• A new report by international anti-corruption campaigner, Global Witness, claims that the deal involving Malabu Oil and Gas in Oil Prospecting Lease 245 could reduce Nigeria’s revenues by an estimated $6 billion. The campaigner said it commissioned new analysis of the way the contract was altered in favour of Shell and Eni, and concluded that the country’s loses over the lifetime of the project would amount to $5.86 billion, compared to terms in place before 2011. The deal has suffered over charges of corruption and the process through which the OPL 245 offshore oil block in the Niger Delta was secured in 2011. The companies, however, are facing trial in an Italian court over allegations of paying bribes to secure the oil block.
  • Nigeria’s government has assured foreign investors on the safety of their investments. This is part of an effort to change the perception of investment risks in the country and attract much needed foreign investments. Speaking at a forum on de-risking trade and investment in Nigeria, the Minister of Finance, Zainab Ahmed, said that as regards the effort, the Federal Executive Council, in 2017, granted approval for the membership of Nigeria at the African Trade Insurance Agency. The core mandate of that move is to facilitate private sector-led trade flows, investment and ‘productive activities’ through the provision of insurance, co-insurance & reinsurance.
  • Lagos Deep Offshore Logistics has terminated the services agreement it signed with Africoat Nigeria barely two months after terminating the operating licence of Samsung Heavy Industries Nigeria. The termination includes the removal of Africoat’s equipment/properties from the Lagos free zone. Sources attributed the development to Africoat’s failure to pay rental fees and file quarterly data and annual returns to LADOL.
  • Bharti Airtel has announced the appointment of eight banks; J.P Morgan, Citi Group, BofA Merill Lynch, ABSA Group, Barclays, BNP Paribas, Goldman Sachs, and the Standard Bank Group, to coordinate the London IPO for its Africa business. The telecom service provider recently named an eight-member board including Sunil Bharti Mittal, Raghunath Mandava, Akhil Gupta, Vishal Mahadevia, Alok Sama, Arthur Lang, Shravin Bharti Mittal, and Richard Gubbins, all representatives from parent and global investors, ahead of its planned Listing in London June 2019.