The High Court of Lagos has set aside the Arbitral Tribunal
Award which dismissed Global Gas and Refining Limitedd’s claim for a breach of
contract for the supply of gas by the Shell Petroleum Development Co of
Nigeria, also known as SHELL.
In the ruling delivered on Tuesday, the 25th day of
February, 2020, in Suit No: LD/1910GCM/2017 between Global Gas and Refining Ltd
v. Shell Petroleum Development Co of Nigeria Ltd, the High Court of Lagos,
Nigeria, set aside the ICC Award in which the Majority of the Arbitral Tribunal
(Prof. Oba Nsugbe, QC,SAN & Mrs Doyin Rhodes-Vivour,SAN; with Mrs Dorothy
Udeme Ufot,SAN dissenting & delivering a minority opinion upholding the
claims of the Claimant) dismissed the Claimant’s claims.
www.crystal.com.ng was informed that in the Court’s Ruling, the
learned judge underscored the fundamental importance of full and complete
disclosure in international commercial arbitration and inter alia upheld the
argument of Global Gas that the failure and neglect of the President of the
Arbitral Tribunal (Prof. Oba Nsugbe, QC, SAN) to disclose his earlier
involvement in a matter in which the Respondent in the Arbitration (SPDC) was
involved amounted to gross misconduct for which the Award delivered by the
Majority of the Arbitral Tribunal ought to and must be set aside.
Global Gas Refining Limited (GGRL) is an independent indigenous gas processing operator and liquefied petroleum gas (LPG) producer, operating in the Niger Delta Region of Nigeria.
It is on record that the company founded by Kenneth Yellowe is the first indigenous private company in Nigeria and West Africa to successfully embark on a multi-million dollar gas processing and refining facility in the country, with operations and assets situated in the Niger Delta creeks at Cawthorne Channel, Rivers State. This facility with such a tremendous capacity to advance the regional and national economic growth of the nation, was put in jeopardy by the Shell Petroleum Development Company of Nigeria (SPDC)’s inability to honour their side of a binding Gas Supply Agreement executed in March 1998 and renegotiated and resigned in March 2002.
Consequently, a large workforce comprising of several
hundreds of teeming Nigerian youths were laid off, experts of different
nationalities, several dozens of local contractors, as well as the thriving
host communities have all now been made redundant.
Over $400m secured from international financial institutions and individual investors are now also in jeopardy because of economically hurtful decisions being made by the Shell Petroleum Development Company of Nigeria (SPDC).
The Association of Enterprise Risk Management Professionals (AERMP), Nigeria’s leading body for risk management practice, has announced the appointment of Dr. Babatunde Onadeko as the new Chairman of its Public Sector Committee.
Dr. Onadeko, who also serves as the Chief of Staff to Distinguished Senator His Excellency Otunba Engr. Gbenga Daniel, was inaugurated during the AERMP’s 2024 Year-End Conference and Induction of new members held on Saturday, 14th December, at Victoria Island, Lagos.
The ceremony was graced by notable figures in the industry, including AERMP President Mrs. S. Taiwo Ige, Director-General Olayinka Odutola, and several past and present leaders from related professional bodies like CIBN and the Chartered Institute of Directors.
Notable attendees included Prof. Deji Olanrewaju, Alh. Tijanni Borodo, Dr. Uche Messiah Olowu, Prof. Segun Ajibola, and Dr. Uju Ogubunka.
The event also saw Dr. Ayotunde Coker, CEO of Open Access Data Centres, delivering a keynote address, while Mrs. Folasade Femi-Lawal, Country Manager for West Africa at Mastercard, was inaugurated to lead the Women in Risk Management initiative.
In his acceptance speech, Dr. Onadeko, a distinguished fellow of the AERMP, expressed his commitment to leveraging his extensive experience to meet the committee’s objectives, aiming to enhance public sector risk management practices across Nigeria.
In the archives of The Guardian newspaper, a publication dated February 29, 1988, reveals a fascinating story of a young and ambitious businessman, Mr. Gbenga Daniel. At the time, Daniel was the General Manager of H.F-Schroeder (W.A) Limited, a company that distributed Express and Sabiem lifts, Demag cranes, and Hoists.
The article highlights Daniel’s business acumen and strategic vision as he embarked on a European tour to explore new business opportunities. His itinerary included meetings with officials from Express Lift Company Limited in Northampton, Morganite International Limited in London, and Onan International in Peterborough.
Little did anyone know that this young businessman would go on to achieve greatness in multiple fields. After leaving Schroeder, Daniel established his own company, Kresta Laurel Ltd which became the first indigenous lift company in Nigeria. This bold move marked the beginning of an illustrious career that would take him to the pinnacle of success.
Today, Mr. Gbenga Daniel is known as Otunba Gbenga Daniel (OGD), a renowned politician who has made an indelible mark on Nigeria’s political landscape. A two-time governor of Ogun State, OGD has consistently demonstrated his commitment to public service and his ability to drive positive change.
Currently, OGD serves as a senator of the Federal Republic of Nigeria, representing the good people of Ogun East Senatorial District in the National Assembly. His dedication to his constituents and his passion for nation-building have earned him a reputation as a respected and effective leader.
As we reflect on OGD’s remarkable journey, we are reminded that success is often the result of hard work, determination, and a willingness to take calculated risks. From his humble beginnings as a young businessman to his current status as a respected politician, Otunba Gbenga Daniel’s story is a testament to the power of vision, perseverance, and leadership
Amb. Dr. Maureen Tamuno, the Group Managing Director and Chief Executive Officer, recently hosted a delegation of investors from India to discuss strategic collaborations aimed at driving Abuja’s development.
The meeting focused on identifying areas of mutual interest and potential investments that align with the city’s growth objectives. With shared goals and a mutual vision for progress, the discussions underscored the importance of fostering international partnerships to unlock new opportunities for sustainable development.
Dr. Tamuno emphasized the significance of such collaborations in boosting economic activities, enhancing infrastructure, and creating employment opportunities in Abuja. Both parties expressed optimism about the prospects of these initiatives, which are expected to contribute meaningfully to the city’s future.
This engagement marks a pivotal step in strengthening Abuja’s position as a hub for global investment and innovation.