Buhari restores ownership of OML 123, others to NNPC

President Muhammadu Buhari on Thursday hosted President Umaro Sissons Embalo to a Ramadan Iftar dinner (breaking of fast) at the State House, Abuja. Speaking at the event, President Muhammadu Buhari said Nigeria would raise the existing cordial relations with the Republic of Guinea Bissau higher in line with the strategic and economic priorities of the two nations. The Nigerian leader, who described the relationship between the two countries and their leaders as “robust and stable,” commended Embalo as a brother and a true friend of Nigeria, endowed with a good vision for his own country and its people. A statement by the president’s spokesman, Malam Garba Shehu, said the two leaders had candid discussions as friends and brothers. ”Throughout the Iftar dinner, the warmth and goodwill between the two leaders was evident for all to see,” the presidential aide revealed. President Embalo, who is in Nigeria for a two-day official visit said the trajectory of the bilateral relations indicated a bright future for the two nations and the entire West African sub-region. He thanked President Buhari for the role he played in the stabilisation of his country, saying that Guinea Bissau had been on the agenda of ECOWAS in the last 20 years. He, therefore, expressed happiness that his country was no longer a problem for its neighbours. Embalo said he thought the best moment to visit and say “thank you” and express his country’s appreciation to President Buhari was the period of the Ramadan. (NAN) SYC/JTJ ==== Edited by Julius Toba-Jegede local_offer Posted in GENERAL NEWS event_noteMay 6, 2021
President Muhammadu Buhari

President Muhammadu Buhari has approved the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC) which is in production sharing contract with Addax Petroleum.

Addax Petroleum is wholly owned by Government of the People’s Republic of China.

The leases belonging to the Federation were revoked on March 30, 2021.

Malam Garba Shehu, the Senior Special Assistant to the President on Media and Publicity, confirmed the development in a statement in Abuja on Friday.

He said the restoration of the OMLs was in line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment.

According to the presidential aide, this development reaffirms the commitment of the Buhari administration to the rule of law and sanctity of contracts.

Shehu quoted the president as directing the Department of Petroleum Resources (DPR) to retract the letter of revocation of the leases.

The president also directed NNPC to utilize contractual provisions to resolve issues in line with the extant provisions of the Production Sharing Contract arrangement between NNPC and Addax.

”The restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account,” the presidential aide said.

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