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Wednesday, January 29, 2014
Chevron’s sale of its onshore assets in Nigeria are officially on hold as per a Nigerian court ruling. The US major is barred from completing the sale until its legal dispute with indigenous firm Britania-U is resolved. The Nigerian firm alleges that it had a deal to buy the assets, although Chevron denies any such deal.
“The court upheld the interim order in favor of Brittania to protect the assets while the substantive case is still being determined,” lawyer Rickey Tarfa was quoted in a Reuters report. “The judge said that the order needs to be in place until the case is decided. The order restrains Chevron from transferring the asset or doing anything with the assets.”
Britania-U is run by former Chevron executive Catherine Uju Ifejika. The firm claims to have been the highest bidder for Chevron’s OMLs 52, 53, and 55. It has been reported that Brittania-U bid over $1 billion for the assets, but Chevron decided to look at alternative bids after Brittania-U failed to prove it could come up with that amount of cash in a timely manner.
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