Senate ad hoc committee investigating the $16 billion Egina Deep Sea Project has disclosed that the participating foreign firms in the contract would refund billions of dollars to the Federal Government or Total Upstream Nigeria Limited. The project covered cost variations and local content elements. Chairman of the committee, Solomon Adeola, confirmed this in a statement in Abuja yesterday, saying the committee was optimistic that the investigations would result in the refund of billions of dollars to either the Nigerian government or Total Upstream Nigeria Limited. He noted that this would ultimately reduce the cost of Egina Project and give Nigeria an advantage in the joint ventures (JVs) arrangement that would run for 25 years of exploiting Nigeria’s resources. He also reaffirmed the committee’s resolve that managements of the foreign firms that participated in the Egina project must appear before it to explain their activities in the […]