#
Former head of the defunct Presidential Panel on Assets Recovery, Okoi Obono-Obla, has revealed that international oil companies (IOCs) owe the Nigerian government over $3 billion in unpaid royalties and taxes. This information came to light in an interview where Obono-Obla discussed various issues, including the government’s inaction on recovering $69 billion linked to stolen crude oil proceeds held in a Texas bank account.
Obono-Obla, who left office in 2019, stated that he had been vocal about these issues even during his tenure. He claimed that his efforts to address these financial discrepancies faced significant opposition, leading to his suspension.
Obono-Obla criticized the government’s lack of action on the reports he submitted, which included detailed investigations into the unpaid royalties and taxes by several IOCs. He mentioned that reports were sent to both the Attorney General and the Presidential Villa but were never acted upon.
During his tenure, Obono-Obla’s panel discovered that companies like the Nigerian Petroleum Development Company and Seplat were among the major defaulters, owing substantial amounts in royalties and taxes. Despite thorough investigations and reports submitted to the relevant authorities, no recovery actions have been taken.
Obono-Obla recounted the numerous challenges he faced, including harassment and intimidation from various quarters, particularly from those whose interests were threatened by his investigations. He also mentioned that his office was sealed, and his personal belongings were confiscated following his suspension.
Obono-Obla urged the current administration to take immediate steps to recover the outstanding funds. He emphasized that these funds are crucial for Nigeria’s development, especially in addressing infrastructural deficits and economic challenges. He also highlighted the importance of setting a precedent for accountability and transparency in the management of Nigeria’s resources.
The revelations by Obono-Obla underscore significant lapses in the management of Nigeria’s oil resources and the need for stringent measures to recover owed funds. The former panel chief’s disclosures call for urgent attention from the government to ensure that such financial obligations are met, thereby bolstering the nation’s economy.
