Energy
Reps probe loss of $21bn crude in Nigeria
- Demand explanations for multinational Oil Coys
The Lower chamber of the National Assembly, the House of Representatives, has commenced investigations into the loss of crude oil in Nigeria worth $21 billion.
The House of Representatives set up an Ad Hoc Committee to investigate the roles of International Oil Companies, IOCs, in fleecing indigenous firms in Nigeria.
The House had directed the committee to investigate within four weeks debts owed to indigenous companies by International Oil Companies (IOCs).
Chairman of the Ad Hoc Committee, Daniel Reyenieju (Delta-PDP), promised that the committee would work with determination to unravel the causes of the $21 billion oil revenue loss.
“We are expected to investigate the operations of the deep offshore and Inland Basin Production Sharing Contracts Act (PSC) as it concerns the Nigerian National Petroleum Corporation (NNPC) and the International Oil Companies (IOCs) towards determining the reasons for the loss of $21 billion,” Daniel Reyenieju had declared.
He said the committee would also enquire why appropriate steps were not taken over a long period to remedy the situation which led to the alleged loss and possibly recover the revenue.
He added that the second referral was to investigate the debts owed to local companies and indigenous contractors by IOCs and gas companies with a view to ensuring the debts were paid.
The Minister of State for Petroleum Resources, Ibe Kachikwu, is expected to provide the committee with details of financial transactions between the NNPC and IOCs during the period in view.
The Committee also invited all local companies being owed to furnish it with details of their respective transactions or contracts.
The House of Representatives had in January set up the ad hoc committee to investigate alleged huge debts being owed local companies and indigenous contractors by International Oil and Gas Companies.
It also mandated the committee to ensure that such debts are paid promptly.
-
Football3 days agoXabi Alonso targets Arda Guler as Chelsea prepare €100m transfer bid
-
Business6 days agoNigeria gets 2026 Toyota RAV4 as Toyota-By-CFAO sets Lagos launch date
-
Editorial Opinion5 days agoUnder the Uniform: The urgent need for mental health, substance abuse screening for officers
-
Football3 days agoFIFA confirms Jay-Jay Okocha holds World Cup record
-
Politics2 days agoAmuwo Odofin: Umeadi emerges winner of NDC Reps Primary
-
Latest4 days agoTinubu’s daughter decries alleged irregularities in Lagos APC primaries (Video)
-
Featured6 days agoEx-Police chiefs’ governorship bids spark debate over source of political funding
-
Aviation3 days agoInside Airport Luggage Theft: Experts warn of rising insider syndicates