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Vitol, Glencore Win $380m Award in Nigerian LNG Litigation
By Tony Obiechina Abuja
Trading Houses, Vitol and Glencore will receive $380 million in compensation after their gas supplier, trading firm Taleveras, won a legal battle in a London court against Nigeria’s sole liquefied natural gas (LNG) producer for non-delivery of cargoes, court documents seen by Reuters showed.
The case heard in London’s High Court and Court of Appeal is the latest in a string of lawsuits brought by buyers against sellers and producers for non-delivery of cargoes after gas rallied from lows plumbed during the COVID pandemic when Russia invaded Ukraine in February 2022.
Taleveras sued Nigerian venture, known as NLNG and involving Shell, Total Energies and Eni partners, four years ago.
These three companies are minority shareholders in NLNG, along with the Nigerian state-owned oil company, which has 49%. Last week, Taleveras had NLNG’s appeal rejected, according to an official video of court proceedings.A full written judgment is due to be released in the coming weeks.
NLNG runs Nigeria’s biggest LNG plant, which covers around 5% of global supply.
NLNG said it was reviewing the ruling and declined further comment. Shell and Eni declined to comment, while TotalEnergies did not respond to a request for comment, Reuters reported.
Court proceedings focused on 19 cargoes that NLNG had been due to deliver to Taleveras in 2020-2021.
Taleveras had pre-sold some of these cargoes to Vitol and Glencore, according to court documents.
The trading houses took legal action against Taleveras for non-delivery, leading to a chain of litigation.
The lost appeal means NLNG will need to pay Vitol around $260 million and about $120 million to Glencore, the documents said.
Vitol and Glencore did not respond to requests for comment. It was not clear how much Taleveras would receive on top of $380 million. Taleveras declined to comment.
European benchmark gas prices swung between 3.63 euros ($4.14) per megawatt-hour in 2020 as demand fell because of the pandemic and 311 euros ($328) per MWh in 2022 after the invasion of Ukraine disrupted supplies to Europe.
When prices soared, some producers cut supply under long-term deals and sold those volumes at higher prices on the spot market instead, triggering a wave of complaints about legality of such actions.
In one such case, Shell (SHEL.L), opens new tab and BP (BP.L), opens new tab pursued arbitration against Venture Global LNG, a U.S. gas exporter, for failing to supply contracted cargoes. Venture Global cited technical issues at its LNG facilities as the reason for delayed deliveri.
In the case of Taleveras versus NLNG, Reuters could not establish the reasons NLNG cited for delays.
Taleveras was founded in 2004 by Igho Sanomi, one of Nigeria’s independent energy traders. The company is now based in Dubai.
Nigeria’s GDP Grows by 3.84% in Fourth Quarter, 2024
Meanwhile, Nigeria’s economy showed strong growth in the fourth quarter (Q4) of 2024, with the country’s Gross Domestic Product (GDP) expanding by 3.84% in real terms compared to the same period in 2023, according to the latest data from the National Bureau of Statistics (NBS).
This marks an improvement over the 3.46% growth seen in Q4 2023, signaling increased economic activity at the close of 2024.
Statistician-General of the Federation and Chief Executive Officer of the NBS, Prince Adeyemi Adeniran emphasized that the services sector played a central role in driving the economy, registering a robust 5.37% growth in Q4 2024. This sector accounted for 57.38% of Nigeria’s total GDP, highlighting its vital contribution to the national economy.
On a quarterly basis, Nigeria’s GDP rose by 10.99%, reflecting a higher level of economic activity than in the preceding quarter, Q3 2024. The total economic output for Q4 2024 reached ₦22.61 trillion, surpassing the ₦20.12 trillion recorded in Q3 2024 and the ₦21.77 trillion seen in Q4 2023.
Despite a strong performance in Q4, Nigeria’s annual GDP growth for 2024 stood at 3.40%, slightly up from the 2.74% growth recorded in 2023. However, agriculture and industry showed slower growth, while services continued to expand at a solid pace.
In nominal terms, Nigeria’s GDP for Q4 2024 reached ₦78.37 trillion, reflecting an 18.91% year-on-year increase from ₦65.91 trillion in Q4 2023.
Key contributors to this growth included crop production, trade, telecommunications, real estate, and financial institutions, with crop production alone accounting for 23.42% of the GDP.
Agriculture and industry experienced slower growth, with agriculture growing by just 1.76% (down from 2.10% in Q4 2023) and industry expanding by 2.00% (compared to 3.86% in the same quarter of 2023). In contrast, the services sector saw a notable 5.37% growth, a significant increase from 3.98% in Q4 2023.
The oil sector saw modest growth, with oil GDP increasing by 1.48% in Q4 2024, a sharp drop from the 12.11% growth recorded in Q4 2023. Average daily oil production for the quarter stood at 1.54 million barrels per day, slightly lower than the 1.56 mbpd seen in Q4 2023 but higher than the 1.47 mbpd recorded in Q3 2024.
The non-oil sector remained a strong performer, contributing 95.40% of the GDP in real terms, up from 95.30% in Q4 2023. Key sectors driving this growth included rail transport, metal ores, financial institutions, and insurance.
Looking ahead, Nigeria’s economy is expected to maintain its recovery momentum, with the services sector continuing to lead growth. However, challenges in agriculture and industry could pose risks to sustained expansion. The government’s focus on enhancing the non-oil sector, particularly in transportation and financial services, could further strengthen economic stability in 2025.
“A simplified tax system will attract investments, create jobs, and stimulate economic growth in the region. This, in turn, will lead to increased economic activity, improved living standards, and reduced poverty levels.
“As the North is a significant contributor to Nigeria’s economy, the benefits of the Tax Reform Bills will be felt across the country.
“The reduction in compliance costs will also ease the burden on taxpayers in the North, enabling them to invest in their businesses and communities.
“This will be particularly beneficial for small and medium-sized enterprises (SMEs), which are the backbone of the Northern economy. By reducing the tax burden on SMEs, the tax reform bills will promote entrepreneurship, innovation, and job creation in the region.
“The increased revenue generated from the reforms will also enable governments in the North to fund critical infrastructure projects and social programs.
“This will help to address the region’s developmental challenges, such as inadequate healthcare, education, and transportation infrastructure. By investing in these critical areas, the North will be better equipped to unlock its economic potential and improve the lives of its people.
“The benefits of the tax reform bills to the North are numerous. The reduction in compliance costs will ease the burden on taxpayers, enabling them to invest in their businesses and communities.
“Additionally, the increased revenue generated from the reforms will enable governments to fund critical infrastructure projects and social programs.
“The tax reform bills will also promote fairness and equity in the tax system, eliminating multiple taxation and reducing the tax burden on low-income earners.
“This will promote social justice and reduce poverty in the region. Furthermore, the reforms will promote transparency and accountability in the tax system, building trust between governments and the people,” Garuba said.
He also commended the Senate Committee Chairman, Senator Sani Musa for his neutrality and impartiality by ensuring that all Nigerians were heard during the hearing.
Garuba in the same vein urged all northerners to support the tax reform bills, emphasising that the reforms are in their best interest.
By Laide Akinboade, Abuja
As part of efforts to reposition the newspaper for optimum corporate performance, the management of Asset Newspapers Limited, Publishers of DAILY ASSET, has announced the appointment of David Torough as the Editor of the Abuja-based national daily.
A statement by the management said the appointments were part of the company’s new strategy to further penetrate the various states in the country and raise its readership and patronage.
“DAILY ASSET is widely acceptable across the country and to maintain our leadership position, we need to increase management presence, hence the need to create new Bureau offices in some locations outside Abuja and Lagos,” the statement quoted the Publisher/ Editor-in-Chief, Dr Cletus Akwaya to have said.
In a statement yesterday, Publisher and Editor-in-Chief of the fast-growing daily, Dr. Cletus Akwaya said the appointment was part of the new strategy to properly situate the paper for better productivity.
“DAILY ASSET has a commitment with the Nigerian people. We are determined to weather the storm and give Nigerian readers a Newspaper that satisfies their yearnings and reading pleasure and we can only do that with the right set of professionals,” the statement said.
Akwaya, a former Commissioner of Information from Benue State said the difficult times being faced by Nigerians posed a great challenge to the media as the people deserved credible information with which to make choices.
“We have a bond with the people, to offer credible information at all times in the best tradition of the Nigerian Press and on this scale of objectivity, truth and fairness, we pledge to remain steadfast no matter the challenges,” Akwaya was quoted to have said.
He said the newspaper will maiantin its daily print run and circulation to all states of the federation and urged advertisers to take advantage of the deep penetration of the Daily Asset brand to send their messages.
Torough, the new Editor has had a steady rise in the Newspaper in the last five years.
A graduate of Mass communication of the Benue State University, Makurdi, Torough joined the company in 2022 as Benue State Correspondent. He was spotted for his brilliance and redeployed to Abuja the following year and promoted to Deputy News Editor. He was subswuently named Deputy Editor of the paper, a position he held until the recent appointment.
Torough has attended several journalistic workshops and trainings to properly equip himself for the task ahead.
The statement also said the Management named Eze Okechukwu as Deputy Editor.
Before his elevation as Deputy Editor, Eze has been Deputy Politics Editor and DAILY ASSET Newspaper correspondent covering the Senate, having joined the organization in 2021.
Born on March 10, 1975, Eze holds a Masters Degree in Mass Communication from the Enugu State University of Science and Technology.
Eze began his journalism career with Daily Star, Enugu and later worked with Daily Trust Newspaper, Abuja as sports reporter.
Aside from his journalistic excellence, he has a great deal of passion for sports.
From Ngutor Dekera, Kaduna and Aliyu Askira, Kano
Northern governors and traditional rulers yesterday called for the suspension of mining activities across the region for six months, blaming illegal mining for worsening insecurity in many states.The resolution was contained in a communiqué issued after a joint meeting of the Northern States Governors’ Forum and the Northern Traditional Rulers’ Council held at the Sir Kashim Ibrahim House, Kaduna.
The meeting, chaired by the Gombe State Governor and NSGF Chairman, Muhammadu Yahaya, had in attendance the 19 northern governors and chairmen of the 19 states’ traditional councils. The Forum expressed concern over the escalating violence in parts of the North, including the killings and abductions recently recorded in Kebbi, Kwara, Kogi, Niger, Sokoto, Jigawa and Kano states, as well as renewed Boko Haram attacks in Borno and Yobe.“The Forum extends its deepest condolences and solidarity to the governments and good people of the affected states,” the communiqué said, noting that the attacks on schoolchildren and other citizens had become “unacceptable tragedies” that required urgent collective action.It commended President Bola Tinubu for what it described as the Federal Government’s “firm response” to recent abductions and insurgency threats, especially the rescue of some abducted pupils.The governors also saluted security agencies for their sacrifices on the frontlines.“We resolved to renew our support for every step taken by the President and Commander-in-Chief to take the fight to insurgents’ enclaves in order to end the criminality,” the Forum stated.A major highlight of the meeting was the North’s renewed push for the establishment of state police, with governors and traditional rulers insisting that decentralised policing had become inevitable.“The Forum reaffirms its wholehearted support and commitment to the establishment of state police,” the communiqué added, urging federal and state lawmakers from the region to “expedite action for its actualisation.”On illegal mining, the governors said criminal mining networks were fuelling violence and providing resources for armed groups.As a corrective measure, they asked Tinubu to direct the Minister of Solid Minerals to impose a six-month suspension of mining activities in order to allow for a full audit and revalidation of licences.“The Forum observed that illegal mining has become a major contributory factor to the security crises in Northern Nigeria. “We strongly recommend a suspension of mining exploration for six months to allow proper audit and to arrest the menace of artisanal illegal mining,” it said.To strengthen the fight against insecurity, the governors also announced the creation of a regional Security Trust Fund.Under the proposed arrangement, each state and its local governments will contribute ₦1bn monthly, to be deducted at source under an agreed framework.They said the fund would help provide sustainable financing for joint operations, intelligence-driven interventions and coordinated security responses across the region.At the end of the meeting, the Forum reaffirmed its commitment to unity and collective responsibility.“Only through unity, peer review and cooperation can we overcome the pressing challenges before us,” it declared.The Forum agreed to reconvene on a date to be announced.Meanwhile, Nigeria’s worsening security crisis took a grim turn on Monday as bandits launched fresh attacks in Kano State, abducting 25 villagers, even as the Federal Government raced to secure the release of more than 300 Catholic school children kidnapped in Niger State.In the early hours of Monday, armed bandits invaded Unguwar Tsamiya—popularly called Dabawa—in Shanono Local Government Area of Kano State, whisking away nine men and two women after shooting into the air and assaulting residents. The attackers also rustled two cows.A resident lamented the community’s helplessness: “We cannot do otherwise; most of us cannot leave because we have nowhere to go. This is our place, our land and everything is here.”The assault came less than 24 hours after a similar attack on Yan Kamaye in Tsanyawa LGA, a community along the volatile Katsina border.In Niger State, National Security Adviser Nuhu Ribadu has assured distraught families of St. Mary’s Co-Education School, Kontagora that the more than 300 students and staff abducted on November 21 will return home “soon.” Ribadu, who led a high-level federal delegation to the school on Monday, said the abductees are safe, though he offered no specifics on their location or the status of rescue operations.According to Daniel Atori, spokesman for the Catholic bishop overseeing the school, the NSA reassured officials: “The children are where they are and will come back safely.”The St. Mary’s attack is part of a worrying resurgence of mass kidnappings reminiscent of the 2014 Chibok schoolgirls’ abduction. Security analysts warn that banditry has evolved into a “structured, profit-seeking industry,” with hundreds of Nigerians abducted in November alone.The Kontagora school abduction occurred the same week 25 girls were kidnapped in Kebbi State—victims who authorities say have since been rescued through “non-kinetic” means. About 50 of the St. Mary’s hostages have also managed to escape.Ribadu’s delegation, which included the Minister of Humanitarian Affairs and the Director-General of the Department of State Services (DSS), reaffirmed the government’s commitment to securing the freedom of all abducted citizens.As communities from Kano to Niger continue to bear the brunt of these violent incursions, the escalating spate of kidnappings underscores the urgent national demand for a more decisive and coordinated security response.
By David Torough, Abuja
The Economic and Financial Crimes Commission (EFCC) said former Attorney‑General of the Federation and Minister of Justice, Abubakar Malami, will face a team of interrogators at its office daily throughout December.A credible source in the EFCC said on Monday that the daily appearance was part of an ongoing investigation into the whereabouts of an alleged 490 million dollars Abacha loot secured through a Mutual Legal Assistance (MLAT) request.
The source said that Malami, who was summoned for interrogation by the EFCC on Saturday, was barred from leaving Nigeria for the next one month.According to the source, one of the conditions for his release on Saturday was that he should report daily to the EFCC Headquarters in Abuja for further interrogation.The source said Malami would have to appear daily at the anti-graft office due to the volume of the investigation and the seriousness of the charges against him.”We seized his passport, it is the normal routine during investigation, but he has to report at the EFCC headquarters in Abuja every day for the next month.”He will be reporting for further investigation throughout December.”He will be reporting every day, starting from Dec. 1st to Dec. 31st.He will appear before the team of investigators for the entire month of December.”He will be reporting to EFCC for investigation for the period because of the volume of the investigation and the seriousness of the charges against him,” the source added.According to the source, a fact sheet on the former minister revealed that Malami had several issues to clarify with the EFCC within the coming weeks.“We have asked him to explain the whereabouts of the $490 million Abacha loot secured through MLAT.“We didn’t say he stole money, but he should account for the loot. This is one of the issues he will clarify to our investigators.”The commission cited the large volume of documents he must review and the need for extensive interviews as reasons for seizing his passport.The source said EFCC would not engage in a war of words but would release its findings after a thorough investigation.Malami, in a statement by his media aide, Mohammed Doka, on Monday in Abuja, however, described the EFCC investigation as a political witch‑hunt.He confirmed he honored an EFCC invitation on Nov. 28, describing the engagement as fruitful and expressing confidence that the probe would vindicate him.Malami described the EFCC’s allegations as baseless, illogical and devoid of substance, insisting they collapse under factual scrutiny.
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