Edeson Online News: CURRENT AFFAIRS: FG Approves Lagos Ownership of 4 Oil Well, Disapproves One

Wednesday 17 August 2016

CURRENT AFFAIRS: FG Approves Lagos Ownership of 4 Oil Well, Disapproves One

The Federal Government on Wednesday says four of the five oil wells discovered in Lagos truly belongs to the state but disproves the state’s ownership of one other oil well. The FG said the disproved oil well fell
beyond 200 metres isobaths and did not legitimately belong to Lagos State.
A delegation of the Indices and Disbursement Committee, Revenue Mobilisation Allocation and Fiscal Commission, led by its Chairman, Alhaji Aliyu Mohammed visited Governor Akinwunmi Ambode on Wednesday at the State House, Ikeja, Lagos, Southwest Nigeria for the purpose of verifying crude oil and gas production from Aje Oil wells for the purpose of disbursement of 13% derivation fund to the state in line with the constitution of Nigeria.
According to Mohammed, as part of procedure and in pursuant to its constitutional mandate, the commission set up an Inter-Agency Technical Committee which comprised the commission, the Department of Petroleum Resources, DPR, Office of the Surveyor General of the Federation and the National Boundary Commission to determine the location of the Aje oil wells.
Credit: PM News.
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Edited by: Endy Edeson
Photo News Editor: Endy Edeson
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