Reps issue ultimatum over N6trn oil proceeds

Posted by News Express | 23 January 2017 | 2,106 times

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•House of Reps during plenary.

A House of Representatives ad-hoc panel has issued two weeks ultimatum to the Attorney General of the Federation, Abubakar Malami (SAN) and the Economic and Financial Crimes Commission (EFCC) to submit documents on the N6trillion undeclared proceeds of oil and gas exports.

Others included in the ultimatum are the Nigeria Ports Authority (NPA), the Nigeria Maritime Administration and Safety Agency (NIMASA), the Nigerian Navy and the National Petroleum Investment Management Services (NAPIMS).

The committee issued the same ultimatum to some international oil companies (IOCs) including Shell (US) Trading Company (STUSCO), Mobil Producing Nigeria, Chevron Petroleum Nigeria Limited, ESSO Exploration Production Nigeria and EXXON Mobil.

Others are Star Deep Water Petroleum Limited, Brass Oil Services Company Nigeria Limited, Supreme Jute and Kntex Limited, Consolidated Oil Limited and Duke Oil Company Limited.

The panel, chaired by Rep Abdulrazak Namdas (APC, Adamawa) said it had sent letters to over 10 government agencies and 20 IOCs requesting for relevant documents since December but that only six agencies and 10 IOCs responded.

The House had in September last year said based on a report by a consultant appointed under the administration of Goodluck Jonathan, Nigeria’s crude oil worth $12billion was shipped to the United States alone between 2011 and 2014, with another $3 billion worth shipped to China, while $839.5 million crude was taken to Norway.

The figures were ascertained by buyers, bill of lading, arrival dates, destination ports, quantity of crude and other documented information, but that the country has $17bn recoverable shortfalls from the crude exports. (Daily Trust)

Source: News Express

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