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.
-
Football1 week agoSaka: England still carry World Cup scar
-
Latest5 days agoPastor Chris Oyakhilome announces mother’s passing at 88 [VIDEO]
-
Latest6 days agoArsenal eye €70-80m move for Real Madrid star
-
Crime6 days agoPolice arrest suspect, launch manhunt for 2 others over Delta Education Director’s death
-
Crime5 days agoDeaths in NSCDC Custody: Can Nigeria guarantee the safety of detainees?
-
Latest5 days agoHow adulterated palm oil, coloured pepper are putting consumers at risk
-
Latest6 days agoObi left $155m in Anambra, Otti insists amid debt controversy
-
Crime6 days ago184.5kg Cocaine Bust: NDLEA docks KC Luxury, two accomplices, remands them in custody