CNOOC loses bid at Federal High Court to stop trial on $12b missing oil


Justice Rilwan Aikawa Aikawa of a Federal High Court, Lagos has struck out the preliminary objection filed by China National Offshore Oil Corp (CNOOC) Exploration and Production Nigeria Limited against the Federal Government in a $12b missing crude oil suit, The Guardian reports.

In the suit, the Federal Government of Nigeria, through its counsel, Prof. Fabian Ajogwu, is seeking to recover lost revenues from some International Oil Companies (IOCs) arising from undeclared and under-declared crude oil shipments from Nigeria to different parts of the world between 2011 and 2014.

But CNOOC, one of the IOCs allegedly fingered in crude oil shipments filed a preliminary objection to the suit. In the objection, the Chinese firm argued that it has no case to answer on the matter. But in its ruling, the court dismissed the objection and held that there exists sufficient cause of action against the company by the Federal Government of Nigeria and asked the company to answer the case against it.