The Buhari led government has suspended West African Ventures, WAV, from participating in ongoing and future tenders in Nigeria’s oil and gas industry with immediate effect.
The company’s operational license was suspended because Buhari claims the company violated the Nigerian Content Act.
West African Ventures is a %100 Nigerian owned company and a leading indigenous provider of offshore engineering, procurement, fabrication, installation and vessel charter services.
After suspending the company’s operational license, the Buhari’s led government wrote the oil companies that does business with West African Ventures
The letter requested all international oil companies to cease doing business with it or face the wrought of the law.
The company services oil giants like ExxonMobil, Agip, Chevron, Addax, Total and etc.
WAV is a provider of offshore engineering, procurement, fabrication, installation and vessel charter services in the oil and gas industry.
It is alleged that West African Ventures violated Nigerian Content law and also frustrated President Buhari’s efforts to build local capacity in the oil and gas industry.
A letter with reference number NCDMB/ES/18/16 which was sent to ExxonMobil, th Buhari led government expressly asked the oil firm to “Suspend consideration of West African Ventures in ongoing and future tendering processes with immediate effect.”
A top management personnel of West African Ventures, Mr. Johnson Mgbemena, told reporters that the company’s secretary would react to Buhari’s suspension in due time.
Mr. Mgbemena lamented the Federal Government’s tough stance on their firm.
However, one official of the company, who was not authorized to speak on the matter stated that the company was collaborating with the government to resolve the issue.
No official response is yet to be given from the company.
Many Nigerian staff are feared to be laid off owing to the suspension of the company’s operational license.