Recover $55b owed by IOCs, HEDA tells FG
21 October 2024 |
5:46 am
Human and Environmental Development Agenda (HEDA) has called on the Attorney-General of the Federation (AGF), Lateef Fagbemi (SAN), to immediately recover over $55 billion owed to the Nigerian government by International Oil Companies (IOCs).
As lawyer seeks explanation on N11.3tr spent on refineries
Human and Environmental Development Agenda (HEDA) has called on the Attorney-General of the Federation (AGF), Lateef Fagbemi (SAN), to immediately recover over $55 billion owed to the Nigerian government by International Oil Companies (IOCs).
He made the demand based on the Supreme Court ruling in Suit No. SC/964/2016 mandating the recovery of additional revenue under the Deep Offshore and Inland Basin Production Sharing Contract Act.
“The judgment, delivered by the Supreme Court on October 17, 2018, ordered the adjustment of the revenue-sharing formula between the Nigerian government and the IOCs whenever crude oil prices exceeded $20 per barrel. This adjustment, which has not been implemented since 2004, is expected to yield over $55 billion for the Federation.
“Despite the clear mandate of the Supreme Court, the recovery process has been stalled due to various manipulations from the IOCs and subsequent suspension of recovery actions by the former Attorney General of the Federation, Mr Abubakar Malami, in 2020. We believe this delay has further exacerbated the country’s economic challenges and has deprived the nation of much-needed revenue,” HEDA said.
A letter to the AGF by HEDA’s Solicitor, Bolarinwa Elijah Aidi (SAN), emphasised the urgent need to recover the outstanding sums owed by the IOCs. HEDA made its demand as a Lagos-based lawyer, Abdul Ganeey Imran, filed a Freedom of Information (FOI) demanding that Nigeria National Petroleum Company (NNPC) Limited should the status of the four government-owned refineries.
In the FOI request, addressed to NNPCL Group Chief Executive Officer, Mele Kyari, the lawyer requested confirmation of the appropriateness or otherwise of the report of the House of Representatives ad hoc committee on the state of refineries, which alleged that the Federal Government of Nigeria had spent a total sum of N11,350,000,000,000 on rehabilitations of refineries from 2010 till date.
The request, dated September 24, 2024, stated that if the figures being paraded for the refineries’ rehabilitation were not correct, the NNPC should provide the true total sum spent on turnaround maintenance on the Kaduna refinery from 2010 till date.
Also, the letter requested the total sum spent on turnaround maintenance on Port Harcourt and Warri refineries from 2010 till date. The legal practitioner, who is a principal partner of Brown & Cooper Solicitors, stated that he made the request sequel to the story published in The Punch Editorial on September 3, 2024 (with the headline: “Scarcity: NNPC constitutes economic danger, sell it.”).
He said the publication prompted him to conduct further personal research and to request relevant information under the authority granted to him by the Freedom of Information Act, of 2011.
Among others, he sought an answer on the reason why the Port Harcourt Refinery, in particular, and the other three refineries had not commenced operations despite the series of assurances and the huge sums spent.
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