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Bid winners allowed to make payments in naira – Minister

The Minister has disclosed that marginal oilfields bid winners are allowed to make payments in naira.

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Oil, DPR, FG announces commencement of bids for marginal oilfields despite court injunction

The Federal Government has disclosed that it has received 161 winning bids in the latest Marginal oilfield round, citing that signature bonuses can also be paid in the local currency, naira.

This was disclosed by the Minister of State for Petroleum, Timipre Sylva, during a press briefing on Petroleum Industry Bill on Thursday. He added that the winners have a deadline of April 20 to complete payment.

“161 winning bids for Marginal Fields, they’ve been notified, we’ve started receiving signature bonuses.

“So far ~50% of winners have paid. We’re expecting ~$600m from the whole process. We also gave allowance for payments in naira and they have till April 20 to pay,” Sylva said.

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