Zenithbank

FG, oil firms owe NDDC N1.27tn, $73m — N’Assembly - Seemberg News

Seemberg News

Latest Nigeria Business News

FG, oil firms owe NDDC N1.27tn, $73m — N’Assembly

Share:

Related image

The National Assembly has said it is set to invite some Federal Government officials and 17 local and international oil companies over alleged indebtedness to the Niger Delta Development Commission to the tune of N1.27tn and $73m.

The officials to appear before the joint Senate and House of Representatives Committee on the NDDC next week Wednesday include the Minister of Finance, Zainab Ahmed.

Others are Governor of the Central Bank of Nigeria, Godwin Emefiele; Accountant-General of the Federation, Ahmed Idris; and Auditor-General of the Federation, Anthony Ayine.

Some of the oil companies invited are Shebah Express Petroleum, Atlas Petroleum, Allied Energy, Frontier Oil, Seven Energy Limited, Belma Oil Producing Limited, Aiteo Exploration and Production, Dubri Oil, Conoil Producing, and Continental Oil and Gas.

Others are Nigeria LNG Limited, Enageed Resources Limited, New Cross Exploration and Production, Pan Ocean Oil Corporation Nigeria Limited, Nigerian Petroleum Development Company, Munipulo Petroleum Development Company, and Prime Exploration and Production Company.

The Chairman, House Committee on NDDC and Co-chairman of the joint committee, Olubunmi Tunji-Ojo, confirmed the development to journalists in Abuja on Monday.

He said, “We are expecting the IOCs and other oil companies to come by Wednesday next week to tell Nigerians why they have blatantly refused to abide by the laws of the nation. I can assure, we will recover every dime due to the NDDC.”

The lawmaker stated that records had shown that the affected oil companies jointly owed the NDDC N72bn and $73m, while the Federal Government alone owed N1.2tn.

Tunji-Ojo said, “These companies we are investigating owe the NDDC huge sums of money, which when remitted, would improve the fortune of the people of the Niger Delta area. By the records we have, a company like Shell Petroleum Development Company owes more than N54.9bn.

“We also have it on good authority that Pan Ocean owes as much as $46.6m, while Allied Energy is indebted to the tune of $43m; and Shebah Express Petroleum owes as much as $23.8m and then, Atlas Petroleum owes $22m.

“The 9th National Assembly cannot afford to sit and watch oil companies deny the NDDC of its statutory revenue from firms operating in the country.”

He added that a technical audit of the NDDC conducted by the 8th National Assembly was very revealing.

Previous Article

Nigerian banks should adjust to AfCTA changes — Soludo

Next Article

Court stops production of ID cards by Mastercard

You may also like

Leave a Reply

Your email address will not be published. Required fields are marked *