45% interest in Oil Mining Lease 11 situated in Ejama Ebubu community in Eleme Local Government Area and the adjoining Ogoni and other communities of the State.
He said: “This fresh case commenced in 2001 passed through four different justices of that Court arising from twists and turns associated with opposed litigations, until it was disposed of about 10 years after in June 2010 by Buba J. . “The judgments of the High Court, the Court of Appeal and the Supreme Court were registered in the United Kingdom for enforcement over there against SPDC parent companies domiciled outside Nigeria’s shores.”
That these phenomenal degradation and impoverishment had continued with the decline of revenue and inflation, lack of employment of well-educated Rivers State youths, idleness and restiveness arising from want; That a lot of revenue is lost to the Federation Account accruable to the 55% stake of the Federal Government in OML 11 and by extension the rest of the Federating States of Nigeria due to non-production of nearly 250,000 barrels per day of its crude oil potentials equaling one sixth of the country’s total out-put.
Governor Wike explained the process: “Therefore, I directed the Rivers State Ministry of Finance Incorporated to make a bid of USD 150,000,0900.00 supported by a Bank Guarantee and cash payment to the Deputy Sheriff in the sum of N1 billion, the later payable to the Judgement Creditors while the former is escrowed.