The Federal Government yesterday, warned against non-compliance of asset transfer in the petroleum industry, adopted by South African company,
The warning was contained in a letter signed by the Honourable Minister of State for
The move if left unchallenged could give Metallon control of
However, in the Minister in a letter stated that, "We are of the view that such significant change of shareholding can only be carried out in close adherence with the Guidelines and Procedures for obtaining Consent to the Assignment of interest in Oil and Gas Assets dated
"Articles 3 & 4 of the Guidelines of Ministerial Consent sets out the key elements of assignment of ownership and control of interests in Oil and Gas Assets and the requirements for securing Ministerial Consent.
"We cannot over-emphasize the consequences of non-compliance with the Ministerial Guidelines.
An
These assets include the Otakikpo marginal field where LEKOIL has 40% interest; Ogo discovery and OPL 310 where LEKOIL has 17.14%; OPL 276 where LEKOIL has 45% and OPL 325 where LEKOIL has 62% interest.
Metallon on the other hand has been considered unfit to handle the management of
Metallon's poor management in
Metallon suspended operations after a group of workers applied to have business-rescue measures implemented at two of its mines. The workers, through their lawyers, said they were owed more than two years' wages and benefits by Metallon.
Vanguard News Nigeria
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