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Rights group advocate protection of Nigerian companies from expatriates: Business : Nigerialog.com - Nigeria's Premier Online Forum

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Rights group advocate protection of Nigerian companies from expatriates

By: dayan (M) |Time : September 05, 2018, 05:50:58 PM
By Elizabeth Adegbesan

A coalition of Rights group and organizations has advocated for the protection of Nigerian companies, creating value in the Oil and Gas industry, from unlawful activities of expatriates which tend to hamper economic progress in the country.

They made this call at a press conference to address the suspicious liquidation of Sea Trucks Group (STG) and takeover of Jascon fleet of vessels, held in Lagos.

Speaking at the Conference, Coordinator, Campaign against Impunity, Mr. Sina Loremikan citing a case of WAV against liquidators said that there has been an unlawful neglect of court orders by expatriates who were brought on board in 2002 by Jacques Roomans, a Nigerian citizen of Dutch heritage and founder of West African Ventures (WAV) adding that a neglect of this act would not encourage investors patronage in the country.

He said: “Jacques Roomans, a Nigerian citizen of Dutch heritage and founder of WAV, had hired Fraser Moore, Stephen Assiter, Graham Pennycook and other expatriates to oversee WAV and Sea Trucks Group (STG) businesses in Nigeria and West Africa.

“The business was largely managed by Moore who served as the chief operating officer/managing director for many years and in March 2013, the expatraites, led by Fraser, persuaded Roomans to take a bond for $575 million ostensibly for the growth of his business.

“The interest on the $575 million bond was 9 percent per annum and was paid without default from March 2013 to October 2016, with $120 million earlier paid by Roomans to reduce the face value of the bond to $456 million — and the business continued to run.

“In February 2016, however, following a lull in the business, Roomans consolidated STG and WAV. In a police report, Roomans alleged that Moore, in connivance with the other expatriates wanted, by all means, to take over the businesses from him.”

Loremikan stressed that the Groups are demanding the government, regulators and agencies intervention in the sector because they noticed a gross disobedience of the Nigerian law by those expatriates in the case

“Our specific targets for wading in on this issue is that we are asking that the case of STG in liquidation/Telford be closely monitored and that government ensures adherence to the rule of law. We are already noticing the gross disobedience of Nigerian laws in this case and are concerned at the audacity of Expatriates in our country, committing this kind of impunity.

“In a suit filed by WAV against liquidators on June 20, 2017 , WAV has applied for an order of interim injunction restraining the liquidators from taking any steps or undertaking any business. The case, with suit number FH/L/CS/968/2017 was presided over by Chuka Austine Obiozor, a Justice of the federal high court in Lagos and after the consideration of application, the court ordered that the parties maintain status quo pending further order.

“Also, construction and accommodation vessels, Jascons 25, 28, 31 and 34, following the court orders, are to be controlled by WAV, but these vessels, Fraser had already taken and renamed for Telford Offshore; this is clear violation of the court orders. All these orders have so far being disobeyed by these expatriates.

“We are hereby, alerting the Nigerian authorities-federal government, the Nigerian National petroleum Corporation (NNPC), its subsidiary, the National Petroleum Investment Management Services (NAPIMS), the Nigerian Content Development and Monitoring Board (NCDMB) and the National Office of Technology Acquisition and Promotion (NOTAP) that they should be alive to their responsibility to protect lawful Nigerian companies creating value in the Nigeria Oil and Gas industry from unlawful activities of expatriates bent on rolling back the progress so far made by indigenous Nigerian companies, he said.”

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Re: Rights group advocate protection of Nigerian companies from expatriates

By: dayan (M) |Time : September 05, 2018, 05:53:46 PM
Expatriates have historically been derisive of Nigerian laws and authorities. They simply ignore whatever laws they don't want to abide by and sometimes bribe their ways past the other laws they want to disregard.
It just doesn't make sense that this is happening even with the proliferation of government regulatory agencies.
What are all these agencies doing then?
Scrap them if they are not enforcing the laws.

Re: Rights group advocate protection of Nigerian companies from expatriates

By: Ramjoe (M) |Time : September 06, 2018, 03:52:56 AM
They do what they want in our country, disregard our laws, disobey constitutions even... All because we let them.

Either it's a political office holder or a security agent who stand to selfishly benefit from the inhumane action of these foreigners - someone here is letting them off the hook.


I was in a gathering and one old man shared his experience when he visited a village. He said the village has quality, by that he said they have resources. Now I can't remember if it's coconut or marble or both, he said they have plenty. A prince of the land let in the Chinese, of course, he got paid handsomely by the Asians and they just brought with them a crooked transformer to "colonize" the ignorant villagers (who had no clue) who they use as labourers and pay them peanuts - the Chinese are making millions out of their heritage but they live in poverty and their prince knows all about it... It's just sad... In this Nigeria
:-[

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