Falana threatens to sue Kachikwu over $60bn oil revenue loss 

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The human rights lawyer, Femi Falana, SAN, has threatened to drag the minister of state for petroleum resources, Ibe Kachikwu, to court if he fails to furnish him with information on the revenue of $60 billion.

Falana wrote to the honorable minister in a letter dated 10, requesting a breakdown on how Nigeria lost $60 billion oil revenue from non-implementation of production sharing contract (PSC) terms between the federal government and international oil companies (IOCs).

The letter reads thus: “In my letter addressed to you in your capacity as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), I called your attention to the refusal of the regulatory agencies in the Ministry of Petroleum Resources to enforce the Production Sharing Contracts signed with the International Oil Companies by the Federal government.

“In a public statement credited to you sometime in August 2017, you did disclose to the media that Nigeria had lost not less than $60 Billion due to the refusal of some public officials to implement the terms of the Production Sharing Contracts between the Federal Government and the International Oil Companies.
“In another public statement made on January 19, 2019 by the Acting Chairman of the Revenue, Mobilization, Allocation and Fiscal Commission, Mr. Shetima Bana confirmed the loss of oil revenue of $60 billion arising from the non-implementation of the said production sharing contracts.

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