THERE IS NO 650million dollar scam, Addax is simply reaping Nigeria off.

THERE IS NO 650million dollar scam, Addax is simply reaping Nigeria off.

By Sen. Magnus Abe

......We will not shy away from defending our National interest

My attention has been drawn to a story by Sahara reporters titled : “Petroleum Minister cronies plot kangaroo NNPC report to divert 650 million dollar oil contracts to themselves.”
The said story is clearly  designed to create the impression of a major scandal and arm twist the federal government in the matter concerning the recent attempt to revoke some oil blocks from a foreign company,  Addax petroleum.

To create the needed sensation, all kinds of names, including mine was dragged into the fray.

For the avoidance of doubt, I recently headed a Presidential inter-ministerial committee made up of technocrats from several federal ministries and departments to advise the    President on the plight of an indigenous engineering and technology company, Kaztec Engineering limited.

The committee was set up by presidential directive conveyed by the chief of staff to the President. There is nothing in the committee's assignment that involved the allocation of oil blocks.

Nigerians however need to know that Kaztec Engineering limited, a local company was  awarded contracts worth over 650million dollars by Addax petroleum, to develop the oil fields operated by Addax petroleum.
In 2015 the Federal Government under President  Buhari in keeping with its anti-corruption agenda accused Addax of tax atrocities which resulted in substantial losses to the federal government.

Addax was asked to pay, in response they declared a force majeure on their exploration activities and cancelled their investments in the oil fields.

The Nigerian company, Kaztec, a company that has invested $650 million in the project with Addax, was forced to bear the brunt of the entire dispute, which was actually between Addax petroleum and the Nigerian government.

Over  three thousand workers were laid off, equiptment, vessels, and a fabrication yard worth billions of Naira borrowed from Nigerian banks was laid waste. Nigerians must look beyond the needless sensationalism and ask the hard questions that need to be answered.

Who is deceiving the President? 

Is it Addax the company that was accused of tax fraud, and abandoned its Nigerian investments for over 10years or the Department of Petroleum Resources (DPR) that tried to hold them to account for the economic damages they were inflicting on the Nigerian oil economy? Withholding investments at a time when the nation is in dire need?.

For the avoidance of doubt, the Kaztec committee was not set up by Minister of Petroleum to award any oil block, neither is it the place of the NNPC to award or revoke oil mining licenses.

The committee report focused exclusively on measures and reliefs which the government can legally extend to the company to salvage the heartbreaking and tragic losses to an indigenous company.

It is unfortunate that Sahara reporters made no effort to reach me or verify whatever sensational lies it was fed.
There is absolutely no scam on oil blocks, or contracts involved in the Kaztec committee report.

Issues of revocation, allocation and management of oil blocks are  exclusively the preserve of the Department of Petroleum 
Resources. In the light of the abandonment of the oil blocks, the lack of investment in the field, the colossal losses to the Nigerian economy by the actions of Addax.
DPR was right to recommend a revocation of the mining leases  issued to Addax in the National interest. Those who have contrary interest can pursue their interest without destroying our nations economy 
Those peddling lies through Sahara reporters are those trying to mislead the presidency, the 650million dollar contract referred to by Sahara reporters was a contract awarded to kaztec by Addax.

The Sahara reporters story is clearly a misrepresentation of the facts.
Nigeria should not be held hostage by any foreign company.

Senator Magnus is a member of the Board of NNPC

Comments

Post a Comment

Popular posts from this blog

RAMADAN: SYLVA SEES A BRIGHTER NIGERIA.

Image
The Honourable Minister Of State For Petroleum Resources, H.E Timipre Sylva felicitates with Muslims across the country on this year's Eid-el-Fitir, marking the successful end of the Holy  Ramadan fast.  In a statement he personally signed, Sylva described the season as that of sacrifice, love and optimism especially for our nation's future.  'I thank the Nigerian Muslim ummah for the act of sacrifice this past one month, the devotion to God and the patriotism to our country Nigeria. Also fascinating was the profound act of love and kindness: the assuring words, the charity, the unity and the elevated sense of oneness'  'I am glad to have participated in the fasting myself in solidarity with our Muslim brothers and sisters, to renew my relationship with God and to reflect on ways we can all build a better, stronger nation'  'While the Holy Month of fasting has passed, we should still keep praying for the next elections before us which will be key...
Read more

ISRAEL SUNNY-GOLI'S DECLARATION OF INTENT TO RE-CONTEST FOR THE BRASS/NEMBE FEDERAL HOUSE OF REPRESENTTIVES SEAT UNDER THE PLATFORM OF THE ALL PROGRESSIVES CONGRESS, APC.

Image
1. It is with profound humility that I Inform the great people of Brass/Nembe Federal Constituency, of my intention to re-contest for the seat of the Federal House of Representatives, to represent them, under the platform of our great party, the All Progressives Congress, APC.  2. The confidence to take this bold step of picking the Nomination and Expression of Interest Forms today, which formally signifies my intention to stand for re-election into the Federal House of Representatives, to represent the great people of Brass/Nembe Federal Constituency, is drawn from the very encouraging feedbacks we have received from a vast majority of constituents, who have by their assessment, adjudged my first term performance as tectonic.  3. Recall that prior to my election in 2019, I traversed the nooks and crannies of Brass/Nembe Federal constituency with my team, consulting and soliciting for the support of all. As we went from one community to the other, in th...
Read more

VIEWPOINT: Chukwuma replies Reno Omokri on Polygamy

Image
  Let me quickly draw a bold line between two concepts: head knowledge and heart knowledge. The former has to do with human intelligence; it is taught by man and meant for man. The latter, however, is imparted knowledge, by the power of the Holy Spirit. That is why Jesus said that when the Holy Spirit comes, He would lead you [believers] into all truth (John 16: 13). Imparted knowledge becomes a part and parcel of the possessor, and is never lost, even if the possessor does not know how to defend it by way of arguments. Again, there is a secondary school subject called Christian Religious Knowledge (CRK), or, in recent times, Christian Religious Studies (CRS). Without slighting the teachers of this beautiful subject, one is not automatically a preacher by the mere virtue of teaching CRK/CRS. To teach CRK, you need the head knowledge, which only prepares a student for an examination. But to preach the word of God, which prepares a soul for heaven, the heart knowledge is ...
Read more