The determination of the Federal Government to recover all unremitted monies accruable from the lifting of crude oil seems to be yielding fruits.
Sources close to Atlantic Energy Drilling Concepts Limited, owned by Mr. Jide Omokore have squealed that the company had already submitted plans to government on how it intends to pay the several billions it is owing.
Recall that the FG has compelled Atlantic Energy Drilling Concepts Limited to cough out about $15M in unremitted crude oil royalty and evaded tax.
In November 2015, as is the tradition of The New Diplomat Newspaper, Nigeria’s foremost newspaper for in-depth investigative and factual stories, under the headline “EXCLUSIVE: EFCC Writes Diezani, Intensifies Investigations on Kola Aluko, Jide Omokore and others”, we broke the story of the massive fraud being perpetrated by the aforementioned personalities and the loss of huge sum of money running into billions of dollars in tax returns.
The New Diplomat had reported then that as at the last count, Atlantic Energy Drilling Concepts Limited, was, according to reports, indebted to the Federal Government to the tune of about $2 billion which the Buhari Administration has vowed to recover.
Documents available to The New Diplomat Economic Intelligence Team had revealed that in its determined to clean up much of the dirty deals which characterized the oil and Gas industry during the era of Goodluck Jonathan and recover several billions of tax payers’ monies allegedly frittered away under the watch of Mrs. Diezani Alison-Madueke, as Petroleum Resources Minister, the Economic and Financial Crimes Commission (EFCC) has launched massive investigations into alleged cases of fraud and money laundering perpetrated by promoters of Atlantic Energy Drilling Concepts Ltd and Atlantic Energy Brass Development Ltd.
It was also gathered that some global investigators and the Special anti-crime unit of the British Intelligence have also uncovered startling details of how directors and promoters of Atlantic Energy Drilling Concepts limited undermined the Federal government under a controversial Strategic Alliance Agreement, (SAA) endorsed by the then Minister of Petroleum Resources between the Nigerian Petroleum Development Company Limited (NPDC) and Atlantic Energy Drilling Concepts Limited on the one hand and NPDC and Atlantic Energy Brass Development Limited on the other. Both Companies are firms owned or promoted by Omokore and Aluko.
In the light of this revelations, the EFCC recently raided the business premises of Omokore, making away with documents and computers.
“The investigation of tax defaulters in the dollar-soaked oil industry is continuing,” a source at the EFCC said last week. “Those who failed to willingly pay up stand the risk of arrest and prosecution for tax fraud.”
Fast forward three months to February 2016, the chicken may have finally come home to roost. In a clear confirmation of our story, there are very strong indications that the Nigerian Government has successfully compelled the Chairman of Atlantic Energy Drilling Concepts Nigeria Limited, Jide Omokore to cough out over $14million, being crude oil royalty which his company failed to remit to the federal treasury. In order to save its neck and his crumbling business empire and in compliance with the Federal Government directive, the advance deposit was finally paid into the Federal Government’s account with JP Morgan Chase on January 29.
Chronicles of the fraud
Atlantic Energy Drilling Concepts Nigeria Limited signed a Strategic Alliance Agreement (SAA) with Nigerian Petroleum Development Company, NPDC on July 19, 2010.
The company took charge under the agreement of OML 26 FHN; OML 30 Shoreline; OML 34 Niger Delta Oil; and OML 42 Neconde and was also to provide funds, technical services, drill and sell crude oil.
According to the investigations, the company was later accused of lifting crude oil, but remitted only a fraction of its worth to government.
It was gathered that in 2012, the company paid $168million into government’s account, but lifted about three million barrels valued at over $350 million, leaving a balance of $182 million.
The source also said that in 2013, the company lifted about two million barrels of crude oil valued at $240 million but paid only $68 million, leaving a balance of $172 million.
Similarly, the company was also alleged to have in 2014, paid zero cash call, even though it lifted 500,000 barrels of crude oil valued at $68 million.
By 2011, NPDC reportedly lifted crude oil amounting to (947,096 barrels) on behalf of Atlantic Energy and remitted $102m into the coffers of its strategic partner; instead of Atlantic Energy to lift oil and remit proceeds as agreed in the SAA procedural rules and guidelines.
This continued throughout the Jonathan era. Again in 2012 and 2013, Atlantic Energy allegedly paid cash calls worth $168million, but lifted crude oil of well over 3million barrels, estimated at roughly over $350 million.
Interestingly, at the tail end of the Jonathan era, Atlantic Energy paid zero cash calls and reportedly lifted about 500,000 barrels of crude oil, valued at $54 million.
The funds were transferred overseas as payments for vendors. Now to Atlantic Brass Development Company Limited. It was granted another set of SAA. The new SAA covered four blocks: OML – 60; OML – 61; OML – 62; OML – 63. In this new case, Omokore and Aluko’s promoted companies went berserk as they simply received funds from NPDC and allegedly never paid even a kobo to NPDC as signature bonus.
The new firm reportedly took all monies notwithstanding the fact that it lifted about 8 million barrels of crude oil valued at $800 million at the time.
