At Last, CBN Reveals Real Reason Why 9 Commercial Banks Were Barred From Forex Trading
The NPDC is the upstream oil industry subsidiary of the Nigerian National Petroleum Corporation, NNPC.
Further findings showed some of the banks were indicted for refusing to transfer funds in some in domiciliary accounts belonging to some government ministries, departments and agencies, including the Nigeria Liquefied Natural Gas (NLNG), despite government’s directives.
Some of the oil blocks include those previously vacated by Shell Petroleum Development Company. They also include eight whose ownership were irregularly approved by the immediate past Minister of Petroleum Resources, Diezani Alison-Madueke.
They are OMLs 4, 38 and 41 allocated to Atlantic Energy and Septa Energy; OML 42 to Neconde Energy and Kulcyzk Oil; OML 40 to Elcrest E&P Nigeria Limited and Band Oil and Gas; OML 34 to Niger Delta Western and Petrolin; OML 30 to Shoreline and Heritage Oil, and OML 26 to First Hydrocarbon Nigeria and Afren.
Payments for the leases are still subjects of controversies years after they were awarded, with the Nigerian Extractive Industries Transparency Initiative (NEITI) asking for the review and probe of their allocations.
The NEITI noted in its recent annual audit report although total valuation for the eight oil acreages by the Department of Petroleum Resources was about $3.4 billion, NNPC paid only $100 million, out of about $1.85 billion it offered.
Investigations revealed that NPDC in August 2013 opened domiciliary accounts in various commercial banks for JV oil revenues from the sale of crude oil produced from the oil fields.
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