GERMANY AND AUSTRIA TO TAP OIL RESERVES AFTER 400 MILLION BARRELS REQUESTED. (PHOTO).

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 Germany and Austria to tap oil reserves after 400 million barrels requested  Germany and Austria announced they are releasing portions of their oil reserves in response to an International Energy Agency request for member nations to collectively release 400 million barrels to help ease rising energy prices linked to the Iran conflict. Japan also said it will begin releasing part of its reserves starting Monday. The move marks one of the largest coordinated releases of emergency oil stocks in history. The previous record came in 2022, when IEA members released 182.7 million barrels following the energy disruptions caused by Russia’s invasion of Ukraine. Member countries currently hold over 1.2 billion barrels of public emergency oil stocks, along with an additional 600 million barrels of industry stocks maintained under government requirements. The release comes amid heightened tensions in the Persian Gulf, where Iran has targeted commercial ships and disrupted shipping throug...
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ALLEGED $6BN FRAUD: COURT DISMISSES AGUNLOYE'S MOTION AGAINST PROSECUTION BY EFCC. (PHOTOS). #PRESS RELEASE.

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 Alleged $6bn fraud: Court Dismisses Agunloye’s Motion against Prosecution by EFCC

 

Justice Jude Onwueguzie of the Federal High Court sitting in Apo, Abuja on Monday, April 15, 2024, dismissed a motion raised by former Minister of Power and Steel, Olu Agunloye challenging the powers of the Economic and Financial Crimes Commission, EFCC to prosecute him. 

 

 Agunloye is facing trial for an alleged fraudulent award of contract of the Mambilla project to the tune of $6billion (Six Billion United States Dollars)

 

At the last adjournment, the former minister, through his lawyer, Adeola Adedipe SAN filed a motion arguing that the EFCC lacked both investigative and prosecutorial powers to prosecute him on the charges preferred against him. 


He also made a solemn application to the court to allow the participation of Amicus Curiae, also known as friends of the court during the hearing of the preliminary motion, suggesting notably, the Attorney General of the Federation and Minister of Justice and President of the Nigerian Bar Association, NBA.

 

At Monday’s’ sitting, Justice Onwueguzie ruled that the basis for the application was not necessary as the court was not a novice and the friends of the court were not parties in the matter. He also said that the law was clear on matters to be prosecuted by the EFCC, citing Section 177 of the 1999 Constitution as amended. 

 

“I have studied the issues to be considered in this matter by the defendant whether the motion ought to be charged by the EFCC. It is eminent to note that the learned counsels in this case before the court are seasoned counsels, issues of such should not arise.


The court is not a novice, neither is it confused or in doubt on matters like this, so the intervention of friends of the court is not needed. Therefore the motion is hereby dismissed”, he said.

 

After dismissing the motion, Justice  Onwueguzie adjourned the matter to April 22, 2024 for hearing of preliminary motion.



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