Home BUSINESS OIL & GAS Group Raises Eye-Brow Over Alleged Fraudulent Sale Of 3 Oil Mining Leases...

Group Raises Eye-Brow Over Alleged Fraudulent Sale Of 3 Oil Mining Leases To Mobile Producing Nigeria

A coalition of over hundred and fifty Anti-corruption organizations under the umbrella of Society Network Against Corruption (CSNAC) has raised eye brow over the alleged fraudulent renewal of three oil mining leases to Mobile Producing Nigeria at $600 Million. The three oil mining leases are OMLs 67, 68 & 70.
The group said that it’s primary aim is to constructively combat corruption vigorously and ensure the effective monitoring of the various Anti-graft agencies in the fight against corruption and contribute towards the enthronement of transparency, accountability, probity and total commitment in the fight to eradicate corruption in Nigeria.
In a petition to the Economic and Financail Crime Commission (EFCC), titled: Request To Investigate Act Of Economic Sabotage And Fraud Regarding The Renewal Of Three Oil Mining Leases (OMLs 67, 68 & 70) For Mobile Producing Nigeria For 600 Million US Dollars, the group wanted EFCC to investigate “this act of economic sabotage fraud.”
The petition which dated June 29 and signed by the chairman of the group,
Olanrewaju Suraju reads in part:
“It was widely reported in the media sometime ago that the Federal Government had renewed three Oil Mining Leases OMLs 67, 68 & 70) for Mobil Producing Nigeria. However, the details of the terms of the renewed leases were not disclosed to the press.
“It would be recalled that based on the valuation conducted by the Ministry of Petroleum Resources, Mobil and the Nigeria National Petroleum Corporation (NNPC) as equity holders, were required to pay $6.375 billion as 100% of the reserve fee. Mobil’s 40% share in the lease was fixed at $2.55 billion and a commitment to invest additional sum of $1.2 billion in a refinery and gas infrastructure for the domestic market.
“But Mobil rejected the said terms and paid $600 million for the renewal of the three oil blocks which have a combined output of 580,000 barrels of crude oil per day. Curiously, the payment was accepted by the then Minister of State in the Ministry of Petroleum Resources, Mr. Odein Ajumogobia, who purportedly signed the deal.
“However, the predecessor of the erstwhile Minister of Petroleum Resources refused to endorse this questionable and shady transaction. The said leases were however, renewed for 20 years by the erstwhile Minister of Petroleum Resources on behalf of the Government of the Federation.
“In the light of the foregoing, and in view of the demand of the Nigerian people for the transparent management of the oil and gas industry, we are compelled to request that you investigate this act of economic sabotage fraud regarding the renewal of the said three Oil Mining Leases (OMLs 67, 68 & 70) for Mobil Producing Nigeria. More so, that a Chinese company had offered to pay the difference of $4.85 billion for 30% equity interest in the NNPC-Mobil Joint Venture.” [myad]

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