The House of Representatives adhoc committee probing $21 billion debts owed indigenous companies by International Oil Companies, IOCs, revenue leakage on Thursday invited Ibe Kachikwu, Minister of State for Petroleum Resources and Chief Executive Officers of all oil companies operating in Nigeria.
Rep Daniel Reyenieju, PDP, Warri Federal Constituency in Delta State,chairman of the Ad-hoc Committee flanked by his colleagues gave update on the workings of the committee at the National Assembly, expressed worry over the failure of relevant regulatory agencies to take necessary actions toward recovering the debts from the OICs.
He explained that the Special Committee was mandated to investigate two resolutions of the House, on Thursday, 18th and 25th January, 2018, respectively.
“The Ad-hoc committee is to investigate the operations of the Deep Offshore and Inland Basin Production Sharing Contractors Act (PSC) as it concerns the NNPC and IOCs, towards determining the reasons for the loss of $21 billion; enquire 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 lost.
“Accordingly, the House requires the Minister of State for Petroleum Resources to provide it with details of financial transactions between the NPDC and IOCs during the period.
“Review the PSC, the Joint Operating Agreement and other relevant agreements, with a view to regularising all the anomalies that might have led to the loss of revenue.