Posted By: | December 01, 2020 |

PSC Contractors Get Ready

Recently, the Federal Government (FG) reportedly wrote to International Oil Companies (IOCs) - as Contractor parties under Production Sharing Contracts (PSCs) with the Nigerian National Petroleum Corporation (NNPC) - demanding 'back taxes' of about US$20 billion. Although detailed basis for the claims are not fully known, they are presumably connected with the recent consent judgment rendered by the Supreme Court (SC) in A-G Rivers State & 2 Ors. v. A-G Federation2 (A-G Rivers) - an action filed by three oil producing States (Rivers, Akwa-Ibom and Bayelsa) against the FG, pursuant to the SC's original jurisdiction.

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