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Following SINOPEC-ADDAX alleged breach of terms and conditions of the 2000/2001 fiscal incentive package, the Federal Government might have lost over N1.2tr in oil revenues. In a statement issued in Calabar at weekend, representative of Cross River South Senatorial District in the Senate, Gershom Bassey, said he earlier sponsored a motion in which he drew Federal Government’s attention to the issue. He said the Senate mandated its Committee on Petroleum Upstream and Committee on Gas “to scrutinise the 2000/2001 Fiscal Incentive Package and other Federal Government’s agreements with SIN...

By Ike Uchechukwu There are speculations that Federal Government may have lost over N1.2 trillion in oil revenue following the alleged breach of the 2000/2001 fiscal incentive package conditions by SINOPEC-ADDAX. In a statement issued in Calabar at weekend, the Senator representing Cross River Southern Senatorial district in the senate, Senator Gershom Bassey said he had earlier sponsored a motion on the floor of the house drawing the attention of government to that effect. Accordingly, he said the Senate has mandated the Senate Committee on Petroleum Upstream and Senate Committee on Gas to �...

By Musa Baba Adamu The Senate on Tuesday constituted a seven-man Adhoc committee to investigate a N1.2 trillion oil revenue loss to the Federal Government owing to a breach by SINOPEC ADDAX Petroleum. The adhoc Committee which is chaired by Senator Aliyu Sabi Abdullahi (APC – Niger North) has six other members which include: Gershom Bassey; Biodun Olujimi; Ahmad Baba Kaita; Jubril Isah; Michael Nnachi; Clifford Ordia; and Haliru Jika. The decision to investigate the revenue loss due to the Federal Government was conveyed in a resolution by the Upper Chamber after it considered a motion...

Senate constitutes Adhoc Committee to investigate alleged N1.2trn oil revenue loss Senate constitutes Adhoc Committee to investigate alleged N1.2trn oil revenue loss Share The Senate, on Tuesday, constituted a seven-man Adhoc committee to investigate a N1.2 trillion oil revenue loss to the Federal Government in its upstream oil sector. SINOPEC ADDAX Petroleum is being fingered as the multinational oil firm responsible for the loss. Senator representing Niger North, Aliyu Sabi Abdullahi is to chair the Adhoc Committee which has six other lawmakers as members. The investigative team include; G...