FG Urged To Resolve $1.3bn Malabu Oil Dispute

A group, Independent Media and Policy Initiative (IMPI) has urged the Attorney-General of the Federation (AGF), the Economic and Financial Crimes Commission (EFCC), and other relevant organisations, to amicably resolve the $1.3 billion OML 245, Malabu Oil saga.

President Bola Tinubu had in February ordered the Attorney-General of the Federation, Lateef Fagbemi and other heads of concerned agencies to clear court cases on the $1.3 billion deepwater OML 245 oil block in Niger Delta.

IMPI at a press conference in Abuja maintained that swift implementation of the presidential directive will avail the country a veritable source of oil production and by extension increased its foreign exchange earnings.

The chairman of IMPI, Niyi Akinsiju estimated that crude oil production would increase to 1.8 million barrels a day, which is more than the 1.78 million crude oil production in the 2024 federal budget by the end of the second quarter of 2024.

“Also connected to the oil and gas sector is the directive by President Bola Ahmed Tinubu to the attorney-general of the federation (AGF), the Economic and Financial Crimes Commission (EFCC), and other relevant organisations, to amicably resolve the $1.3 billion OML 245, Malabu Oil saga.

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“We hereby enjoin the Attorney-General of the Federation and other relevant agencies to speedily bring closure to the saga so as to avail the country a veritable source of oil production and by extension increased foreign exchange earnings.

“We note that the current developments in the downstream oil sector are pleasant. The commencement of production by Dangote Refinery which has led to the reduction in the pump price of diesel and aviation fuel, and the anticipated production of refined products by both Port Harcourt and Warri refineries underscores the healthy competition that will ultimately lead to further reduction of pump prices of fuel and other petroleum products, as well as conserve foreign exchange for the country,” he said.

Akinsiju noted that the economy under Tinubu saves an average of N1 trillion monthly from the withdrawal of petrol-subsidy in June 2023, while the three Peoples Democratic Party (PDP) regimes recorded a monthly loss from petrol-subsidy of N1 trillion over a period of 16 years, amounting to a total of N192 trillion.

The IMPI chairman also said the presidential embargo on foreign trips by government officials further confirms the passion and seriousness of President Tinubu to reduce the cost of governance in the country.

He called on the sub-nationals to emulate the President in curbing wastages in their financial expenditures, so that meaningful development can be adequately delivered to Nigerians at the grassroots especially now that there is an increased allocation from the federation account.