Exxon Mobil Pays $665m to Renew Three Oil Block Licenses in Nigeria, Denies Owing Govt $1.8bn

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The Nigerian subsidiary of American oil multinational, Mobil Producing Nigeria Unlimited (ExxonMobil), has denied an allegation of owing the Federal Government to the tune of $1.8bn for the renewal of three oil blocks’ licences, a report by The Punch has explained.

It said on Monday that it made a total payment of $665m for the renewal of the Oil Mining Leases 67, 68 and 70.

In a July 15, 2019 letter, which was obtained by The PUNCH on Monday, the company told its accuser, the Special Presidential Investigation Panel for the Recovery of Public Property, that it made full payment for oil blocks’ renewal in 2009.

The alleged indebtedness translates to about N648bn at $1 to N360 exchange rate, while the $665m the company claimed to have paid for the leases translates to N239.4bn.

The PUNCH had exclusively reported that the SPIPRPP led by Mr Okoi Obono-Obla was investigating a petition by human rights lawyer, Mr Femi Falana (SAN), who accused the oil company of only paying about $600m out of the payable renewal fees of $2.5bn (about N900bn) for the three oil blocks.


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