The Federal Government on Tuesday closed its case at a Federal High Court Lagos, in a $55 million debt recovery suit it filed against Agip Oil Company Ltd.
The suit, filed in 2016 by the government’s counsel, Prof. Fabian Ajogwu (SAN), is one among others by the government, seeking to recover almost 12 billion dollars in missing crude oil revenue from some international oil companies.
The Federal Government is claiming 55 million dollars from Agip for missing crude oil revenue.
The government accused Agip of under-declaring the volume of crude oil it shipped out of the country between January 2011 and December 2014.
Government claims that Agip short-changed it to the tune of 55 million dollars.
The plaintiff is therefore, praying the court to compel the oil firm to pay the sum, with an annual interest rate of 21 per cent
On Tuesday, the Federal Government, represented by Ituah Imahnze, informed the court that it was closing the case for the plaintiff.
Consequently, Justice Mojisola Olatoregun adjourned until Wednesday for Agip to begin its defence.
The plaintiff filed the suit to recover lost revenues arising from undeclared and under-declared crude oil shipments from Nigeria to different parts of the world.
The Federal Government had also sued Total Plc, alleging that the oil company under-declared the volume of crude oil it shipped out of the country between January 2011 and December 2014.
Government accused the oil company of short-changing it to the tune of $245 million by allegedly shipping several barrels of crude oil out of Nigeria, without making due remittance to the authorities. It also filed similar suits against Chevron Nigeria Ltd, Chevron Petroleum Nigeria Ltd and Shell Western Supply Trading Ltd among others.
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