Investors who participated in the marginal field exercise and got letters of awarded status, have forfeited their allocation to the Federal Government on account if their failure to pay the required signature bonus within 45 days .
The action was conveyed in a public notice on the website of the Nigerian Upstream Regulatory Commission (NUPRC),which was sighted by PremiumNews.
The agency said sequel to development,the investors’ respective equity participation have expired by operations of law, and such have reverted to the bid basket due to effusion of time for payment of the applicable Signature Bonus
Gbenga Komolafe, the Chief Executive Officer of the agency, signed the public notice.
The agency said:“Notice is hereby given to the general public and particularly, all recipients of the letter of notification of potential Awardees Status in the 2020 Marginal field bid round MFBR that the forty five (45) calendar days payment of the requisite Signature Bonus has since lapsed.Accordingly, in line with the rules and guidelines governing the 2020 Marginal Field Bid Round and the notification of potentials award letters, all offers made to potential awardees who have failed to pay the signature bonus for their respective equity participation have expired by operations of law, and such have reverted to the bid basket due to effusion of time for payment of the applicable Signature Bonus”
“The commission accepts no responsibility or liability in respect of any action or activity by such potential awardees, their partners, associate, representative or privies in further pursuit of any consideration of award under the said MFBR”
It stated further that participants interested in fields where the potential awardees have failed to pay all the required signature bonuses will be pro-rated and the portion not paid for has automatically reverted to the bid basket and will be offered to reserve bidders in line with paragraph9(iii )of the MFBR Guidelines.
It added that the development is to ensure maximum participation of a wide cross section of Nigerians Eligible Reserve Bidders will be contacted shortly to provide proof of fund for payment of applicable signature bonus as basis for the issuance of potential award letters for equity participation taken back into the bid basket.
