Tag Archives: Jide Omokore

$1.6 billion oil scam: Former NNPC boss testifies against Jide Omokore

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The trial of the embattled chairman of Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concept Limited, Jide Omokore, by the Economic and Financial Crimes Commission, EFCC, got underway Thursday.

The case, heard by Justice Nnamdi Dimgba of the Federal High Court sitting in Maitama, Abuja, opened with the prosecutor presenting its first witness, Andrew Yakubu, a former General Managing Director, GMD, of the Nigerian National Petroleum Corporation, NNPC.

Mr. Yakubu, formerly a co-defendant prior to the amended charge, shed light on the nature of his engagement with the NNPC, which involved the strategic direction of NNPC and all its subsidiaries, including the Port Harcourt refinery, Warri refinery, Kaduna refinery, Pipelines and Products Marketing Company Limited (PPMC), Nigerian Petroleum Development Company (NPDC), Integrated Data Services Limited (IDSL) and National Petroleum Investment Management Services (NAPIMS).

According to him, “in 2013 to 2014, the MD of NPDC, Mr. Victor Briggs (the fourth defendant) came to me and raised some concerns in relation to assets OML 60 series in relation to the strategic alliance agreement between Atlantic Energy Drilling Concepts Limited and NPDC, citing inability of Atlantic Drilling to meet payment obligations. He told me that he was already looking into the issue and will get back to me. I told him to stop further lifting until the issue is reconciled. I called the Group General Manager of Crude Oil Marketing Department (COMD) and told him to stop further lifting until the issue had been resolved”.

He added that, “the Minister of Petroleum Resources wrote a letter to the Permanent Secretary, Ministry of Petroleum Resources and I, and set up a committee to investigate the issue. The fourth defendant (Briggs) was removed from NPDC and reassigned to IDSL. Mr. Membere, who was the Director-General, Exploration and Production; Tony Madichie, the Company Secretary in charge; Acting EG, Dr. Dawa and Company Secretary, Mr. Ike, were also part of the committee that compiled the report. Before they completed, however, I was also retired from service.”

Regarding the complicity of NAPIMS in meeting the funding requirements of the assets, Mr. Yakubu stated that, “We got to know later that NAPIMS made a cash call but I also issued instructions for them to stop. I also made sure that whatever fund that NAPIMS had paid was refunded to the federation account by the NNPC”.

At this point, the defense counsel, Rafiu Lawal-Rabana, applied for an adjournment for cross-examination and he was obliged.

The matter was consequently adjourned to January 20, 2017 and February 3, 2017 for continuation of trial.

Mr. Omokore, who was on November 21, re- arraigned alongside Victor Briggs, Abiye Membere, David Mbanefo, Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited, is standing trial on a 9-count amended charge of criminal diversion of about $1.6 billion alleged to be proceeds of petroleum products belonging to the federal government.

EFCC Re-arraigns Jide Omokore, 5 Others.

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Chairman of Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concept Limited, Jide Omokore, was on November 21, 2016 re-arraigned by the Economic and Financial Crimes Commission, EFCC, before Justice Nnamdi Dimbga of a Federal High Court in Abuja. He was re-arraigned along with Victor Briggs, Abiye Membere, David Mbanefo, Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited.

They were re-arraigned on a nine-count amended charge, of criminal diversion of about $1.6 billion alleged to be proceeds of petroleum products belonging to the federal government.

Count one reads: “That you Olajide Jones Omokore, Atlantic Energy Brass Development Ltd, Atlantic Energy Drilling Concept Ltd and Kolawole Akanni Aluko (now at large) between May and October 2013 within the jurisdiction of this Honourable Court, by false pretence and with intent to defraud, induced the Nigerian National Petroleum Corporation (NNPC) and the Federal Government of Nigeria to deliver to you 5,652,227 barrels of crude oil (Brass blend) amounting to the sum of US$616,013,615.27 (Six Hundred and Sixteen Million, Thirteen Thousand, Six Hundred and Fifteen US Dollars, Twenty Seven Cents) through the medium of contract, which delivery was induced by the false pretence to wit: that you had technical competence, professional skills and funds (both local and foreign) necessary to support NPDC in petroleum operation for the contract area and you thereby committed an offence contrary to section 1 (1) (b) of the Advance Fee Fraud and Other Fraud Related Offences Act Cap. A6, 2010, Laws of the Federation of Nigeria and punishment under section 1(3) of the same Act.”

Count eight reads: “That you Victor Biggs (while being the Managing Director of the Nigerian Petroleum Development Company, NPDC), Abiye Membere (while being the Group Executive, Exploration & Production of the Nigerian National Petroleum Corporation, NNPC), David Mbanefo (while being Manager, Planning & Commercial of the Nigerian Petroleum Corporation, NNPC) and Diezani Alison-Madueke (at large) (while being the Minister of Petroleum Resources) between 2013 and 2014 within the jurisdiction of this Honourable Court, did abet the commission of money laundering by Olajide Jones Omokore, Atlanatic Energy Brass Development Ltd, Atlantic Energy Drilling Concept Ltd and Kolawole Akanni Aluko, and you thereby committed an offence contrary to section 18 (a) of the Money Laundering (Prohibition) Act 2011 (as amended and punishable under section 15 (3) of the same Act.”

They pleaded “not guilty” when the charges were read to them.

In view of their plea, prosecuting counsel, Rotimi Jacobs, SAN, urged the court to fix a date for the commencement of trial, and to allow the defendants to enjoy the bail earlier granted them by Justice Binta Nyako.

Counsel to the defendants did not object to the request of Jacobs, urging the court to accede to his request.

Justice Dimgba, thereafter fixed December 8, 2016 for hearing in the case, adding that: “I hereby adopt the bail terms as mine”.

It would be recalled that Omokore and his co-defendants were first arraigned before Justice Nyako, on July 4, 2016, but the case file was afterwards transferred to Justice Dimgba by the Chief Judge of the Federal High Court.

EFCC Arrests Ex-NNPC GMD, Jide Omokore

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The Economic and Financial Crimes Commission has rearrested oil magnate, Jide Omokore, and will most likely slam money laundering charges on him today (Monday).

An official briefed on the matter said the businessman would be arraigned alongside Andrew Yakubu, a former Group Managing Director of the Nigerian National Petroleum Corporation, who has also been picked up.

Our sources said the duo would be charged before Justice Binta Nyako of the Federal High Court, Abuja on a four-count charge of money laundering.

According to EFCC insiders, other defendants in the case are Victor Briggs, Abiye Memnere, David Mbanefo, Atlantic Energy Brass Development Limited and Atlantic Energy Drilling Concepts Limited.

Credit: PremiumTimes

Nigerian Govt. Recovers Over $14million In Unpaid Oil Royalty From This Firm

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The Nigerian government has succeeded in compelling the Chairman of Atlantic Energy Drilling Concepts Nigeria Limited, Jide Omokore to cough out over $14m, being crude oil royalty which his company failed to remit to the federal treasury, administration insiders said.

High ranking federal officials familiar with the development told this newspaper that the funds were supposed to have been paid between 2011 and 2012 by Atlantic Energy which was, in controversial circumstances, awarded oil assets by the Goodluck Jonathan government shortly after it was incorporated in 2010.

Sources said the money was finally paid into the Federal Government’s account with JP Morgan Chase on January 29, after the Economic and Financial Crimes Commission waded into the matter of recovering taxes due to the Federal Government.

“The investigation of tax defaulters in the dollar-soaked oil industry is continuing,” a source at the EFCC said Wednesday. “Those who failed to willingly pay up stand the risk of arrest and prosecution for tax fraud.”

Operatives of the EFCC had on January 27 questioned Mr. Omokore, an ally of former President Jonathan in connection with a series of multi-billion dollar crude export deals.

Mr. Omokore could not be reached for comments Wednesday. But his company recently issued a statement saying it was getting back on course after submitting its plan to settle outstanding financial commitments to the Nigerian authorities.

Credit: PremiumTimes