14 February 2018

Nigeria: Reps Start Probe On U.S.$21 Bn Crude Oil Loss

The ad-hoc committee recently set by the House of Representatives to probe the loss of crude oil worth over $21billion and huge debts being owed indigenous companies by International Oil Companies,IOCs commenced legislative business on the issues on Wednesday.

Speaking at the inaugural meeting, Chairman of the ad-hoc committee, Rep Daniel Reyenieju,PDP, Warri Federal Constituency, Delta state said:

"We are expected to investigate the operations of the deep offshore and Inland Basin Production Sharing Contracts Act, PSC, as it concerns the NNPC and IOCs towards determining the reasons for the loss of $21bn, enquire why appropriate steps were not taken, promptly and over an inordinately long period to remedy the situation which to the loss and possibly recover the revenue.

He said the second referral is to"investigate the huge debts being owed local Companies and indigenous contractors by IOCs and gas companies with the view to ensuring that such debts are paid promptly.

Nigeria

Buharimeter - Nigerians Insist Buhari Yet to Publicly Declare Assets

Majority of Nigerians who took part in an opinion poll have dismissed the authenticity of the asset declaration of… Read more »

See What Everyone is Watching

Copyright © 2018 Vanguard. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 800 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.