.jpeg "Local contractors protest the Agip-Oando acquisition agreement.")
The contractors under the auspices of the Coalition of Indigenous Contractors of Agip (CICA) said it would be inhuman and lack of global best practice to allow the deal to sail through without settling all debts owed them by the company.
They wondered why Agip would embark on such a deal without first discussing the modalities to pay all their outstanding debts.
The CICA in a statement signed at the weekend in Port Harcourt by its Chairman, Ifeanyichuku Olisa and Secretary, Chief Felix Alumona, lamented that Agip owed its members a huge amount of money for jobs they did for the company.
The contractors called on President Ahmed Bola Tinubu to wade into the transaction and ensure that all outstanding debts were paid before the conclusion of the acquisition.
They also appealed to security agencies to prevail on Agip and NNPC to settle the outstanding debts to avoid compelling host communities and other affected stakeholders to resort to self-help.
The contractors said: “We recently heard that NAOC has been acquired by Oando and the acquisition process is ongoing.
Whilst we hold no objection to the purported acquisition, we are concerned about what happens to the monies NAOC owes all its contractors.
“It also worrisome to hear from NAOC that the other joint venture partners, NNPC and OANDO have not consistently remitted their joint venture contributions, cash calls, which invariably has led to humongous sums of money being owed to local contractors, comprising landlords to NAOC facilities, service contractors and general contractors, who provide services to NAOC”.
The contractors said some of the debts had been owed since 2020 adding that loans were obtained from the banks by contractors to execute the jobs.
CICA said: “What becomes of the monies being owed these contractors, many of whom sought bank loans and invoice discount facilities and are now at serious risk of severe financial losses?
“We call on our ever-listening President Bola Tinubu to prevail on NNPC and OANDO, to as a matter of save our soul (SOS) intervene and save NAOC contractors from financial losses.
We implore our ever-receptive President Bola Tinubu to convince NNPC and OANDO to step in and protect NAOC contractors from monetary loss as a matter of save our soul (SOS).
In order to prevent landlord and host community contractors from resorting to self-help, which will include but not be limited to ensuring the cessation of all NAOC operations in our host communities, government regulatory agencies as well as all security agencies are urged to exert serious pressure on NNPC/OANDO.