The Financial Governance Committee (#FGC) has issued a damning advisory note concerning the #FGS Ministry of Petroleum and Mineral Resources' (MPMR's) oil & gas licensing efforts.

Current approach provides "poor value for money...that may last for 40 years or more."

(thread)

The FGC raises concerns over "incomplete compliance with the FGS legal framework, and inadequate protection of FGS’s financial interests." Current MPMR approach risks "future legal and/or compensation claims against FGS."
The FGS makes seven principal recommendations. #7: "PSA negotiations do not prioritise short-term revenue (i.e. signature bonuses) at the expense of longer-term value."
The note confirms that Coastline Exploration (https://t.co/YztVl7wCZi) -- a company formed in 2018 and based in the Cayman Islands -- is in fact a rebranding of the discredited Soma Oil & Gas.
"Minimum bidder qualifications are set at relatively low thresholds... By comparison, the 2019 tender protocol required that a bidder include at least one party who has drilled multiple offshore exploration wells."

Grandfathering in "Coastline"? 🤔
"...certain provisions seem to allow the award of PSAs even where a single, potentially incomplete or otherwise non-compliant, bid is received."
"The PSA and the tender protocol issued in November 2020 offer considerably more attractive terms to oil companies than previously contemplated."
Per FGC, no stakeholder consultation appears to have occurred. "A group claiming to represent one clan has recently expressed their rejection of petroleum operations in areas inhabited by their clan."
The FGC also recommends that Federal Member States be properly included in the process.
Conclusion: "...there is a significant risk that any contracts awarded under the license round or through direct negotiations will not protect the interests of the FGS and oil-producing FMS or extract appropriate value for #Somalia’s oil over the lifetime of the PSA."

More from Government

Parents in cities, please pay attention to the reopening details from the Whitehouse.

Biden says "small classes". What we need to understand is how they plant to accomplish this.

Through "childcare programs in schools". We see this all over states w/ closed schools.


We need to grasp that the AFT, NEA, & local unions are systematically working to decouple education from childcare.

Their vision is your child sitting on a device all day, watched by a childcare worker, being "taught" from a Teacher working from

This isn't a paranoid conspiracy theory - it is already happening in the majority of districts across the US where schools are closed.

"Learning Hubs" open, supervised by childcare workers, sometimes in the same "unsafe" school

There is NO OTHER WAY to get "small classes" without Hybrid + wraparound childcare. Your child will spend 2-3 days per WEEK supervised by low wage workers and sitting on a laptop.

Here's

Fairfax,
I am going to take the context for this thread from this piece by my good brother @mabziz in 2018-3 years ago. One thing I am so perturbed about is the response of our Attorney General's office to issues of state security. I have no personal grouse against @MalamiSan, but


2. I do have a professional grouse against him. I feel he is not alive to his duties. I feel that he is also not empowering his Director of Public Prosecutions or his Solicitor General. There is clearly a lot that befuddles me and this is because I am a seasoned lawyer and can't/

3. understand why law is not being used as the instrument it was designed for-to enforce law and order. Let us take the case of Nnamdi Kanu-this man was arraigned in Nigeria on a charge of treason/treasonable felony-he was on bail & he jumped bail. Why has he not been extradited?

4. Is it that Kanu is somehow bigger than Nigeria? What has happened to his surety who failed to produce him? Who is prosecuting him? Our Federal Ministry of Justice? Should Malami not explain to Nigeria why Nnamdi Kanu is still taunting Nigeria daily & still actively destroying/

5. our unity everyday. He is putting the lives of many people at risk and stoking ethnic dissent easily. The Fulani herdsmen dilemma, the burning of Lagos State and his coordination of same on phone-in radio channels, his videos are all stoking a Yoruba/Igbo carnage. Same with/

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