The House of Representatives has asked the Federal Government to cancel Oil Prospecting License 245 granted to Shell Nigeria Exploration and Production Company Ltd. (SNEPCO) and AGIP.
The House said “that the Federal Government should cancel OPL 245 recently granted to SNEPCO (50percent) and AGIP (50percent), as it was based on a highly flawed ‘Resolution agreement” entered between Malabu Oil and Gas, Shell Nigeria Exploration and Production Company (SNEPCO) and Nigeria Agip Exploration (NAE) with the Federal Government acting as obligator.”
It further recommended that “the resolution Agreement ceded away our national interest and further committed Nigeria to some unacceptable indemnities and liabilities while acting as obligator.”
The House additionally recommended “that the Federal Government through the Ministry of Petroleum Resources and the Office of the Attorney General of the Federation facilitates a new Resolution Agreement in line with the Petroleum Act and Indigenous Concession Programme of Government that guided the initial allocation of OPL245 to Malabu Oil and Gas.
“That AGIP Nigeria Agip Exploration Ltd (NAE) be formally censured or reprimanded by the House for its role in the Resolution Agreement, which lacked transparency and did not meet international best business practices.
“That Shell Nigeria Ultra Deeps (SNUD) be censured or reprimanded by the House for its lack of transparency and full disclosure in its bid to acquire OPL 245; that Nigeria Police should take over the ongoing investigation on the matter of forgery and alteration of documents indicating some directors of Malabu Oil and Gas Ltd who resigned their positions or transferred their appointments or shares without authorisation, and initiate prosecution of any person indicted
“That in line with global best practices, accountability and transparency, individuals and financial institutions linked with and found culpable by the Economic and Financial Crimes Commission (EFCC) of receiving and transferring money unlawfully with respect to or arising out of the Resolution Agreement, should be charged to an appropriate court of competent jurisdiction, and nay such monies unlawfully transferred should be recovered.”