The Nation Newspaper Reps vow to recover $30b accrued fees, bonuses from oil firms
The House of Representatives has said it had taken steps to recover over $30 billion in accrued fees and bonuses from mergers of multinational oil companies operating in the country.
According to him, Section 2 of the Petroleum Act, 2014 – the extant law applicable under which the merger took place – provides that the oil exploration licences, oil prospecting licences and oil mining licenses may be granted to only Nigerian citizens or companies incorporated in Nigeria, implying that mergers that resulted in a corporate body not indigenous to Nigeria in their incorporation would exclude the new entity from the scope of companies that could be given a licence or lease under...
He cited the example of Exxon and Fina, which he said were not physically present in Nigeria in their registered names and identities.
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