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Nairaland Forum / Nairaland / General / Politics / Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants (13537 Views)
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Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by chloride6: 10:19am On Oct 18, 2018 |
Ade Adesomoju Abuja The Supreme Court on Wednesday ordered the Federal Government to immediately commence steps to recover all revenues lost to oil exploring and exploiting companies due to wrong profit sharing formula termed as the Production Sharing Contracts since August 2003. A seven-man panel of the apex court led by the Chief Justice of Nigeria, Justice Walter Onnoghen, made the order in a consent judgment in a suit filed by three states, Rivers, Bayelsa and Akwa Ibom, against the Federal Government in 2016. The states, through their various Attorneys General and the Federal Government, through the Attorney General of the Federation, had on April 6, 2018, filed the terms of settlement which the apex court adopted as its judgment on Wednesday. The terms of the settlement were signed by the Attorneys General of the three states, Emmanuel Aguma (SAN) (for Rivers), Kemasuode Wogu (for Bayelsa) and Uwemedimo Nwoko (for Akwa Ibom) as well as the lead counsel for the AGF, Mr Lucius Nwosu. The Permanent Secretary in the Federal Ministry of Justice, Mr Dayo Apata, signed as the witness. By virtue of the agreement between the three states and the Federal Government leading to the consent judgment of the apex court, the AGF, Mr Abubakar Malami (SAN), is to work with the three states to “immediately set up a body and the necessary mechanism for recovery” of all the lost revenue since August 2003. The mechanism is to be put in place by the AGF within 90 days. The three states which had jointly filed the suit marked SC.964/2016, in the names of their respective Attorneys General, had contended that the Federal Government had been short-changed on its supposed shares of estimated earnings of $1,149,750,000,000, under the Production Sharing Contracts for the period between 2003 and 2015. According to them, the huge loss suffered by the Federal Government is due to the failure of the Minister of Petroleum Resources for over 15 years to kick-start the re-adjustment of the sharing formula (the PSC) of 60 per cent share of oil profits to the Federal Government and 40 per cent to the oil companies. They argued that the Federal Government had suffered huge losses under the PSC because of non-compliance with Section 16(1) of the Deep Offshore and Inland Basin Production Sharing Contracts Act which was said to have come into effect since January 1, 1993. The plaintiffs faulted Section 8(1)(f) of the Production Sharing Contracts between the Federal Government and the oil companies, which makes provision for the 60 to 40 per cent sharing agreement. They stated that, under the Deep Offshore and Inland Basin Production Sharing Contracts Act, there ought to be an upward re-adjustment of Federal Government’s share of oil profit “in a manner as to become economically beneficial to the Federal Government” whenever the price of crude oil exceeded $20 per barrel. The plaintiffs, therefore, argued that the PSC which provides for the current sharing formula between the Federal Government and the oil companies could no longer be valid because the oil prices had since overshot the $20 per barrel. https://punchng.com/scourt-orders-fg-to-recover-18-year-lost-revenue-from-oil-giants/ 4 Likes 1 Share
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Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Nobody: 10:26am On Oct 18, 2018 |
Oil money belongs to every Nigerian. Kudos to Supreme Court |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by olafunny(m): 10:27am On Oct 18, 2018 |
Aa Supreme Court orders the FG to recover all lost revenues, I order my destiny to recover all my lost glories. It's my birthday guys Happy birthday to me 59 Likes |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Sirpaul(m): 10:27am On Oct 18, 2018 |
Happiness comes more easily when you feel good about yourself without feeling the need for anyone else's approval. 1 Like 1 Share |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by sweerychick(f): 10:27am On Oct 18, 2018 |
up |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by olaolulazio(m): 10:27am On Oct 18, 2018 |
Obasanjo is in soup..... Atiku+late =Atiku is late.... PMB is d man I know.... 56 Likes 4 Shares |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Balet: 10:28am On Oct 18, 2018 |
The entity called Nigeria is working under the distinguished president. #Never again shall we allow our collective resources be looted again by the Poverty Develop.ment Party 43 Likes 3 Shares
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Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by damifrost: 10:29am On Oct 18, 2018 |
ok |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Nobody: 10:30am On Oct 18, 2018 |
I have been involved in the oil sector in the past and I can tell you that Nigeria government doesn't know exactly how much oil is exploited by these oil companies. It is the number of barrels they tell NNPC that we know. The oil companies are richer than Nigeria itself. 11 Likes |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Oyerinde16(m): 10:31am On Oct 18, 2018 |
U MEAN ONE TRILLION US DOLLAS, ONE HUNDRED AND FORTY NINE BILLION US DOLLAS AND SEVEN HUNDRED AND FIFTY MILLION US DOLLAS. $1,149,750,000,000, GOD WILL PUNISH ALL THOSE WHO ARGUED WITH ME BILL GATE AND CO WERE INDIVIDUALLY RICHER THAN NIGERIA. MEANWHILE BUHARIST N ATIKULATORS UNA DOOOOI OOOOO. 1 Like |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by obajoey(m): 10:32am On Oct 18, 2018 |
PDP Jonathan try gan ni o o ma se o 7 Likes |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Livefreeordieha(m): 10:33am On Oct 18, 2018 |
sweerychick:NEPA |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Nobody: 10:33am On Oct 18, 2018 |
obajoey:It still happens now. 1 Like |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by obajoey(m): 10:35am On Oct 18, 2018 |
2 Likes |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by seunmsg(m): 10:37am On Oct 18, 2018 |
The three states which had jointly filed the suit marked SC.964/2016, in the names of their respective Attorneys General, had contended that the Federal Government had been short-changed on its supposed shares of estimated earnings of $1,149,750,000,000, under the Production Sharing Contracts for the period between 2003 and 2015. This is another wonderful development. The fact that Federal government also supported the states to get this judgement is very significant. Those who managed the petroleum industry between 2003 and 2015 should cover their faces in shame. I am very sure they knew about this law and the huge revenue that the country was losing but decided to look away after collecting huge bribes. Same set of people are attempting to come back again to continue the looting of our common patrimony. We say no to them. 30 Likes 5 Shares |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by greatcrown: 10:38am On Oct 18, 2018 |
One trillion US dollar This is nothing but big time fraud/incompetence of people managing NNPC / Nigeria finance for those period. I think all of them need to be investigated and punishment serve if anyone is found to have compromised. Kudos to Rivers, Bayelsa and Akwa Ibom states for intistuting the case and seeing it through. 7 Likes |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Koolking(m): 10:40am On Oct 18, 2018 |
PDP will sure oppose this move. They see nothing good in the current administration 11 Likes 2 Shares |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Omololu001: 10:42am On Oct 18, 2018 |
greatcrown:including the federal government 8 Likes |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by adioolayi(m): 10:46am On Oct 18, 2018 |
I am waiting for mofos that will call this witch hunt against OBJ.....OBJ-GEJ must vomit something 16 Likes 1 Share |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by HarryDuce(m): 10:47am On Oct 18, 2018 |
This government is too lacklustre. 1 Like |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by NothingDoMe: 10:53am On Oct 18, 2018 |
greatcrown:I don't believe the amount is correct. |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by rusher14: 10:54am On Oct 18, 2018 |
OkaNaUbe: It is not the number they tell. Flow metres give you the estimate. Yes, government staff can compromise the figures but to act as if everyone else is a dunce but you, says something about you. 3 Likes |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by oladimejiidowu6(m): 10:57am On Oct 18, 2018 |
This is the same Buhari some fools are calling failure 11 Likes 1 Share |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by yazach: 10:57am On Oct 18, 2018 |
Good |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Ganzagangan: 10:58am On Oct 18, 2018 |
Up Baba 4 Likes |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by richidinho(m): 11:02am On Oct 18, 2018 |
seunmsg: but the 3 states are PDP state 3 Likes |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by forgiveness: 11:03am On Oct 18, 2018 |
Atikulation of fraudsters will not like this. Sai Buhari! 3 Likes |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by sacx: 11:04am On Oct 18, 2018 |
We all know this order will not be complied with. Back to Daura 1 Like |
Re: Supreme Court Orders FG To Recover 18-year Lost Revenue From Oil Giants by Buterflyle0: 11:13am On Oct 18, 2018 |
sacx: Read before you type rubbish The three states which had jointly filed the suit marked SC.964/2016, in the names of their respective Attorneys General, had contended that the Federal Government had been short-changed on its supposed shares of estimated earnings of $1,149,750,000,000, under the Production Sharing Contracts for the period between 2003 and 2015. Those were the PDP years of looting and thievery. This FG is giving them 100% support to recover ALL. 10 Likes 1 Share |
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