Nigeria sues Addax for $3 bln

Nigeria

ABUJA, March 6, 2018 – The Nigerian government has started legal proceedings against Addax Petroleum Development Nigeria to retrieve alleged under-remittances of USD 3 billion, local media reported Monday. 

According to the government, the company owes the sum on output from OMLs 123, 124, 126 and 137. The government is arguing the company used irregular and illegal side letters to avoid full remittances.  

The respondents in the case are Addax Petroleum Development Nigeria, Addax Petroleum Exploration Nigeria, the Nigerian National Petroleum Corporation, the Ministry of Petroleum Resources/Department of Petroleum Resources and the National Petroleum Investment and Management Services.

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