By
Fri Apr 23 2021
President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks.
A presidential spokesman Garba Shehu said on Friday that the restoration was in line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment.
Garba, who recalled that the leases belonging to the Federation were revoked on March 30, 2021, said the current development reaffirmed the commitment of President Buhari to the rule of law and sanctity of contracts.
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By Deji Elumoye
President Muhammadu Buhari on Friday approved the restoration of Oil Mining Leases (OMLs) 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in production sharing contract with Addax Petroleum, a company wholly owned by Government of the People’s Republic of China on the blocks.
The President, in a release by his Media Assistant, Garba Shehu, said the five leases belonging to the Federation which were revoked on March 30, 2021, were being restored to NNPC in line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment.
Buhari okays ownership of OML 123, others restored to NNPC
On
By Johnbosco Agbakwuru
President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126, and 137 to the Nigeria National Petroleum Corporation (NNPC).
This was contained in a statement issued by the Senior Special Assistant to the President on Media and Publicity, Mallam Garba Shehu in Abuja, Friday.
The statement explained that the action was in line with the current administration’s “commitment to the rule of law, fairness and enabling a stable business climate for investment.”
It explained that the leases were in a production sharing contract with Addax Petroleum, a company wholly owned by the Government of the People’s Republic of China on the blocks, recalling that the leases belonging to the federation were revoked on March 30, 2021.