Home » Group asks Nigerian govt to retrieve $62bn from oil firms

Group asks Nigerian govt to retrieve $62bn from oil firms

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A group, People’s Alternative Political Movement (PAPM), has threatened to file a lawsuit against the Federal Government over its failure to retrieve $62billion from international oil companies as directed by the Supreme Court.

The Supreme Court had on October 20, 2018, directed the federal government to immediately take steps to recover all revenues lost to oil companies operating in Nigeria due to the wrong profit-sharing formula since August 2003.

The PAPM stated this in a letter titled: “Request for Compliance with Judgment of the Supreme Court of Nigeria in suit No SC. 964/2016 between Akwa Ibom & Two Others v Attorney-General of the Federation,” and addressed to the Attorney-General of the Federation and Minister of Justice, Abubakar Malami.

A Senior Advocate of Nigeria, Femi Falana, wrote the letter on behalf of Prof. Omotoye Olorode and Jaye Gaskia of the PAPM.

It read: “Our clients have instructed us to remind you that the Federal Government has not enforced the above-mentioned judgment of the Supreme Court of Nigeria delivered on October 20, 2018.

“In the said judgment, the apex court had directed the Federal Government to immediately take steps to recover all revenues lost to oil-exploring and exploiting companies due to wrong profit-sharing formula since August 2003.

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“Based on the aforesaid judgment, you did request for the immediate payment of the sum of $62bn owed by the six international oil companies with joint operating agreements with the NNPC, namely Shell Petroleum Development Company, Mobil Producing Nigeria Unlimited, Chevron Nigeria Limited, Nigeria Agip Oil Company, TotalElf Nigeria and Pan Ocean Oil Company.

The group charged the AGF to ensure the full and speedy payment of the $62billion into the Federation Account.

“However, if you fail or refuse to accede to the request of our client, we shall not hesitate to approach the Federal High Court to seek an order to compel you to comply with the judgment of the Supreme Court in accordance with Section 287(1) of the Constitution, which provides that ‘the decisions of the Supreme court shall be enforced in any part of the federation by all authorities and persons, and by courts with subordinate jurisdiction to that of the Supreme Court,” the letter added.

The post Group asks Nigerian govt to retrieve $62bn from oil firms appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.

Source: NEWS

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