Why NNPC fail to pay $1.8bn OML renewal fee

Nigerian National Petroleum Corporation, NNPC, has said it will not pay the 60% ($1.8bn) for lease renewal fees.

Reason behind the decision was because the corporation was representing the Federal Government in the venture.

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The NNPC said this when responding to the alleged underpayment of lease renewal fees on the Oil Mining Leases 67, 68, and 70 by ExxonMobil.

NNPC spokesperson, Ndu Ughamadu, in a statement quoted the corporation’s Group Managing Director, Mele Kyari.

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Special Presidential Investigative Panel for the Recovery of Public Property, SPIPRPP, had reportedly summoned Kyari over alleged $1.8bn owed the Federal Government by Mobil Producing Nigeria Unlimited.

“Ordinarily, the NNPC would have contributed the balance of 60 per cent of the amount which literally meant government paying money to itself. There was no need for that,” Kyari told his guests.

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