The Federal Government ( FG ) has instituted a law suit against the Chinese-owned oil firm, Addax Petroleum Development Nigeria Ltd, over the company's alleged under- remittance of $3 billion in taxes and royalties.
The funds, according to the FG, are outstanding claims against the company under the Petroleum Profit Tax Act and Petroleum (Drilling and Production) Amendment Regulation 2003 over Oil Mining Leases (OMLs) 123, 124, 126, and 137.
In the suit before Justice Mojisola Olatoregun of federal high court Lagos, the FG is seeking for an order directing the NNPC, Ministry of Petroleum/DPR, and NAPIMS from further allocation of crude oil explored from OMLs 123, 124, 126, and 137 to Addax Petroleum pending when the company furnishes the court verifiable Bank Guarantee from Nigerian banks to cover the monetary claims of the plaintiff.
https://www.dailytrust.com.ng/unremitted-oil-tax-fg-in-court-to-recover-3-09bn.html?_e_pi_=7%2CPAGE_ID10%2C6497839072
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