Mr Olanrewaju Suraju, Chairman, Human and Environmental Development Agenda Resource Centre , a non-governmental organisation said on Thursday in Lagos the terms replicated military-rule era “Sole Risk’’ contracts.
Shell, Eni and some of their senior managers are now standing trial, charged with international corruption and with prosecution pending in other countries. “The analysis of Shell and Eni’s valuation documents prepared before they agreed to the deal in 2011 appears to show that the transfer of Nigeria’s share of future revenue to the companies was essential for the companies to be willing to pay over a billion dollars upfront, money that prosecutors say was used to pay massive bribes.
An analysis published in late 2018 by the same firm showed that the terms of the contract could reduce the Nigerian government’s revenue from the fields by 5.86 billion dollars over the lifetime of the project when compared to the standard Production Sharing Contract terms in place in Nigeria since 2005, assuming an oil price of 70 dollars per barrel.
The statement said Nigeria is currently pursuing civil claims against Shell and Eni over the deal which they claim “Shell and Eni engaged in for bribery and unlawful conspiracy’’ to harm the Federal Republic of Nigeria and that they dishonestly assisted corrupt Nigerian government officials. “Now we’ve learned that Shell and Eni profited unfairly through military era contract terms meaning that it was Nigeria’s share of oil that was used to fuel profiteering and payoffs.“These companies and Nigerian officials agreed a sweetheart deal that deprives Nigeria of money it badly needs to build schools and pay doctors.
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