Auwalu, Sylva stole $28M Royalty.The Director Dept of Petroleum Res, DPR and the Minister of state for Petroleum Resources connived and reduced the Royalty payments of Amni oil from 18.5% to 2.5%, collected $16million and paid FG a paltry $2million and pocketed the rest in 2020.
Auwalu and Sylva had the effontry to backdate the reduction from January 2019 through a letter dated 23/02/2020. Amni Petroleum own OML112 which has Ima field, a marginal field and Okoro field a non marginal field. Both field pay 2.5% and 18.5% in royalties respectively.
But Auwalu and Sylva have now illegally approved 2.5% as royalty for a non marginal field that statutorily pays 18.5%. From the date of this criminal approval the Federal Government will be losing $14million Royalty every year from Okoro field in OML 112.
Both men should be suspended and investigated. They have no powers to tinker with the royalties oil companies are supposed to pay without the approval of the Lawmakers. The $28million they stole was paid through a Bureau De Change who I am currently trying to identify!
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