The Department of Petroleum Resources (DPR) has revoked five Oil Mining Licences (OML) and one Oil Prospecting Licence (OPL) belonging to five companies.
The regulatory body, in a public notice on Thursday, announced the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.
The five companies affected are: Pan Ocean Oil Corporation (OML 98) owned by businessman Dr. Festus Fadeyi; Allied Energy Resources Nigeria (OML 120 and 121) owned by Nigerian-born United States-based International oil tycoon, Kase Lawal; Express Petroleum and Gas Company (OML 108) owned by Northern aristocrat, Aminu Dantatay; Cavendish Petroleum Nigeria (OML 110) owned by Borno-born billionaire Alhaji Zanna Mai Deribe and Summit Oil International (OPL 206) owned by the family of late Chief M.K.O. Abiola but presently run by his eldest son, Kola Abiola.
The immediate former Minister of State for Petroleum Resources, Dr. Ibe Kachikwu, had last February announced plans to recover the oil licenses of the companies indebted to it.
He expressed worry that some of the companies has failed to make statutory remittances in spite of being in Joint Operatorship (JV) with the Federal Government, a development he said was denying it revenue running into billions of dollars.
Summit Oil under Kola Abiola has been gasping for breath for so long due to choking debts.
Last year, the company was slapped with a winding up petition over its alleged inability to fulfill its contractual obligation.
The company was dragged before a Federal High Court in Lagos by Seistech Energy Company who are demanding the winding up of Summit Oil on grounds of the latter’s alleged insolvency.
P.M.EXPRESS gathered that operations at the controversial OPL 206 has been left inactive until a subsidiary of Oando Plc came to the rescue for a while.
On the part of Pan Ocean Oil, the founder, Dr. Fadeyi has been in an age long legal battle with the family of the late Dr. Vittorio Lecca Ducagini Fabbri, the founder of Interocean Oil Exploration Company over the ownership of Pan Ocean Oil among other myriads of financial challenges.
Pan Ocean Oil had expressed hopes to commence the production of oil and gas from OML-147 at Owa Aladima.
OML 147 is one of the northern most development in the Niger Delta, and also the first to be on production among the 2007 bid rounds.
The firm’s three projects billed to be ready for unveiling at the technical start up taking place June 10, is expected to contribute significantly to Nigerian industrialisation and economic growth, on the highway one part and empowerment of the host and impacted communities. The murky oil dealings of Nigeria’s military and political elite have led to a handful of oil barons controlling billions of naira worth of oil assets, while many states battle with revenue shortfalls amidst a lot of challenges.
Details of IBB’s meeting with lawmakers in Minna revealed
Former Military President, Gen. Ibrahim Badamasi Babangida, on Thursday, told members of the Niger State House of Assembly, that they have met the expectations of the people.
IBB stated this when the lawmakers visited him at his Uphill home in Minna.
“I have been looking forward to meeting with you.
“I am proud to say that you have been doing well. You are meeting our expectations.
“We have heard of states lacking synergy among the arms of the government, but in Niger State that should not be your lot.
“Keep a good working relationship between the legislature, the executive and the judiciary. You have been doing this and I want you to keep it up.
“You are closer to the people. It is your responsibility to know what the people need and carry them along all the time. Do not leave them outside your projects and programmes,” he said.
Speaker Abdullahi Bawa Wuse explained that they visited the former President, to get the blessings required to run the legislature effectively.
“We are here to get the blessing of our father; this is because we know your concern and commitment to the development of this state and Nigeria.
“Outside office, you have done more than you did while in office. Your role as a father in the nation has ensured that Nigeria remains indivisible,” Bawa said.
Tribunal upholds Ikpeazu’s election, dismisses Alex Otti’s petition
The three-man panel of the Governorship Election Petition Tribunal sitting in Umuahia, the Abia State capital, and chaired by Justice A.L. Ogumoye, has dismissed the petition filed by 2019 APGA gubernatorial candidate, Dr. Alex Otti against the declaration of Gov. Okezie Ikpeazu.
The tribunal ruled that the petitioner failed to prove the case of over-voting, non-compliance to the INEC election guideline and electoral act.
Recall that Alex Otti had asked the tribunal to cancel fifteen out of the seventeen local government areas’ election results in Abia State.
Otti claimed that the respondents, PDP, and Governor Okezie Ikpeazu who was the governorship candidate of PDP perpetrated excessive malpractice in those LGAs in the last March 9, 2019, election conducted in the state.
Importers Smuggling Rice In Tyres, Says Economist
Due to the closure of Nigeria’s borders with Benin Republic, rice smugglers are seeking out more devious ways of importing the product into the country.
National Coordinator of the Institute of Chartered Economists of Nigeria, Dr Oladapo Ganiyu, while speaking with SaharaReporters said that people have resulted to fitting bags of rice into tyres of automobiles.
Ganiyu, who claims this method is carcinogenic, said the border closure was untimely.
He said, “The closure of the border now is untimely. People are now packing rice inside tyres.
“When the four tyres are rolling, will you suspect there is rice there? The way they are bringing it in, it can cause cancer.
“The people I have spoken with on commercial buses and market women, say the rice is not sweet and it takes time to cook.”
Speaking further, Ganiyu said ICEN will give the government’s new economic team six months before judging their performance.
For over 30 days, Nigeria’s border with Benin Republic and parts of its Northern border with Niger Republic had been closed.
Comptroller-General of Customs, Hameed Ali, insists that the border closure will not cease until concerned West African states stop the smuggling of parboiled rice from their country into Nigeria.
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