FG Recovers Over $14m Unpaid Oil Royalty From Jide Omokore’s Firm


The Federal Government have finally succeeded in getting the sum of $14 million from the Chairman of Atlantic Energy Drilling Concepts Nigeria Limited, Jide Omokore being crude oil royalty which his company failed to remit to the federal treasury. The funds were supposed to have been paid between 2011 and 2012 by Atlantic Energy.

According to reports, the money was finally paid into the Federal Government’s account with JP Morgan Chase on January 29, after the Economic and Financial Crimes Commission (EFCC) waded into the matter of recovering taxes due to the Federal Government.

An EFCC source told newsmen on Wednesday that the investigation of tax defaulters in the dollar-soaked oil industry is continuing and that those who failed to pay up willingly stand the risk of being  arrested and prosecution for tax fraud.

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”The investigation of tax defaulters in the dollar-soaked oil industry is continuing, those who failed to willingly pay up stand the risk of arrest and prosecution for tax fraud.”

Mr. Jide Omokore, an ally of former president Goodluck Jonathan was arrested and  questioned by the EFCC operatives on January 27  in connection with series of multi-billion dollar petrol import and crude export deals made by his company  Atlantic Energy Drilling Concepts Nigeria Limited.

The company  was one of those that allegedly received multi-billion dollar worth of public assets without due process during the Jonathan administration in 2011 which was also accused of being involved in the lifting of crude oil controlled by the Nigerian Petroleum Development Company (NPDC), when Mrs. Diezani Alison-Madueke was Minister of Petroleum Resources.

The company was said to have paid $168 million into the government’s account in 2012 but lifted about three million barrels – valued at over $350 million. It also lifted about 2 million barrels of crude valued at about $240 million, but paid only $68 million in 2014 and allegedly did not pay any cash in 2015  but lifted about 500,000 barrels of crude oil, valued at $54 million.

Although Mr. Omokore could not be reached for comments on Wednesday, his company recently issued a statement saying it was getting back on course after submitting its plan to settle outstanding financial commitments to the Nigerian authorities.

Also See: Jonathan’s Ally In EFFC Net Over Alleged Multi-billion Dollar Deals