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Rivers govt acquires Shell’s 45 percent interest in OML 11

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Rivers State government has acquired the 45 per cent interest of Shell Petroleum Development Company of Nigeria in Oil Mining Lease 11 located in Ejama Ebubu community, Eleme Local Government Area and other communities in Ogoni.

This was revealed in a statement on Monday by Simeon Nwakaudu, Special Assistant to the Rivers State Governor on electronic media

He stated that the acquisition of OML 11 was based on court judgements which had been recorded in the United Kingdom and Nigeria for enforcement.

Governor Nyemson Wike said that the decision was in the best interest of the state.

He explained: “That the present Government of Rivers State entrusted in my care through the Will of God and those of the peoples of the Rivers State have concluded that it will be in the overall interest of the State, the other Federating States and the Federal Government that we as a Government, should make a bid for the purchase of the said interest of SPDC now placed on auction by extant Order of the Courts of Law.”

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“Therefore, I directed the Rivers State Ministry of Finance Incorporated to make a bid of USD 150,000,0900.00 supported by a Bank Guarantee and cash payment to the Deputy Sheriff in the sum of N1 billion, the later payable to the Judgement Creditors while the former is escrowed.

“I have further directed the relevant Government agencies to take immediate steps to liaise with any financially capable companies to partner with the Rivers State Government to ensure that the said oil field come on stream within 15 months from today.

“In line with our commitment to accelerated development, industrial harmony and security, the Rivers State Government will graciously concede some portion of its 45% per cent equity interest to all the oil producing communities within OML 11 to enhance mutual ownership, participation and sharing in the benefits of these resources.”

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