Supreme Court orders FG to recover 18-year lost revenue from oil giants

Supreme Court has ordered the Federal Government to immediately commence steps to recover all revenues lost to oil exploring and exploiting companies, due to wrong profit sharing formula termed as the Production Sharing Contracts since August 2003.

A seven-man panel of the apex court led by the Chief Justice of Nigeria, Justice Walter Onnoghen, made the order in a consent judgment in a suit filed by three states, Rivers, Bayelsa and Akwa Ibom, against the Federal Government in 2016.

The states, through their various Attorneys General and the Federal Government, through the Attorney General of the Federation, had on April 6, 2018, filed the terms of settlement which the apex court adopted as its judgment on Wednesday.

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