Buhari over rules DPR over revocation of oil block licenses –restores ownership to Addax, NNPC.

Chinazor Megbolu

The Federal Government of Nigeria has given approval for the restoration of the leases on OMLs 123, 124, 126 and 137 to the Nigeria National Petroleum Corporation (NNPC).

President Mohammadu Buhari, who gave the directive on Friday, said the OMLs restoration is in production sharing contract with Addax Petroleum.

The Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in a statement on Friday, said the restoration of the OMLs was in line with the current administration’s commitment to the rule of law, fairness and enabling a stable business climate for investment.

“This development reaffirms the commitment of the Buhari administration to the rule of law and sanctity of contracts.

”The restoration of the blocks to NNPC will boost the organisation’s portfolio, thereby making the corporation to, in the long run, boost its crude oil production and in turn increase the revenue it generates to the Federation Account,” he said.