26 February 2010
Lagos — Justice Efang Archibong of the Federal High Court in Lagos has ordered that the accounts of Statoil Nigeria Ltd be frozen in the Agbami oil field due to a contract dispute between the company and Dr. John Abebe, younger brother to the former First Lady, Stella Obasanjo.
Abebe instituted legal action claiming a contractual default by Statoil.
Justice Archibong directed the oil firm to open an escrow account with a reputable financial institution within the jurisdiction of the court where all revenues, income, funds, profit proceeds and earnings from the oil firm's 18.5 per cent interest in the Agbami oil field would be deposited.
Archibong also advised that the deposit be made in the name or at the instance of the Chief Registrar of the court pending the hearing and determination of the suit.
The judge ordered that notice of the order and other necessary documents emanating from the suit be served on the Federal Internal Revenue Service (FIRS), the Federal Ministry of Petroleum Resources, ChevronTexaco, Petrobras Nigeria and Ocean Energy (Devon) all in Nigeria and the respondent,
"It is ordered that all revenues, income, funds, profit proceeds and earnings, however called after returns by way of VAT, royalties or whatever tax obligations have been made to the Federal Internal Revenue Service, after such tax, commitments, all inflows are to be paid into an interest bearing escrow account with a Nigerian bank at the instance of the Chief Registrar of the Federal High Court of Nigeria," said the court.
"It is also ordered that notice of this order be served on the Federal Internal Revenue Service and the Federal Ministry of Petroleum Resource, ChevronTexaco in Nigeria, Petrobras in Nigeria and Ocean Energy (Devon) in Nigeria; and together with a motion on notice to the defendant/ respondent to be argued on the return date," it added.
Archibong's order was sequel to an ex parte motion brought by Abebe and his company, Inducon Nigeria Limited, and argued by his lawyer, Mr. Uche Nwokedi (SAN).
He wants Statoil to be compelled whether by itself or agents to deposit all revenues, income, funds, profits, proceeds, earnings it derived from its operation in the deepwater exploration lease OML 129 as well as its interests in OPL 315 operated by Petrobras and OPL 242 operated by Ocean Energy (Devon) into an interest bearing escrow pending the hearing and determination of the plaintiff's motion on notice for interlocutory injunction.
Abebe is also seeking an order of court compelling the defendant to deliver and submit to the plaintiff, details of payments received in respect of the concession interest in Nigeria.
Abebe, in his statement of claim said in April 1990 that he was informed by British Petroleum (BP) that it was interested in pursuing opportunities in the Nigerian oil industry together with its partner Statoil of Stavanger, Norway with whom it had entered into an alliance agreement.
The main objectives of the alliance agreement, he averred, was spelt out in a document titled "The Alliance-International Exploration and Production."
According to him, the alliance as it was presented to him, would create the first ever opportunity for Statoil, then an indigenous Norwegian company, to operate outside its home base, Norway, and to venture into West Africa.
He stated that at all material times, it was presented to him by the Alliance that BP and Statoil would be equal partners on a 50:50 basis; and that the alliance would not be set up as separate legal personalities; that the two companies would operate as one.
He claimed that it was stated to him by the Alliance at different times verbally and in writing that participation of BP and Statoil was to be on identical terms and that all agreements reached would be performed on equal terms.
He further averred that his business development efforts on behalf of Statoil/BP had resulted in a profitable portfolio of petroleum interests now converted and defined as oil mining lease interests pursuant to the provisions of the Petroleum Act.
He however claimed the defendant had refused to sign or otherwise give effect to the net profit interest agreement in order to prevent him from receiving the accruable income from current production.
This is in spite of a letter dated November 15, 1991 where the defendant had conveyed to the plaintiffs, its willingness to accept the net profit interest agreement, Abebe said.
The plaintiffs, among other things, therefore urged the court to declare that they are entitled to a net profit interest of 1.5 per cent out of the defendant's interest in the Agbami oil field in consideration of the business development successes it achieved for the defendant.
Source: http://allafrica.com/stories/201002260395.html
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