Italy’s Supreme Court Rejects Appeal to Stop Shell, Eni’s Nigerian Corruption Trial Trump renews attack on OPEC over high oil price Ejiofor Alike with agency report Italy’s Supreme Court threw out an appeal from Shell and four former Shell managers
to stop a trial on alleged corruption in Nigeria, which also sees Eni’s chief facing charges, legal sources said yesterday. The court’s decision
coincided with a complaint by US President Donald Trump on rising price of oil, blaming the Organisation of Petroleum Exporting Countries (OPEC) for the hike.
The long-running graft case revolves around the 2011 purchase by Eni and Shell of Nigeria’s Oil Prospecting Lease (OPL) 245, and offshore oil field, from Malabu Oil and
Gas Limited for about $1.3 billion. The trial kicked off last month, with the next hearing set for June 20. Shell and Eni’s appeal was
aimed at reversing the trial to the preliminary hearing stage as a result of what it said were procedural errors, Continued on page 6
Saraki, Dogara’s Absence Stalls 2018 Budget Signing… Page 6 Thursday 14 June, 2018 Vol 23. No 8456. Price: N250
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Nigeria to Receive Another $500 Million Abacha Loot AGF: Buhari not bound to consult before conferring national honours Says process of amending National Holidays Act to accommodate June 12 has begun
Omololu Ogunmade in Abuja The Federal Executive Council (FEC) rose from its weekly meeting in the State House Abuja yesterday with cheery news of the forthcoming repatriation of $500 million loot from United Kingdom, United States and France to Nigeria.
The money was part of the huge sums stolen by the former despotic leader, Gen. Sani Abacha. Making the disclosure while briefing journalists at the end of the meeting, the Attorney General of the Federation (AGF) and Minister of Justice, Continued on page 6
In Nigeria Inflation Declines Further to 11.61% as US Hikes Interest Rate Ndubuisi Francis in Abuja For the 16th month, inflation rate continued a downward trajectory, declining from 12.48 per cent in April to 11.61 per cent in May. This is just as the US Federal Reserve yesterday hiked its benchmark short-term interest
rate a quarter percentage point and indicated that two more increases are likely this year. The Fed pushed interest rate to a range of 1.75 per cent to two per cent and this may have negative effect on capital flows to Nigeria and Continued on page 6
AMCON Loses Bid to Take over Old Federal Secretariat… Page 55
STRATEGISING FOR NIGERIA…
L-R: Minister of Works, Power and Housing, Mr. Babatunde Fashola; Minister of Finance, Mrs. Kemi Adeosun; and the Secretary to the Government of the Federation (SGF), Mr. Boss Mustapha, during the Federal Executive Council (FEC) meeting in Abuja… yesterday
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