Representatives launch probe into NNPC’s 32-year-old joint ventures


… summon the accountant general for failure to present the 2020 accounts of the MDAs

The House of Representatives has begun its investigation into joint ventures and production sharing contracts entered into by the Nigerian National Petroleum Corporation over the past 32 years.

The House Ad Hoc Committee investigating the structure and liability of joint ventures and production sharing contracts of the Nigerian National Petroleum Corporation from 1990 to date held its inaugural investigative hearing on Tuesday.

Speaker of the House, Femi Gbajabiamila, while declaring the hearing open, said he was delighted to inaugurate the committee “at this critical time in our nation when more resources are needed to diversify our economy.”

Gbajabiamila said: “This investigation has become necessary as there are serious allegations that the operations of joint venture companies and production sharing contracts, for which NNPC is a party and representing Nigerian interests, have been carried out over the years. with the highest degree of opacity to the extent that the Nigerian government and its citizens have been deprived of the value of their investment in the oil and gas sector.

“As a result, it would amount to administrative recklessness for any sane government to stand aside and see such a sensitive sector that determines its future existence not receive proper attention in the governance process.

“It should be noted that joint venture agreements and production sharing contracts are meant to protect the interests of all parties. However, there are fears that these agreements will not be adhered to in the branches and that Nigeria will be bypassed. »

The chairman of the committee, Abubakar Fulata, noted that the objective of the investigation would be to critically examine whether the operations of JV companies and PSCs between the oil companies involved in the agreements with the NNPC had been carried out in the law and whether the benefits accruing to Nigeria were just and reasonable.

“It should be noted that any breach in the oil and gas sector, either by the operating companies or by individuals in the sector, has a corollary effect on the Nigerian economy.”

Therefore, the committee in conducting this hearing will leave nothing to chance as we are committed to acting fairly in the best interest of the stakeholders and the Nigerian state,” he said.

Meanwhile, the House Public Accounts Committee on Tuesday invited the Acting Accountant General of the Federation, Sylva Okolieaboh, on the failure of his office to present the 2020 audit reports of ministries, departments and agencies. of the federal government to the Office of the Auditor General of the Federation.

Speaker, Oluwole Oke, during the committee’s continuing investigative hearing, decried that the delay was affecting the work of parliament.

Oke said: “As the 9th Assembly draws to a close, we must redouble our efforts to review all reports already tabled in the House. At this time, we have completed work on those for 2017 and our reports are already in the press, after which we will lay the report before the full House for formal consideration.


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