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REPS CHIDES IOCs INSISTED ON EXECUTIVE APPEARANCE.

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REPS CHIDES IOCs INSISTED ON EXECUTIVE APPEARANCE.

It would be recalled that, on Thursday, 15th December, 2016, the House deliberated on a motion in respect of Revenue leakages and resolved to set up an Ad-hoc Committee to investigate the Revenue leakages in Oil and Gas Sector and Activities of the department of Petroleum Resources (DPR).

The Ad-Hoc Committee has since commenced exercising it’s mandate, launched an investigative hearing on “The investigation of Revenue leakages and Activities of the department of Petroleum Resources (DPR) on Wednesday.

The IOCs sent their representatives, this didn’t go down well with the Lawmakers, who insisted on appearance of the Executives of various IOCs at the Investigative Hearing which includes Agip, Total, Western Oil and Gas, other exploration Companies, DPR, CBN, and FIRS where many discrepancies were observed in relation to their submissions and remittances into the Consolidated Revenue Fund Accounts.

The Speaker of House of Representatives in his speech at the opening ceremony said ‘The investigative hearing wouldn’t have come at a better time than now, when the Nigeria Economy is grappling with getting out of recession, with the need for more vibrant and bouyant economy that will make the negative effects of the recession a forgotten issue to the common Nigeria.

It was sad to observed that, most International Oil Companies and Exploration Companies fail to remit their required dues/fees into the consolidated Revenue Account over the years, he said.

The Chairman of the Ad-Hoc Committee, Honourable Jarigbe, who hails from Cross River State reteirated that, the Committee doesn’t intend to “witch-hunt” anybody but to ensure that, the right thing is done by remitting every Kobo that belongs to the Federal Government of Nigeria into the Federal Account, and also support Mr. President in his determination to fix the economy and ameliorate the sufferings of our citizens.

The Lawmakers summoned the IOCs Executives to appear in the next meeting.

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