FG APPROVES FOUR OIL WELLS, 13% DERIVATION FOR LAGOS

The federal government has said that four of the five oil wells discovered in Badagry legitimately belong to Lagos State, for which the state would be entitled to 13 per cent derivation from the Federation Account.

 

However, it disclosed that Aje 3 oil well falls beyond the 200-mile isobaths and therefore cannot be legitimately attributed to the state.

 

Read more @ Thisdaylive

NEITI, EFCC GO AFTER OIL FIRMS OVER UNREMITTED $11 BILLION

The Economic and Financial Crimes Commission (EFCC) will soon embark on probe of erring oil firms in Nigeria over unremitted oil revenue to the Federal Government.

To ensure that anyone found guilty of misappropriation of the country’s oil revenue is prosecuted, Nigeria Extractive Industries Transparency Initiative (NEITI) and the EFCC have formed alliance to study the reports and identify areas where financial crimes have been committed against the nation.

Read more @ The Guardian