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Senate summons British firm over $3.3bn oil deal

By Onyedi Ojiabor, Abuja on 09/03/2018

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•Senate Committee Chairman Solomon Adeola
•Senate Committee Chairman Solomon Adeola

Senate Committee on Local Content Thursday summoned a British firm, BP Oil International Limited over a $3.3 billion pre-financing crude oil deal.

The committee said that it suspected that the oil deal may have breached the country’s oil and gas Content development (NOGICD) Act 2010.

Chairman of the committee, Senator Solomon Adeola (Lagos West) sent the invitation letter to the Chief Executive Officer of the firm, Mr. Robert Dudley.

This is contained in a statement by the Media Assistant to Adeola, Chief Kayode Odunaro in Abuja

Adeola noted that following complaints from a Nigerian firm, Alsaa Gas and Shipping Nigerian Limited (AGSN) on a $3.3 billion pre-financing crude oil contract, a probable infraction of the NOGICD Act 2010 and possible fraudulent acts against a Nigerian firm may have occurred.

He said that the Nigerian company has provided technical and local industry knowledge support for BP Oil International Limited in the contract process with an agreement for a $0.10 per barrel of crude oil of the deal which was unilaterally revoke by the British firm.

The Committee chairman pointed out that part of its oversight responsibilities and functions include to ensure that local companies are not undermined in their dealings with big foreign entities as well as ensuring compliance for NOGICD Act.

The British company whose letter of summons was routed through Ministry of Foreign Affairs as well as copied to is local representative in Lagos is expected to appear on March 28,2018 with “all emails, documents, agreements (signed and unsigned) between yourself, NNPC and AGSN relating to the contract” as well as all “transactional negotiation documents and offers, term sheets and any legal documents to do with dealings with NNPC in this pre-financing opportunity including all correspondences from GED Finance, Group Managing director and Standard Chartered Bank”.

Senator Adeola who said failure of the British firm to appear before the Committee may lead to invoking parliamentary powers under the 1999 Constitution of the Federal Republic of Nigeria added that it is regrettable that some of the infractions against the spirit and letters of the NOGICD Act are perpetrated with active collaboration of some Nigerians. (The Nation)

Source News Express

Posted 09/03/2018 12:42:27 AM

 

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