Senate Joint Committees comprising Gas Resources, Petroleum Upstream, Finance and Appropriations,is set to begin probe into why the Nigeria National Petroleum Corporation (NNPC) failed to meet its joint venture cash call obligations, put at over $7 billion.

The probe however would cover the period between 2011 and 2015.

The Joint Committee was set up following the debate and adoption of a motion by the Senate on Wednesday, 13th April, 2106, on the urgent need for effective implementation of the Joint Venture Cash Calls obligations by NNPC, in accordance with various Appropriation Acts of the National Assembly and pursuant to Sections 88 and 89 of the Constitution of the Federal Republic of Nigeria, 1999 as amended.

In a statement issued to journalists in Abuja, by the Chairman, Committee on Gas, Senator Bassey Akpan (PDP, Akwa Ibom), who chairs the joint panel, said it has already requested organisations and the general public to submit written memoranda before the end of July 2016 on the operations of NNPC Joint Venture Cash Call obligations from 2011 to 2015.

The call for memoranda is expected to be followed by an investigative hearing on the matter.

According to the statement, some of the organisations expected to submit memoranda at the investigative hearing include among others the Nigerian Extractive industry and Transparency Initiative (NEITI), Federal Ministry of Finance and the Petroleum Club.

Others includeForum of State Commissioners of Finance, Oil and Gas Industry Stakeholders and interested parties.

Recall that the Committee had, at its inaugural meeting last month, mapped out the scope and framework for the investigations.