MRS provided $300m to NNPC for Chevron assets

• MRS provided $300m to NNPC for Chevron assets
• FG recovers N120bn from proceeds of crime

The purchase of oil blocks by the Nigerian National Petroleum Company from Chevron Corp was made possible by one of Nigeria’s wealthiest families, providing the company with a window into how it may support its ambitious expansion goals.

Bloomberg reported on Monday that NNPC received $300 million from a subsidiary of MRS Holdings Ltd to purchase two shallow-water licenses that Chevron had sold.

The funding was backed by petroleum from fields within NNPC’s portfolio that were producing at the time of the transaction’s completion in May, the company said.

According to the financial documents and a response from NNPC Chief Financial Officer, Umar Ajiya via email, the forward sale deal was reached between NNPC and Bestaf Funding Ltd, a company registered in the Bahamas.

FG recovers N120bn from proceeds of crime

As a result of the implementation of the Proceeds of Crime (Recovery and Management) Act, 2022, the Federal Government reported on Wednesday that it has collected over N120 billion from the proceeds of crime.

It said that the administration’s campaign against corruption was going very well and that the revenue would be used to build important routes.

This information was provided at the 8th edition of the “PMB Administration Scorecard Series (2015-2023),” where the Minister of the Environment gave a presentation on the accomplishments of the environment ministry, Minister of Information and Culture Lai Mohammed.

“As you may already be aware, on May 12, 2022, Mr. President signed into law the Proceeds of Crime (Recovery and Management) Bill, 2022.

READ MORE: NNPC’s estimated crude oil theft loss is 700,000 bpd -Wunti

“That bill was one of the three which Mr. President signed into law that day. Others are the Money Laundering (Prevention and Prohibition) Bill, 2022, and the Terrorism (Prevention and Prohibition) Bill, 2022.

“I have an update on the Proceeds of Crime (Recovery and Management) Act, 2022. In line with the new law, all relevant agencies of government have now opened a ‘Confiscated and Forfeiture Properties Account with the Central Bank of Nigeria.”

He added, “I can confirm that so far, the Federal Government has realized over N120bn, among other currencies, from POCA. This money will be used to fund the completion of ongoing critical infrastructure projects in the country like the Second Niger Bridge as well as the Lagos-Ibadan and Abuja-Kano expressways. We will continue to update you on this.”

With regard to the purpose of the event, he stated, “We launched this series in October as part of an overall initiative aimed at displaying and documenting the manifold accomplishments of the Buhari government.”