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Buhari Revokes MKO Abiola Mining License, OML To Recover Legacy Debt

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Buhari Revokes MKO Abiola Mining License, OML To Recover Legacy Debt

buhari revokes abiola mining license

Buhari Revokes MKO Abiola Oil Mining License, OML To Recover Legacy Debt

The Department of Petroleum Resources (DPR) has revoked five Oil Mining Licenses (OML) and one Oil Prospecting Licence (OPL) belonging to five companies.

In a public notice on Thursday by the regulatory body, the revocation was based on a presidential directive to “recover legacy debts” owed by the companies operating the licences.

The five companies affected are: Pan Ocean Oil Corporation (OML 98); Allied Energy Resources Nigeria (OML 120 and 121); Express Petroleum and Gas Company (OML 108); Cavendish Petroleum Nigeria (OML 110) and Summit Oil International (OPL 206)

Summit Oil is owned by the family of late Chief M.K.O. Abiola.

Pan Ocean hopes to commence the production of oil and gas from OML-147 at Owa Aladima.

OML 147 is one of the northern most development in the Niger Delta, and also the first to be on production among the 2007 bid rounds.

The firm’s three projects which will be ready for unveiling at the technical start up taking place June 10, 2019, is expected to contribute significantly to Nigerian industrialisation and economic growth, on the highway one part and empowerment of the host and impacted communities.

The former Minister of State for Petroleum Resources, Mr. Ibe Kachikwu, had last February announced plans to recover the oil licenses of the companies indebted to it.

He expressed worries that some of the companies have failed to make statutory remittances in spite of being in Joint Operatorship (JV) with the Federal Government, a development he said was denying it revenue running into billions of dollars. (NAN)

9 Comments

9 Comments

  1. Danti

    June 6, 2019 at 2:52 PM

    Folks must not politicize this move, let them pay their debt and it will reinstated.

  2. Irikefe

    June 6, 2019 at 5:29 PM

    The Department of Petroleum Resources has revoked 5 (not one) oil mining licenses.
    Where in that statement does it say “BUHARI”.
    Nigeria bloggers (not just you), always trying to start something.

    • NG

      June 6, 2019 at 6:49 PM

      the revocation was based on a presidential directive to “recover legacy debts”

      Thanks

    • iron bar

      June 7, 2019 at 2:44 AM

      its all over the media..They gave Abiola family june 12 as public holiday and subtracted their oil license.aboki dem get sense.dem sabi politricks .

  3. Lola O

    June 6, 2019 at 9:58 PM

    Think of all the years those rich people have been robbing Nigeria of legitimate income due to the Federal government , that could have been applied to improvement of infrastructures like good roads, hospitals, education etc. God Almighty bless and preserve Buhari to firmly establish solid footprints for future generations and our youth to follow. If not for this President, Nigerian youth are growing up to believe in looting, get rich quick scams and fraud in lieu of hard work.

    • uzoma

      June 7, 2019 at 1:17 PM

      Provided the regime that will succeed him does not reverse his decision and release the license back to his family. This applies to other recovered looted funds from other people. Buhari could be great if he can turn his searchlight on members of his party that are fantastically corrupt (per David Cameron).

  4. ade eagle

    June 7, 2019 at 7:22 AM

    nobody is above the law simple as ABC

  5. Mon

    June 7, 2019 at 9:16 AM

    All of you will die in that oil in Biafra Land, how many non-Hausas or Fulanis have mining license in the Northern part of Nigeria?

    I just wish that oil will dry up so that everybody will answer his/her papa name…..it shall never be well with British

  6. Fifelomo

    June 8, 2019 at 12:19 PM

    Nobody is above the law!

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