National Assembly Investigates Oil Companies, Others Over Huge Debt To NDDC

Moved by the sorry state of things at the Niger Delta Development Commission, NDDC, due to failure of oil companies and other organisations to pay their debts to the commission, the National Assembly has invited them to appear before its joint session.

The National Assembly which disclosed that the companies are owing the commission N1.27tn and $73m respectively promised to make sure those involved pay the money.

The Chairman, House Committee on NDDC and Co-chairman of the joint committee, Olubunmi Tunji-Ojo, confirmed the development  in Abuja.

Those to appear before the joint session of the National Assembly next week are, Minister of Finance, Zainab Ahmed,  

Others are Governor of the Central Bank of Nigeria, , CBN, Godwin Emefiele; Accountant-General of the Federation, Ahmed Idris; and Auditor-General of the Federation, Anthony Ayine.

Some of the oil companies invited are Shebah Express Petroleum, Atlas Petroleum, Allied Energy, Frontier Oil, Seven Energy Limited, Belma Oil Producing Limited, Aiteo Exploration and Production, Dubri Oil, Conoil Producing, and Continental Oil and Gas.

Others are Nigeria LNG Limited, Enageed Resources Limited, New Cross Exploration and Production, Pan Ocean Oil Corporation Nigeria Limited, Nigerian Petroleum Development Company, Munipulo Petroleum Development Company, and Prime Exploration and Production Company.

Tunji-Ojo explained that the National Assembly is expecting IOC, and other companies to appear before it on Wednesday and explain why they refused to obey the law of the country.  

From record, the affected oil companies jointly owed the NDDC N72bn and $73m, while the Federal Government alone owed N1.2tn.

He said, “We are expecting the IOCs and other oil companies to come by Wednesday next week to tell Nigerians why they have blatantly refused to abide by the laws of the nation. I can assure, we will recover every dime due to the NDDC.

“We also have it on good authority that Pan Ocean owes as much as $46.6m, while Allied Energy is indebted to the tune of $43m; and Shebah Express Petroleum owes as much as $23.8m and then, Atlas Petroleum owes $22m.

“The 9th National Assembly cannot afford to sit and watch oil companies deny the NDDC of its statutory revenue from firms operating in the country.”

He further disclosed that the technical audit of the NDDC conducted by the 8th National Assembly was very revealing.

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