News

Nigeria: House of Reps questions CBN, AGF about royalties and signature bonuses related to oil and gas assets

  • Comments   -   Tuesday, 31 January 2017 - 18:47

A Nigerian House of Representatives ad-hoc committee has queried the Central Bank of Nigeria (CBN) over payments of royalties, application fees and signature bonuses associated with Oil Prospecting Licenses (OPLs) and Oil Mining Leases (OMLs) awarded to some oil companies by the Federal Government.

The committee headed by Gideon Gwani, was set up by the House of Reps to determine whether due process was followed in the transactions of oil and gas assets. The panel during an investigative hearing in Abuja on Monday said that there were different claims on the payments which directly affected the apex bank.

According to the panel, while the Department of Petroleum Resources (DPR) claimed in its documents that Conoil, which was granted OPL 257 paid the sum of $100 million, other documents from the Minister of Justice and Accountant General of the Federation (AGF), Abubakar Malami, revealed that the same amount was missing.

There are several contradictions contained in the document submitted to us by DPR and AGF. We must get to root of this matter that is why we asked the CBN to provide us with the statement of accounts of the DPR, so we can be sure we got the right document from DPR,” Diri Duoye, a member of the committee told Daily Trust.

 

Anita Fatunji

African Development Bank (AfDB) has finalized a $50 million equity participation investment in...
Read more |  20 April 2018
In Côte d'Ivoire, newsstand sale generated $5.6 million in 2017, down 18.8% from...
Read more |  20 April 2018
In Egypt, three power plants built by Siemens in Beni Suef, Brulus and...
Read more |  20 April 2018
Bassari Resources announces today April 20, the creation of Makabingui Gold Operation, a...
Read more |  20 April 2018
Mali’s national coordination of farmers’ organizations (CNOP) organized last April 17 a sharing...
Read more |  19 April 2018
African Development Bank (AfDB) has finalized a $50 million equity participation investment in...
Read more |  20 April 2018
In Côte d'Ivoire, newsstand sale generated $5.6 million in 2017, down 18.8% from...
Read more |  20 April 2018
Bassari Resources announces today April 20, the creation of Makabingui Gold Operation, a...
Read more |  20 April 2018
Mali’s national coordination of farmers’ organizations (CNOP) organized last April 17 a sharing...
Read more |  19 April 2018

Copyright Agence Ecofin © 2018. All Rights Reserved.