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Tag: Osa Owieadolor

Nigeria’s bid round signature bonuses are overpriced, says Owieadolor

Nigeria’s bid round signature bonuses are overpriced, says Owieadolor

Economy, Finance
The Nigerian government’s expectation of raising half a billion dollars from signature bonuses has imposed significant financial pressure on participants in the about-to-be-concluded bid round of marginal fields, the chief executive of Platform Petroleum, Osa Owieadolor has said. “By our own assessment, I think it is overpriced”, contends Owieadolor, noting that, “in (the last marginal field bid round exercise) in 2003, $150,000 was paid as signature bonus, but now it is ranging from $5,000,000 to as high as twenty-something million dollars. That’s a lot of money” Owieadolor, who retires from the job at the end of this month, says he is not canvassing for a signature bonus as low as $150,000, “but $5Million for a marginal field is too high” and this is one of the lowest figures. ...