Notícias do mercado.
Nigéria se move para recuperar US $ 3 bilhões do petróleo de propriedade chinesa da Addax - REPÓRTERES DA SAHARA.
A Nigéria iniciou um processo judicial contra a empresa petrolífera chinesa Addax Petroleum, para recuperar a quantia de 3 mil milhões de dólares alegadamente pagos por royalties, e os impostos da empresa Nos documentos apresentados perante o juiz Olatoregun na sexta-feira, os governos nigerianos disseram que os fundos são ações pendentes contra a companhia sob o Petroleum Profit Tax Act e o Petroleum (Drilling and Production) Amendment Regulation 2003 sobre Oil Mining Leases (OMLs) 123, 124, 126 e 137.
POR SAHARAREPORTERS, NEW YORK.
A Nigéria iniciou um processo judicial contra a empresa petrolífera chinesa Addax Petroleum, para a recuperação da quantia de 3 mil milhões de dólares, alegadamente sob pagamento de royalties, e impostos da empresa.
Nos documentos arquivados perante o juiz Olatoregun na sexta-feira, os governos nigerianos disseram que os fundos são reivindicações pendentes contra a empresa sob o Petroleum Profit Tax Act e Petroleum (Drilling and Production) Regulation Regulation 2003 sobre Oil Mining Leases (OMLs) 123, 124, 126, e 137.
Como participantes do processo, a Addax Petroleum Development Nigeria Ltd, a Addax Petroleum Exploration Nigeria Ltd, a Nigerian National Petroleum Corporation (NNPC), o Ministério de Recursos Petrolíferos / Departamento de Recursos Petrolíferos e o National Petroleum Investment & Management Services (NAPIMS) .
Documentos apresentados perante o tribunal por D. A. Awosika e parceiros, a câmara que representa o governo federal na ação, indicaram que a empresa acumulou os US $ 3 bilhões em fundos não solicitados como resultado de sua dependência ilegal e irregular de cartas de 21 de novembro de 2001, 20 de dezembro de 2001 e 24 de agosto de 2004. nunca foram proclamados.
A medida para recuperar os fundos da Addax veio três meses depois de um relatório da PREMIUM TIMES sobre como a empresa chinesa supostamente pagou milhões de dólares em subornos a autoridades nigerianas para garantir contratos suculentos na indústria do petróleo.
Em 1998, a Addax Petroleum, uma subsidiária do Sinopec Group da China, um dos maiores produtores de petróleo e gás do mundo, celebrou um Contrato de Partilha de Produção (PSC) com a NNPC (como concessionária) em relação à OPL 98/118 e OPL 90 / 225.
Quatro anos mais tarde, a empresa descobriu petróleo em quantidades comerciais e os OPLs foram convertidos em arrendamentos de mineração de petróleo (OMLs) 123/124 e 126/137.
O PSC contratado pelas duas partes exigiu que a Addax Petroleum pagasse royalties sobre qualquer óleo produzido dos blocos de petróleo relevantes à taxa de 20%, conforme estipulado por lei. Também previa que a Lei do Imposto sobre Lucros sobre Petróleo (PPTA) aplicável às áreas contratuais seria de 65,75% durante os primeiros cinco anos, a partir do primeiro dia do mês da primeira venda do petróleo e 85% a partir de então.
Mas, de acordo com a declaração de reivindicação da D. A Awosika & Partners, a Addax Petroleum obteve fraudulentamente uma carta de acompanhamento em 2001 e 2004 que nunca foram publicadas e que usaram para calcular seus impostos e royalties.
Os cálculos nas cartas laterais fixavam o PPT a pagar pela empresa em 60% e, em vez da taxa fixa de 20% de royalties, forneciam uma taxa gradual dependendo do volume de petróleo produzido pelos blocos de petróleo.
As cartas laterais foram assinadas por Enginneer Funsho Kupolokun, então Assistente Especial de Petróleo e Energia para o ex-Presidente Olusegun Obasanjo (em 2001) e Olabode Augusto, então Diretor Geral / Assessor Especial de Orçamento para o Presidente (em 2004).
"Várias objeções e protestos foram levantados pela FIRS (Federal Inland Revenue Service), a NNPC e a DPR para confiar nessas cartas secundárias pelos Réus para contornar, suplantar e subverter o processo", afirmaram os advogados do governo em sua reivindicação.
"Em 2003, para dar efeito ao regime de royalties graduado declarado nas cartas laterais, o Ministro de Recursos Petrolíferos (Sr. Obasanjo) emitiu os Regulamentos de Emenda de Petróleo (Perfuração e Produção) que previam taxas de royalty graduadas para onshore e raso. PSC offshore que não contabilizava royalties por tranches.
"Os Regulamentos de Emenda de Petróleo (Perfuração e Produção) de 2003, quando feitos, tiveram efeito retrospectivo a partir do primeiro dia de janeiro de 2000, que era a mesma data de início das taxas de royalty graduadas contidas nas cartas laterais."
Várias reuniões entre funcionários do governo nigeriano - representados pela FIRS, DPR e NNPC - e representantes da Addax Petroleum reavaliaram e resolveram o "pagamento insuficiente colossal" deste último para o governo entre 2007 e 2012 não produziram resultados.
Em uma das reuniões, foi descoberto que a aplicação das taxas de royalties graduadas pela empresa, conforme previsto nos Regulamentos de Emenda do Petróleo (Perfuração e Produção) de 2003, contidas nas cartas secundárias, era errônea.
Em vez de depender das taxas de royalty aplicáveis ​​no cálculo do seu volume diário de produção, a Addax Petroleum alegadamente desenvolveu uma prática de cortar a sua taxa de volume de royalties para diferentes parcelas de produção, reduzindo assim significativamente as suas obrigações de royalties.
Cálculos do governo sobre sub-remessas mostraram que a empresa reteve US $ 1,3 bilhão em royalties e US $ 1,7 bilhão em PPT.
Mas a Addax Petroleum manteve seu direito ao uso das cartas laterais para computar os impostos sobre suas operações e arrastou o governo sobre acusações de quebra de sua PSC de 1998 nos blocos de petróleo.
No processo FHC / ABJ / CS / 1099/2014 apresentado perante o ex-juiz do Supremo Tribunal Federal Ibrahim Auta, a empresa solicitou uma aprovação judicial para o seu uso continuado das cartas laterais para calcular as suas obrigações financeiras para o governo nigeriano.
No entanto, em 26 de maio de 2015, três dias antes da administração do então presidente Goodluck Jonathan, foi entregue ao seu sucessor, Muhammadu Buhari; o governo negociou um controverso acordo extrajudicial com a Addax Petroleum, concordando em pagar à empresa US $ 3,4 bilhões (cerca de N1 trilhões).
Documentos judiciais apresentados pelos advogados do governo nigeriano declararam que a Addax Petroleum "sub-repticiamente uniu-se" a algumas autoridades do DPR, FIRS e NNPC para executar certos termos de acordo que foi eventualmente feito o julgamento do tribunal, apesar da pendência de vários pedidos ainda ser ouvido pelo mesmo tribunal.
"Na execução dos termos de acordo, as autoridades não foram solicitadas, nenhuma aprovação no Conselho Executivo Federal foi dada, os conselhos de administração da FIRS, NNPC e DPR não autorizaram os funcionários que executaram os termos falsos de liquidação para assim agirem. ", os advogados argumentaram.
Os tempos premium também relataram em 2015 como o então Procurador Geral da Federação, Mohammed Adoke, negociou o chocante acordo que os especialistas da indústria disseram que lembrava o infame negócio Malabu Oil no qual o mesmo Sr. Adoke estava envolvido.
No entanto, em uma das primeiras ações do presidente Buhari para limpar a indústria petrolífera monumentalmente corrupta da Nigéria, o CNPN em uma carta à Addax Petroleum endossada pelo presidente e datada de 7 de setembro de 2015 reverteu o acordo firmado sob o governo anterior.
Apesar das acusações de subornar autoridades nigerianas e pagamento a menor de impostos e royalties, a Addax Petroleum continuou a intensificar suas operações no país, anunciando em dezembro do ano passado seus planos para novos investimentos de "entre US $ 3 e US $ 5 bilhões na Nigéria. anos."
"Nosso futuro na Nigéria continua brilhante", Dorothy Atake, Gerente Geral de Assuntos Externos e do Governo da Addax Petroleum.
Em seu processo perante a justiça Mojisola Olatoregun, da Suprema Corte Federal de Lagos, o governo nigeriano está buscando uma ordem que dirija o NNPC, Ministério do Petróleo / DPR e NAPIMS de alocação adicional de petróleo bruto explorada pelas OMLs 123, 124, 126 e 137. para Addax Petroleum pendente quando a empresa fornece a garantia bancária verificável do tribunal de bancos nigerianos para cobrir as reivindicações monetárias do demandante.
Outras orações pedidas pelo governo nigeriano incluem uma ordem restringindo o NNPC, o Ministério do Petróleo e o NAPIMS de negociar com a Addax Petroleum, bem como impedindo-os de transferir ou atribuir sua participação nos OMLs a outra pessoa. Além disso, uma ordem obrigando as agências nigerianas a apresentar uma declaração de fatos detalhando os ativos, propriedades e fundos da empresa.
Na sexta-feira, o juiz Olatoregun concedeu uma ordem para os advogados do governo servirem documentos judiciais ao NNPC, o terceiro demandado no processo, cujo escritório está situado em Abuja, fora da jurisdição do tribunal.
.G no tribunal para recuperar US $ 3,09 bilhões sem impostos sobre o petróleo.
O governo nigeriano deu início a um processo judicial contra a empresa de petróleo chinesa Addax Petroleum, para recuperar a quantia de US $ 3 bilhões supostamente devidos a royalties e impostos pela empresa.
Nos documentos arquivados perante o juiz Olatoregun na sexta-feira, os governos nigerianos disseram que os fundos são reivindicações pendentes contra a empresa sob o Petroleum Profit Tax Act e Petroleum (Drilling and Production) Regulation Regulation 2003 sobre Oil Mining Leases (OMLs) 123, 124, 126, e 137.
Como participantes do processo, a Addax Petroleum Development Nigeria Ltd, a Addax Petroleum Exploration Nigeria Ltd, a Nigerian National Petroleum Corporation (NNPC), o Ministério de Recursos Petrolíferos / Departamento de Recursos Petrolíferos e o National Petroleum Investment & Management Services (NAPIMS) .
Documentos apresentados perante o tribunal por D. A. Awosika e parceiros, a câmara que representa o governo federal na ação, indicaram que a empresa acumulou os US $ 3 bilhões em fundos não solicitados como resultado de sua dependência ilegal e irregular de cartas de 21 de novembro de 2001, 20 de dezembro de 2001 e 24 de agosto de 2004. nunca foram proclamados.
A medida para recuperar os fundos da Addax veio três meses depois de um relatório da PREMIUM TIMES sobre como a empresa chinesa supostamente pagou milhões de dólares em subornos a autoridades nigerianas para garantir contratos suculentos na indústria do petróleo.
Em 1998, a Addax Petroleum, uma subsidiária do Sinopec Group da China, um dos maiores produtores de petróleo e gás do mundo, celebrou um Contrato de Partilha de Produção (PSC) com a NNPC (como concessionária) em relação à OPL 98/118 e OPL 90 / 225.
Quatro anos mais tarde, a empresa descobriu petróleo em quantidades comerciais e os OPLs foram convertidos em arrendamentos de mineração de petróleo (OMLs) 123/124 e 126/137.
O PSC contratado pelas duas partes exigiu que a Addax Petroleum pagasse royalties sobre qualquer óleo produzido dos blocos de petróleo relevantes à taxa de 20%, conforme estipulado por lei. Também previa que a Lei do Imposto sobre Lucros sobre Petróleo (PPTA) aplicável às áreas contratuais seria de 65,75% durante os primeiros cinco anos, a partir do primeiro dia do mês da primeira venda do petróleo e 85% a partir de então.
Mas, de acordo com a declaração de reivindicação da D. A Awosika & Partners, a Addax Petroleum obteve fraudulentamente uma carta de acompanhamento em 2001 e 2004 que nunca foram publicadas e que usaram para calcular seus impostos e royalties.
Os cálculos nas cartas laterais fixavam o PPT a pagar pela empresa em 60% e, em vez da taxa fixa de 20% de royalties, forneciam uma taxa graduada dependendo do volume de petróleo produzido pelos blocos de petróleo.
As cartas laterais foram assinadas por Enginneer Funsho Kupolokun, então Assistente Especial de Petróleo e Energia para o ex-Presidente Olusegun Obasanjo (em 2001) e Olabode Augusto, então Diretor Geral / Assessor Especial de Orçamento para o Presidente (em 2004).
"Várias objeções e protestos foram levantados pela FIRS (Federal Inland Revenue Service), a NNPC e a DPR para confiar nessas cartas secundárias pelos Réus para contornar, suplantar e subverter o processo", afirmaram os advogados do governo em sua reivindicação.
"Em 2003, para dar efeito ao regime de royalties graduado declarado nas cartas laterais, o Ministro de Recursos Petrolíferos (Sr. Obasanjo) emitiu os Regulamentos de Emenda de Petróleo (Perfuração e Produção) que previam taxas de royalty graduadas para onshore e raso. PSC offshore que não contabilizava royalties por tranches.
"Os Regulamentos de Emenda de Petróleo (Perfuração e Produção) de 2003, quando feitos, tiveram efeito retrospectivo a partir do primeiro dia de janeiro de 2000, que era a mesma data de início das taxas de royalty graduadas contidas nas cartas laterais."
Várias reuniões entre funcionários do governo nigeriano - representados pela FIRS, DPR e NNPC - e representantes da Addax Petroleum reavaliaram e resolveram o "pagamento insuficiente colossal" deste último para o governo entre 2007 e 2012 não produziram resultados.
Em uma das reuniões, foi descoberto que a aplicação das taxas de royalties graduadas pela empresa, conforme previsto nos Regulamentos de Emenda do Petróleo (Perfuração e Produção) de 2003, contidas nas cartas secundárias, era errônea.
Em vez de depender das taxas de royalty aplicáveis ​​no cálculo do seu volume diário de produção, a Addax Petroleum alegadamente desenvolveu uma prática de cortar a sua taxa de volume de royalties para diferentes parcelas de produção, reduzindo assim significativamente as suas obrigações de royalties.
Cálculos do governo sobre sub-remessas mostraram que a empresa reteve US $ 1,3 bilhão em royalties e US $ 1,7 bilhão em PPT.
Mas a Addax Petroleum manteve seu direito ao uso das cartas laterais para computar os impostos sobre suas operações e arrastou o governo sobre acusações de quebra de sua PSC de 1998 nos blocos de petróleo.
No processo FHC / ABJ / CS / 1099/2014 apresentado perante o ex-juiz do Supremo Tribunal Federal Ibrahim Auta, a empresa solicitou uma aprovação judicial para o seu uso continuado das cartas laterais para calcular as suas obrigações financeiras para o governo nigeriano.
No entanto, em 26 de maio de 2015, três dias antes da administração do então presidente Goodluck Jonathan, foi entregue ao seu sucessor, Muhammadu Buhari; o governo negociou um controverso acordo extrajudicial com a Addax Petroleum, concordando em pagar à empresa US $ 3,4 bilhões (cerca de N1 trilhões).
Documentos judiciais apresentados pelos advogados do governo nigeriano declararam que a Addax Petroleum "sub-repticiamente uniu-se" a algumas autoridades do DPR, FIRS e NNPC para executar certos termos de acordo que foi eventualmente feito o julgamento do tribunal, apesar da pendência de vários pedidos ainda ser ouvido pelo mesmo tribunal.
"Na execução dos termos de acordo, as autoridades não foram solicitadas, nenhuma aprovação no Conselho Executivo Federal foi dada, os conselhos de administração da FIRS, NNPC e DPR não autorizaram os funcionários que executaram os termos falsos de liquidação para assim agirem. ", os advogados argumentaram.
Os tempos premium também relataram em 2015 como o então Procurador Geral da Federação, Mohammed Adoke, negociou o chocante acordo que os especialistas da indústria disseram que lembrava o infame negócio Malabu Oil no qual o mesmo Sr. Adoke estava envolvido.
No entanto, em uma das primeiras ações do presidente Buhari para limpar a indústria petrolífera monumentalmente corrupta da Nigéria, o CNPN em uma carta à Addax Petroleum endossada pelo presidente e datada de 7 de setembro de 2015 reverteu o acordo firmado sob o governo anterior.
Apesar das acusações de subornar autoridades nigerianas e pagamento a menor de impostos e royalties, a Addax Petroleum continuou a intensificar suas operações no país, anunciando em dezembro do ano passado seus planos para novos investimentos de "entre US $ 3 e US $ 5 bilhões na Nigéria. anos."
"Nosso futuro na Nigéria continua brilhante", Dorothy Atake, Gerente Geral de Assuntos Externos e do Governo da Addax Petroleum.
Em seu processo perante a justiça Mojisola Olatoregun, da Suprema Corte Federal de Lagos, o governo nigeriano está buscando uma ordem que dirija o NNPC, Ministério do Petróleo / DPR e NAPIMS de alocação adicional de petróleo bruto explorada pelas OMLs 123, 124, 126 e 137. para Addax Petroleum pendente quando a empresa fornece a garantia bancária verificável do tribunal de bancos nigerianos para cobrir as reivindicações monetárias do demandante.
Outras orações pedidas pelo governo nigeriano incluem uma ordem restringindo o NNPC, o Ministério do Petróleo e o NAPIMS de negociar com a Addax Petroleum, bem como impedindo-os de transferir ou atribuir sua participação nos OMLs a outra pessoa. Além disso, uma ordem obrigando as agências nigerianas a apresentar uma declaração de fatos detalhando os ativos, propriedades e fundos da empresa.
Na sexta-feira, o juiz Olatoregun concedeu uma ordem para os advogados do governo servirem documentos judiciais ao NNPC, o terceiro demandado no processo, cujo escritório está situado em Abuja, fora da jurisdição do tribunal.

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Restaurando o respeito (comportamento do aluno) p.7;
Conferência anual - luta e persistência p.8;
PPTA assiste colegas de Vanuatu (conferência anual) p.9;
Verdadeira caridade mantida em casa (John O'Neill) p.10;
Reciclagem voluntária quando o pessoal é aparado (conselho do oficial de campo) p.11;
Ativista dedicado junta-se ao serviço de campo p.11.
Meninas maori & # 039; desafios universitários governo duplo padrão (Turakina) p.4;
Modelo falho não tem lugar na Nova Zelândia - Trabalho (escolas charter) p.5;
Debate informado (conferência anual) p.6;
Capacitar os jovens trabalhadores p.9;
Mais boas notícias para os pais dos trabalhadores (licença parental paga) p.10;
As mulheres da união inspiram p.11;
Livro proibido atrai protesto de leitura silenciosa p.11;
Interpretações caseiras (Shakespeare nas escolas) p.13;
Muito legal para a escola (conselho oficial de campo) p.14.
Recompensa por longas horas de labuta (Prêmio de Ativismo de Filial Guy Allan apresentado a Claire Couch) p.4;
"Constância e crença absoluta" contribuir para o prêmio de serviço regional (prêmio de serviço do PPTA - Radne Adern) p.4;
Obituário: Gay Simpkin 1942 - 2016 p.5;
Membros encorajados a responder ao censo do ministério p.5;
As mulheres sindicalistas da Pasifika visitam a Nova Zelândia para estender o foco (Council of Pacific Education) p.6;
Momento de construção da região (costa leste) p.7;
JVP por eleição: Candidatos & # 039; declarações pessoais p.8;
Membros & quot; zumbido & quot; depois de oficinas de ativistas (Questões e Seminário Organizador) p.10;
Melhor prestação de due diligence (Saúde e Segurança) p.11;
De ponta ou caos? Ambientes modernos de aprendizagem (debate Michael Tarry e Chris Abercrombie) p.12;
Foco futuro também apanhado em tecnologia - Michael Harvey p.13;
Quando & quot; tempo de formulário & quot; torna-se o tempo de contato (conselho do oficial de campo) p.14;
Carta - Bater professores sem um bom motivo afeta nossa saúde mental. P.14.
Nós podemos ser heróis, apenas por um dia - o ponto de vista do Presidente p.3;
Código de Responsabilidade Profissional - p.4;
Qual é o sucesso do Pasifika? - p.5;
Debate sobre gestão intermédia - p.6;
Despedida da Escola Secundária de Aranui - p.7;
NCEA e Neoliberalismo - Parecer - p.8;
Crie sua própria escola charter - Sátira - p.9;
A retórica e a realidade - resenha do livro - p.10;
Mudança de escola e pagamento de férias - Out in the Field p.11;
Suporte para membros afetados pelo terremoto - p.11;
(note volume incorreto e número (vol.38 no.8) em cobertura de revista)
Celebrando 70 anos de experiência em ensino compartilhado (Curso de Atualização para Professores.
Comitê (TRCC)) p.4;
Obituário: Ida Gaskin 1921 - 2016 p.5;
O conselho escolar da escola deve ser saqueado p.6;
Temores sobre as escolas charter terciárias p.6;
"Falta de ação" do Conselho de Educação & quot; decepciona (saúde mental) p.8;
Mentes jovens seguram a chave (saúde mental) p.9;
Certificação de professores além do alcance p.10;
Continuando as negociações p.11;
Resenha: Culturas sexuais em Aotearoa, Nova Zelândia p.12;
Reforma e reafirmando a diversidade p.13;
Início dos direitos dos professores (conselho do oficial de campo) p.14.
Parceiros do Tratado na escola co-governada (Nga Puna O Waiorea, Western Springs College) p.4;
O Orçamento Global - financiamento a granel por outro nome p.6;
O poder da força coletiva (entrevista com o vice-secretário geral adjunto Bronwyn Cross) p.7;
Uma aproximação com Shakespeare p.8;
Apoio cultural necessário para escolas isoladas (Shakespeare Global Center NZ) p.9;
Tecnologia na sala de aula (Debate) p.10;
Apoio a professores estudantes na cimeira p.11;
Postais e perseverança para licença parental remunerada p.12;
Celebrando o Dia da Camiseta Rosa p.12;
3 razões fascinantes que os professores precisam para ter um meio de crescimento também! (Blog do convidado) p.13;
Você está sendo pago corretamente pela sua qualificação (Orientação de Oficial de Campo) p.14.
Pesquisa em saúde e segurança para professores mais velhos (Stuart King) p.14.
Chalkdust: Um olhar sobre o passado do PPTA (batalhas de financiamento em massa dos anos 90) p.15.
Orientação acadêmica na Lytton High School p.4;
Questões de tráfego Kaiapoi High School p.6;
A história da Nova Zelândia deve ser obrigatória (Debate) p.7;
Caras conhecidas, novos papéis (novo vice-secretário geral do PPTA e vice-presidente júnior) p.8;
Marcando o Matariki (Comemorando o Ano Novo Maori nas escolas) p.9;
Muito necessário apoio para coordenadores de necessidades especiais (TRCC) p.10;
Pasifika fono p.11;
Atualização Industrial p.10;
Educação e cidadania - um debate que devemos ter (Guest blog) p.13;
Revisão de mídia - Try Revolution p.14;
Carta - co-localização da faculdade de Marlborough - as meninas & # 039; ponto de vista da escola p.14.
Qual é o problema em ser um termo fixo? (Conselho do oficial de campo) p.15.
Licença parental paga, p.4;
O PPTA ajuda os estudantes na região fronteiriça tailandesa p.4;
PPTA opõe-se a chamada para negar direitos de voto de diretores p.5;
Membros encorajados a responder ao censo do ministério p.5;
Conselheiros de orientação são chave para resultados positivos p.6;
Sindicatos da NZ representados na Comissão das Nações Unidas sobre o Status da Mulher, p.7;
Qual a melhor forma de se vestir para o sucesso? (uniformes de estudante) p.9;
Plano para faculdades de Blenheim não se soma p.12;
Carta - eu estou mais seriamente descontente. com o esquema de laptop TELA p.13;
Quando licença sem pagamento (LWOP) afeta o pagamento de férias (Assessoria aos Oficiais de Campo) p.14.
Lembrando Helen Kelly - o ponto de vista do presidente p.3;
Privatização e especulação - Examinando a proposta COOL p.4;
Financiamento ou Fantasia? - Opinião, Luke East, estudante do ano 13 p.5;
Crise de oferta de professores - p.6;
Nga Manu Korero - pg.7;
Projeto de História Maori - a escola de Rotorua é parceira do iwi p.8;
Programa Big Sister Pasifika p.9;
Marque suas escolas (coluna Dave Armstrong) p.10;
Pessoal excedentário - assessoria de oficial de campo p.11;
Educação para o movimento da educação inclusiva p 12.
Momentos de aprendizado - O ponto de vista do Presidente p.3;
Palmy é pioneira na comunidade escolar colaborativa (Palmerston North CoL) p.4;
Workshops do Tratado nas escolas - p.5;
Cozinhando com o ministro - Como ferver um ovo (coluna de Dave Armstrong) p.6;
Seu voto conta (eleições da equipe presidencial do PPTA) p.7;
Princípios alarmados por propostas de financiamento (financiamento a granel) p.8;
O que acontece quando os professores BYOD? (Comitê PPTA ICT) p.9;
Questões salariais (aconselhamento do oficial de campo) P.10;
Ferramentas sem corte (revisão de livro bloqueada) pg.11;
Semana de Conscientização sobre Saúde Mental pg.12;
Uma chance para crianças (He Huarahi Tamariki) p.4;
Cruzando barreiras culturais através do movimento (Louise Fielder) p.6;
Examinando o esquema de laptop do professor (TELA) p.7;
Currículo integrado vs silos sujeitos (Gerard MacManus e Lawrence Mikkelsen) p.8;
Como você é no baixo (Dave Armstrong no registro de professores) p.9;
Muitas tarefas para poucas pessoas (taskforce de carga de trabalho PPTA) p.10;
A transformação das escolas em empresas (financiamento a granel) p.12;
Cultivando a cultura - PPTA pasifika fono) p.14;
Caminhos para o sucesso maori (Conferência dos Professores Maori do PPTA) p.
Te Wiki re te re Maori todos os dias (Cecelia Pakinga) p.17;
Envolvendo todos em Saúde e Segurança p.18;
Consulta sobre unidades de gestão essenciais (assessoria de oficial de campo) p.19.
Esta tabela mostra o resumo de PPTA das respostas mais longas fornecidas por cada parte.
Chás da manhã com fórmula #Winning p.4;
Profissionais se reúnem para avançar na educação pública (seminário sobre questões e organização) p.5;
Ativista convicto defende os mais vulneráveis ​​(Trevor Wilson) p.6;
Os alunos podem perder como as escolas de pessoal ficam mais difíceis p.8;
Confiando no ensino e priorizando professores & # 039; bem-estar (ISTP) p.9;
A escola, o iwi e a comunidade unem forças para os estudantes (Taihape Area School) p.10;
Algo para defender (Centro de Aprendizagem Wainuiomata Rangatahi de educação alternativa) p.12;
2017 Conferência dos Professores Maori, p. 14;
Um compromisso com a justiça social e os direitos dos trabalhadores (Obituary Gunther Warner) p.15;
“Momento de lâmpada” com funcionários no chá da manhã (Howick College) p.16;
Escolas charter e tino rangatiratanga? Por favor. (Morgan Godfrey) p. 17;
Contemplações da sala de aula (Roger Gregory) p. 18;
Apoiando nossos colegas em empregos precários - Out in the field p.19;
Atualizações - Levantamento de Comunidades de Aprendizagem; Aumento da taxa do Conselho de Educação p. 20
Albany Senior High School - defendendo a próxima geração de professores p.4;
O apoio da comunidade quebra barreiras de aprendizagem p.5;
Transformando a educação maori - professores maori & # 039; Conferência p.6-7;
Escolas e diretores mais fortes juntos - nova cadeira NZSPC p.8;
Iniciando os primeiros professores da Nova Zelândia & # 039; Jogos p.9;
Housing, job security and education - the big issues for young workers p.10;
PPTA members quiz candidates p.11;
Education policies - we asked, they answered p. 12-13;
Social investment and education funding models (guest column Bill Rosenberg) p.14;
Focus on education - PPTA election resources p.15;
Part time teachers take a case for equality p;16;
Technology, plagiarism software and school libraries p.17;
New Zealand secondary schools and your child (author interview with Bali Haque) p.18;
Always check your payslip (out in the field) p.19;
PPTA annual conference and executive elections p.20.
Bulk funding - gone by morning tea time p.4;
Introducing the new faces of PPTA p.5;
Excessive teacher workload is hurting students p.6-7;
Dealing in students' "musical currency" p.8;
An inspiring mentor for younger women - obituary, Helen Ryburn p.10;
The boss that always cared - obituary, Colin Moore - p.11;
The commodification of kids - online schools in the US - p.12;
Speaking truth to power (select committee submissions) p.13;
New graduates - keep an eye on your entitlements - Out in the Field p.14;
Looking out for the new kids - support for beginning teachers p.15;
Taking on the tiger teachers - book review p.16;
Compulsory English in schools - satire p.17;
Looking Forward Looking Back - NETs conference p.20.
Mental health teaching resources to receive upgrade p.4-5;
Joint taskforce investigates secondary workload issues p.6;
Rebalancing secondary teacher workload p.7;
Creating safe schools, workplaces and communities (Pink Shirt Day) p.8;
Defending public education (guest column Martin Thrupp) p.9;
When teaching is in the blood (Buller High School) p.10-11;
Dyslexia as a teaching tool p.12-13;
Obituary - Ken Havill p.14;
About tax - paying for education and public services (book excerpt - Progressive Thinking) p.15;
Demystifying the headline grabbing test results (book review - The Global Education Race) p.16;
Retraining to teach (guest column - Dave Armstrong) p.17;
Letters to the editor p.18;
Units and middle management allowances (out in the field) p.19;

Notícias do mercado.
Nigeria Moves To Recover $3 Billion From Chinese Owned Addax Petroleum - SAHARA REPORTERS.
Nigeria has commenced legal proceedings against Chinese owned oil firm, Addax Petroleum, for recovery of the sum of $3 billion alleged to be under-remitted royalties, and taxes by the company In the documents filed before Justice Olatoregun on Friday, Nigerian governments said the funds are outstanding claims against the company under the Petroleum Profit Tax Act and Petroleum (Drilling and Production) Amendment Regulation 2003 over Oil Mining Leases (OMLs) 123, 124, 126, and 137.
BY SAHARAREPORTERS, NEW YORK.
Nigeria has commenced legal proceedings against Chinese owned oil firm, Addax Petroleum, for recovery of the sum of $3 billion alleged to be under-remitted royalties, and taxes by the company.
In the documents filed before Justice Olatoregun on Friday, Nigerian governments said the funds are outstanding claims against the company under the Petroleum Profit Tax Act and Petroleum (Drilling and Production) Amendment Regulation 2003 over Oil Mining Leases (OMLs) 123, 124, 126, and 137.
Joined as respondents in the suit are Addax Petroleum Development Nigeria Ltd, Addax Petroleum Exploration Nigeria Ltd, the Nigerian National Petroleum Corporation (NNPC), the Ministry of Petroleum Resources/Department of Petroleum Resources, and the National Petroleum Investment & Management Services (NAPIMS).
Documents filed before the court by D. A. Awosika and partners, the chamber representing the Federal government in the suit indicated that the company piled up the $3 billion unremitted funds as a result of its illegal and irregular reliance on Side Letters dated 21st November 2001, 20th December 2001, and 24th August 2004 which were never gazetted.
The move to recover the funds from Addax came three months after a PREMIUM TIMES report on how the Chinese firm allegedly paid millions of dollars in bribes to Nigerian officials to secure juicy contracts in the oil industry.
In 1998, Addax Petroleum, a subsidiary of China's Sinopec Group, one of the world's largest oil and gas producers, entered into a Production Sharing Contract (PSC) with the NNPC (as concessionaire) in respect of OPL 98/118 and OPL 90/225.
Four years later, the company discovered oil in commercial quantities and the OPLs were converted into Oil Mining Leases (OMLs) 123/124 and 126/137.
The PSC entered by the two parties required Addax Petroleum to pay royalties on any oil produced from the relevant oil blocks at the rate of 20 percent as stipulated by law. It also provided that the Petroleum Profit Tax Act (PPTA) applicable to the contract areas shall be 65.75 percent for the first five years, starting from the first day of the month of the first sale of the oil, and 85 percent thereafter.
But, according to the Statement of Claim filed by D. A Awosika & Partners, Addax Petroleum fraudulently obtained a Side Letter in 2001 and 2004 which were "never gazetted" and which they used in calculating their taxes and royalties.
The calculations in the side letters fixed the PPT payable by the company at 60 percent and, rather than the 20 percent flat rate of royalty, provided for a graduated rate depending on the volume of oil produced from the oil blocks.
The side letters were signed by Enginneer Funsho Kupolokun, then Special Assistant on Petroleum and Energy to former President Olusegun Obasanjo (in 2001) and Olabode Agusto, then Director General/Special Adviser on Budget to the President (in 2004).
"Several objections and protests were raised by FIRS (Federal Inland Revenue Service), NNPC, and DPR to the reliance on these side letters by the Defendants to bypass, supplant, and subvert the process," the government’s lawyers stated in their claim.
"In 2003, in order to give effect to the graduated royalty regime stated in the side letters, the Minister of Petroleum Resources (Mr. Obasanjo) issued the Petroleum (Drilling and Production) Amendment Regulations which provided for graduated royalty rates for onshore and shallow offshore PSC which did not account for royalty by tranches.
"The Petroleum (Drilling and Production) Amendment Regulations 2003 when made was given retrospective effect from the first day of January, 2000, which was the same date of commencement of the graduated royalty rates contained in the side letters."
Several meetings between Nigerian government officials - represented by the FIRS, DPR, and NNPC - and representatives of Addax Petroleum reassess and resolve the latter's "colossal underpayment" to the government between 2007 and 2012 yielded no results.
In one of the meetings, which it was discovered that the company's application of the graduated royalty rates as provided for in the Petroleum (Drilling and Production) Amendment Regulations 2003 as contained in the side letters was erroneous.
Rather than relying on the applicable royalty rates in calculating their daily production volume, Addax Petroleum allegedly developed a practice of slicing their volume rate of royalty to different tranches of production thereby significantly reducing their royalty obligations.
Government calculations of under-remittance showed that the company withheld $1.3 billion in royalties and $1.7 billion in PPT.
But Addax Petroleum maintained its right to the use of the side letters for computing the taxes on its operations and dragged the government over accusations of a breach of their 1998 PSC on the oil blocks.
In suit FHC/ABJ/CS/1099/2014 filed before former chief judge of Federal High Court Ibrahim Auta, the company sought a judicial approval towards their continued use of the side letters to compute its financial obligations to the Nigerian government.
However, on 26th May, 2015, three days before the administration of then president, Goodluck Jonathan, handed over to his successor, Muhammadu Buhari; the government negotiated a controversial out of court settlement with Addax Petroleum, agreeing to pay the company $3.4 billion (about N1 trillion).
Court papers filed by the Nigerian government's lawyers stated that Addax Petroleum "surreptitiously teamed up" with some officials of DPR, FIRS, and NNPC to execute certain terms of settlement which was eventually made the Consent Judgment of court notwithstanding the pendency of several applications yet to be heard by the same court.
"In executing the said terms of settlement, the authorities were not sought, no approval at Federal Executive Council level was given, the governing boards of the FIRS, NNPC and DPR did not authorize those officers that executed the bogus terms of settlement to so act," the lawyers argued.
Premium times had also in 2015 reported how the then Attorney General of the Federation, Mohammed Adoke, negotiated the shocking deal industry experts said was reminiscent of the infamous Malabu Oil deal in which the same Mr. Adoke was involved in.
However, in one of President Buhari's first moves to clean Nigeria's monumentally corrupt oil industry, the NNPC in a letter to Addax Petroleum endorsed by the president and dated 7th September, 2015, reversed the agreement entered into under the previous administration.
Despite the accusations of bribing Nigerian officials and underpayment of taxes and royalties, Addax Petroleum has continued to ramp up its operations in the country, announcing in December last year about its plans for fresh investment of "between $3 - $5 billion in Nigeria over the coming years."
"Our future in Nigeria remains bright," Dorothy Atake, General Manager, External & Government Affairs, Addax Petroleum.
In its suit before justice Mojisola Olatoregun of Federal High Court Lagos, the Nigerian government is seeking for an order directing the NNPC, Ministry of Petroleum/DPR, and NAPIMS from further allocation of crude oil explored from OMLs 123, 124, 126, and 137 to Addax Petroleum pending when the company furnishes the court verifiable Bank Guarantee from Nigerian banks to cover the monetary claims of the plaintiff.
Other prayers sought by the Nigerian government include an order restraining the NNPC, Petroleum Ministry, and NAPIMS from dealing with Addax Petroleum as wells as stopping them from transferring or assigning their interest in the OMLs to another person. Also, an order compelling the Nigerian agencies to file an affidavit of fact detailing the company's assets, properties, and funds.
On Friday, Justice Olatoregun granted an order for the government's lawyers to serve court papers to the NNPC, the third respondent in the suit, whose office is situated in Abuja, outside the court's jurisdiction.
.G in court to recover $3.09bn unremitted oil tax.
The Nigerian government has commenced legal proceedings against Chinese owned oil firm, Addax Petroleum, for recovery of the sum of $3 billion alleged to be under-remitted royalties, and taxes by the company.
In the documents filed before Justice Olatoregun on Friday, Nigerian governments said the funds are outstanding claims against the company under the Petroleum Profit Tax Act and Petroleum (Drilling and Production) Amendment Regulation 2003 over Oil Mining Leases (OMLs) 123, 124, 126, and 137.
Joined as respondents in the suit are Addax Petroleum Development Nigeria Ltd, Addax Petroleum Exploration Nigeria Ltd, the Nigerian National Petroleum Corporation (NNPC), the Ministry of Petroleum Resources/Department of Petroleum Resources, and the National Petroleum Investment & Management Services (NAPIMS).
Documents filed before the court by D. A. Awosika and partners, the chamber representing the Federal government in the suit indicated that the company piled up the $3 billion unremitted funds as a result of its illegal and irregular reliance on Side Letters dated 21st November 2001, 20th December 2001, and 24th August 2004 which were never gazetted.
The move to recover the funds from Addax came three months after a PREMIUM TIMES report on how the Chinese firm allegedly paid millions of dollars in bribes to Nigerian officials to secure juicy contracts in the oil industry.
In 1998, Addax Petroleum, a subsidiary of China's Sinopec Group, one of the world's largest oil and gas producers, entered into a Production Sharing Contract (PSC) with the NNPC (as concessionaire) in respect of OPL 98/118 and OPL 90/225.
Four years later, the company discovered oil in commercial quantities and the OPLs were converted into Oil Mining Leases (OMLs) 123/124 and 126/137.
The PSC entered by the two parties required Addax Petroleum to pay royalties on any oil produced from the relevant oil blocks at the rate of 20 percent as stipulated by law. It also provided that the Petroleum Profit Tax Act (PPTA) applicable to the contract areas shall be 65.75 percent for the first five years, starting from the first day of the month of the first sale of the oil, and 85 percent thereafter.
But, according to the Statement of Claim filed by D. A Awosika & Partners, Addax Petroleum fraudulently obtained a Side Letter in 2001 and 2004 which were "never gazetted" and which they used in calculating their taxes and royalties.
The calculations in the side letters fixed the PPT payable by the company at 60 percent and, rather than the 20 percent flat rate of royalty, provided for a graduated rate depending on the volume of oil produced from the oil blocks.
The side letters were signed by Enginneer Funsho Kupolokun, then Special Assistant on Petroleum and Energy to former President Olusegun Obasanjo (in 2001) and Olabode Agusto, then Director General/Special Adviser on Budget to the President (in 2004).
"Several objections and protests were raised by FIRS (Federal Inland Revenue Service), NNPC, and DPR to the reliance on these side letters by the Defendants to bypass, supplant, and subvert the process," the government’s lawyers stated in their claim.
"In 2003, in order to give effect to the graduated royalty regime stated in the side letters, the Minister of Petroleum Resources (Mr. Obasanjo) issued the Petroleum (Drilling and Production) Amendment Regulations which provided for graduated royalty rates for onshore and shallow offshore PSC which did not account for royalty by tranches.
"The Petroleum (Drilling and Production) Amendment Regulations 2003 when made was given retrospective effect from the first day of January, 2000, which was the same date of commencement of the graduated royalty rates contained in the side letters."
Several meetings between Nigerian government officials - represented by the FIRS, DPR, and NNPC - and representatives of Addax Petroleum reassess and resolve the latter's "colossal underpayment" to the government between 2007 and 2012 yielded no results.
In one of the meetings, which it was discovered that the company's application of the graduated royalty rates as provided for in the Petroleum (Drilling and Production) Amendment Regulations 2003 as contained in the side letters was erroneous.
Rather than relying on the applicable royalty rates in calculating their daily production volume, Addax Petroleum allegedly developed a practice of slicing their volume rate of royalty to different tranches of production thereby significantly reducing their royalty obligations.
Government calculations of under-remittance showed that the company withheld $1.3 billion in royalties and $1.7 billion in PPT.
But Addax Petroleum maintained its right to the use of the side letters for computing the taxes on its operations and dragged the government over accusations of a breach of their 1998 PSC on the oil blocks.
In suit FHC/ABJ/CS/1099/2014 filed before former chief judge of Federal High Court Ibrahim Auta, the company sought a judicial approval towards their continued use of the side letters to compute its financial obligations to the Nigerian government.
However, on 26th May, 2015, three days before the administration of then president, Goodluck Jonathan, handed over to his successor, Muhammadu Buhari; the government negotiated a controversial out of court settlement with Addax Petroleum, agreeing to pay the company $3.4 billion (about N1 trillion).
Court papers filed by the Nigerian government's lawyers stated that Addax Petroleum "surreptitiously teamed up" with some officials of DPR, FIRS, and NNPC to execute certain terms of settlement which was eventually made the Consent Judgment of court notwithstanding the pendency of several applications yet to be heard by the same court.
"In executing the said terms of settlement, the authorities were not sought, no approval at Federal Executive Council level was given, the governing boards of the FIRS, NNPC and DPR did not authorize those officers that executed the bogus terms of settlement to so act," the lawyers argued.
Premium times had also in 2015 reported how the then Attorney General of the Federation, Mohammed Adoke, negotiated the shocking deal industry experts said was reminiscent of the infamous Malabu Oil deal in which the same Mr. Adoke was involved in.
However, in one of President Buhari's first moves to clean Nigeria's monumentally corrupt oil industry, the NNPC in a letter to Addax Petroleum endorsed by the president and dated 7th September, 2015, reversed the agreement entered into under the previous administration.
Despite the accusations of bribing Nigerian officials and underpayment of taxes and royalties, Addax Petroleum has continued to ramp up its operations in the country, announcing in December last year about its plans for fresh investment of "between $3 - $5 billion in Nigeria over the coming years."
"Our future in Nigeria remains bright," Dorothy Atake, General Manager, External & Government Affairs, Addax Petroleum.
In its suit before justice Mojisola Olatoregun of Federal High Court Lagos, the Nigerian government is seeking for an order directing the NNPC, Ministry of Petroleum/DPR, and NAPIMS from further allocation of crude oil explored from OMLs 123, 124, 126, and 137 to Addax Petroleum pending when the company furnishes the court verifiable Bank Guarantee from Nigerian banks to cover the monetary claims of the plaintiff.
Other prayers sought by the Nigerian government include an order restraining the NNPC, Petroleum Ministry, and NAPIMS from dealing with Addax Petroleum as wells as stopping them from transferring or assigning their interest in the OMLs to another person. Also, an order compelling the Nigerian agencies to file an affidavit of fact detailing the company's assets, properties, and funds.
On Friday, Justice Olatoregun granted an order for the government's lawyers to serve court papers to the NNPC, the third respondent in the suit, whose office is situated in Abuja, outside the court's jurisdiction.

Foreign Investment.
What is 'Foreign Investment'
Foreign investment involves capital flows from one country to another, granting extensive ownership stakes in domestic companies and assets. Foreign investment denotes that foreigners have an active role in management as a part of their investment. A modern trend leans toward globalization, where multinational firms have investments in a variety of countries.
Foreign Portfolio Investment - .
Blue Chip Swap.
Reservas de Câmbio.
Foreign Tax Deduction.
BREAKING DOWN 'Foreign Investment'
Foreign investments can be made by individuals, but are most often endeavors pursued by companies and corporations with substantial assets looking to expand their reach. As globalization increases, more and more companies have branches in countries around the world. For some companies, opening new manufacturing and production plants in a different country is attractive because of the opportunities for cheaper production, labor and lower or fewer taxes.
Direct vs Indirect Foreign Investments.
Foreign investments can be classified in one of two ways: direct and indirect. Foreign direct investments (FDIs) are the physical investments and purchases made by a company in a foreign country, typically by opening plants and buying buildings, machines, factories and other equipment in the foreign country. These types of investments find a far greater deal of favor, as they are generally considered long-term investments and help bolster the foreign country’s economy.
Foreign indirect investments involve corporations, financial institutions and private investors buying stakes or positions in foreign companies that trade on a foreign stock exchange. In general, this form of foreign investment is less favorable, as the domestic company can easily sell off their investment very quickly, sometimes within days of the purchase. This type of investment is also sometimes referred to as a foreign portfolio investment (FPI). Indirect investments include not only equity instruments such as stocks, but also debt instruments such as bonds.
Other Types of Foreign Investment.
There are two additional types of foreign investments to be considered: commercial loans and official flows. Commercial loans are typically in the form of bank loans that are issued by a domestic bank to businesses in foreign countries or the governments of those countries. Official flows is a general term that refers to different forms of developmental assistance that developed or developing nations are given by a domestic country.
Commercial loans, up until the 1980s, were the largest source of foreign investment throughout developing countries and emerging markets. Following this period, commercial loan investments plateaued, and direct investments and portfolio investments increased significantly around the globe.

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ICI shares in Pakistan PTA sold at low price.
KARACHI, Sept 1: The ICI Pakistan Limited, on Wednesday, announced that it had sold all of its 25 per cent stake in the Pakistan PTA Limited at Rs10.50 a share. The news came as a bolt from the blue for investors; not because of the sale, but due to the price.
Within a minute of the announcement, the price of the ICI share plunged by Rs2 on the stock market. Opening at Rs93.85 on Wednesday, the share in the ICI closed down by Rs2.25 at Rs91.60. That was quite the opposite of what most investment managers were expecting.
The Pakistan PTA Limited (PPTA) was a drag on the ICI and investors thought the price should climb after the shareholders gave their approval for its sale at the ICI's Extraordinary General Meeting on August 20. The first indication that the company intended to dispose off its entire shareholding in the PTA, was conveyed by the Board on June 15, which had sent the share scurrying to Rs97.85.
The stock went into a downward correction later on, but again in a week since last Wednesday, the share had climbed from Rs84 to Rs94. The company's announcement that it had sold and transferred 25 per cent equity at the price of Rs10.50 for a share in the PPTA poured cold water on investors' enthusiasm, many of whom were looking at the ICI to climb up to Rs97.
But lets first consider the announcement made by the ICI Pakistan's Chief Executive, John R. Stoney. He said that pursuant to the authorization given by the members of the ICI Pakistan Limited at the ExGM on August 20, 2004, the company had on September 1, sold and transferred 286.2 million ordinary shares of Rs10 each of the Pakistan PTA Limited, which represented 18.9 per cent of the total issued share capital of the PPTA, at a price of Rs10.50 per share, that was, for an aggregate sale price of Rs3,005 million "through a privately placed block trade arranged by the Elixir Securities Pakistan (Private) Limited". The United Bank Limited had acted as financial advisers to the company.
The announcement further stated that the company had also contracted to sell the company's balance shareholding in the Pakistan PTA Limited comprising 92.4 million shares. That represented 6.1 per cent of the issued share capital of the PPTA and was to be sold to the ICI Omicron B. V, the parent company of the ICI Pakistan and the PPTA, at the same price of Rs10.50 per share, for an aggregate sale price of Rs969.8 million.
Now, the market value of share in the Pakistan PTA Limited being Rs14, most shareholders thought it was a bit strange that the block deal should have been struck at considerably lower price; many thought that the "strategic local holding" should have been disposed off at higher than market value of Rs14. Just how high, no one could say, but a 5 per cent premium over its par value appeared to them to be incredibly low.
For the ICI Pakistan, it possibly meant a gain of Rs3.50 a share, for including the right, its cost of acquisition came to around Rs7. The price of deal was also not too exciting for shareholders in the PPTA who let the stock drop by 40 paisas to close at Rs13.60, from the opening value of Rs14. A deal struck at a better price could have seen the stock edge up to Rs16, some investors thought.
The ICI Pakistan Limited also avoided disclosing the buyer. Market grapevine suggested that it could be a group that now has a major share in urea production, a competitive fibre manufacturer and a powerful stock broker - or all three combined. Just about 10 days ago, at the Extraordinary meeting on August 20, the management had told shareholders that some parties had expressed interest, but that there was no serious buyer at that point in time.

Nigeria : Developments In Nigeriaґs Tax Regime For Gas Utilization Projects.
Nigeria produces about two million barrels of crude oil per day and is ranked as the eleventh 1 largest producer in the world. The oil and gas sector accounts for about 60% of government's total revenue and more than 90% of its foreign exchange receipts upon which all tiers of government depend. Nigerian oil reserves are now estimated at 25 billion barrels 2 . Crude oil production in Nigeria averages about 2million barrels per day ('bpd'), which is about 60% of the total African production – with Angola coming second at about 1.7m bpd. Based on an estimation of Nigeria's oil reserves it is believed that Nigeria will conservatively remain a producer of petroleum for another forty to fifty years.
In addition to its crude oil reserves, Nigeria is endowed with abundant reserves of natural gas. The preponderance of gas encountered in the search for oil has led many experts to describe the Nigerian petroleum fields as " a gas province with some oil in it " 3 as, the proportion of natural gas in conjunction with crude oil is relatively high 4 . Today Nigeria's natural gas reserves have been estimated at about 166 trillion standard cubic feet, giving Nigeria the potential to produce gas for about 200 years or more and making it a fertile ground for investment in gas. By the end of 2005 Nigeria was ranked as the world's third biggest producer of luefied natural gas (LNG) 5 .
Within the last decade some of the existing operators in the petroleum sector in joint venture with the Nigerian National Petroleum Corporation 6 (NNPC) have embarked on a number of gas utilization projects. Most of these projects however, are in relation to associated gas discovered in the search for oil, whilst unassociated gas deposits are being reserved for future investment. Continuous emphasis is being laid on utilization of associated gas in pursuance of the Nigerian government's policy to eradicate the flaring of gas by the year 2008 and to broaden its revenue base through active support of gas projects. The 2008 flare-out date has not proved feasible and discussions are ongoing between producers and government on a more realistic date.
Between 1998 and 1999 the Nigerian government offered various investment and tax incentives to discourage the flaring of gas and to stimulate investment in the gas sub-sector. This article discusses those incentives and considers the effect, if any, that the recent tax reform has had on the tax regime of gas utilization projects under Nigerian law.
Overview of the Nigerian Gas Industry.
The Nigerian gas industry, unlike its petroleum counterpart, is still relatively underdeveloped. In pursuit of its national objectives to achieve a reserve base of 30 billion barrels of oil by the year 2003 the Nigerian government laid much emphasis on the exploration and production of crude oil, and gas was merely considered as a by-product to be disposed of either by way of venting or flaring. Activities to increase its oil reserves rose to a peak in the mid seventies when about two hundred and fifty wells were drilled. Whilst investment in the Nigerian petroleum industry thrived gas was basically neglected.
In 1969 the Nigerian government began to seek ways of minimizing incidences of gas flaring by compelling operators to either find gainful uses for the gas produced with the oil or re-inject the gas back into the reservoirs. Companies engaged in petroleum operations in Nigeria were required, by virtue of the Petroleum (Drilling and Production) Regulations 7 , to submit detailed plans for the utilization of associated gas. In 1979 the Associated Gas Re-Injection Act was promulgated to control atmospheric pollution by stopping gas flaring through gas conservation and utilization. The Act provides that in addition to the plan to be submitted under the Petroleum Regulations, every company producing oil and gas in Nigeria must submit a preliminary program of schemes for the viable utilization of all associated gas produced from a field or groups of fields, and a project or projects to re-inject all gas produced in association with oil but not utilized in an industrial project 8 . The Act further provided that no company engaged in the production of oil and gas shall, after the 1 st of January 1984 flare gas produced in association with oil without the written permission of the Minister for Petroleum 9 . Under the Act the Minister has the power to issue a certificate of exemption from the provision of Section 3 to any company upon such terms as he may impose if he is satisfied that utilization or re-injection of the gas produced in a particular field/s is not appropriate. Furthermore, the Act imposes stiff penalties for non-compliance with the provisions of Section 3.
As the time limit approached it was evident that the time limit set by the Act was impracticable by any of the operators in the industry. There was also the increasing possibility that if the Act were enforced without any modification, many oil and gas producing companies would rather severely curtail crude oil production or shut in their oil wells. Since this would have hampered Government's objective of increasing its reserves through the production of oil and gas, the Act was amended in 1985 to permit a company engaged in the production of oil and gas to continue to flare gas in any field in relation to which the Minister issues a certificate of exemption. Government subsequently announced that its final time limit for the total eradication of gas flaring is 31 st of December 2008.
The promulgation of the Associated Re-Injection Act was not enough to eradicate gas flaring in Nigeria. Most operators continued flaring gas with or without the Minister's permission and would simply pay the penalty for flaring, which was 20 cents/mscf of flared gas. The cost of penalty payments, to the operators was lower than that of installing gas re-injection systems and whatever amounts are paid as penalty formed part of their operating expenses, which were tax deductible 10 . A few uncoordinated gas utilization projects were undertaken, involving direct supply of natural gas to some industries and power generating plants contiguous to the oil fields. However, the volume of gas involved in these supply systems were a very small fraction of the total associated gas produced and insignificant as far as the reduction of gas flaring was concerned. As the demand for natural gas increased on a global scale due to its environmental advantage, the Nigerian government began to encourage more investment in its gas industry whilst intensifying its effort at eradicating the flaring of gas. One of such intensified efforts is the recent increase in the penalty for flaring from 20cents/mscf to $3.50 per mscf of flared gas 11 .
Statutory and Regulatory Regime of Gas Production and Utilization.
As developments progressed in the gas sector a national gas policy was proposed by the Nigerian government. Apart from its stated objective of eradicating gas flaring by the year 2008 by encouraging investment in gas utilization and the provision of incentives for that purpose, the proposed policy government did not address other ancillary issues relating to gas exploitation in Nigeria. Of the nearly thirty enactments governing operations relating to crude oil production only four relate to gas operations.
After much speculation about what issues the proposed gas policy should address, the Nigerian government finally adopted a gas policy earlier this year 12 . The policy provides a gas pricing framework for the determination of the floor price for gas. Its main thrust is to promote domestic gas utilization especially for power generation and industry. It however does not address issues relating to exploration and production which are areas of concern for most potential investors particularly as it relates to cost allocation for tax purposes. There has been much anticipation that the policy would also address issues relating to the transmission, storage, marketing and utilization of gas and would form the framework for comprehensive gas legislation.
Taxation of Gas Utilization Projects.
Under the current tax regime upstream gas utilization projects are taxed either under the Petroleum Profits Tax Act ('PPTA'), whilst downstream gas operations are taxed under the Companies Income Tax Act ('CITA'). In addition to the tax levied on their profits under these Acts, several categories of tax are levied on companies engaged in gas utilization 13 . Upstream Gas Utilization 14 refers to activities designed to separate crude oil and gas from the reservoir into usable products or form, or to deliver such gas to designated points for use by, or transmission to, downstream users, and includes gas production.
Currently, there are three different tax regimes applicable under the PPTA, depending on the type of contractual arrangement that governs a company's operations. Petroleum Profits Tax ('PPT') is imposed at the rate of 85% of the company's chargeable profits and at the rate of 65.75% on companies that have not yet commenced sales or bulk disposal of chargeable oil. For companies operating under a joint venture arrangement with NNPC the effective tax rate applicable based on the terms of a memorandum of understanding 15 between the operators and the Nigerian government is about 65%, whilst companies engaged in deep offshore operations under Production Sharing Contracts are taxed at the rate of 50%. Apart from PPT royalty is also charged at a graduated rate of 0% in areas beyond 1000 metres water depth to 20% in onshore areas of operations. Royalty payments in respect of natural gas disposed under a gas sales agreement however is tax deductible. Whereas the value of natural gas disposed under a gas sales contract would attract PPT, gas produced and transferred to gas-to-luid facilities is at a 0% tax and 0% royalty rate 16 . In addition, the company will be entitled to the fairly extensive incentives set out in Section 10A of the PPTA as amended.
In 1999 the incentives applicable to associated gas utilization were extended to non associated gas. The implication as construed by the majority was that where a company produces gas solely for the purpose of utilising such gas for a downstream project, the expenses incurred in connection with the production of that gas would be allowable against the income derived from the project for which such gas is utilised. This is because in such situation there would be no "gas production income" accruing to the company against which allowable gas production expenses could be offset.
Incentives For Upstream Gas Operations.
Incentives available for upstream gas utilisation operations, i. e. the separation of crude oil and gas from the reservoir into usable form for onward delivery to downstream projects, are stated in Section 10A of the PPTA as amended. Although the primary purpose of these incentives is to encourage companies already carrying on petroleum operations to utilise rather than flare the associated gas encountered in the course of oil production, these incentives are also applicable to non-associated gas utilization projects.
Allowable Expenses for upstream operations.
The incentives listed above are only granted to petroleum companies that are engaged in projects, which utilise associated gas. To prevent these companies from lumping expenses together in an attempt to reduce their taxable profits under the PPTA the law has set out strict conditions to which they must adhere. These may be summarised as follows:
Condensates extracted and re-injected into the crude oil stream will be treated as oil (and therefore taxable as oil income) but condensate not re-injected will be "treated under existing tax arrangements" so that the PPTA incentives apply. The company must pay the minimum penalty charged by the Minister of Petroleum Resources for any gas flared by the company. The company must, where practicable, keep the expenses incurred in the utilisation of associated gas separate from those incurred on crude oil operations. Only expenses that cannot be separated will be allowed as a deduction against the company's crude oil income. Expenses identified as incurred exclusively in the utilisation of associated gas will be regarded as gas expenses and will only be allowable against the gas income and profit to be taxed under the CITA. Companies that invest in natural gas luid extraction facilities to supply gas in usable form to downstream projects and other associated gas utilisation projects will benefit from the incentives. All capital investments relating to gas-to-luids facilities will be treated as a chargeable capital allowance recoverable against crude oil income. Gas transferred from the natural gas luid facility to the gas-to-luids facilities shall be at 0% tax and 0% royalty.
Tax Regime of Downstream Gas Utilization Operations.
Downstream gas utilisation is defined by Section 28G(3) of the CITA (as amended by section 4 of the Finance (Miscellaneous Tax Provisions) Act of 1998) to mean the marketing and distribution of natural gas for commercial purposes, including the establishment of power plants, luefied natural gas plants, gas to luid plants, fertiliser plants, and gas transmission and distribution pipelines. Companies' income tax is charged at a rate of 30% on the assessable profits of a company engaged in downstream utilisation, subject to the application of the incentives specified in Section 28G of CITA.
Incentives for Downstream Gas Operations.
The incentives for downstream gas utilization are provided under Section 28G of the CITA as amended and are as follows:
Interest payable on any loan obtained for a gas project, with the prior approval of the Minister of Petroleum, is tax deductible. Tax-free dividends.
After the tax holiday, an IA of 90% of capital expenditure on plant and machinery and an additional IA of 15% which shall not have the effect of reducing the value of the asset. A company which has opted for the 35% IA is not entitled to claim the additional 15% IA. Paragraph 16(2) of the Second Schedule to CITA gives the taxpayer the option of claiming such capital allowances before the asset is put to use, subject only to the taxpayer being able to establish to the satisfaction of the Board that the first use to which the asset will be put by the company incurring the expenditure will be for the purposes of the taxpayers trade or business. The taxpayer may, in the alternative, elect to claim the capital allowances with effect from the date on which such asset was first put to use. VAT Exemption on Plant and Machinery.
As a further incentive, VAT exemption is granted in respect of plant and equipment purchased in connection with the utilisation of gas in downstream petroleum operations, from the imposition of VAT. Machinery, equipment or spare parts imported into Nigeria in connection with the processing of gas, or the conversion of such gas into electric power, is also exempted from customs duties.
Proposed Reforms.
In 2004 the Federal Government of Nigeria announced its intention to embark on a major tax reform. The thrust of the reform was to address the long standing challenge of tax evasion and non-compliance, both of which have been largely attributed to poor administration on the part of the tax authorities. Specific reforms proposed in relation to gas were as follows:
Withdrawal of the tax incentives for upstream gas utilization; Royalty on natural gas sold and delivered to a third party will no longer be allowed as a deductible expense; Export proceeds from gas will be taxed at 30%; Introduction of the R-Factor basis of taxation for companies engaged in downstream gas utilization operations; Profits attributable to downstream gas operations are to be separated from the total profits of the company; Incentives available to companies engaged in LNG operations will be limited to a specific project and will not extend to additional trains upon the expansion of such projects.
These proposals were not passed into law but efforts continue to revise the tax regime for oil and gas operations.
Conclusão.
Nigeria's gas reserves are still very much untapped and the opportunities for investment are immense. Domestic daily demand for gas exceeds 300million standard cubic feet per day and foreign demand for LNG exports exceeds 700 million standard cubic feet per day. A proposed trans-west African pipeline is expected to deliver over 120 million standard cubic feet per day to two of Nigeria's neighbors on the West African coast. These gas utilization projects create diverse opportunities for investment both locally and internationally. Government also recognizes the revenue potential of such investment opportunities and is working through the Oil and Gas Implementation Committee ('OGIC') 17 to create the legal framework for the taxation of gas projects. Recently the OGIC sponsored a Petroleum Industry Bill. Although the entire bill has not been released, excerpts which have been seen remove the ability to consider amounts spent in separating associated gas as part of the oil field development 18 and propose new tax rates for gas development. The Bill, if and when passed into law would form the tax regime for the gas industry.
1. Energy Information Administration of the US Department of Energy ( eia. doe. gov)
2. National Petroleum Investments Management Services (napims)
3. Grant, G., Investment Opportunities In Nigeria's Gas Sector, Johannesburg, South Africa at the 1995 Sub-Saharan Oil & Minerals Conference.
4. The natural gas to crude oil ratio, in terms of gas quantity measured in cubic feet and crude oil measured in barrels, oscillated by 1966 at around 800cu. ft. per barrel.(L. H. Schatzl, Petroleum In Nigeria , The Nigerian Institute of Social and Economic Research, 1969)
5. Ford, Neil: African Business, Monday, August 1, 2005 [ source: allbusiness/africa ]
6. The NNPC is the entity through which the Nigerian government executes its policy of direct national involvement and participation in petroleum activities in Nigeria. The corporation was established under the NNPC Act of 1977. (Cap. N123 Laws of the Federation of Nigeria)
7. Regulation 42.
8. Section 1, Associated Gas Re-Injection Act, Cap A25, Laws of the Federation of Nigeria 1990.
10. All outgoings and expenses wholly, exclusively, and necessarily incurred by a company for the purpose of its operations are tax deductible.( Petroleum Profits Tax Act Cap P.13 LFN S.10(1))
11. Discussions are ongoing between government and producers who argue that the penalty is prohibitive and should be reviewed downwards.
12. The National Domestic Gas Supply and Pricing Policy.
13. Capital Gains Tax, levied on gains from the disposal of assets; Value Added Tax, Education Tax, Stamp Duty, and local government rates and levies.
14. This definition is essentially a paraphrase of Section 10A(1)(a) and (b) of the PPTA,
15. The MOU is an incentive scheme introduced in the 80's to ensure that foreign oil companies participating in joint venture with the government made a reasonable return on their investments. The first MOU was signed in 1986 and was later reviewed in 1991 and subsequently in the year 2000.
16. Section 10A(g) of the PPTA (as amended further by Decree No. 30 of 1999)
17. the Oil and Gas Implementation Committee ('OGIC') set up by President Yar'adua in 2007.
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Ppta forex

TA will support to:
conduct a study on technical and regulatory aspects, and economic and financial implications of the solar rooftop power generation initiative, including lessons learnt from other countries on implementing solar rooftop projects; and support the executing agency and ADB in conducting due diligence on technical, regulatory, financial management, financial and economic analyses, and relevant safeguards (mainly environment since solar rooftop installations will not have any involuntary resettlement and indigenous peoples impacts), as well as assisting executing and implementing agencies of the ensuing project with contracting strategy.
Outcome of the TA would be enhanced governement capacity to plan, coordinate, and implement results-oriented human capital development with greater synergies across subsectors. Outputs of the TA are as follows:
Improved policy and technical capactiy for planning human developemnt sector programs Strengthened insitutional and fiduciary capacity for planning, coordnating, and implementing human develoment sector programs Research on human development programs to guide better design.
TA supports the implementation of the proposed SME Line of Credit Project and has two components to support three of the projects's outputs.
Component 1 : the TA supports the project's output 2 (innovative SME financing schemes development) by following activities.
Mange the auction system Design a national credit guarantee shceme for SMEs.
Component 2 : the TA will suport the project's output 3 (Capacity of SMEs in targeted clusters for accessing financial services enhanced) and output 4 (international competitiveness of the information and communication technology and business process outsourcing cluster strengthened) of the project. under this component the following activities are included.
Strengthen the capacity of women entrepreneurs, Structure cluster-based loans, Strengthen international branding of ICT-BPO, Increase women's participation in ICT-BPO.
the TA will support the implementation of key reform actions under the Capital Market Development Program by building capacity to carry out the reforms at the Securities and Exchange Commission (SEC), the Ministry of Labor (MOL), the Employees' Provident Fund (EPF), and the Insuarance Board of Sri Laka (IBSL). Following activities are envisaged under the TA.
Facilitation of the demutualization of the Colombo Stock Exchange, Development of a multilayered, multiproduct financial certificiaton framework, Enhancement of financial literacy and outreach for Unit Trusts. Legal review of the Unit Trust Code and drafting of relatd legislation, Legal review of the current securitization framework and drafting of the Securitization Act, Establishment of derivatives market Development of astratgey for establisihing a commodities exchange Assessment of options for reforming the current system for retirement savings Enhancement of risk managment capacity at the Employees Provident Fund for alternative Investments and foreign equities Establisment of dispute resolution panel for insurance cases Deepening of financial literacy regarding insurance products.

PPTA voices concern after teacher censured for stopping boys banging heads into desks.
A teacher who has been censured for stopping two boys banging each other's heads against their desks says that in hindsight she should have left them to it.
The Teachers Disciplinary Tribunal has found that Wairarapa College teacher Lesley Davies committed "serious misconduct" when she put her hand on the head of one of the students in a Year 9 maths class to stop him banging the other student's head on the desk.
"We find that the respondent's decision to apply pressure to a student's head in circumstances where he was pushing another student's head to a desk is conduct which reflects adversely on her fitness to be a teacher and may bring the teaching profession into disrepute," the tribunal said.
Post Primary Teachers Association president Jack Boyle expressed concern about the case, which comes less than a month after another teacher was censured for carrying a child to a school principal's office after the boy was accused of hurting four classmates.
"On the face of it, one student banging another student's head on a desk would seem to be causing harm, and stopping that with reasonable use of force would appear to be fine," Boyle said.
"It appears in this case that the Disciplinary Tribunal has concluded that the use of force wasn't reasonable. We'd be concerned if this had the effect of further discouraging teachers from ever physically intervening, as in our experience they're already very cautious about doing so."
Davies, who was made redundant after 10 years at the college soon after the incident, said the college never told her how she should have dealt with the two boys.
"I literally acted on the spur of the moment to stop one kid banging another kid's head on to the table. I didn't think, I just acted," she said.
"In hindsight, I'd let the kid bang the kid. I wouldn't get in the way."
The incident occurred in the first term of 2015 but the case has taken more than two years to reach a conclusion, partly because it was seen as a borderline case.
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Davies was initially accused of pushing three students' heads on to their desks, throwing a whiteboard pen at a student and, in a separate incident, swearing at a class.
An agreed statement of facts accepted the swearing incident, but stated that Davies only "put her hand on a student's head" in the first incident.
"Two students were banging each other's heads against their desks," the agreed statement said.
"The respondent approached the students. She put her hand on a student's head to stop him banging the other students' head on the desk.
"She put pressure on the student's head and he pushed back against her hand. She then realised what she had done and removed her hand.
"The way that she touched the student's head damaged her relationship with the boy and other students in the class who witnessed the incident, although she did subsequently undertake restorative processes."
Davies told investigators that she was under stress "due to her extremely difficult work relationship with her head of department".
In the second incident, in May 2015, the agreed statement said she swore at her Year 13 economics class.
"She said, 'Shut the f--- up' or 'I'm f------ sick of you disrupting the class' or words to that effect," the statement said.
"She apologised to the class immediately after this incident occurred. This took place on the day she found out her uncle had died."
The Education Council's complaints assessment committee considered that the two incidents amounted to "misconduct", but felt that they were not "serious misconduct" because the student in the head-banging incident was not harmed, and that in both incidents Davies was affected by "external stressors", immediately recognised that her actions were inappropriate, and engaged in restorative processes.
But the tribunal has found that both incidents did constitute "serious misconduct".
"In our view, the application of force (of any degree) to a student's head is a serious matter. We were concerned that, had the student not resisted, there was a risk of serious harm," it said.
"We do not find that the respondent's actions were truly preventative. Replication of a student's behaviour is not a preventative action.
"Prevention might have involved putting herself between the students, or using some form of restraint, such as if she had held the arm of the student to prevent him pushing the other student's head."
The tribunal censured Davies and placed a condition on her teaching certificate that she undertake professional development in classroom management, including personal stress management.
Davies, who was in hospital when contacted today, told the Herald that her teaching registration had been on hold for more than two years because of the case.
"Prior to this occurring I had 11 years of no hassles with teaching," she said.
"I do not feel that an incident like this should actually stop a teaching career, especially when we apparently have a shortage [of teachers]. But that looks to be the effect it's had."