
First Bank Announces Planned Downtime
-
Sports2 years ago
Highest Paid Nigerian Footballer – How Much Do Nigerian Footballers Earn
-
Technology4 years ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN