Page 9 - AfrOil Week 46 2022

AfrOil POLICY AfrOil

GNPC has acquired equity stakes in the Jubilee and TEN oilfields (Image: Tullow Oil)

GNPC acquired the assets in 2021 and report- The accusation that some illegal payment
edly subsequently ceded it to a newly formed had been made into an offshore account were
subsidiary, Jubilee Oil Holdings Ltd (JOHL), part of the justification by minority lawmakers
based in the Cayman Islands. JOHL made its to file a censure motion against Ofori-Atta.
first lifting (944,164 barrels) from the Jubilee Testifying as a witness before the ad hoc
Field in the first half of 2022, valued at more than Committee of Parliament hearing the censure
$100.7mn. motion on the Finance Minister, on Thursday
GNPC said on November 18 that contrary (November 17), PIAC vice chairman Nasir Alfa
to allegations by some opposition lawmak- Mohammed said the money ought to have been
ers, based on a report by the Public Interest paid into the PHF.
Accountability Committee (PIAC), a state “We have established that they have not
wachdog, Ofori-Atta had not done anything paid that quantum of money, which ought to
improper. have formed part of the petroleum revenues of
PIAC had maintained in a semi-annual Ghana, into the Petroleum Holding Fund, and
report that the oil revenue should have been in our view that is contrary to the law,” he said.
paid into the Petroleum Holding Fund (PHF), in However, the GNPC said that the revenue
line with the Petroleum Revenue Management was paid to JOHL, which has the authority to
Act (APRM). receive it. ™

Former Nigerian defence minister files

suit over gas contract arbitration award

NIGERIA A business owned by former Nigerian defence In this court case, Nigeria’s federal govern-
minister Theophilus Danjuma is suing a former ment claimed that the gas-supply contract was
business partner Process and Industrial Devel- awarded through bribes and corruption – some-
opment (P&ID), Bloomberg has revealed. thing it still asserts.
The latest news is another setback for P&ID, Three years later, in 2020, Danjuma’s Tita-
which has been repeatedly targeted by Nigerian Kuru Petrochemicals brought a claim against
anti-corruption agencies. P&ID, alleging that its designs had been
As seen in court documents, which were “unlawfully misappropriated” to secure the gas
previously unreported on, in 2017 a tribunal contract.
in the UK ordered the Nigerian government Tita-Kuru Petrochemicals believes that the
to pay P&ID $6.6bn in damages after a failed failed gas project was its idea and alleges that it
gas-supply deal. This figure has grown rapidly was stolen by P&ID through one of its promot-
with interest and remains unpaid. ers, Michael Quinn.

Week 46 17•November•2022 www. NEWSBASE .com P9