By Favour Nnabugwu

The Inter-Agency Technical Committee on the implementation of the Supreme Court judgment in suit between  Rivers and Akwa Ibom States over ownership of oil wells,  has recommended that Akwa Ibom refunds N10.910billion to Rivers.

The sum, according to the report, is exclusive of a two-year interest accrued on the money for between April 2009 and April 2011.

The committee chaired by Alhaji Abdullahi Makowa, in Abuja, yesterday, submitted its report to the Chairman of Revenue Mobilisation, Allocation and Fiscal Commission, RMAFC, Engr. Elias Mbam.

According to the committee, “the computation of the amount due to Rivers State covers from April 2009 to April 2011 and the committee found that Akwa Ibom State government will make a refund of N10.910billion to Rivers State.”

It further said, “this amount is exclusive of the prevailing commercial interest rate to be charged as the committee is still awaiting the appropriate rate to be charged from the Central Bank of Nigeria. This will be calculated and be given to Rivers State as soon as it is received.”

The report of the committee was necessitated by the judgment of the Supreme Court, which ordered Akwa Ibom to hands-off from the contentious 86 oil wells, which was awarded to Rivers State by virtue of a political agreement brokered between the two states in 2006.

The apex court had said in the judgment, “the plaintiff (Rivers State) is the owner of the 86 oil wells by virtue of the political  agreement between the plaintiff and the 1st defendant (Akwa Ibom State), the terms of which are contained in exhibit AMBI and therefore, entitled to be paid revenue derivable therefrom under the provision of section 162 of the 1999 constitution from April, 2009 till date and subsequently.”

The committee’s report had also said “in the course of carrying out our assignment, we (committee) received data on the 86-86 oil wells attribution from National Boundary Commission in conjunction with the Office of the Surveyor-General of the Federation and their respective production data from the Department of Petroleum Resources.”