The Nigerian federal government has succeeded in compelling the Chairman of Atlantic Energy Drilling Concepts Nigeria Limited, Jide Omokore, to cough up $14m (roughly N2.8 billion).
The figure comes from the crude oil royalties his company failed to remit to the federal treasury.
Insider sources said the funds were supposed to have been paid between 2011 and 2012 by Atlantic Energy which was awarded oil assets by the Goodluck Jonathan government shortly after it was incorporated in 2010.
The money was finally paid into the federal government’s account with JP Morgan Chase on January 29 after the Economic and Financial Crimes Commission (EFCC) began to investigate the company.
Jide Omoroke
“The investigation of tax defaulters in the dollar-soaked oil industry is continuing,” an EFCC source said.
“Those who failed to willingly pay up stand the risk of arrest and prosecution for tax fraud.”
EFCC agents questioned Omokore about the affair on January 27 and also raided his offices.
Omokore’s company recently issued a statement saying it was getting back on course after submitting its plan to settle outstanding financial commitments to the Nigerian authorities.
Incorporated as Atlantic Drilling Energy Concept Limited on July 19, 2010, it signed a Strategic Alliance Agreement with the Nigerian Petroleum Development Company (NPDC) shortly afterwards.
The NPDC is the upstream production subsidiary of the Nigerian National Petroleum Corporation.
Under the agreement, Atlantic took charge of four oil blocks- OML 26 FHN, OML 30 Shoreline, OML 34 Niger-Delta Oil and OML 42 Neconde.
It was to provide funds, technical services, and drill and sell crude oil.
The company was later accused of extracting crude oil and giving only a fraction of its worth to government.
In 2012, according to NNPC insiders, Atlantic Energy paid $168m into the government’s account, but lifted about three million barrels – valued at over $350 million.
In 2013, it also lifted about two million barrels of crude valued at about $240million, but paid only $68million.
Similarly, in 2014, Atlantic Energy paid nothing but lifted about 500,000 barrels of crude oil valued at $54 million.
Jide Omoroke is a businessman originally from Kogi state.
One of the most influential business magnates in Nigeria, he has major assets in the oil and gas industries.
He is also a noted philanthropist and is a chieftain of the Peoples Democratic Party.
The figure comes from the crude oil royalties his company failed to remit to the federal treasury.
Insider sources said the funds were supposed to have been paid between 2011 and 2012 by Atlantic Energy which was awarded oil assets by the Goodluck Jonathan government shortly after it was incorporated in 2010.
The money was finally paid into the federal government’s account with JP Morgan Chase on January 29 after the Economic and Financial Crimes Commission (EFCC) began to investigate the company.
“The investigation of tax defaulters in the dollar-soaked oil industry is continuing,” an EFCC source said.
“Those who failed to willingly pay up stand the risk of arrest and prosecution for tax fraud.”
EFCC agents questioned Omokore about the affair on January 27 and also raided his offices.
Omokore’s company recently issued a statement saying it was getting back on course after submitting its plan to settle outstanding financial commitments to the Nigerian authorities.
Incorporated as Atlantic Drilling Energy Concept Limited on July 19, 2010, it signed a Strategic Alliance Agreement with the Nigerian Petroleum Development Company (NPDC) shortly afterwards.
The NPDC is the upstream production subsidiary of the Nigerian National Petroleum Corporation.
Under the agreement, Atlantic took charge of four oil blocks- OML 26 FHN, OML 30 Shoreline, OML 34 Niger-Delta Oil and OML 42 Neconde.
It was to provide funds, technical services, and drill and sell crude oil.
The company was later accused of extracting crude oil and giving only a fraction of its worth to government.
In 2012, according to NNPC insiders, Atlantic Energy paid $168m into the government’s account, but lifted about three million barrels – valued at over $350 million.
In 2013, it also lifted about two million barrels of crude valued at about $240million, but paid only $68million.
Similarly, in 2014, Atlantic Energy paid nothing but lifted about 500,000 barrels of crude oil valued at $54 million.
Jide Omoroke is a businessman originally from Kogi state.
One of the most influential business magnates in Nigeria, he has major assets in the oil and gas industries.
He is also a noted philanthropist and is a chieftain of the Peoples Democratic Party.
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