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Chukwudi Nweje
Senior Advocate of Nigeria (SAN), Femi Falana has asked the Senate to compel the Federal Government recovers the sum of $105 billion loss it accrued from International Oil Companies’ non-implementation of the Deep Offshore and Inland Basin Production Contracts Act.
“Based on the provisions of the law the Federal Government and the International Oil Companies entered into Production Sharing Contracts which provided for an upward review of the loyalties whenever crude oil was sold beyond $20 per barrel in the international market. Even though the price of crude was beyond $100 per barrel in the recent past both parties ignored the provisions of the law to the detriment of the national economy.”
Falana said this in a letter addressed to the Senate President, Dr. Ahmed Lawan, dated October 18, 2019.
He also called on the lawmakers to amend the Deep Offshore and Inland Basin Production Contracts Act in favour of the Nigerian people.
