Shell Energy Entrepreneurs banner Yudala banner
Oil firms get 2-week ultimatum to remit $250m to FG

By Raji Rasak on 15/12/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 444

•Reps Committee Chairman Jerigbe Agom
•Reps Committee Chairman Jerigbe Agom

The House of Representatives Committee on Oil and Gas on Thursday gave 10 indigenous oil companies in the country two weeks to remit US$250 million oil royalty to Federal Government’s coffers.

Jerigbe Agom, Chairman of the committee, gave the ultimatum at the ongoing sitting over unremitted funds in the industry.

According to him, Nigeria could no longer condone unbecoming acts of the operators which were capable of strangulating the nation’s oil and gas industry.

He said the companies were Aiteo Group, Dubri Oil Limited, Atlas Energy, Frontier Oil Ltd., Oriental Energy Limited, Express Petroleum, WalterSmith Oil Limited and Neconde Group.

Agom said the committee would have no choice than to wield the big sticks on the companies that refused to meet the deadline as part of its mandate to ensure sanity in the nation’s oil and gas industry.

Meanwhile, members of the committee said the Department of Petroleum Resources was not proactive enough to ensure that indigenous oil companies complied with rules in the nation’s oil and gas sector.

They wondered why the regulatory body could not wield the big sticks on oil companies that failed to pay their oil royalties when evidence was clear that they owed the government.

They also accused gas companies in the country of not revealing the accurate figures of the quantity of gas produced and flared.

The lawmakers resolved to pay on-site visit to the gas companies at a later date to crosscheck claims of their gas production and flare.

Mr Dada Thomas, Managing Director of Frontier Oil Limited, however, said most of them got the invitation very late.

He complained of harsh business environment like high cost of production and interest rate which also explained why owners of marginal fields in the country could not operate the fields.

According to him, the government has no reason to grant them requisite tax holidays with a view to boosting their business and opening the nation’s oil and gas sector for investment prospects. (NAN)

 

 

Source News Express

Posted 15/12/2017 01:22:24 AM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Edo Assembly gives Oshiomhole approval to access N366m...

FG, labour strike deal on new minimum wage...

Breaking News: Ex-National Security Adviser Sabo Dasuki reportedly...

Court remands 44 Biafra activists in prison cusody...

Breaking News: Kaduna Speaker, Deputy impeached

FG pledges to work with Nigerian PR Consultants...

All set for musical fireworks to climax Lagos...

Bayelsa Polls: Police beef up security, restrict movement...

Spain buys €6.5bn oil from Nigeria

EFCC recovers N553m stolen funds from politicians in...

Is this anti-Statism or anti-Buhari or something else?...

African Basketball League set for launch in Lagos...

 

Latest News Man divorces wife after 44 years of marriage based on information received in his dream Rice farm: Bayelsa community disowns ex-militant leader, demands his arrest Gowon, others shun book launch in memory of Tafawa Balewa Restructuring: Urhobo seek return to Midwest Region Expert links bush burning to asthma, cancer, premature death 2019: Fani-Kayode lashes 7 Northern governors for mobilisng for Buhari’s re-election •Dismisses them as parasites, vampires Benue Killings: I never ignored Ortom’s warning — Osinbajo My 10-year ban from holding public office in Ekiti a big joke — Fayemi Kidnapped lawmaker found dead Kano commissioner, sons in police net over ‘stone devil Kwankwaso’ remark OBJ sets record as Open University graduates 14,769 Okah, other Kuje Maximum Prisons inmates in safe custody — Prisons Service

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (314,098 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (303,117 views) Shameless Genevieve Nnaji exposes breasts in public (243,386 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (200,767 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (189,528 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (178,772 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,023 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (138,948 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (135,746 views) Lagos plane crash: Journalist releases victims’ names (124,038 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,043 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,554 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,848) Business Verdict (32) Columnists (790) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,738) Interviews (139) Live Commentary (28) Love Matters (100) News (31,928) Opinion (864) Pidgin (10) Politics (4,349) Religion (666) Sports (1,405) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!