Accordingly, it has suspended the 2018 Supreme Court judgement on Deep Offshore and Inland Basin Production Sharing contracts of 1993 with oil companies operating in Nigeria from which the 36 states, Federal Capital Territory and the Federal Government were to derive $62 billion as arrears from default based on the committee’s report that worked out modalities for payment on Supreme Court orders to enforce the judgement.
But the contract and sharing formula were not reviewed, which was detrimental to the Federal Government hence Akwa Ibom, Rivers and Bayelsa states decided on the instructions of their governors and their Attorneys General to file a suit against the Federal Government with the Attorney General of the Federation as defendants.
But Abba Kyari, who is Chief of Staff to President Muhammdu Buhari, in a leaked letter to some journalists dated October 16, 2019 with reference number SHCOS/01/A/885c said, “Kindly be advised that Mr. President has approved that the Attorney General of the Federation and Minister of Justice should immediately comply with Mr. President’s directives of March 4, 2019, and terminate the Recovery Contract which the Ministry of Justice had signed with Trobell International Limited.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »