House of Reps begins investigation on N7.6trn crude oil loss

House of Reps begins investigation on N7.6trn crude oil loss

- An ad-hoc committee charged by the House of Representatives to investigate the loss of crude oil worth N7.6trn has begun fully

- The chairman of the committee, Daniel Reyenieju, said his team will do its utmost to get to the root of the said loss

- Reyenieju disclosed that the committee has only a time frame of one month to conclude its investigation

The ad-hoc committee put in place by the House of Representatives to probe the alleged loss of crude oil worth N7.6trn on Wednesday, February 14, commenced thorough investigation into oil transactions in order to establish the facts about the case.

The committee was also given a directive to investigate debts owed indigenous companies by International Oil Companies (IOCs), Nigerian Tribune reports.

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In his speech at the inaugural meeting in Abuja on Wednesday, February 14, the chairman of the ad-hoc committee, Honourable Daniel Reyenieju, who said that the committee would be diligent in the assignment, promised that it would get to the root of the matter leading to the loss and provide a lasting solution to it.

Reyenieju said: “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 the amount

“The committee will also inquire why appropriate steps were not taken, promptly and over an inordinately long period to remedy the situation which led to the loss and possibly recover the revenue.”

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The chairman of the committee revealed that the second referral was to probe the debts owed indigenous companies and contractors by IOCs and gas companies with a view to ensuring the debts were fully and quickly paid.

He pointed out that the House needed the minister of state for petroleum resources to provide it with details of financial dealings between the NNPC and IOCs during the period with a promised that the minister would be duly informed to appear before the committee to provide it with all the required facts related to the transactions.

Reyenieju implored the local companies being owed, to provide the committee with details of their respective transactions to guide it in the course of the investigation. He added that the committee has only a period of one month to round off its work.

Meanwhile, reported that the NNPC Properties Ltd (NPL), the real estate management company of the NNPC, had commenced the recovery of the corporation’s landed property worth N100 billion across the nation.

This was disclosed by the NNPC chief operating officer Ventures, Babatunde Victor Adeniran, at the maiden edition of NPL property festival which was held on Tuesday, February 13, at the NNPC Towers, Abuja.

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