BY CHRIS OCHAYI

ABUJA—The Federal Government, Monday, vowed that no amount of arm-twisting or coercion will make it succumb to jettisoning compliance with due diligence in signing off the $1.55 billion oil deal between the Oando Plc and U.S. oil firm, ConocoPhilips.

The Director, Department of Petroleum Resources, DPR, , Mr. George Osahon, who spoke to newsmen while reacting to a publication where the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, was being allegedly accused of delaying consent to the deal, said the oil transaction does not merit any consent for now.

This is the first time government will speak openly on recent asset acquisitions by indigenous firms from multinational oil firms, a development that has remained a source of concern for industry watchers. This is because the assets are being acquired far above their actual value, more of a status symbol than of market indices.

Osahon, who insisted that until due diligence is carried out and every requirement met, no consent will be given the deal, said, “Oil transaction is not what you do in hurry and that is why enough time is needed to thrash out all green areas in the deal.”

He also noted, for the fact that the sponsors of the publication also agreed that “ConocoPhililps, two months ago submitted an application to the Petroleum Minister seeking official consent to divest its Nigerian assets to the indigenous oil company; Oando PlC on the other hand, has not completed all financial commitments regarding the acquisition.”

Osahon faulted claims by Oando that its planned acquisition of the business interests of US firm, ConocoPhillips was being threatened by delay of consent by the Minister since the application was just submitted just two months ago as they claimed.

The DPR boss said such claims amounted to deliberate arm-twisting tactics adopted by both parties, Oando Plc and ConocoPhillips, to force the federal government into signing off the $1.55 billion assets acquisition deal without due diligence on the transaction.

He said reports alleging that Alison-Madueke had deliberately refused to consent to the deal were untrue, especially in the light of the processes and timeframe involved in the transaction.