BREAKING: Falana to sue Kachikwu over alleged $60bn oil revenue loss

Posted by Rachel Madison on 2019-04-14 15:07:00 | Views: 9 |

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BREAKING: Falana to sue Kachikwu over alleged $60bn oil revenue loss

- Femi Falana (SAN) has raised alarm over the loss of $60 billion oil revenue from non-implementation of production sharing contract (PSC) terms

- Falana called on the Ibe Kachikwu, the minister of state for petroleum resources to explain the loss in a detailed report or risk a lawsuit from him

- The contract terms were between the federal government and international oil companies (IOCs)

Femi Falana, the human rights lawyer, SAN, has vowed to take a legal action against Ibe Kachikwu, the minister of state for petroleum resources, upon the latter's failure to provide information on the revenue of $60 billion.

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Falana had in a letter demanded from Kachikwu a comprehensive explanation on how Nigeria lost $60 billion oil revenue from non-implementation of production sharing contract (PSC) terms between the federal government and international oil companies (IOCs), Vanguard reports.

The letter read: “In my letter addressed to you in your capacity as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), I called your attention to the refusal of the regulatory agencies in the Ministry of Petroleum Resources to enforce the Production Sharing Contracts signed with the International Oil Companies by the Federal government.

“In a public statement credited to you sometime in August 2017, you did disclose to the media that Nigeria had lost not less than $60 Billion due to the refusal of some public officials to implement the terms of the Production Sharing Contracts between the Federal Government and the International Oil Companies.

“In another public statement made on January 19, 2019 by the Acting Chairman of the Revenue, Mobilization, Allocation and Fiscal Commission, Mr. Shetima Bana confirmed the loss of oil revenue of $60 billion arising from the non-implementation of the said production sharing contracts.

“In view of the foregoing, I am compelled to request you to furnish me with information on the revenue of $60 billion which the Federal government has refused to collect from the International Oil Companies as at August 2017.

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"As this request is made pursuant to section the provision of the Freedom of Information Act you are required to supply the requested information not later than 7 days from the date of the receipt of this letter.

“Take notice that if you fail or refuse to accede to my request, I shall be compelled to apply to the Federal High Court to direct you to avail me with the information on the loss of the oil revenue of $60 billion.”

Meanwhile, Legit.ng reported that Kachikwu said on Thursday, April 11, that the federal government was working assiduously to ensure installation of gas filling plants in each of the 774 local government areas in the country.

Kachikwu disclosed this in his keynote address at the commissioning of the Nigerian Army welfare limited guaranty gas plant at Mambilla Barracks, Abuja.

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