Oando Plc Favour Ifeoluwa & Akinola Ajibade Oando Plc says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc, Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
By Akinola Ajibade
A Federal High Court sitting in Lagos, yesterday, sentenced a businessman, Kenneth Ndubushi Amadi to 18months imprisonment over N2.4billion fraud.
Presided over by Justice Lewis- Allagoa, the court found Amadi , a Chief Executive Officer, IDID Nigeria Limited, guilty of counts 4 and 5 of the criminal chsrge made against him by the Federal Government of Nigeria ( FGN) through the office of Attorney General of the Federation (AGF)
In his judgement, Allagoa sentenced Amadi to eighteen months jail term without an option of fine and also equally ordered IDID Nigeria Limited be liquidated with immediate effect.
Recall that the Amadi and the firm were dragged before the court by the FGN when he held sway as the Chief Operating Officer (COO) of Eunisell Limited, a company founded by Chief Chika Ikenga.
Prior to Justice Allagoa’s judgment, counsels had adopted their final written addresses on Tuesday, October 25, 2022.
Meanwhile, at the last proceeding on the criminal case, Justice Alagoa, had ruled against the no-case submission instituted by the convicted Amadi, questioning the N2.9bn fraud charge, slammed against him by the FGN.
In handing down his ruling, the judge held that the prosecution had raised issues that require the embattled ex-staff to proffer answers, prompting the court to order Amadi to open his defence.
Amadi had contended that the prosecution had not been able to make any prima-facie case against him and as such had no business being in court.
He then urged the court to strike out the criminal charge against him and accordingly acquit and discharge him without any further delay.
But responding, the prosecution, led by Mrs. Aderonke Imana, had insisted that Justice Allagoa should discountenance the prayers of the convcit, because a case has been made against him and that he ought to put up a defence. The prosecution then asked the court to order Amadi to open his defence.
Specifically, Amadi and his company, IDID Nigeria Limited, are were tried before the court on a five-count charge of conspiracy and fraud to the tune of N2.9 billion.
The convict was charged before the court on the offences bothering on obtaining by false pretence; forgery, unlawful fund conversation and fraud.
The offences according to the prosecution, contravened sections Section 1 of the Advance Fee Fraud and Other Fraud Related Offences Act. Cap. A6, Lam of the Federation of Nigeria, 2004 and punishable under Section 1(3) of the same Act. Section 1(2)(c) of the Miscellaneous Offence Act, Cap. M17. Law of the Federation of Nigeria, 2004 and Punishable under the same Section of the Act; Section 27 (b) of Cybercrimes (Prohibition, Prevention, Etc.) Act, 2015 and punishable under Section 14 (1) of the same Act. And Sections 434 and 435 of the Criminal Code Act, Cap. C38 Laws of the Federation of Nigeria, 2004 and punishable under the same Section of the Act
One of the charges against the defendants include receiving and obtaining by false pretence, with intent to defraud, the sum of N2, 900,000,000 belonging to Eunisell Ltd, from A-Z Petroleum Ltd and AMMASCO International Ltd; omitting making full and true entry thereof in the books and accounts; suppression of data in respect of the financial transfer to Eunisell Ltd; and converting the same amount without authority to create sufficient deposits to promote the credibility of his own company (IDID Nigeria Limited).
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