...Flags N9bn NNPC rental costs amid debt burden
Former vice president of Nigeria, Atiku Abubakar, has stated that the ongoing OPL 245 dispute is far from resolved, noting that multiple subsisting legal proceedings are pending in the Supreme Court and the Federal High Court.
Speaking through The Atiku Media Office, the ex-VP expressed concern over a pre-action notice from Malabu Oil and Gas Limited, served through its counsel, Chief R. O. Atabo, SAN.
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The notice, according to him, challenges the federal government's claims of a final resolution to the long-running dispute over the oil block.
Atiku said Malabu, described as a principal stakeholder with longstanding legal and equitable interests, was neither consulted nor involved in any reported negotiation or settlement process.
He questioned the legality and transparency of a "Resolution Agreement" reportedly executed at the Presidential Villa.
Atiku criticised the Attorney-General of the Federation, Lateef Fagbemi, for what he called a "carefully constructed narrative of victory," adding that the latest development exposed the government's premature claims.
Recall that the federal government announced in recent weeks what it described as a 'breakthrough settlement' in the OPL 245 case, which has involved international arbitration and multiple parties since 2011. Official statements from the AGF's office have hailed the agreement as a step toward recovering national assets, though details remain limited pending court outcomes.
The Atiku statement also raised alarms over reports of a planned sale of up to 30 per cent of Nigeria's Joint Venture assets under NNPC Limited. It described these as strategic national holdings central to revenue generation and urged PENGASSAN, NUPENG, and other stakeholders to remain vigilant against opaque transactions.
Additionally, the office flagged reports that NNPC Upstream Investment Management Services is relocating to Lagos, with an alleged annual rental cost exceeding N9 billion. It noted Nigeria's debt servicing burden rising from nearly N7 trillion in 2023 to about N16 trillion, questioning fiscal priorities amid such expenditures.
He mentioned unrefuted allegations linking the property to interests associated with the President's family, emphasising the need for transparency.
The multiple times presidential aspirant framed the OPL 245 issue as emblematic of broader challenges in the oil and gas sector, including economic hardship, insecurity, and institutional trust.
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He reiterated calls for accountability, transparency, and respect for the rule of law.
NNPC Limited and the AGF's office have yet to respond to the statement as of press time.
The OPL 245 saga, involving Eni and Shell, dates back to a 1998 allocation that was later mired in corruption allegations and has since spawned ongoing global legal battles.
