An oil and gas consultancy firm, Trobell International Limited, has explained how it helped the Federal Government recover over $55bn in unpaid royalties from international oil companies operating in Nigeria.
In a statement by its Managing Director, Thomas Sede, the company said it crossed several hurdles in its attempt to help the government recoup what is due to it from the profit made by the IOCs under Production Sharing Contracts.
The company was engaged by the federal government as a lead consultant to recover the excess of government’s share from the profits made by those companies.
The Office of the Attorney-General of the Federation, which engaged the firm in 2018, suspended its work last month.
But before the suspension, according to Sede, the firm had helped the government rake in over $55bn following an out-of-court settlement with some of the oil firms.