By our staff reporter
In a shocking legal move, the US law firm Ribbeck Law Chartered is seeking up to $58 billion in compensation for the families of victims killed in the 2019 Ethiopian Airlines Boeing 737 Max crash. This amount is more than double the initial $24.8 billion requested by the victims’ families.
The dispute centers around a recent plea agreement reached between the US Department of Justice (DOJ) and Boeing. On July 24, 2024, Boeing agreed to plead guilty to a criminal fraud conspiracy charge and pay fines ranging from $243.6 million to $487 million. However, Ribbeck Law Chartered argues that this compensation is grossly inadequate given the scale of Boeing’s misconduct.
“The proposed fine is grossly inadequate and fails to meet the standards set by prior precedents in penalizing corporations for similar egregious conduct,” said Manuel von Ribbeck, Founding Partner at Ribbeck Law Chartered, in a plea submission to a US District Court.
The law firm is pushing for a much higher compensation amount of between $47 billion to $58 billion, citing several previous cases where corporations were fined billions for financial fraud. These include a $25 billion settlement in 2012 involving JPMorgan Chase, Wells Fargo, Bank of America, and GMAC, as well as a $16 billion settlement paid by Bank of America in 2014.
Ribbeck Law Chartered also referenced a previous fraud case involving Boeing, where the company paid $615 million in a civil settlement and $50 million for potentially criminal conduct after obtaining insider information from a US government official.
“Boeing’s actions were not just regulatory missteps; they were deliberate and deceitful measures to prioritize profit over human lives. Such conduct demands the highest levels of accountability and a penalty that truly reflects the magnitude of the crime,” Ribbeck added.
The Ethiopian Airlines crash on March 10, 2019, killed all 149 people on board, including 9 Ethiopians among 35 other nationalities. This tragedy, along with a similar crash involving a Lion Air flight less than five months earlier, prompted global groundings of the Boeing 737 Max and a major investigation into the aircraft’s design and certification process.
Ribbeck Law Chartered argues that the DOJ’s current recommendation does not align with the scale of Boeing’s wrongdoing and sets a dangerous precedent, allowing large corporations to evade appropriate punishment for criminal activities that jeopardize public safety and trust.
The lawyers are urging the US District Court to dismiss the proposed plea agreement and require Boeing to pay a substantially higher fine that reflects the gravity of the situation and serves as a deterrent to other corporations engaging in similar misconduct.
Lawyers push for massive $58 billion compensation for Ethiopian Airlines crash victims’ families
Federal Government of Nigeria & Digital Free Zones in Nigeria (DiFZIN) inaugurate committee for the Establishment of Digital Free Zone for Technology and Global Service Businesses
In a bid to drive the ease of doing business for global digital, finance, knowledge- and services-oriented enterprises in Nigeria, the Federal Government of Nigeria established a steering committee chaired by President Bola Ahmed Tinubu GCFR to drive the promotion and establishment of a digital free zone in Nigeria to accommodate the peculiar needs of innovative digital trade and service businesses.
This steering committee is chaired by His Excellency Mr President, supported by the Honourable Minister of Finance and the Coordinating Minister of the Economy (“HMF/CME”) as Vice Chairman. Other members are the Honourable Attorney General of the Federation and Minister of Justice; the Honourable Ministers of Industry, Trade and Investment; Communications, Innovation and Digital Economy; and Interior; the heads of relevant Government Agencies and Committees; and the Initiative for the Promotion of Digital Free Zones in Nigeria (DiFZIN) as the private-sector stakeholders’ representative and technical advisers. DiFZIN is a non-profit advocacy and policy research organisation supported by a consortium of private sector development-focused and advisory institutions including Africa Finance Corporation, PwC Nigeria, Charter Cities Institute, Future Africa, and Itana. The mission of the organisation is to see Nigeria’s free zones ecosystem fulfil its full potential as Africa’s major hub for global technology and service businesses.
This Committee will work collaboratively with relevant agencies of government and private stakeholders to review and align Nigeria’s free zone policies, technology and processes with global standards, then develop and publish policy and operational frameworks to enable qualified global and local technology and service businesses to establish Pan-African or global operations from Nigeria. Businesses that take advantage of the zone will benefit from competitive business incentives provided by modernized free zones regulations, including tax, immigration and banking incentives, simplified government compliance processes, clear and predictable business regulation and an enabling business environment.
As part of the Federal Government’s strategic growth objectives, it aims to boost foreign direct investment, create employment opportunities, and facilitate the capital flow into Nigeria’s economy, through an innovative and future-oriented approach to the free zones ecosystem.
The HMF/CME stated that “the pivotal role of free zones to catalysing and sustaining economic growth in an emerging market such as Nigeria cannot be overemphasised. Its implementation in this digital age must not only encompass manufacturing undertakings but also integrate the central role of technology-focused businesses in attracting investments and making available to the global markets, our domestic talents under a liberal regulatory framework. These and more are what the Government aims to deliver through the digital free zones.”
Dr. Olufemi Ogunyemi, MD/CEO of NEPZA (Nigeria Export Processing Zones Authority), emphasized the Authority’s commitment to digital transformation. He highlighted the e-NEPZA platform, which will streamline government services and comply with the Federal Government’s ease of doing business policy.
Dr Ogunyemi also noted the importance of data privacy, with data stored locally in local servers as well as the ability of small businesses to access global markets, addressing the need for digital infrastructure like fibre optics. “We look forward to partnering with DiFZIN to advance our digital processes,” he stated. NEPZA’s support for Digital Free Zones signals a move towards a digitally driven economy, unlocking new opportunities for small and medium-scale enterprises as well as large corporations in Nigeria.
Mr. Luqman Edu (Executive Director of DiFZIN and CEO of Itana) and the DiFZIN consortium, aim to support the Federal Government in positioning Nigeria as a hub for regional expansion across Africa. These efforts are designed to contribute to the growth of Nigeria’s GDP, government revenue, capital importation, and foreign exchange availability, while simultaneously generating employment opportunities for the burgeoning Nigerian youth population.
“DiFZIN is committed to driving the agenda for reforms to the regulatory frameworks for taxation, banking, immigration, and ease of doing business, among others, within the free zones ecosystem,” said Mr Edu. “Our goal is to create a conducive environment for global technology and services-based businesses to thrive, facilitating remote operations and banking from Nigeria for Africa, thereby positioning Nigeria as a hub for Africa, akin to what Delaware is for the US, and Dubai is for Asia.”
Speaking on the partnership with DiFZIN, Banji Fehintola, Head of Financial Services at AFC said “AFC’s advisory team is uniquely skilled in providing tailored financial and technical advice to public and private sector players across Africa. We look forward to collaborating with DiFZIN and all other partners to modernize Nigeria’s free trade zones, attract much-needed investment, create local jobs, and boost trade and commerce in Nigeria and Africa.”
Digital Free Zones foster innovation and economic expansion by leveraging cutting-edge digital technologies such as AI and Edge Computing, and a supportive regulatory environment. These ecosystems serve as incubators for innovation, providing a platform for businesses to drive growth and competitiveness. The supportive regulatory framework also ensures a conducive environment for experimentation, collaboration, and the seamless integration of emerging technologies into everyday business operations.
For more information about DiFZIN and its initiatives, please visit www.DiFZIN.org or contact hello@difzin.org.
Distributed by APO Group on behalf of Africa Finance Corporation (AFC).
Media Enquiries:
Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
Email : yewande.thorpe@africafc.org
About AFC:
AFC was established in 2007 to be the catalyst for pragmatic infrastructure and industrial investments across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development, and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.
Seventeen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has 43 member countries and has invested US$13 billion across Africa since inception.
African Energy Week (AEW) 2024’s Upstream Exploration & Production (E&P) Forum to Ignite Onshore, Offshore Investments
The African energy sector is gearing up for a new wave of upstream oil and gas investment, as several markets announce licensing rounds and strategic policy initiatives aimed at boosting investment in on- and offshore exploration and production.
To stimulate further investment in Africa’s upstream sector, African Energy Week: Invest in African Energy 2024 – scheduled for November 4-8 in Cape Town – will host an Upstream Exploration&Production (E&P) Forum. The two-day forum will feature a series of strategic sessions and presentations, highlighting major developments and investment opportunities shaping Africa’s upstream sector. Key government stakeholders, operators, service providers and industry regulators will participate as speakers.
AEW: Invest in African Energy is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.
Between 2024-2025, several African bid rounds are set to be launched, driving access to both frontier and mature licensing opportunities for upstream investors. These include Nigeria’s 2024 Deepwater Bid Round offering 19 blocks; Zanzibar’s inaugural tender offering eight offshore blocks; and Namibia’s new open-door system for E&P licenses. Additionally, the Democratic Republic of the Congo continues its 2022 bid round with 24 onshore blocks, while Tanzania’s fifth licensing round features 26 blocks. Uganda’s third licensing round targets the Albertine Graben basin; Somalia’s 2024 licensing round offers 26 offshore blocks; and Kenya’s first licensing round features 45 blocks. Angola is also launching a 2025 limited public tender with 10 offshore blocks. In North Africa, Egypt is planning multiple 2024 bid rounds, while Libya will place 40 blocks on offer by early-2025, and Algeria aims to boost exploration with 10-12 onshore blocks in Q4 2024.
The Upstream E&P Forum at AEW 2024 will feature a session on Oil&Gas Policy&Investment, examining how African governments and policymakers are promoting sustainable investments through innovative policies, new licensing rounds, and other strategic initiatives. Speakers include senior government representatives from Mining, Mineral, and Energy Development of South Africa, Namibia’s Ministry of Mines and Energy and Angola’s National Agency of Oil, Gas and Biofuels.
Across the continent, IOCs are advancing exploration efforts and production capabilities. Australian E&P company Woodside Energy recently achieved a milestone with its $5.2-billion Sangomar field development in Senegal, delivering the first crude oil cargo to Shell. In the Republic of Congo, French multinational TotalEnergies is advancing the Moho Nord field, as well as developing the Marine XX permit – where two new drilling rigs have been deployed – with expectations for new discoveries by year-end.
Local players are also advancing Africa’s upstream sector. Nigerian oil and gas company Seplat Energy recently acquired ExxonMobil’s shallow water business in Nigeria, including assets in OMLs 67, 68, 70, and 104, while Angolan energy company Etu Energias acquired Portuguese firm Galp Energia’s upstream assets in Angola’s Block 14. The Upstream E&P Forum will feature a dedicated session on Exploring Opportunities with Nigerian Independent Operators, discussing the rise of indigenous junior and independent explorers. Speakers include Anthony Adegbulugbe, Chairman of Green Energy International Ltd., and Ahonsi Unuigbe, Founder and CEO of Petralon Energy Limited.
African upstream markets are also accelerating investments onshore. Angola is advancing the onshore Kwanza Basin redevelopment campaign, led by NOC Sonangol and Angola-focused oil and gas company Corcel, which includes the ongoing Tobias-14 well testing. Canadian independent ReconAfrica and Namibia’s NOC NAMCOR recently spud the Naingopo exploration well in Namibia’s onshore Kavango Basin, which is home to the Damara Fold Belt, a highly prospective play estimated to hold over 22 trillion cubic feet (tcf) of undiscovered gas. In Zimbabwe, upstream explorer Invictus Energy’s drilling at the Mukuyu-1 well in the Cabora Bassa Basin has shown promising results, estimating 230 million barrels of oil equivalent and 1.3 tcf of natural gas. During AEW 2024, a session highlighting Exploration Champions: Africa’s New Oil and Gas Hotspots will spotlight the continent’s latest exploration successes, including new onshore and offshore discoveries, with senior representatives from Impact Oil&Gas, Woodside Energy, and Azule Energy / participating in the session.
Distributed by APO Group on behalf of African Energy Chamber.
Angola Oil & Gas (AOG) 2024 to Foster Collaboration as Angola Strengthens Global Ties
Angola’s oil and gas market presents compelling investment opportunities, enhanced by the 2025 Limited Tender offering ten exploration blocks in the Kwanza and Benguela basins. As sub-Saharan Africa’s second-largest oil producer and a seasoned LNG exporter, Angola is poised to boost production and contribute to global energy security through new international partnerships.
As the country’s premier international oil and gas event, Angola Oil&Gas (AOG) offers a platform for heightened collaboration between Angola and its global counterparts. Delegations from the UK, Netherlands, the UAE, Brazil, the US, Europe, Australia and more are participating. Additionally, this year, a panel discussion titled Synergies through Collaboration: International Ventures in Africa’s Oil Sector will unpack strategic areas of cooperation. The session will delve into Angola-global trade, with speakers sharing insight into collaborative projects, attractive investment terms and opportunities.
AOG is the largest oil and gas event in Angola. Taking place with the full support of the Ministry of Mineral Resources, Oil and Gas; national oil company Sonangol; the National Oil, Gas and Biofuels Agency; the African Energy Chamber; and the Petroleum Derivatives Regulatory Institute, the event is a platform to sign deals and advance Angola’s oil and gas industry. To sponsor or participate as a delegate, please contact sales@energycapitalpower.com.
Angola’s oil industry, producing since the 1960s, has thrived on collaboration between Sonangol and international majors like ExxonMobil, TotalEnergies, Eni, bp (now Azule Energy), and Chevron. This partnership-driven approach will continue to fuel growth, with a $60 billion investment pipeline and upcoming projects cementing Angola’s status as a global hydrocarbon hub.
The Agogo Integrated West Hub project – developed by Azule Energy – is on track for first production by 2026. The project features the development of a new production hub at Block 15/06 and will comprise the addition of an FPSO (https://apo-opa.co/3ytlHTv) with a capacity of 120,000 barrels per day (bpd). Additionally, the Kaminho deepwater project (https://apo-opa.co/4dfIAsz) – developed through a partnership comprising TotalEnergies, Petronas and Sonangol – expects first production by 2028. The project achieved FID this year and will feature an FPSO with a capacity of 70,000 bpd. Other major projects in the pipeline include the Quiluma and Maboquerio fields – Angola’s first non-associated gas project, developed by Azule Energy. The project expects first production by 2026 and will provide feedstock for the Angolan LNG plant.
Beyond IOCs participation, Angola is leveraging bilateral ties with neighboring countries and global counterparts to bolster trade and commerce. In recent months, Angola has signed a number of agreements with global counterparts, aiming to strengthen cooperation across various sectors of the economy. Angola and Timor Lester (https://apo-opa.co/4cikCf5) signed three agreements to enhance diplomatic cooperation and professional exchange in July 2024. An agreement was also signed between the Abu Dhabi Chamber of Commerce (https://apo-opa.co/46GUjOp) and Industry and the Angola-IAE Chamber of Commerce in July 2024 to foster investment opportunities between the two countries. In June 2024, Angola signed 14 agreements with Ivory Coast (https://apo-opa.co/3LYzFQj), spanning the fields of mineral resources, oil and gas, agriculture, scientific research, health and tourism. Angola and South Korea are strengthening bilateral relations, with five MoU signed in May 2024. The agreements comprise a bilateral trade and investment framework as well as cooperative deals in energy and infrastructure.
On the back of heightened Angola-global collaboration, the Synergies through Collaboration: International Ventures in Africa’s Oil Sector panel discussion during AOG 2024 will serve as a foundation for future partnerships. Discussions will center around successful international ventures in Angola, opportunities for new investment and how Angola can support global energy security goals.
Download the AOG 2024 conference program here (https://apo-opa.co/3SDrkp1) or gain insight into the pre-conference technical program here (https://apo-opa.co/3ywxf8t)
Distributed by APO Group on behalf of Energy Capital&Power.
