14 April 2017

Nigeria: Eni Paid No Intermediary, Bribes to Acquire Nigeria Oilfield - Chair

Italian oil and gas group Eni reiterated on Thursday it had not paid any intermediary or any bribes to acquire the OPL-245 oilfield in Nigeria.

Speaking at the group's annual shareholder meeting chairwoman Emma Marcegaglia said Eni had only ever dealt with the Nigerian government.

Courts in Nigeria and Italy are investigating the purchase of OPL 245. Eni and major Royal Dutch Shell paid $1.3 billion for the rights to the block in 2011.

On Wednesday Shell said for the first time it was aware that some of the payments it made to Nigeria would go to a company associated with former Nigerian oil minister and convicted money launderer Dan Etete.

Etete awarded the block in 1998 for $20 million to Malabu Oil and Gas, a company in which he was a leading shareholder.

Marcegaglia said Shell's comments did not change Eni's position, adding the company had not paid any money to Etete or sealed any deal with Malabu.

She added Eni has made no provisions for the Nigeria probe.

At the same meeting, Eni CEO Claudio Descalzi said in the future the group did not rule out a share buy-back programme but added for the time being he had no intention to discuss the issue with the board.

Transcorp Plc rises to a Top 500 company in Africa

Transnational Corporation of Nigeria (Transcorp) was on the list of Africa's top 500 companies recently released by The Africa Report (February 2017 issue), a leading news magazine publication owned by Paris-based media group, Jeune Afrique.

The list is compiled annually with each company listed assessed based on total turnover as well as net profits. Despite the recent economic challenges in the country, Transcorp has continued to focus on improving lives and transforming Nigeria as they join the list of Africa's stellar performers.

According to Transcorp Plc. President/CEO, Emmanuel Nnorom, the recognition is most welcomed and has become proof that it is possible to be financially profitable when you focus on the best interest of the country and the people. Nnorom also noted that Transcorp has been recognized as one of Africa's top 500 companies despite the fact that its investments are currently situated in Nigeria only.

A handful of notable Nigerian companies also appeared on this year's list of Africa's best including Dangote and Nigeria Breweries.

Nigeria

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