Featured Gas Oil

Abe defends Sylva over alleged $650m oil scam cover-up

FORMER senator, Magnus Abe, has debunked allegations that the Minister of State for Petroleum, Chief Timipre Sylva, and his cronies were plotting to cover up a $650m oil contract scam.

 Abe, who is a member of the Board of the Nigeria National Petroleum Corporation, stated this in a statement he personally signed and made available to newsmen in Port Harcourt on Thursday.

 Abe, who is the immediate past lawmaker that represented Rivers South-East District in the National Assembly, was responding to an online report that made the claims, describing it was a figment of the imagination of the author.

 The statement reads, “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 of a foreign company, Addax Petroleum.

 “Nigerians, however, need to know that Kaztec Engineering Limited, a local company, was awarded contracts worth over $650m by Addax Petroleum to develop the oil fields operated by Addax Petroleum”.

 “In 2015, the Federal Government under President Muhammadu 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 (Addax) 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 over $650m 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.

Related posts

Fire guts Amigos Supermarket in Abuja

By Meletus EZE

FG to fast-track implementation of transport treaties – Osinbajo

Editor

LUTH delivers 4th COVID-19 patients of twins

Meletus EZE

FAAC: FG, States, LG share N812.76bn

Editor

Gas consumption lowest in Nigeria despite 206 tcf reserves’

Our Reporter

98 per cent of industries in Nigeria foreign-owned, says FG

Our Reporter