But the ERGP document explained that the efforts of the government in restoring peace to the Niger Delta region would result in an increase in oil revenue by 176 per cent in 2017 and then an average of 13 per cent every year until 2020.
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“He started on a faulty note, which if not corrected will make the situation worse. Divide and rule will not work, if the people of the upland part of the region are not treated with same level of respect as those in the creeks, there will never be security for the oil assets you so much cherish,” Agbalaja stated.
“Our advice however is that government should not politicize it, they should identify those who are already in the business and leverage on their expertise as well as enhance their capacities. Those with some kind of experience will be easier to train for the pilot scheme and we shall be more than willing to work with government to showcase our skills, before now they had branded us illegal.”
He explained that the deployment of the Aquilla 2 technology fits into reforms recently introduced by the Fund, such as the rigorous background activities currently undertaken by PEF, including on-site visits by its staff to physically inspect outlets to ensure they meet specific requirements and capacity approved by the Department of Petroleum Resources (DPR).
The former presidential aide, whose analysis in the letter put daily dollar demand for the importation of petrol, added, “Under this (crude oil swap) scheme, we will therefore remove a demand of $14m per day or $420m per month from the aggregate import demand for Forex by the petroleum and oil marketers.”
The Federal government alleged that Yakubu had between 2012 and 2014, without going through a financial institution, received cash payments of $9, 772, 800 and £74, 000, and thereby committed an offence contrary to section 1 of Money Laundering (Prohibition) Act 2012 and punishable under section 16(2) of the Act.
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