Saturday, February 16, 2019
Home > Oil and Gas > Nigeria May Loose $10 Billion as Ibe Kachukwu Grants Illegal Discount on Lease Renewal – Senate

Nigeria May Loose $10 Billion as Ibe Kachukwu Grants Illegal Discount on Lease Renewal – Senate

Senate urges Total Upstream to reverse canceled contract with Indigenous Vessel Owners

This followed a motion sponsored by Senator Omotayo Alasoadura (Ondo Central), Co-Sponsored by three other lawmakers who noted with  irregularities surrounding the ongoing renewal of oil and gas leases being undertaken by the Honourable Minister of State for Petroleum and Department of Petroleum Resources.

The Red Chamber during Tuesday plenary ‎session gave a mandate to its Committee on Petroleum Resources Upstream and Banking to investigate all issues relating to the ongoing lease renewal.

“Minister of State for Petroleum Resources is granting all manner of illegal discounts and rebates in the process of the ongoing renewal of the leases”.According to Alasoadura

The Nigerian Senate has launched an inquest into alleged Irregularities in the ongoing Oil and Gas lease Renewal and alleged massive loss of government revenue.

The Senate therefore concerned that the action of the minister of State for petroleum is capable of short changing and denying country appropriate revenue.

While reacting to the motion, Senator Shehu Sani concerned that “Nigeria Stand to loose $10 Billion as a result of illegal discounts and rebates in the process of lease renewal by the Minister and Department For Petroleum Resources” .

In the motion raised, Senate further note that “there is a subsisting legal frame and due process mandate by extant law for the renewal of lease that are due for renewal”.

Senator Gbolahan Dada who spoke on the motion suggested that there is a needs for forensic inclusive investigation into the matter Uncovers this anomalies.

The Upper Chamber concerned that the action of the minister is capable of short changing the country and denying the Federation the appropriate revenue accruable from the renewal of the said leases. ‎

‎Ruling on the motion, Deputy Senate President Ike Ekweremadu who preside over the chamber appealed to the regulating agencies and enforcement agencies to wake up to their responsibilities in how to ensure that rule of law including enforcement of existing laws to ensure the right things are being done.

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