600 Billion Naira Oil Search In North-east Suffers Major Setback

The Nigerian National Petroleum Corporation (NNPC) oil search in the Northeast on the order of President Muhammadu Buhari is said to have suffered a major setback over the deferment of the return of equipment and personnel to exploration site in the Lake Chad.

New Telegraph put it that over N600 billion ($2 billion) had been invested.

The Group Managing Director of the corporation, Dr. Maikanti Baru, had on May 15 to return to site in “six weeks” might not come to fruition due to inability to move the equipment last week, which is the third week, based on the failure to secure clearance from the military just two weeks to the time promised.

Speaking when he paid a courtesy visit to the Governor of Borno State, Kashim Shettima, and the Shehu of Borno, Alhaji Abubakar el- Kanemi, in Maiduguri, the NNPC’s helmsman, who promised his corporation’s determination to return to site “in six weeks,” stated that this decision would majorly be made after a “green light” to go ahead from the military authorities.